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NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 51Assessment: All q+a, role plays and research throughout, and at then end of the workbook must becompleted and submitted as one submission to be accepted. Any submission must have questionswritten and answers written and numbered, be in hard copy, preferably typed, loose leaf (not stapled orbound) with pages numbered.1. Property may be generally classified as:a) Realtyb) Personaltyc) Incorporeal hereditamentsd) A combination of _________ and __________ above2. Real property includes:a) Landb) Waterc) Airspaced) Improvements fixed to the lande) All of the abovef) A combination of ________ , ________ and ________ above3. A chattel will necessarily become a fixture to land when it has been:a) Placed on land to be enjoyed in its own rightb) Placed on land with an intention that it remainc) Securely fixed to the landd) Placed on the land so that a reasonable person would expect it to remain and become permanent4. The Victorian Government will resume land and the Commonwealth will acquire land because:a) The power to hold all land is vested in the States as a residual power after the creation of theCommonwealthb) The Crown is properly represented by the Commonwealth in matters relating to landc) There is no difference between resumption and acquisitiond) The Constitution expressly provides that the States resume and the Commonwealth acquires5. Authorities suggest a refrigerator is likely to be:a) A fixture to the landb) A chattelc) An incorporeal hereditamentd) A combination of _______ and __________ above6. Property may be co-owned by two or more proprietors as:a) Joint co-ownersb) Husband and wifec) Tenants-in-commond) Joint tenantse) A combination of _____________and _______________ above7. A joint tenancy is said to have been severed when:a) One tenant abandons a rented propertyb) Landlord and tenant are in disputec) Tenants-in-common become joint tenantsd) Joint tenants become tenants-in-common8. A joint tenancy is severed by using the words that express an intention to be separate, such as:a) ‘I divorce you, I divorce you, I divorce you’b) ‘Incorporeal hereditaments’c) ‘To X and Y in equal shares’d) ‘I hereby rebut the common law presumptions’9. If a joint tenant dies intestate, his/her estate in the jointly-owned land will pass:a) According to his/ her willb) To the Crownc) To the surviving joint tenantd) To his/her next of kinNBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 5210. In A’s will he leaves land to ‘B for her life and after B’s death to C’. The interests of B and Crespectively are:a) Life tenant and joint tenantb) Fee tail and reversionerc) Life tenant and remaindermand) Tenant in common and reversioner11. Would a 6x3x1 metre above-ground pool be classified as a chattel? Explain what furtherinformation is needed, and how a court might deal with such a matter. Would the surrounding childproof fence be similarly classified?12. The Estate Agents Licensing Authority has been abolished and replaced with what?13. Rob was the registered proprietor of an unencumbered estate in fee simple. Rob travelledoverseas for 12 months. Rob’s partner, Rick, remained in Victoria for work purposes, and one daylocated Rob’s duplicate Certificate of Title. Rick pretended to be Rob, and sold Rob’s land, and expertlyforged Rob’s signature on a transfer of land to Fiona. Fiona in due course became the registeredproprietor of Rob’s land, as a bona fide purchaser for value without notice, and took up residence in theproperty. The sale price was $650,000.00 paid for by Fiona with a loan for $400,000 from herMortgagee, the Eastpac Bank of Wanderers Ltd. (incorporated in Tasmania). The mortgage for$400,000.00 was also registered. Rob returned from overseas, and has discovered the true state ofaffairs. Fiona:a) cannot claim an indefeasible title because of Rick’s fraud;b) can claim an indefeasible title despite Rick’s fraud;c) can claim an indefeasible title because she is a bona fide purchaser for value without notice and isnow the registered proprietor on the Certificate of Title; ord) cannot claim an indefeasible title because the registration is void or voidable14. Caveat emptor is generally discussed – but what is caveat venditor?15. Briefly explain ruling DA.048 in your own words.16. Harry purchased land with improvements in Melbourne. The one page Section 32 Statement hadattached to it a title search which had been conducted 18 months earlier, a 12 months old Municipalrate notice (not a land information certificate) and nothing else. What should you do? Do you considerany section of S. 32 of the Sale of Land Act 1962 would apply?17. If Harry and Sam conducted an inspection of the property the day before settlement