Back to school... with ChatGPT

"The limit of your present understanding is not the limit of your possibilities." – Guy Finley

This week I’m back to pretty much normal after three weeks on the road with our in-person AI Powered Agents workshops.

It’s been super fun and rewarding and I’ve done a lot of thinking about what’s next - but more on that soon.

Meanwhile, it’s also back to normal for school kids in the United States with summer holidays coming to a close.

Except it’s not entirely normal, as this will likely be the first school year in which ChatGPT will be available to students.

It’s true that many of the largest school districts didn’t want students using it but now, according to a survey by EdWeek Research Centre about 75 percent of K-12 teachers think it’s somewhat important to teach students how to use AI tools correctly (even though in the survey most teachers admit to not knowing enough about it to play with it!)

It’s an interesting conundrum, much like the calculator when it was introduced into schools.

A reminder:

However, according to the New York Times, even the teachers are coming around to thinking the new robot could be useful in some ways:

  • Pointing out weaknesses in essay arguments

  • Acting like a brainstorming buddy… and even

  • Critiquing the bot’s answers as a form of learning.

Plus I am sure there will be more.

So it’s the education angle that has inspired today’s prompt of the day.

Today’s Prompt

Can you please create a lesson plan for real estate agents to learn about underquoting legislation over the next two weeks? Make sure to include examples for debate and discussion and generate some assessment questions and sample answers for the instructor to conclude the lesson. Please use the Estate Agents Act in Victoria as the basis for this plan.

This prompt seems pretty successful, here’s what I got:

Lesson Plan: Understanding Underquoting Legislation for Real Estate Agents

Duration: 2 weeks

Week 1: Introduction to Underquoting Legislation

Day 1: Introduction to Underquoting

  • Introduction to the concept of underquoting in real estate.

  • Explanation of how underquoting can mislead potential buyers.

  • Overview of the Estate Agents Act in Victoria as the basis for underquoting legislation.

Day 2: Legal Framework

  • In-depth exploration of the Estate Agents Act in Victoria, specifically addressing sections related to underquoting (e.g., Section 47B).

  • Discussion of the penalties and consequences for agents found guilty of underquoting.

Day 3: Examples of Underquoting

  • Presentation of real-life case studies where underquoting occurred.

  • Group discussion and analysis of the factors that led to underquoting in these cases.

  • Debate on whether underquoting is a result of intentional deception or misunderstanding of property value.

Day 4: Debate and Discussion

  • Divide the class into two groups: one supporting stricter penalties for underquoting and the other advocating for a more lenient approach.

  • Each group presents arguments and counterarguments based on legal, ethical, and practical considerations.

  • Open floor debate with an emphasis on respectful discourse.

Week 2: Practical Application and Assessment

Day 5: Techniques to Avoid Underquoting

  • Explanation of strategies agents can use to avoid unintentional underquoting.

  • Discussion on setting appropriate price ranges and being transparent with potential buyers.

Day 6: Complying with the Act

  • A detailed walkthrough of the steps involved in providing accurate price estimates to potential buyers.

  • Role-playing scenarios where agents interact with potential buyers and demonstrate how to provide accurate information.

Day 7: Assessment Preparation

  • Review of key concepts, legal framework, and practical strategies covered in the past week.

  • Distribution of assessment guidelines and rubrics to prepare students for their final assessment.

Day 8: Assessment - Case Analysis

  • Provide a hypothetical case scenario involving potential underquoting.

  • Students are required to analyze the situation, identify potential violations, and propose appropriate actions the agent should take.

  • Sample question: "In the given case, discuss whether the real estate agent is at risk of underquoting according to the Estate Agents Act. Provide reasons for your assessment."

Day 9: Assessment - Debate

  • Students engage in a structured debate on whether stricter penalties are necessary to deter underquoting.

  • Each student is assigned a position and required to present well-researched arguments.

  • Sample question: "Argue either for or against the proposition that increasing penalties will effectively reduce underquoting in the real estate industry."

Day 10: Conclusion and Reflection

  • Review of key takeaways from the course, including legal obligations, strategies to avoid underquoting, and the ethical implications.

  • Open discussion on how students' perspectives on underquoting have evolved throughout the course.

