This qualification is expiring. The last date to meet the requirements is 30 June 2010.

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1 NQF Ref 0101 Version 8 Page 1 of 13 National Certificate in Real Estate with strands in Business Sales, Commercial/Industrial Sales, Residential Sales, Rural Sales, Commercial/Industrial Property Management, and Residential Property Management Level 4 or 5 depending on strand Credits This qualification is expiring. The last date to meet the requirements is 30 June Purpose This National Certificate is awarded to people who have demonstrated competence in the knowledge and skills required of salespeople in the real estate agency industry. Holders of this qualification are able to: demonstrate an understanding of the real estate industry and practice in New Zealand; the auction and tender methods for sale of real estate in New Zealand; knowledge of land ownership, transfer of ownership, and titles; law of contract, and the law of agency; misleading and deceiving conduct and misrepresentation; the sale and purchase agreement and facilitating the sale of real estate; and council zoning and building law, needed to act as a real estate agent. These skills are requirements of the Certificate of Approval Real Estate Salesperson issued by the Real Estate Agents Licensing Board. Holders of this qualification are also able to: prepare condition and redevelopment potential reports for potential vendors and purchasers; demonstrate knowledge and use of listing form and of appraising property; develop marketing plans for real estate, qualify purchasers, and present properties for sale; demonstrate understanding of legal matters affecting real estate salespersons and property managers; demonstrate knowledge of basic real estate marketing; and building styles, methods, and materials. This qualification is structured to allow specialisation in one of the six sectors of real estate. Within the business sales sector, holders of this qualification are able to: interpret the results of a company through the analysis of financial statements; establish a presence in the real estate market; appraise smaller businesses; appraise medium size businesses; appraise larger size businesses; facilitate the sale and purchase of businesses; prepare Agreement for Sale and Purchase of a Business relating to sale of franchise operations; demonstrate knowledge of the business broking sector in real estate; and develop descriptions for use in marketing businesses for sale.

2 NQF Ref 0101 Version 8 Page 2 of 13 Within the commercial/industrial sales sector, holders of this qualification are able to: establish a presence in the real estate market; prepare appraisals of commercial and industrial sites and qualify vendors; list commercial and industrial properties and market listings; qualify purchasers and demonstrate knowledge of investment factors for commercial and industrial properties; prepare Agreement for Sale and Purchase of Real Estate for commercial and industrial properties; and develop an investment summary for, and explain the property description of, a commercial or industrial property. Within the residential sales sector, holders of this qualification are able to: establish a presence in the real estate market; demonstrate an understanding of the Unit Titles Act 1972; demonstrate knowledge of appraisal and complete investment analyses of residential properties; prepare appraisals of multi-unit residential properties; prepare appraisals of lifestyle properties; prepare sale and purchase agreements for complex situations relating to residential property; demonstrate an understanding of the sub-division process and appraise vacant residential land; and develop property descriptions of residential properties. Within the rural sales sector, holders of this qualification are able to: establish a presence in the real estate market; list rural properties and promote listings; prepare appraisals of lifestyle properties; prepare sale and purchase agreements for complex situations relating to rural property; prepare appraisals of horticultural and specialised unit properties; prepare appraisals of pastoral and arable properties; and develop property descriptions of rural properties. Within the commercial/industrial property management sector, holders of the qualification are able to: obtain contracts and authorities to manage; prepare management plans for commercial and industrial properties; attract and qualify tenants for commercial and industrial properties and prepare lease agreements; manage tenants and leases for commercial properties; manage commercial properties; and report on the performance of commercial properties. Within the residential property management sector, holders of the qualification are able to: demonstrate an understanding of the Unit Titles Act 1972; demonstrate knowledge of rent reviews and recommend rental ranges for residential property; list and market residential rental properties and market residential property management services; manage tenanted residential property on an ongoing basis; complete tenancy agreements for residential property; manage the tenants of rented residential property; demonstrate knowledge of the Residential Tenancies Act 1986 and prepare tribunal applications; and demonstrate knowledge of appraisal and complete investment analyses of residential properties. This qualification leads onto the National Certificate in Real Estate (Branch Manager) (Level 5) [Ref: 1288] and the National Diploma in Real Estate (Licensee) (Level 5) [Ref: 0100].