anddiscovered that the concrete bird bath and its stand were missing from the rear garden, explain if sucha breach of contract would entitle them to refuse to settle, if the contract was silent on this point?18. Keiko was granted a life estate in Murakami Estate by way of gift. Keiko won a substantial prize ina lottery and purchased the estate in fee simple in the estate. Advise Keiko of the status of her lifetenancy upon settlement of her purchase of the estate in fee simple.19. If Keiko owned the rear property to Murakami Estate and had placed a covenant in the contractthat Su and Hew were prohibited from building more than one single storey dwelling house onMurakami Estate, how would such a restrictive covenant be incorporated into the Title?20. William’s mum received a gift of $100,000 (from her first cousin) when William was 12 years of age.The gift was accompanied by a signed letter stating the gift was:“to be applied for the benefit of William until he reaches the age of 21 years, as [William’s mum] seesfit”,William’s mum immediately decided to invest the money on William’s behalf by purchasing IvanhoeManor, and she signed a document with her solicitor at the time of purchase declaring the true facts.The land was eventually registered in her name.Explain and advise William’s mum of the likelihood of stamp duty being attracted under the Duties Act2000 (Vie.) by her transferring the land from her name into William’s name. Assume Ivanhoe Manorwas purchased for $100,000 nine years ago and is now valued at $1,000,000.NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 5321. A licence grants or gives exclusive possession of landa) neverb) alwaysc) sometimesd) depending22. An unregistered mortgage of Torrens system (or title) land is:a) a legal interestb) mere equityc) an equitable interestd) a rarity23. A pledge of goods is:a) a promise to provide a wedding ring;b) the pawning of goods for a fixed period of time;c) the storing of goods; ord) the lending of money.24. A lien of goods occurs when:a) an unpaid seller of goods or land retains (holds) possession as security for payment;b) the true owner takes possession;c) repairs do not occur as promised; ord) a lien is not agreed upon verbally or in writing25. A unregistered lease of land:a) does not create a landlord and tenant relationship;b) creates a legal estate in land;c) creates an equitable estate in land; ord) creates a possessory interest in land.26. A lease of landa) grants exclusive possession of land;b) cannot create exclusive possession against the true owner;c) must always be completely in writing and under seal: ord) must be registered to be valid27. A bona fide purchaser for value without noticea) is deemed to have actual notice of outstanding interests in property;b) is deemed to have constructive notice of outstanding interests in property;c) is deemed to have no actual or constructive notice of outstanding interests in property; ord) is deemed to have no notice of anything at all.28. An unconscionable mortgage of an estate in land:a) follows the common law contractual rules of unconscionabilityb) allows the mortgagor to recover damages only from the mortgagee;c) should be set aside in equity for unconscionability; ord) can never be a contract because it is an interest in land.29. William sold a leasehold estate to Rod for a consideration of $220,000. William knew that Rodintended to use the leasehold for a restaurant, which strictly required use of the 20 car parking spaceson the title. One month before settlement William received a letter from the municipality advising thatthe municipality and Vic Roads intended to compulsory acquire some of William’s land for an approvedroad-widening scheme, which would remove the entire car park. With respect to William, does caveatemptor apply in the light of the information? Give reasons.30. Read sections 27 and 32 of the Sale of Land Act. How are a purchaser’s rights affected byacceptance of title?31. Does the vendors statement cover only matters of title? Does it dispense with the need to deliverrequisitions?NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 5432. Sam signed an unconditional contract of sale to purchase Blueacre. A term of the contractspecifically stated that the purchaser “shall accept all risks associated with the land sold on the signinghereof’. The vendor was in occupation of the land. Due to an electrical fault, the premises on the landcaught fire and were destroyed, including the vendor’s large indoor marijuana crop. The vendor’sinsurer investigated the cause of the fire, along with police and fire brigade investigators, after thevendor claimed on his insurance policy. Sam, who had fallen in love with the land, wishes to completethe purchase, but only if he may take advantage of the