NZQA registered unit standard
26150 version 2
Page 1 of 4
Title
Demonstrate knowledge of methods for sale of real estate in New
Zealand
Level
4
Purpose
Credits
4
This unit standard is for people preparing for entry into, or who
are currently working in, the real estate industry as licensees.
People credited with this unit standard are able to:
–
explain the auction method of sale for real estate;
–
explain the tender method of sale for real estate; and
–
explain other common methods of sale for real estate in
New Zealand.
Classification
Real Estate > Rural, Residential, Commercial and Business
Sales
Available grade
Achieved
Explanatory notes
1
ETITO has common assessment material available to use for organisations with
consent to assess against Real Estate unit standards contained in the National
Certificate in Real Estate (Salesperson) (Level 4) [Ref: 1543]. The use of this
assessment material is encouraged to eliminate the need for pre-assessment
moderation of assessment material. The organisation with consent to assess is
charged for the use of this material.
2
References
Auctioneers Act 1928;
Consumer Guarantees Act 1993;
Contractual Remedies Act 1979;
Fair Trading Act 1986;
Human Rights Act 1993;
Overseas Investment Act 2005;
Overseas Investment Regulations 2005;
Privacy Act 1993;
Real Estate Agents Act 2008;
Residential Tenancies Act 1986;
Resource Management Act 1991;
Resource Management (Simplifying and Streamlining) Amendment Act 2009;
Unit Titles Act 2010;
and all subsequent amendments and replacements.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
26150 version 2
Page 2 of 4
3
Definitions
Client means the person on whose behalf an agent carries out real estate agency
work and is commonly known in the industry as a vendor or seller.
Customer means a person who is a buyer or potential buyer of land or a business
and is commonly known in the industry as purchaser or buyer.
REINZ means the Real Estate Institute of New Zealand Inc.
Prescribed auction form means the Sale of Real Estate by Auction form, the REINZ
and Auckland District Law Society (ADLS) approved form. A plain English version of
this form is available from http://www.reinz.org.nz.
Sale of Real Estate by Tender form is the REINZ and Auckland District Law Society
(ADLS) approved form. A plain English version of this form is available from
http://www.reinz.org.nz.
Industry requirements mean all actions must comply with relevant professional body
standards, legislation, codes of professional conduct and client care, and approved
guides. Legislation is available from http://www.legislation.govt.nz and codes of
professional conduct and client care, and approved guides are available from
http://www.reaa.govt.nz.
Approved guides mean the two approved guides developed by the Real Estate
Agents Authority covering an agency agreement and a sale and purchase
agreement. These are available from http://www.reaa.govt.nz.
Common Law is also known as case law – judgements made by courts, rather than
laws written by parliament. Judgements relating to the duties of an ‘agent’ may be
applicable to this unit standard.
Licensee means an agent, branch manager or salesperson.
Auction Code of Practice means the REINZ Auction Code of Practice available from
http://www.reinz.org.nz. For assessment against this unit standard, candidates will
have access to the REINZ Auction Code of Practice, which is available to members
of REINZ.
4
Assessment
This unit standard must be assessed on the basis of evidence of demonstrated
performance in the workplace or in simulated work situations designed to draw upon
similar performance to that required in the workplace.
Outcomes and evidence requirements
Outcome 1
Explain the auction method of sale for real estate.
Evidence requirements
1.1
Legal provisions, processes, and requirements which regulate the auction
process are explained in accordance with industry requirements.
Range
1.2
includes but is not limited to – Auctioneers Act 1928, Fair Trading
Act 1986, Real Estate Agents Act 2008, Contractual Remedies Act
1979.
Auction code of practice is explained in terms of compliance with the prescribed
auction form.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
26150 version 2
Page 3 of 4
1.3
Obligations of the licensee, client, and customer are explained as applied to a
sale by auction.
1.4
Key items in the prescribed auction form are explained in terms of their
implications for the client, customer, and licensee.
1.5
Appropriateness of auction as a method of sale for the property is explained to
the client in accordance with industry requirements.
Outcome 2
Explain the tender method of sale for real estate.
Evidence requirements
2.1
Legal provisions, processes, and requirements which regulate the tender
process are explained in accordance with industry requirements.
Range
includes but is not limited to – Fair Trading Act 1986, Real Estate
Agents Act 2008.
2.2
Obligations of the licensee, client, and customer are explained as applied to a
sale by tender.
2.3
Key items in a Sale of Real Estate by Tender form are explained in terms of
their implications for the client, customer, licensee.
2.4
Appropriateness of tender as a method of sale for the property is explained to
the client in accordance with industry requirements.
Outcome 3
Explain other common methods of sale for real estate in New Zealand.
Evidence requirements
3.1
Sale methods are explained in terms of current marketing terminology and
industry requirements.
Range
includes but is not limited to – sale by negotiation, fixed price,
offers over, mortgagee, fixed term.
Replacement information
This unit standard replaced unit standard 23155.
Planned review date
31 December 2015
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016
NZQA registered unit standard
26150 version 2
Page 4 of 4
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
12 February 2010
31 December 2013
Rollover and
Revision
2
16 August 2012
N/A
Consent and Moderation Requirements (CMR) reference
0003
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
Comments on this unit standard
Please contact the ElectroTechnology Industry Training Organisation at
reviewcomments@etito.co.nz if you wish to suggest changes to the content of this unit
standard.
ElectroTechnology industry Training Organisation
SSB Code 100401
 New Zealand Qualifications Authority 2016