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Unit of competency details

CPPREP4162 - Conduct and complete sale by auction (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes CPPDSM4004A - Conduct auctionSupersedes but is not equivalent to CPPDSM4004A Conduct auction, CPPDSM4019A Prepare for auction and complete sale. 20/Mar/2019
Supersedes CPPDSM4019A - Prepare for auction and complete saleSupersedes but is not equivalent to CPPDSM4019A Prepare for auction and complete sale, CPPDSM4004A Conduct auction. 20/Mar/2019

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 21/Mar/2019


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080599 Sales And Marketing, N.e.c.  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080599 Sales And Marketing, N.e.c.  21/May/2019 
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Unit of competency

Modification History

Release 1

This version first released with CPP Property Services Training Package Release 8.0.

Supersedes but is not equivalent to CPPDSM4004A Conduct auction and CPPDSM4019A Prepare for auction and complete sale.

Merged to reduce duplication. Updated to the Standards for Training Packages.

Application

This unit specifies the skills and knowledge required to conduct an auction of property.

It includes accessing, interpreting and applying written instructions for the auction, calling an auction and completing the auction process, including when a property is sold and when a property is passed in.

The unit applies to auctioneers or people seeking to work as auctioneers.

State or territory licensing requirements may apply to this unit.

Pre-requisite Unit

Nil

Unit Sector

Real estate

Elements and Performance Criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Confirm pre-auction terms, conditions and presentation.

1.1

Assess suitability of auction site and auction equipment and identify risks to self and others.

1.2

Confirm required auction advice is displayed according legislative requirements.

1.3

Review auction documentation and examine major points including auction instructions, authorities, contracts, reserve price, co-owner and vendor bids.

1.4

Confirm number of registered bidders, online bidding and bidding by authority according to legislative requirements.

1.5

Liaise with vendor or sales agent for final instructions.

2

Open auction.

2.1

Read out terms and conditions of sale by auction according to legislative requirements

2.2

Identify property and vendor in relation to the contract.

2.3

Respond to questions from potential bidders and other parties.

2.4

Submit property for sale by auction and call for opening bids.

3

Manage auction to maintain flow.

3.1

Conduct the auction according to legislative requirements.

3.2

Manage bidding process and maintain auction process to achieve reserve price.

3.3

Seek instructions from vendor or sales agent for vendor bids or to change reserve.

3.4

Implement trial close strategy.

4

Complete auction.

4.1

Signify close of auction using appropriate strategy such as final calls, fall of hammer and closing script.

4.2

Knock down property to successful bidder once reserve price has been met and all other bids are exhausted.

4.3

Pass in property if reserve price is not met and all bids are exhausted.

4.4

Offer highest bidder opportunity to negotiate with vendor when property fails to reach reserve price.

4.5

Obtain feedback on auction from vendors and colleagues.

Foundation Skills

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Supersedes but is not equivalent to:

  • CPPDSM4004A Conduct auction
  • CPPDSM4019A Prepare for auction and complete sale.

Links

Companion volumes to this training package are available at the VETNet website - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6f3f9672-30e8-4835-b348-205dfcf13d9b

 

Assessment requirements

Modification History

Release 1

This version first released with CPP Property Services Training Package Release 8.0.

Supersedes but is not equivalent to CPPDSM4004A Conduct auction and CPPDSM4019A Prepare for auction and complete sale.

Merged to reduce duplication. Updated to the Standards for Training Packages.

Performance Evidence

To demonstrate competency in this unit, a person must:

  • call at least one auction to conclusion where the property is sold
  • call at least one auction to conclusion where the property is passed in
  • review auction performance and identify and document personal strengths and opportunities for improvement.

In doing this, the person must meet the performance criteria for this unit.

Knowledge Evidence

To be competent in this unit, a person must demonstrate knowledge of:

  • auctioneer role, responsibilities and risks
  • reserve price
  • auction documentation
  • auction aids and equipment
  • preparation of auction area, including access, identification of hazards, assessment of risks and implementation of risk controls
  • auction rules and prescribed auction information in state or territory of operation
  • auction process:
  • stating rules and conditions of auction according to state or territory legislation
  • managing the bidding process:
  • using appropriate bidding increments
  • maintaining bidding momentum
  • dealing with disruptive bidders
  • vendor and co-owner bids
  • collusive bidding practices
  • disputed bidding
  • bidding advances
  • retracting bids
  • restarting the bidding
  • confirming or renegotiating reserve with seller as appropriate
  • describing property benefits
  • identifying key features of property and contract terms
  • knocking down or passing in property as appropriate
  • using vendor bidding as appropriate according to legislative requirements
  • capacity of bidders, including impairment
  • legislation related to sale of property by auction in the state or territory of operation
  • penalties for breach of auction legislation
  • property information:
  • general and local market indicators and conditions
  • land characteristics
  • council zoning and allowable use
  • land titles and defects to title
  • specific environmental issues or features
  • specific requirements relating to the type of property
  • risks to the general public, clients, agency and self from auction activities
  • ethical practice in auctioneering:
  • communication
  • neutrality in the auction process
  • ethical management of the bidding process

communication strategies for responding to client complaints.

Assessment Conditions

Assessors must satisfy the requirements for assessors listed in the Standards for Registered Training Organisations.

Assessment must be conducted in the workplace or in a simulated workplace environment.

Assessors are responsible for ensuring that the person demonstrating competency has access to:

  • auction scenarios, auction advice, auction plan
  • bidders for property
  • industry and agency ethical codes of conduct
  • agency procedures, forms and documents
  • legislation relating to sale of property by auction in the state or territory of operation.

Links

Companion volumes to this training package are available at the VETNet website - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6f3f9672-30e8-4835-b348-205dfcf13d9b