Monitor and Manage Lease or Tenancy Agreement

Monitor and Manage Lease or Tenancy Agreement

Monitor and Manage Lease or Tenancy Agreement
Question
Answered

Part 1: Short answer questions
Question 1
Mr and Mrs Smith have been renting a property for just over 12 months and their tenancy agreement expired over 6 months ago. The landlord calls up the agency principal and asks what is happening with the tenancy. Your task is to outline the process you would undertake in renewing a fixed term tenancy agreement for this tenancy. There has been no rental increase since the tenant took occupation of the property.
(a)     Outline the steps that you would take (in correct order) to implement this renewal, including how you would communicate with both the landlord and tenant
(b)    List the documentation that would be required for this renewal
Question 2
(a)        Explain the legislative requirement in your State/Territory related to completing and serving a termination notice on a tenant.
(b)        Why is it important for the property manager to understand these legislative requirements for termination of tenancy?
Question 3
(a)     List the rental monies that may be collected by a managing agent on behalf of the landlord throughout a tenancy.
b)     Explain how you would ensure that reports (such as landlord statements) are accurately prepared and communicated to landlords.  Ensure in your response you cover how frequently statements must be prepared for landlords showing what rental monies have been collected.
 (c)     List three (3) different types of outgoings that may appear on a landlord statement  
Question 4
Complete the following table for a situation in which the landlord gives notice to the tenant for the stated reasons. Ensure you address your state/territory requirements.
Question 5
A property has been tenanted in your area for 6 months and the fixed term tenancy agreement is just about to expire. The landlord, who lives in another state, has been researching the internet and comparing the rent with other properties in the area. Based on this information, the landlord wants to increase the rent. The current rent is $320.00 per week and the landlord wants an increase of $80 per week.
You carry out some market research and the market indicates that a rent increase of $20 per week is justified. You advise the landlord of your research findings in writing, but the landlord insists the rent increase be the full $80 per week.
The tenant objects to the rent increase and states that the rent increase is excessive.
(a)        What notice must be given to the tenant and what options does the tenant have to dispute this rent increase?
(b)        What information would you need to gather to help assist you with resolving this issue?
Question 6
(a)     Explain the important role that ingoing, periodic and outgoing inspections play in how a managing agent maintains the condition of managed properties.  
(b)        How many periodic inspections per year can be carried out on a residential rental property in your state and how much notice of the inspection must be given to the tenant under your state’s tenancy legislation?
(c)        What records should be made of this inspection and what information would be reported to landlord?
(d)        What responsibilities does the agent have with regards to security of the managed properties in their care?
Question 7
(a)     List four (4) ways that a landlord may be in breach of the tenancy agreement. Explain how you would handle one of these breaches, keeping in mind the ramifications for the landlord of continuing this breach.  
(b)     List four (4) ways that a tenant may be in breach of a tenancy agreement.  Explain how you would handle one of these breaches, keeping in mind the rights of the parties and the possible ramifications of the tenant continuing the breach.

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