3 NQF Ref 0101 Version 8 Page 3 of 13 Special Notes Entry requirements Real estate standards require proficient communication skills. People entering programmes of education and training leading to the award of this qualification must demonstrate the capacity to understand requirements and instructions, and communicate to the required industry level. This might be evidenced by: Level 2 credits from the subfields of Communication Skills or English; IELTS test scores of 5.5; or the demonstration of equivalent knowledge and skills. Licensing requirements Core compulsory standards and meet the education requirement for being granted the Certificate of Approval Real Estate Salesperson issued by the Real Estate Agents Licensing Board. Recognition of Current Competence (RCC)/Recognition of Prior Learning (RPL) The RCC and RPL processes recognise the knowledge and skills gained from work and experience, or from courses or study undertaken. Candidates go through an assessment process to gain credit for standards. The assessment process is carried out by accredited organisations. Candidates should contact REINZ ITO for more information regarding RCC/RPL and contact information for an accredited organisation. Credit Range Core Compulsory Level 3 credits 6 Level 4 credits 36 Level 5 or above credits 8 Minimum totals 50 Business Sales Strand Commercial/Industrial Sales Strand Level 3 credits 3 - Level 4 credits Level 5 or above credits - 5 Minimum totals Total for qualification with strand Level of qualification with strand

4 NQF Ref 0101 Version 8 Page 4 of 13 Residential Sales Rural Sales Strand Strand Level 4 credits Level 5 or above credits 5 - Minimum totals Total for qualification with strand Level of qualification with strand Commercial/Industrial Property Management Strand Level 4 credits - 32 Level 5 or above credits 32 - Minimum totals Total for qualification with strand Level of qualification with strand 5 4 Requirements for Award of Qualification Award of NQF Qualifications Residential Property Management Strand Credit gained for a standard may be used only once to meet the requirements of this qualification. Unit standards and achievement standards that are equivalent in outcome are mutually exclusive for the purpose of award. The table of mutually exclusive standards is provided in section 7 of the New Zealand Qualifications Authority (NZQA) Rules and Procedures publications available at Reviewed standards that continue to recognise the same overall outcome are registered as new versions and retain their identification number (ID). Any version of a standard with the same ID may be used to meet qualification requirements that list the ID and/or that specify the past or current classification of the standard. Summary of Requirements Core Compulsory standards One of the following strands is required Business Sales Strand Commercial/Industrial Sales Strand Residential Sales Strand Rural Sales Strand Commercial/Industrial Property Management Strand Residential Property Management Strand

5 NQF Ref 0101 Version 8 Page 5 of 13 Detailed Requirements Core Compulsory Service Sector > Real Estate > Real Estate Practice and Law 4708 Prepare condition and redevelopment potential reports for potential vendors and purchasers Demonstrate an understanding of the real estate industry and practice in New Zealand Demonstrate knowledge of land ownership, transfer of ownership, and titles Demonstrate knowledge of the law of contract and the law of agency Demonstrate knowledge of misleading and deceiving conduct and misrepresentation Demonstrate knowledge of the sale and purchase agreement and facilitate sale of real estate Demonstrate knowledge of council zoning and building law needed to act as a real estate agent Demonstrate knowledge and use of listing form and of appraising property Develop marketing plans for real estate, qualify purchasers, and present properties for sale Demonstrate understanding of legal matters affecting real estate salespersons and property managers Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales Demonstrate an understanding of the auction and 4 3 tender methods for sale of real estate in New Zealand Demonstrate knowledge of basic real estate marketing Demonstrate knowledge of building styles, methods, and materials 4 3 Business Sales Strand Business > Accounting > Accounting - Generic 7378 Analyse and interpret company financial statements 3 3

6 NQF Ref 0101 Version 8 Page 6 of 13 Service Sector > Real Estate > Real Estate Practice and Law Establish a presence in the real estate market Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales Appraise smaller businesses Appraise medium size businesses Appraise larger size businesses Facilitate the sale and purchase of businesses Prepare Agreement for Sale and Purchase of a Business relating to sale of franchise operations Demonstrate knowledge of the business broking sector in real estate Develop descriptions for use in marketing businesses for sale Commercial/Industrial Sales Strand Service Sector > Real Estate > Real Estate Practice and Law Establish a presence in the real estate market Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales 4674 Prepare appraisals of commercial and industrial sites and qualify vendors 4675 List commercial and industrial properties and market listings Qualify purchasers and demonstrate knowledge of investment factors for commercial and industrial properties Prepare Agreement for Sale and Purchase of Real Estate for commercial and industrial properties Develop an investment summary for, and explain the property description of, a commercial or industrial property