vendor’s insurance policy. With reference to theSale of Land Act 1962, advise Sam.33. A tenancy-at-will is:a) a lease that lacks a fixed duration;b) a lease which can be terminated at the will of either the landlord or the Tenant;c) a lease that continues with the mere consent of the landlord; ord) not, strictly speaking, a lease at all.34. When a landowner grants permission to another person to use the land then:a) exclusive possession is granted by the right to use and a lease is created;b) a lease will not be created unless exclusive possession is also granted;c) a lease cannot be created by mere use, and thus only a licence is created; ord) licence can only be created when a vendor of land allows a purchaser to occupy the land prior tosettlement.35. A landlord’s covenant to allow a tenant quiet enjoyment of leasehold land means:a) the tenant may sue the landlord for nuisance if the leasehold land has noisy neighbours;b) the landlord shall not directly nor indirectly interfere with the tenant’s rights of possession;c) the landlord must carry out all necessary repairs as may be required from time to time; ord) the landlord must take all reasonable steps to avoid frustration of the leasehold estate.36. Harry and Sue were the joint registered proprietors of an estate in fee simple of Blackacre astenants-in-common. Consequently, at common law:a) Harry and Sue must be tenants-in-common in equal shares;b) Harry and Sue must be tenants-in-common in unequal shares;c) Harry and Sue could be tenants-in-common in either equal or unequal shares, in this example;d) Harry and Sue as tenants-in-common cannot co-exist as the joint proprietors of an estate in feesimple where the shares are unspecified, and therefore are at law joint tenants with an undividedmoiety.37. If Harry and Sue are joint tenants of an estate in fee simple then:a) they only share equally the equitable interest; .b) they equally share both the legal and equitable interests;c) the legal and equitable interests are merged in them equally;d) they are able to legally satisfy unity of possession, interest, title, and time.38. A pledgor of a chose in possession:a) passes possession to the pledgee but not a proprietary interest;b) passes possession to the pledgee with a proprietary interest;c) passes possession to the pledgee but retains a right of redemption; ord passes possession to the pledgee with a right to redeem the debt within a previously agreed uponperiod of time.39. How could a co-operative Vendor and Purchaser in a private sale avoid using a stakeholder to holda deposit pending settlement?40. Sue and Sal are the joint tenants (proprietors) of the legal estate in fee simple in Quietacre. Suehas just discovered her Will, in respect of her estate in Quietacre, will be inoperative. She wishes toleave all her estate to Harry upon her death. Sal has no objection to cooperating with Sue.Is the new Transfer subject to stamp duty?41. Would the new Transfer operate to defeat a partition application?42. Harry saw an advertisement for an apartment for sale “off the plan” with “massive stamp dutysavings”. On Saturday Harry signed a Section 32 disclosure statement and a contract of sale, and paidNBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 555% deposit. On Wednesday following, Harry appointed you as his conveyancer. Special Condition 100of the contract required Harry to pay “up to 10% of additional construction costs if the construction wasover the building budget.” The budget was not disclosed. Harry, dismayed, wished he had neversigned. Advise43. Look at the Domestic Building Act. Can a person bring an action in the Supreme Court, MagistratesCourt, or County Court if the action could be heard in the VCAT?44. Is the vendor obliged to disclose a carport built without a permit?45. Is the vendor required to disclose the amount required to pay out the mortgage at settlement?46.a) Must the vendor disclose a fencing notice from his neighbour?b) Must the vendor include a VicRoads statement with sale?c) Under the insurance contract act 1984; Can the purchaser rely on vendors insurance?d) Is the insurer liable for the purchaser’s loss?e) To what extent is the insurer liable?f) Are there restrictions if the purchaser takes possession.? Upon what legal principle is this based?g) If a contract is subject to finance, can the deposit be released to the vendor pursuant to section 27?h) What are the main acts and subordinate legislation that govern the operation of VCAT?47. Can the purchaser cool-off in the following circumstances? Justify your answer.a) P signs two contracts for two factory sites next door to each other, the prices being $139,000 and$225,000 respectively.b) P signs a contract of sale to purchase a flat for $169,000.P seeks the advice of his Conveyancer who