The Modern Corporation and Private Property - Assignment Example

PROPERTY MANAGEMENT. by Student’s name Code+ course name Professor’s name University name City, State Date PROPERTY MANAGEMENT. PART A: MULTIPLE CHOICE QUESTIONS: Q.1 Copies of keys to rental properties should be kept in the personal possession of the relevant property manager. Q.2 In residential tenancy, the bond must be forwarded to the Residential Tenancies Bond Authority within 10 business days. Q.3 In a residential tenancy, a receipt must be issued to a tenant (who is not paying rent in person and has requested a receipt) within 5 business days of receiving the payments. Q.4 The Victorian Civil and Administrative Tribunal (VCAT) is an organization that is usually accessed for resolving disputes between landlords and tenants where the landlords and the tenants are unable to resolve the dispute by mediation, negotiation or reconciliation. Q.5 The Landlord and Tenant Act 1958 is the most relevant piece legislation that would apply to a family renting a home in Victoria. Q.6 Retail Leases Act 2003 is the most relevant piece legislation that would apply to an estate agency business renting an office in Victoria. Q.7 An Exclusive Leasing and Managing Authority. Q.8 Email. Q.9 An interest bearing account on behalf of the tenant. PART B: SHORT ANSWER QUESTIONS: Q.1 Scenario Relevant section of the act. Minimum notice period (number of days) Able to require tenant to vacate prior to the end of a fixed term. The tenant is 15 days behind in the payment of the rent. 281 (1) 2 and above Yes There is only one tenant leasing the premises, the tenant has died. 228 (1) 28 Yes A tree from a neighboring property has fallen onto the premises. This event has caused some considerable structural damages including high likelihood of ongoing water inundation due to roof failure. 245 (1b) N/A Yes The property has been sold at auction. The contract of the sale of the Real Estate that the purchaser will be entitled to vacant possession at settlement. 259 (1) 60 and above Yes A landlord wishes to give a tenant a notice to vacate without specifying the reason for giving the notice. 263 (1) Above 120 Yes The landlord’s daughter wishes to occupy the premises immediately after the termination date. 258 (1b,i) 60 and above Yes Q.2 Situation. Type of Tenancy. The last day of the third month of a Residential Tenancy Agreement that commences with “no fixed terms.” Periodic Tenancy.  The last day of the tenth month of a Residential Tenancy Agreement that commences with a fixed term of “12 months.” Fixed-Term Tenancy.  The last day of the tenth month of a Residential Tenancy Agreement that commences with a fixed term of “6 months.” Periodic Tenancy.  The last day of the 15th month of a Residential Tenancy Agreement that commences with a fixed term of “12 months.” Periodic Tenancy.  The last day of the 3rd month of a Residential Tenancy Agreement that commences with a fixed term of “6 months.” Fixed-Term Tenancy.  Q.3 a) Relevant Section of the Act Name of the document. Number of copies for the tenant. Does the agency keep a copy? Yes/No. 66 (1) Written statement summarizing rights and duties of tenant and landlord. 1 yes 29 (1) Copy of agreement. 1 yes 405 (1) Bond lodgment form. 1 No 43 (1) Receipt for the rent. 1 Yes 35 (1) Condition report. 2 Yes b) To comply with section 29 (2) of residential Tenancy Act 1997, the tenant must be provided with a copy of agreement or the signed terms signed by both tenant and landlord within 14 days. Q.4 Four ways in which an agency business can obtain property management listings. 1. Agency business should fully and properly screen the applicant’s credit, criminal accounts, rental reputation and the capability of paying the rent. 2. The Agency must embrace Lease contracting only receiving rent through the acceptable documents recommended within the location of the property. 3. Lessening and remediation concerning issues on maintenance within the plan, with prior to Limited Power of Attorney legally agreed to by the property owner. 4. The Agency should manage the accounts plus finances of the actual estate properties, and getting involved litigation with tenants, contractors and insurance agencies.  Q.5 Four line items (that relate to amount of money) that would be included in a monthly statement to a landlord. 1. Service charge for the services such as water, central heating or laundry offered by the house holder 2. A security deposit. 3. Electricity or gas consumed. 4. Fee for supply of key Q.6 Five items that must be included in a receipt made for rent of a residential property. a) The name of tenant and rented premises. b) The date of receipt. c) The duration of the payment. d) The amount paid. e) The fact that the payment is for rent. Q.7 Eight roles of the property manager either in leasing on managing the property. 1. To market the rental property, decide on the tenant and be responsible over the property under him/her. 2. The manager breaches the notices to the tenants and arrange for court procedures where is necessary. 3. Responsible for negotiating the rental amount appropriately in accordance to the current market situations. 4. Property manager advertize for the property, locate the potential tenants and collect the rent payments. 5. The manager prepares the periodic or fixed-term residential tenancy agreement; 6. He/she is in charge lodging and applying for the discharge of security bonds; 7. The manager report and arrange for repairs incase of damage and also maintenance to the degree authorized. 