This unit of competency supports the work of those involved in disposing of property as part of an investment portfolio.

Nil

ELEMENT

PERFORMANCE CRITERIA

1Determine disposal requirements.

1.1 Disposal requirements are confirmed in consultation with client according to organisational requirements.

1.2 Client is informed of relevant factors that may impact on disposal of property according to organisational requirements.

1.3 Disposal method suitable for asset type is selected according to organisational requirements.

1.4 Business equipment and technology are used to access and organise relevantinformation according to organisational requirements.

1.5 Situations requiring specialist advice are identified and assistance is sought as required according to organisational requirements.

2Arrange disposal.

2.1 Market information is collected and evaluated to determine price according to organisational and legislative requirements.

2.2 Appropriate interpersonal techniques are used to facilitate an accurate and relevant exchange of information with relevant people.

2.3 Disposal documentation is reviewed to ensure it is accurate and meets intending purchaser, legal and organisational requirements.

2.4 Agent is appointed to facilitate completion of property disposal according to legislative and organisational requirements.

3Complete disposal.

3.1 Arrangements for sale are completed and appropriate documentation is executed according to organisational and legislative requirements.

3.2 Deposits are secured and appropriate arrangements made to account for deposit on subsequent settlement.

3.3 Feedback on disposal arrangements is sought and reviewed to determine cost-effectiveness according to organisational requirements.

3.4 Sale records are updated to reflect completion of sale and securely stored according to legislative and organisational requirements.

This section describes the essential skills and knowledge and their level, required for this unit.

Required skills:

communication skills to provide relevant instructions and advice on property disposal

computing skills to access the internet and web pages, prepare and complete online forms, lodge electronic documents and search online databases

interpersonal skills to relate to people from a range of social, cultural and ethnic backgrounds and varying physical and mental abilities

organisational skills to monitor property disposals and obtain and collate feedback on disposal methods

problem solving skills to negotiate property disposals and to source, analyse and interpret property and market information

research skills to source information on a range of appropriate disposal methods, and collect and analyse financial performance information on property disposals to determine price

technical skills to prepare and complete reports and access market information.

Required knowledge and understanding:

limitations of work role, responsibility and professional abilities

local property market conditions and overall trends in the industry

methods and techniques of disposal

organisational and professional procedures, ethical practices and business standards

relevant federal and state or territory legislation and local government regulations related to:

anti-discrimination

consumer protection

environmental issues

equal employment opportunity (EEO)

financial probity

franchise and business structures

industrial relations

OHS

privacy

property sales, leasing and management

sources of advice on property disposals

taxation issues regarding property disposals

valuation methods and techniques to appraise property.

Overview of assessment

This unit of competency could be assessed through practical demonstration of disposal of property as part of an investment portfolio. 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:

choosing suitable disposal methods appropriate to a range of at least three asset types

communicating disposal documentation requirements clearly to advisers

determining appropriate price based on an accurate analysis of market information

gathering regular feedback during the disposal cycle

knowledge of organisation's practices, ethical standards and legislative requirements associated with disposing of property as part of an investment portfolio

successfully disposing of a property.

Context of and specific resources for assessment

Resource implications for assessment include:

a registered provider of assessment services

assessment materials and tools

candidate special requirements

competency standards

cost and time considerations

suitable assessment venue and equipment.

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:

competency will need to be demonstrated over a period of time reflecting the scope of the role and the practical requirements of the workplace

where the assessment is part of a structured learning experience the evidence collected must relate to a number of performances assessed at different points in time and separated by further learning and practice with a decision of competence only taken at the point when the assessor has complete confidence in the person's competence

all assessment that is part of a structured learning experience must include a combination of direct, indirect and supplementary evidence

where assessment is for the purpose of recognition (RCC/RPL), the evidence provided will need to be current and show that it represents competency demonstrated over a period of time

assessment can be through simulated project-based activity and must include evidence relating to each of the elements in this unit.

In all cases activity and must include evidence relating to each of the 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.

Clients may include:

bankers

fund managers

institutions

internal and external property groups

private investors

property owners.

Organisational requirements may be outlined and reflected in:

access and equity principles and practice guidelines

business and performance plans

complaint and dispute resolution procedures

goals, objectives, plans, systems and processes

legal and ethical requirements and codes of practice

mission statements and strategic plans

OHS policies, procedures and programs

policies and procedures in relation to client service

quality and continuous improvement processes and standards

quality assurance and procedure manuals.

Factors that may impact on disposalof property may relate to:

environmental aspects

financial and building constraints

intrinsic value, such as heritage or cultural value

location

market conditions

nature of asset

potential market value.

Disposal method may include:

closed tender

direct disposal

expression of interest

private treaty

public auction

public tender

sale and leaseback.

Asset types may include:

land

land and improvements

site with planning or development approvals

site without planning or development approvals.

Business equipment and technology may include:

computers

data storage devices

email

facsimile machines

internet, extranet and intranet

photocopiers

printers

scanners

software applications, such as databases and word applications.

Relevant information to disposal may include:

bank reports

general knowledge of industry

government statistics

industry reports and indices

market intelligence from industry operators

media reports

published analytical reports.

Specialist advice may be sought from:

architects

bankers and financiers

land economists

members of industry associations

other developers

planners

real estate agents

solicitors

taxation and accounting practitioners

valuers.

Price may be determined by factors such as:

current market price tolerances

method of sale

tax implications

terms of disposal

timeframes and conditions.

Legislative requirements may be outlined and reflected in:

Australian standards, and quality assurance and certification requirements

award and enterprise agreements

codes of practice covering the market sector and industry, financial transactions, taxation, environment, construction, land use, native title, zoning, utilities use (water, gas and electricity), and contract or common law

home building requirements

privacy requirements

relevant federal, and state or territory legislation that affects organisational operation, including:

anti-discrimination and diversity

environmental issues

EEO

industrial relations

OHS

strata, community and company titles

tenancy agreements

trade practices laws and guidelines.

Interpersonal techniques may include:

active listening

clear presentation of options

consultation methods

culturally inclusive and sensitive engagement techniques

questioning to clarify and confirm understanding

seeking feedback

two-way interaction

verbal or non-verbal language.

Relevant people may include:

internal and external legal advisers

managers

solicitors

taxation and accounting practitioners.

Appropriate documentation may include:

documents and pro formas for the client

forms and paperwork required by legislation and statutory regulation

internal documents required for the completion of the disposal process.

Feedback may include:

clients and colleagues

documentation and reports

quality assurance data

questionnaires.

Unit sector

Property development, sales and management

Property operations and development

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.