advises ‘sure, go ahead and sign it – you’ve got three daysto cool-off anyway’.48. Bart Simpson is selling his farm of two titles (one old title and one torrents title) and the partieshave agreed the vendor will provide two Transfer of land Act Titles. However the new purchaser doesnot want to pay GST and keep stamp duty to a minimum. What would you advise?49. What documents have to be prepared for the conversion to a Transfer of title above?50. If Bart leases a new warehouse, does he have to pay GST if he and the landlord are registered forGST?51. What are the 2 systems of land ownership in Victoria?52. What is a parent title?53. What does “legal personal representatives” mean in respect to deceased estates?In regards to Deceased Estates, what needs to be considered in relation to – Holding of Real property?54. As a general rule a person may freely dispose of property to which they have title, and a personmay purchase property, which is offered for sale. There are 2 qualifications to this general rule, explainthem.55. What would be the effect of mental incapacity on a contract?56. Calculate the amount of stamp duty payable to SRO on the following considerations:$28,000$21,000$109,000$79,000$282,000$981,50057. Calculate the LTO lodgement fees on the following transfer considerations:$240,000$2,340,000NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 56$945,650$445,750$890,00058. Calculate the land registry office fees on the lodgement of plans of subdivision containing thefollowing number of lots.215248059. How could the margin scheme apply where a newly constructed residential apartment is built(value $200,000 as at 1/7/2003), and sold for $244,000 on the 15 July 2005?60. Explain the distinction between a valid and a void contract.61. You have just received a letter from the vendors conveyancer re James and Beyoncet:Ivanhoe ConveyancingAttention: Re James and Beyoncet 8a Lime Ct Bellfield01 January 2001Dear Sir/Madam,We refer to the matter above and regretfully advise that our client’s mortgagee is not able to locate the duplicateCertificate of Title.As a result we are not in a position to settle on 14 Jan 2001.We will contact you with the aim to re-schedule as soon as we receive additional information from our client’s bankSincerelyMercedes de CarWhat do you do?Cite any relevant legislation in your answer.62. Beyoncet has organised the sale of her property and it is going smoothly. However two weeksbefore settlement she received a call from the r/e agent advising the purchaser wanted to addclauses/conditions to the contract to ensure the property was left in good condition on expiry of thelease and for when she moves in.Given that Beyoncet and James were overseas and were only contactable via email, her Conveyanceradvised the r/e agent that given the purchaser had already signed the contract with the lease condition,it would not be in the vendor’s interest to be adding further conditions now, and the condition of theproperty on expiry of the lease would be covered by the bond, which is something the r/e agent needsto manage.a) What do you think the outcome was to this situation for the purchaser? Why?b) Beyoncet was enjoying her short break with James overseas and she sent her Conveyancerinstructions to get the deposit released for her unit. It seems the holiday was a bit more expensive thanthey had planned and they have run out of money.Unfortunately on the letter from the bank, for s27 purposes the purchasers conveyancer statesBeyoncet has her account in default and on that basis the purchaser won’t release the deposit unlessthe bank writes another letter saying that our client is not in default.What do you do?Go to pexa.com.au, join as an interested party through their community register, and thoroughly readthrough their e-conveyancing functions. In particular search their library for sample instructional videos,interactive tutorials and subscribe to the PEXA newsletter. Include a copy of your registration withPEXA as third party with your submission.NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 57Student confirmation and summary of unit competenceNBiA Competency map and assessment summary tool:BSBCNV505 Finalise the conveyancing transactionPRINT Student Name: ………………….………………………………………(Please Sign below)I certify that all submissions are my own work and contain no material previously published or writtenby another person, except where referenced. I understand that all questions must be answered fully, andcorrectly submitted as per the instructions at the start of this unit.The assessment, unless otherwise noted, has taken place in Ivanhoe on this date by the named assessorwho, by signing below, confirms the evidence submitted by the student signatory has been assessed as:Current Authentic Reliable Valid Sufficient ……..If you are assessed NYC with minor problems you will have the opportunity to resubmit yourassessment. If the assessment result is clearly NYC where major concepts are clearly not understood,you will need to resubmit the assessment in full at a further cost as per the student information guide. Ihave read and agree with the explanations for this assessment below.Student Signature ………………………..