15. Quick links & Glossary

Glossary of terms

Frequently Used Software, Resources and Websites

Learning Competency Checklist

1. Understanding the Purpose of the Glossary

• Competency: Demonstrate awareness of the role and importance of the glossary in your daily work.
• Pass Criteria:
• Clearly explains that the glossary serves as a central resource for industry terminology, abbreviations, and definitions, ensuring clear communication and informed decision-making.
• Recognizes that accurate use of these terms is essential for effective internal and client communications.
• Fail Criteria:
• Cannot articulate why the glossary is important or fails to see its role in promoting consistent language across the team.

2. Mastering Key Industry Terms

• Competency: Accurately recall and define the core terms and abbreviations provided in the glossary.
• Pass Criteria:
• Correctly explains the meaning of key terms such as "Appraisal," "Auction Reserve Price," "Comparative Market Analysis," "Due Diligence," "Pest & Building (P&B)," "Contract of Sale (COS)," and others listed.
• Uses the definitions accurately when discussing property transactions and internal reports.
• Fail Criteria:
• Provides inaccurate or incomplete definitions or consistently misuses industry terms in verbal or written communication.

3. Applying Glossary Knowledge in Context

• Competency: Demonstrate the ability to use glossary terms appropriately in real‑world scenarios.
• Pass Criteria:
• Applies terms correctly when preparing reports, during client presentations, or in discussions with colleagues and external partners.
• Shows understanding of how these terms impact decision-making and negotiation processes.
• Fail Criteria:
• Uses industry jargon incorrectly or inconsistently, leading to confusion or misinterpretation of critical information.

4. Familiarity with Abbreviations and Their Usage

• Competency: Recognize and correctly interpret common abbreviations used within the property market.
• Pass Criteria:
• Demonstrates proficiency with abbreviations (e.g., COS, FHOG, LVR, P&B, SMSF) and can explain their relevance in the context of property transactions.
• Uses abbreviations appropriately in documentation and communication.
• Fail Criteria:
• Struggles to recall or explain abbreviations, or misapplies them in reports or client communications.

5. Utilizing Frequently Used Software and Resources

• Competency: Identify and access the essential software, resources, and websites regularly used in your role.
• Pass Criteria:
• Knows which online tools, property resources, and websites to bookmark and refer to for up-to-date market data and property research.
• Understands how these resources complement the glossary by providing practical data and insights.
• Fail Criteria:
• Is unaware of key digital resources or cannot effectively use them to support property analysis and client communication.

6. Consistency and Accuracy in Communication

• Competency: Maintain consistency in the usage of industry terminology across all forms of communication.
• Pass Criteria:
• Consistently applies correct glossary definitions in emails, reports, presentations, and verbal discussions.
• Demonstrates the ability to simplify complex terms for clients while remaining accurate.
• Fail Criteria:
• Inconsistently uses or misinterprets terminology, resulting in unclear or misleading communication.

7. Continuous Learning and Reference

• Competency: Recognize the glossary as a living resource and commit to regularly reviewing and updating your knowledge.
• Pass Criteria:
• Actively refers to the glossary when encountering unfamiliar terms and integrates new industry jargon into your working vocabulary.
• Seeks out updates or clarifications when needed and shares relevant insights with the team.
• Fail Criteria:
• Relies solely on memory without cross-checking, leading to outdated or inaccurate use of terminology.

8. Integrating Glossary Knowledge with Overall Role Proficiency

• Competency: Demonstrate how understanding industry terminology supports effective decision-making and professional performance.
• Pass Criteria:
• Explains how precise terminology improves clarity in client discussions, enhances report quality, and contributes to confident negotiation and decision-making.
• Provides examples of how correct usage of glossary terms has positively impacted outcomes in past transactions.
• Fail Criteria:
• Is unable to connect the importance of proper terminology usage with overall performance and client satisfaction.