7 NQF Ref 0101 Version 8 Page 7 of 13 Residential Sales Strand Service Sector > Real Estate > Real Estate Practice and Law Establish a presence in the real estate market Demonstrate an understanding of the Unit Titles Act Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales 4669 Demonstrate knowledge of appraisal and complete 4 5 investment analyses of residential properties 4713 Prepare appraisals of multi-unit residential properties Prepare appraisals of lifestyle properties Prepare sale and purchase agreements for complex situations relating to residential property Demonstrate an understanding of the sub-division 5 5 process and appraise vacant residential land Develop property descriptions of residential properties Rural Sales Strand Service Sector > Real Estate > Real Estate Practice and Law Establish a presence in the real estate market Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales 4671 List rural properties and promote listings Prepare appraisals of lifestyle properties Prepare sale and purchase agreements for complex situations relating to rural property Prepare appraisals of horticultural and specialised unit 4 5 properties Prepare appraisals of pastoral and arable properties Develop property descriptions of rural properties

8 NQF Ref 0101 Version 8 Page 8 of 13 Commercial/Industrial Property Management Strand Service Sector > Real Estate > Residential and Commercial Property Management 4683 Obtain contracts and authorities to manage commercial 5 4 and industrial properties 4684 Prepare management plans for commercial and 5 6 industrial properties 4685 Attract and qualify tenants for commercial and industrial 5 7 properties and prepare lease agreements 4686 Manage tenants and leases for commercial properties Manage commercial properties Report on the performance of commercial properties 6 5 Residential Property Management Strand Service Sector > Real Estate > Real Estate Practice and Law Demonstrate an understanding of the Unit Titles Act Service Sector > Real Estate > Residential and Commercial Property Management 4678 Demonstrate knowledge of rent reviews and 4 3 recommend rental ranges for residential property 4679 List and market residential rental properties and market 4 5 residential property management services 4680 Manage tenanted residential property on an ongoing 4 5 basis 4681 Complete tenancy agreements for residential property Manage the tenants of rented residential property Demonstrate knowledge of the Residential Tenancies Act 1986 and prepare tribunal applications Service Sector > Real Estate > Rural, Residential, Commercial and Business Sales 4669 Demonstrate knowledge of appraisal and complete investment analyses of residential properties 4 5

9 NQF Ref 0101 Version 8 Page 9 of 13 Transition Arrangements Version 8 Version 8 was issued to change the last date for assessment for versions 5, 6 and 7 of this qualification from May 2010 to June This was done to accommodate late assessment and re-assessments against standards that were to be used to meet qualification and licensing requirements prior to 30 June For detailed information see Review Summaries on the NZQA website. Previous versions of the qualification Version 7 was issued to indicate that this qualification was expiring. Version 6 was issued following Ministerial approval of a Rule change required by the Real Estate Institute of New Zealand to enable the Council of REINZ to approve changes to the qualification and licensing requirements. The qualification has been revised to allow more realistic transition following the approval of the changes licensing requirements. The last date for entry to programmes or courses for the replaced Version 4 had been extended to 30 April The last date for assessments to take place for Version 4 had been extended to 30 April The Manager of the ITO can be contacted at REINZ ITO, PO Box 5663, Auckland for information on Transition Arrangement and Exemption appeals. People working towards Version 4 are given until 30 April 2009 to complete the version they had begun. After this date credit gained towards meeting the requirements of Version 4 must be transferred to meeting the requirements of Version 6 of the qualification. Transition arrangements will be published on the REINZ website ( and in the RE Journal and via e-newsletters. This qualification contains standards that replace earlier standards. For the purposes of this qualification, people who have gained credit for the expiring standards are exempt from the requirement to gain credit for the replacement standards see table below. Credit for Exempt from , , 23136, , , ,