…………………….… Date …….. / …….. / ……..I confirm competence for this unit: C NYC RPL CTForm SumAssessor Signature ……………………………………………………..…..Date ……. / ……. / …….Use this page as your cover page National Business Institute of AustraliaRTO #2147620 Clark RdIvanhoeVic. 3079www.nbi.com.au03 9499 7872 NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 58Assessment PlanThe Purpose of this assessment is to determine the competency of the above named student for the unitBSBCNV505 Finalise the conveyancing transactionLearner characteristics-applicationThis unit describes the skills and knowledge required to complete conveyancing transactions and ensure all matters includingarranging settlement, determining contingency strategies, completing transactions and implementing post-transactionprocedures, as appropriate, are completed.It applies to individuals who use specialised knowledge, systematic approaches and strong organisational skills to prepare andprocess transactions efficiently.The Foundation skills addressed in this unit include:ReadingInterprets and analyses a range of information relevant to key steps within a processQ15WritingPrepares correspondence for a range of audiences and completes forms accurately using correct language, concepts andterminologyCSOral communicationParticipates effectively in verbal exchanges using questioning and active listening to determine and confirm requirements andinstructionsRP, CSNumeracyPerforms mathematical calculations to check accuracy and completeness of numerical and financial dataGathers, interprets, analyses, consolidates and records financial informationCS Q57Navigate the world of workTakes full responsibility for ensuring that all documentation and processes comply with legislative and practice requirementsInteract with others• Selects and uses appropriate conventions and protocols to gain and provide information for the conveyancing transactionCollaborates with others to achieve required outcomes playing an active role in negotiating agreementQ62Get the work done• Plans, organises, and implements tasks for effective and efficient outcomes, and in accordance with statutory andorganisational requirements• Uses problem solving processes to identify and analyse conveyancing issues• Anticipates potential problems and implements contingency plans, if requiredUses the main features and functions of digital tools to complete work tasks and to access informationCSEvidence requirements ElementThe following evidence has been identified for this unitarrange the settlementThe student has submitted a competent settlementDetermine contingencystrategies for settlements wherecontractual obligations remainunfulfilledThe ability to prepare and adjust for contingencies and fulfil obligations for contractcomplete transactionA sample transaction via case studyImplement post-transactionprocedures, as appropriateThe completion of post transaction communication and filing Performance EvidenceEvidence of the ability to: • arrange and attend or electronically attend settlement in accordance with all instructions and requirementsincluding:20 cs NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 59 adjustments of relevant outgoings and other feesconfirmation of final paymentschecking documents for accuracy• complete settlement transaction that meets:agency or practice organisational policies and procedureslegislative requirements of settlement transactionsclient requirements20 cs• monitor progress where actions are delayed, extended or rescheduled and determine contingency strategiesfor settlement where contractual obligations remain unfulfilled30• implement post-transaction procedures as appropriate32• communicate effectively with a range of personnel.cs Knowledge EvidenceTo complete the unit requirements safely and effectively, the candidate must: • identify the roles of relevant parties in a settlement40• describe file reconciliation procedures and other financial procedures relevant to settlement transactions40• describe the key features of:formal and informal industry codes of practice governing settlement procedureslegislation, regulations and common law relevant to settlement transactions54• outline practice, policy and procedures in relation to transaction settlement and client management55 cs• explain monitoring procedures and possible solutions where actions are delayed, extended or