Modification History
Not Applicable
Unit Descriptor
Unit descriptor |
This unit of competency specifies the outcomes required to appraise the sale price range or rental value of all forms of property for listing purposes in line with client instructions, agency practice and legislative requirements. It includes researching the property, selecting appropriate methods to appraise the sale price range or rental value of property and preparing reports on the property appraisal. It does not address the formal valuation of property. The unit may form part of the licensing requirements for persons engaged in real estate activities in those States and Territories where these are regulated activities. |
Application of the Unit
Application of the unit |
This unit of competency supports the work of licensed real estate agents and real estate representatives involved in appraising the sale price range or rental value of all forms of property for listing purposes. |
Licensing/Regulatory Information
Refer to Unit Descriptor
Pre-Requisites
Prerequisite units |
Nil |
Employability Skills Information
Employability skills |
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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1 Research property . |
1.1 Purpose of property appraisal is established with client in line with agency practice and legislative requirements . 1.2 Methods for gathering information are selected that are reliable and make efficient use of time and resources in line with agency practice. 1.3 Information on property is gathered and organised in a format suitable for analysis and interpretation in line with agency practice. |
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1.4 Appropriate interpersonal communication techniques are used to access additional information from relevant people . 1.5 Source documents are obtained and analysed to determine status and ownership of property in line with agency practice and legislative requirements. |
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2 Appraise sale price range or rental value of property for listing purposes . |
2.1 Appropriate method for appraising the sale price range or rental value of property is selected in line with agency practice and legislative requirements. 2.2 Sale price range or rental value of property is appraised for listing purposes in line with client instructions, agency practice and legislative requirements. 2.3 Appraisal of sale price range or rental value of property is clear, justified and based on assessment of all factors in line with agency practice. 2.4 Limitations in appraising property are recognised and specialist advice is sought as required in line with agency practice. |
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3 Present information . |
3.1 Information on sale price range or rental value of property is presented to client within specified time, budget and quality constraints and in line with client requirements and agency practice. 3.2 Information is prepared and presented in required format, style and structure using relevant business equipment and technology in line with legislative and agency requirements. 3.3 Feedback on suitability and sufficiency of appraisal is obtained and where appropriate incorporated into advice. 3.4 Agency property records are securely maintained with due regard to client confidentiality in line with agency and legislative requirements. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
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This section describes the essential skills and knowledge and their level, required for this unit. |
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Required skills :
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Required knowledge and understanding :
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Evidence Guide
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.
Overview of assessment |
This unit of competency could be assessed through practical demonstration of appraising property for listing purposes for sale or lease. Targeted written (including alternative formats where necessary) or verbal questioning to assess the candidate's underpinning knowledge would provide additional supporting evidence of competence. The demonstration and questioning would include collecting evidence of the candidate's knowledge and application of ethical standards and relevant federal, and state or territory legislation and regulations. This assessment may be carried out in a simulated or workplace environment. |
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
A person who demonstrates competency in this unit must be able to provide evidence of:
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Context of and specific resources for assessment |
Resource implications for assessment include:
Where applicable, physical resources should include equipment modified for people with disabilities. Access must be provided to appropriate learning and/or assessment support when required. Assessment processes and techniques must be culturally appropriate, and appropriate to the language and literacy capacity of the candidate and the work being performed. Validity and sufficiency of evidence require that:
In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge. Questioning will be undertaken in such a manner as is appropriate to the language and literacy levels of the candidate and any cultural issues that may affect responses to the questions, and will reflect the requirements of the competency and the work being performed. |
Range Statement
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Purpose of property appraisal may include: |
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Legislative requirements may include: |
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Interpersonal communication techniques may include: |
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Relevant people may include: |
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Source documents may include: |
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Method for appraising the sale price range or rental value of property may include: |
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Specialist advice may include: |
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Business equipment and technology may include: |
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Feedback may include: |
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Unit Sector(s)
Unit sector |
Property development, sales and management |
Competency field
Competency field |
Real estate |