Elements and Performance Criteria

This unit is relevant to activity within the following market sectors:
Not for profit rental housing
Retail
Commercial
Industrial
Residential
Hospitality
Infrastructure
Services

Contract may be initiated by:
The purchaser or
Vendor

Consultants may include:
Legal
Banking
Financial
Architectural
Engineering
Surveying
Environmental
Valuation
Planning
Insurance

Relevant legislation (Federal, State and Local) and industry codes of practice cover areas including:
The market sector
Financial transactions
Taxation
Environment
Construction
Land use
Zoning
Native title
Utilities use (water, gas, electricity)

Critical aspects of assessment:
Terms and conditions acceptable to all parties being determined
Due diligence review is conducted successfully
Execution of a contract which reflects the relevant positions of each party

Interdependence of assessment of units:
It is expected that before competency can be achieved in this unit, competency would have been achieved in PRXPD03A "Undertake a property inspection feasibility study"

Essential knowledge:
Commercial and contract law
Due diligence processes
Economics as they relate to the property industry
Property appraisal methods and interpretation of findings
Feasibility studies

Essential skills:
Collection and analysis of financial performance information
Negotiating
Communication both verbal and written
Planning
Instructing consultants
Analysing
Decision making

Resource implications:
Access to training in negotiating
Access to legal practitioners
Practical exposure to due diligence reviews

Consistency in performance:
It is recommended that this competency be assessed on one occasion

Context of assessment:
Assessment of competency may be made through practical demonstration in an actual work environment or simulation of such an environment