rescheduledcs• identify and describe key regulations and procedures of relevant government agencies relating to settlementtransactions.60 cs Assessment ConditionsAssessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance oftypical activities experienced in the conveyancing field of work and include access to:• common office equipment, technology, software and consumablessuitable records showing the completion of a settlement transaction.Assessment methodsThrough consultation with the industry a choice of the following assessment methods have been deemed appropriate for thisunit:Short answer/Case study/Role play/Scenario/Multiple choice/q+aAssessment mappingEvidence has included Tick if Competency is evident andachieved Competent q+a: VerbalWrittenAcademicPractical ( if required )Sample of assignmentsRole playAccurate recording of records and reports, sample reportFormative assessment for the following elementsSummative assessment for the following elementsThis assessment tool covers the administration, recording and reporting requirements, and the elements and competencies that aremapped to the assessment tasks and relates to the assessment activities in the workbook re outcomes and performance indicators.The purpose of this assessment is to demonstrate your competence in your field of endeavour, and to be assessed as competent youmust have completed all stated requirements and submitted all formative and summative q+a, case studies and assessment tasks reelements and performance criteria, critical aspects of evidence Skills Knowledge, employability skills,and the Range Statement. Bystudying this workbook and any prescribed supplementary text, and satisfactorily completing and correctly submitting the requiredassessment tasks, you will be deemed to have demonstrated your competence : Tick if Learner Evidence was providedElementWorkbookAssessed in thisresourceCElement 1 arrange the settlement1.1 Identify all parties to the transaction and take all relevant actions to ensurethey are ready to complete the transaction4-266,8,9,131.2 Fulfil transaction requirements accurately and completely includingconsideration of any relevant electronic requirements4-2617,18,20 NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 60 1.3 Identify and collate information relevant to preparation of settlementstatements and prepare and reconcile statements4-2617.18,201.4 Identify funds pertaining to the completion of the transaction and adviserelevant parties4-2620,23,311.5 Receive funds required for the completion of the transaction within therequired timeframe4-2631,39,421.6 Attend the settlement if required4-2646,49,541.7 Ensure documents are stamped correctly in accordance with legislative,regulatory and the practice’s requirements4-2657,61Element 2 Determine contingency strategies for settlements where contractual obligations remain unfulfilled2.1 Identify unfulfilled contractual obligations and assess possiblecontingencies27-321-102.2 Identify a range of contingency strategies and options and evaluate andarticulate these to the client27-321-102.3 Determine appropriate strategies and options in consultation with client andin accordance with practice policy and procedures, and with legislative,regulatory and professional requirements27-321-10,Element 3 complete transaction3.1 Confirm transaction arrangements with all relevant parties and ensureconditions for the finalisation of the transaction, including compliance withspecial conditions are met33-3611,13,143.2 Arrange and perform final searches and inspections where required33-3613,15,163.3 Examine transaction documents for accuracy and completion33-3611,13,173.4 Complete transaction with all relevant parties33-3615.16.183.5 Lodge stamped documents for registration33-3620,22,25Element 4 Implement post-transaction procedures, as appropriate4.1 Advise all relevant parties, including rating and other authorities oftransaction completion37-4830,34,374.2 Make outstanding payments37-4839,41,424.3 Monitor and conclude outstanding matters promptly37-4840,41,424.4 Confirm registration change on title, if applicable37-4846,47,484.5 Return documents to client and third parties37-4849,52,534.6 Receive and disburse funds as authorised37-4850,51,57-604.7 Prepare and dispatch invoices to client and other parties37-48W1,w2,W44.8 Update financial, business and client records37-4830,40,504.9 Close+archive file according to legislative, regulatory and practice reqs37-48W3,W4By satisfactorily completing and submitting ALL the summative assessment and the formative assessments, youwill be assessed wholistically as Competent regarding: Required skillsRequired knowledgeEvidence:Range statement requirements and employability skillsAssessor Name: Peter Drapac


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