  • Encourage students to reflect on how they will apply their knowledge in their future real estate careers.

Sample Assessment Questions and Answers:

  1. Question: What are the main legal consequences of underquoting according to the Estate Agents Act in Victoria?Sample Answer: The main legal consequences of underquoting include fines, penalties, and potential suspension or cancellation of an agent's license. If found guilty, an agent may face substantial financial penalties and potential damage to their professional reputation.

  2. Question: Explain a scenario in which unintentional underquoting could occur and suggest strategies to avoid it.Sample Answer: Unintentional underquoting may occur if an agent is not adequately informed about the property's market value. To avoid this, agents should conduct thorough research, consult with appraisers, and use recent comparable sales data to set a realistic price range. Additionally, agents should be transparent about the limitations of their price estimates and encourage potential buyers to conduct their research.

  3. Question: How does the debate on underquoting penalties reflect the broader ethical considerations in the real estate industry?Sample Answer: The debate on underquoting penalties reflects broader ethical considerations related to transparency, honesty, and professionalism in the real estate industry. Stricter penalties emphasize the importance of providing accurate information to clients and potential buyers, promoting trust and integrity in the industry. On the other hand, advocates for more lenient penalties might argue for a balanced approach that takes into account unintentional mistakes while maintaining accountability.

Instructor's Conclusion:

In this two-week lesson plan, we've explored the underquoting legislation in Victoria's real estate industry. By understanding the legal framework, analyzing case studies, and engaging in debates, you've gained valuable insights into the complexities of underquoting. Remember that as future real estate professionals, you hold a crucial role in maintaining transparency, integrity, and trust within the industry. Applying the knowledge and skills you've acquired during this course will contribute to ethical and successful real estate practices.

Of course, we might want to vary the time frame for delivery and all of that sort of thing, but it’s not a bad start.

I also gave ChatGPT a follow-up prompt to create some fictional case studies as follows:

Could you create me several fictional cases for day 8?

And here’s what I got:

Certainly! Here are three fictional cases for Day 8's assessment on case analysis:

Case 1: The Aggressive Marketing

Real Estate Agent Alex lists a property with an asking price of $650,000. Throughout the marketing campaign, Alex promotes the property as a "bargain buy" and emphasizes its potential to sell well below market value. On auction day, the property sells for $700,000. Potential buyers feel misled by the marketing and complain that the property was underquoted.

Question: In this case, discuss whether Real Estate Agent Alex is at risk of underquoting according to the Estate Agents Act. Provide reasons for your assessment.

Case 2: The Refined Appraisal

Real Estate Agent Mia appraises a property and suggests an asking price of $900,000 to the seller. However, Mia becomes aware of a recent sale in the same area for $950,000. Mia decides to list the property with an asking price of $950,000, considering the higher sale price. During the campaign, Mia informs potential buyers about the recent sale but still emphasizes the property's value at the $900,000 range.

Question: In this case, discuss whether Real Estate Agent Mia's actions could be considered underquoting according to the Estate Agents Act. Provide reasons for your assessment.

Case 3: The Comparable Sales Oversight

Real Estate Agent Jordan lists a property with an asking price of $800,000. Jordan has not thoroughly researched comparable sales in the area and relies on a general understanding of the market. A potential buyer, Emma, approaches Jordan and expresses interest in the property. Emma is aware of recent sales in the same neighborhood ranging from $850,000 to $900,000.

Question: In this case, discuss whether Real Estate Agent Jordan's lack of research and failure to provide accurate information to potential buyers could be considered underquoting according to the Estate Agents Act. Provide reasons for your assessment.

Note: These fictional cases are designed to prompt critical analysis and discussion among students. Students should consider the specific sections of the Estate Agents Act that relate to underquoting and apply their understanding of the law to each case to determine whether underquoting has occurred or not.

I would also add one thing to ChatGPT’s final note - ensure that any recent changes to any legislation (post-September 21) are taken into account.

Happy Hunting 🚀

PS We’re back to usual transmission again now that I’m home - so expect a few more prompt-of-the-day emails this week. If you have any suggestions, or if there is something you would like me to cover hit reply and let me know!

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