8. He/she provide pertinent notices and financial statements to the tenants, attend company’s meetings. Q.8 a) Strategies used to resolve complaints received from the landlord clients. Communication is a basic factor to avoid and resolve problems or complaints. In case of complaints, the tenant should talk to landlord before any other action since your landlord can be enthusiastic to provide remedy for the problem. If the communication strategy does not work out the problem, mediation is recommendable. A mediator (a person on a neutral ground) helps to join the two parties by talking through and solving their differences. Mediation can be made in person or over the phone. Legal procedure is followed if the landlord is unwilling to offer a solution to the complaints. Use the remedies stated in the booklet e.g. repairs and deducts remedy or gets legal assistance. NB. One should wait for landlord’s response to the complaint for 30 days unless the problem is extensive and extreme. b) Steps taken when unable to resolve complaints from a landlord client. After informing the landlord the complaints either in person, over the phone, email or sms, do some follow-up by writing a letter concerning the communication made. If he does nothing on the issue, contact the landlord again. File the copies of the letters or notes sent to or gotten from the landlord and the conversations made. Estate Agent Regulations 2008 provide Tenancy Services with template letter. Send the letter to your landlord and give grace period of 14 days to correct the complaints. If further no remedy taken for your complaints, take legal procedures. Send an application the Tenancy Tribunal addressing your unsolved complaints by the landlord. Continue paying the rent despite the ignorance of the landlord. If no help still, vacate the tenancy premises through the legal procedure as written in the Residential Tenancy Act 1997. Q.9 a) Rental Amount Basis for calculation (including GST) Leasing fee GST Components Agency entitlements. $ 600 per week An amount equal to 1.5 week rent. $ 900 $ 81.82 $ 818.18 $ 156,000 per annum. 3.3% of annual rent. $5148 $ 468.01 $ 4,679.99 $ 4,500 per month. 4.4% of annual rent. $ 2,376 $ 216.00 $ 2159.95 $ 340 per week. Amount equal to one week’s rent. $ 340 $ 30.91 $ 309.09 $ 700 per week. 2.2% of the annual rent. $ 739.20 $ 67.20 $ 671.98 b) Rental Amount Basis for calculations (including GST) Monthly managing fee GST component. Agency entitlement. $ 600 per week 8.8% of the average annual rent. $ 229.43 $ 20.86. $ 208.57. $ 156,000 per annum. 6.6% of the average annual rent. $ 1,312.34 $ 119.32 $ 1,193.03 $ 4,500 per month. 7.7% of the average annual rent. $ 605.70 $ 55.07 $ 550.62 $ 340 per week. 8% of the average annual rent. $ 86.67 $ 7.88 $ 78.79 $ 700 per week. 7% of the average annual rent. $ 188.44 $ 17.13 $ 171.28 Q.10 a) Methods which agency can use to market rental properties to prospective tenants. b) Ranking of the methods stated according to their effectiveness. Marketing method. Effectiveness ranking. Word of Mouth (telling friends, neighbors or relatives). 1 Newspaper Ads or Rental Magazines 2 Online Listings. 3 Real Estate Offices (advert, show and choose your tenants). 4 For Rent Signs e.g. House to let. 5 Q.11 Risk. A) Benefits. B) Accountability (is the agent a member of the Institute of Residential Property Management, RICS, or, social housing sector, the Chartered Institute of Housing) The agent can be monitored on money handling collected. The agent has the complaint handling procedure and can access independent ombudsman service. Agents’ insurances (confirm whether the agent belong to a professional Or trade association, agent must produce a professional indemnity insurance). Give the certainty of compensation to the landlord if the agent neglect, omit or do a mistake like money irregularity since the association will be legally accountable for such encounters. Poor management (where the landlord is working far from the premises) A qualified managing agent is always available and closely monitoring the progress of the property. Ready to solve problems that may arise abruptly. Q.12 a). Knowledge of the law. The regulation of the knowledge of law to the estate agent apply he/she must have the working knowledge of the Act and regulations in the Act and any other related law, so as to perform the duties effectively. b). Scenario. Relevant Australian Privacy Principle number. Signing a client to Agency Australian privacy principle 3. Unsuccessful tenancy application. Australian privacy principle 2 Conducting an open for inspection. Australian privacy principle 7 Completing a tenancy agreement. Australian privacy principle 4 Security of passwords on tenancy databases. Australian privacy principle 11 Clearly expressed and up-to date APP privacy policy. Australian privacy principle A tenant wishes to update their new employment details. Australian privacy principle 10 PART C: CASE STUDY ASSIGNENMENT. Task 1 (Tenancy Agreement attachments) Item 1 KEY REGISTER. Keys Out. Keys In. Code Date. Time. Name. Signature. Date. Time. Name. Signature. A1 23rd June 2016 11:00 AM Andrea 23rd June 2016 1:30 PM Andrea A2 24th June 2016 2:00 PM Andrea 24th June 2016 4:30 PM Andrea A3 25th June 2016 5:00 PM Andrea 25th June 2016 7:30 PM Andrea Item 2. a) 18th September 2016. b) At any time from 8 a.m.to 6 p.m. c) 12 months. Item 3. a) Section 305 (1) b) 7th December 2016 Task 2 (Document attached) References Tarakson, S. (2004). Everyday law. Sydney: The Federation Press. Berle, A. & Means, G. (1991). The Modern Corporation and private property. New Brunswick, N.J., U.S.A: Transaction Publishers. NoAuthorFound. (2005). Renting a home: a guide for tenants and landlords. Melbourne: Consumer Affairs Victoria. Horn, P. (1984). The changing countryside in Victorian and Edwardian England and Wales. London Rutherford N.J: Athlone Press Fairleigh Dickinson University Press. Shepperson, T. (2007). Renting: the essential guide to tenants' rights. London: Law pack. Portman, J. & Stewart, M. (2009). Renters' rights: the basics. Berkeley, Calif: Nolo. Koning, J. (2000). VCAT: Victorian Civil and Administrative Tribunal: Freedom of information. South Melbourne, Vic: ANSTAT. NoAuthorFound. (2013). Victorian civil and administrative tribunal. S.l: Book on Demand Ltd. Garner, S. & Frith, A. (2010). A practical approach to landlord and tenant. Oxford England New York: Oxford University Press. Law, U. (1996). Housing law text, case and materials. London: Cavendish Pub. Read More