10 NQF Ref 0101 Version 8 Page 10 of 13 Credit for Exempt from , , 23143, , Version 5 was issued following review in order to incorporate replacements for expiring standards where necessary, add new standards to cover knowledge gaps identified by industry, and move a standard from the compulsory section into the relevant strands. Changes to structure and content The qualification level was increased. The minimum credit requirements were increased. Standard levels and credits were adjusted to match reviewed standards. Expiring standards were replaced. Core Compulsory section: Standards 23138, 23139, and were added to the qualification. Standard 4653 was replaced by Standards 4654 and 4665 were replaced by standards 23135, 23136, and Standards 4655 and 4706 were replaced by standard Standards 4656 and 4657 were replaced by standard Standards 4658 and 4659 were replaced by standard Standard 4660 was replaced by standard Standard 4666 was replaced by standard Standard was moved into relevant strands. Business Sales strand: Standards 23146, 23147, and were added to the strand. Standards 7378 and were added. Standards 4689 and 4712 were replaced by standards 23142, 23143, and Standard 4692 was replaced by standard Standard 1853 was removed. Standards 4690 and 4691 were removed, because they no longer meet the needs of the industry.

11 NQF Ref 0101 Version 8 Page 11 of 13 Commercial/Industrial Sales strand: Standard was added to the strand. Standard was added. Standard 4676 was replaced by standard Standard 4677 was replaced by standard Standard 4711 was removed, because it no longer meets the needs of the industry. Residential Sales strand: Standards and were added to the strand. Standards and were added. Standard 4668 was replaced by standard Standard 4710 was replaced by standard Standard 4662 was removed. Standards 4664 and 4667 were removed, because they no longer meet the needs of the industry. Rural Sales strand: Standard was added to the strand. Standards and were added. Standard 4673 was replaced by standard Standard 4709 was replaced by standards and Standards 4670 and 4672 were removed, because they no longer meet the needs of the industry. Residential Property Management strand: Standards and were added to the strand. The transition arrangements for version 4 were updated in March 2008 see above. People working towards Version 4 were given until 30 April 2009 to complete the version they had begun. After this date credit gained towards meeting the requirements of Version 4 must be transferred to meeting the requirements of Version 5 of the qualification. Version 4 was issued in order to take account of reviews of Real Estate, Computing, and Business domain standards. Classifications and titles were updated and the credits for standard 2780 increased from 6 to 9. The credit table was also amended to clarify levels according to each strand. No changes to the structure or content of the qualification were made. Version 3 was issued in order to take account of reviews of Real Estate and Communication Skills domain standards. Standards were added to the Core Compulsory section and to the Core Elective section. Version 2 was issued following review. Standards were moved from the Core Compulsory to the Residential Sales Strand and Core Elective section. Version 1 of this qualification contained extensive arrangements for those people with incomplete Branch Manager and Licensee qualifications. These arrangements expired in December People with incomplete qualifications of this nature should contact the REINZ ITO for consideration on a case-by-case basis.

12 NQF Ref 0101 Version 8 Page 12 of 13 NQF Registration Information Process Version Date Last Date for Assessment Registration 1 October 1995 December 2001 Review 2 November 1997 December 2001 Review 3 April 1999 December 2007 Revision 4 February 2003 April 2009 Review 5 May 2007 June 2010 Revision 6 March 2008 June 2010 Review 7 April 2010 June 2010 Review 8 June 2010 June 2010 Standard Setting Body PO Box 5663 Auckland 1141 Telephone reinzito@reinz.co.nz Other standard setting bodies whose standards are included in the qualification NZQA Certification The certificate will display the logos of NZQA, and the accredited organisation. Classification This qualification is classified according to the NQF classification system and the New Zealand Standard Classification of Education (NZSCED) system as specified below. NQF Classification NZSCED Code Description Code Description 295 Service Sector > Real Estate Management and Commerce > Sales and Marketing > Real Estate

13 NQF Ref 0101 Version 8 Page 13 of 13 Quality Management Systems Providers and Industry Training Organisations must be accredited by a recognised Quality Assurance Body before they can register credits from assessment against standards. Accredited providers and Industry Training Organisations assessing against standards must engage with the moderation system that applies to those standards. Accreditation requirements and the moderation system are outlined in the associated Accreditation and Moderation Action Plan (AMAP) for each standard.