DrMule3157
Please refer to SA legislation relating to the auction of land …
Please refer to SA legislation relating to the auction of land
Land Agents Act 1994 (and Land Agents Regulations 2010) set the requirement for a land auctioneer to be registered.
Land and Business (Sale and Conveyancing) Act 1994 (and Land and Business (Sale and Conveyancing) Regulations 2010) sets the requirements of residential property auctions.
Case Study 1 : Executing the contract
You have concluded the auction of the residential property (in South Australia) and have now been faced with the issues below.
Discuss how you would deal with the issues.
(a) What process would you follow to ensure that both parties have signed the contract of sale after the auction?
(b) What process would you follow to ensure that both parties have signed the contract of sale after the auction?
(c) When is the deposit normally due? Explain how you would confirm with the purchaser when the deposit is due.
(d) Identify and discuss 2 situations where issues related to the execution of the contract are outside of your scope of authority as the auctioneer
Case Study 2: Auction Records
After completing the auction, you are required to c omplete and store certain information.
Answer the questions below in relation to auction records for residential properties in South Australia.
(a) Name and discuss which documents need to be completed post-auction
(b) How long must these documents be kept for?
Case Study 3 : Auction Day
You are an auctioneer preparing for the auction of residential property in South Australia. As part of the preparation, you need to complete certain items, which are listed below.
Discuss how you (as the auctioneer) would meet the following requirements;
(a) (I) How does an auctioneer take instructions?
(ii) From whom does an auctioneer take auction instructions?
(b) What auction-day procedures would you put in place?
(c) What documentation do you need to have at the auction?
(d) What aids and equipment do you need for your auction?
(e) Discuss how you would prepare the auction area, including access and identification of hazards
(f) Discuss how you would assess risks such as property security at the auction and implement risk controls
Case Study 4: Auction Process
In this case study, you are required to demonstrate your knowledge of the auction process by providing information on the following points:
Please note that your response must be comprehensive enough for the trainer to be able to assess that your level of knowledge is acceptable and compliant.
(a) Where can you find the standard conditions of auction for residential land in South Australia? Name the Act and the section of the Act where you found this information.
(b) Complete the following statement:
“The standard conditions of auction for residential land in South Australia will be binding as between ………”
(c) When must the standard conditions of auction for residential land be made available?
(d) Describe how you would call for bids at your auction
(e) While conducting the auction, your bidding stalls below the reserve price. How would you confirm or renegotiate the reserve price with the seller/s
(f) At auction, what type of property benefits would you describe to potential bidders?
(g)At auction, what features of the contract would you describe to potential bidders?
(h) At auction, when would you “knock down” or “bring down the hammer” and when would you “pass in” or “hold over” the property?
Case Study 5: Communication, negotiation, and ethical practice at auction
In this case study, you are required to demonstrate your knowledge of how the auctioneer negotiates and communicates during the auction process while also acting ethically.
(a) During the auction (while you are taking bids), a person asks you a question about the auction process. How would you communicate with this person?
(b)You are taking bids during the auction, when two people place a bid (at the same amount) at almost exactly the same time. One of the bidders is a good friend of yours, however in your opinion the other bidder called their bid slightly before your friend did.
What would you do?
(c) Regardless of your response to the previous question (b), you have taken the other bidder’s bid and your friend starts complaining that their bid should have been accepted as their bid was called first. What authority does the auctioneer have to handle this type of situation?
(d) Regardless of your response to the previous question (b), your friend continues complaining and starts to disrupt the auction? What course of action is available to the auctioneer in this situation?
