Assessor Resource

FNSCNV505A
Finalise the conveyancing transaction

Assessment tool

Version 1.0
Issue Date: May 2024


The unit has application to job roles involving conveyancing transactions in real estate, business or personal assets.

This unit describes the performance outcomes, skills and knowledge required to complete conveyancing transactions and ensure that all matters relating to the transaction are completed.

It encompasses arranging and attending settlement, determining contingency strategies for settlements where contractual obligations remain unfulfilled, completing transactions and implementing post-transaction procedures, as appropriate.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

apply applicable legislative requirements to settlement transactions

identify the roles of relevant parties in a settlement

apply all relevant practice policies and procedures

arrange and attend settlement in accordance with instructions

determine contingency strategies for settlement where contractual obligations remain unfulfilled

complete settlement transaction meeting practice, legislative and client requirements

implement post-transaction procedures as appropriate.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a workplace or a closely simulated work environment

access to and use of a range of common office equipment, technology, software and consumables

suitable assessment records showing the completion of a settlement transaction.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

analytical, evaluative and deductive reasoning skills relevant to identifying all aspects of a settlement transaction

communication skills to:

determine and confirm client requirements, using questioning and active listening as required

liaise with others in a business environment, share information, listen and understand

use language and concepts appropriate to cultural differences

obtain and clarify instructions from others

gathering, recording and consolidating accurate settlement and financial information

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to read and interpret documentation from a variety of sources

negotiating with a range of people in diverse situations

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

organisational skills, including the ability to plan and sequence work

problem solving skills to address settlement issues that may arise

Required knowledge

file reconciliation procedures

formal and informal industry code of practice governing settlement procedures

practice policy and procedures in relation to transaction settlement and client management

process monitoring procedures where actions are delayed, extended or rescheduled

regulations and procedures of relevant government agencies

relevant financial procedures

relevant legislation, regulations and common law relevant to settlement transactions

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Transactions may include:

a range of dealings in real estate, business or personal property.

Transactions to be finalised include, but are not limited to, the application of laws concerning the following:

associations

banking

bankruptcy

bills of sale

building regulations and house contracts

caveats and warrants

commercial tenancies

contract

dealing with interests in land

deceased estates

easements and restrictive covenants

fences

food and health

foreign investment

guarantee provisions

guardianship

heritage

land acquisition

land division

landlords and tenants

limitation of actions

local government

local, Commonwealth and State or Territory government taxes

minors

mortgage financing

old system land

planning

powers of attorney

privacy

property inspections and searching

rates and taxes

real estate agents

real estate taxes

registration of dealings with land

regulation of conveyancers

roads

sale of goods

stamp duty

strata and community titles and owner's corportaions

trusts

workers lines.

Information requirements include, but are not limited to:

searching

stamping and registration.

Documentation may include:

documents dealing with real or personal property

electronic documents or messages

interview records

legal, government, professional and other documents

meeting notes

minutes

official, general and other correspondence

records of telephone conversations

reference to all instructions, evidence and information gathered or considered

reports, correspondence and advice from other professionals or third parties

the basis on which decisions were determined.

Stamped correctly should allow consideration of the following:

heads of duty

major heads of duty and main instruments liable as follows:

agreement for the sale or conveyance of any property

agreement or memorandum of an agreement not otherwise specifically charged

conveyances of any property

declaration of trust

deed not otherwise charged

leases

loan security

policies of insurance.

Rulings

Stamping

avoidance or evasion of duty

duty imposed generally on original instruments not copies

effect of failure to duly stamp an instrument

effect of late stamping an instrument

how stamp duty is paid

instruments stamped after first execution

interim stamping

meaning of 'assessment'

meaning of 'first execution'

meaning of ad valorem duty and nominal duty

meaning of minimum duty payable

refunds of duty

remedies where commissioner incorrectly assesses duty

rights of appeal

stamp duty requisitions

time at which liabilities to pay duty arises

waiver of fines

when the liability for stamp duty is determined

who is liable to pay stamp duty.

Contingency strategies may include:

ceasing services

declining service

delaying the initiation of action or service

referral to other professionals or third parties

requesting further information and evidence.

Practice policy and procedures may include:

clerical and administrative procedures

client management practices and principles

disputes and complaints resolution procedures

IT systems

management and supervisory practices

professional codes of practice

professional development requirements.

Relevant parties may include:

accounting and taxation:

accountants

auditors

liquidators

tax consultants

legal:

attorneys

barristers and solicitors

mediators and tribunals

staff from legal offices

trustees

real estate:

auctioneers

owner's corporation managers and secretaries

landlords and tenants

managing agents or staff

real estate agents or staff

strata and community managers

valuers

building and construction:

architects

building inspectors

engineers

professional associations

surveyors, quantity surveyors and planning consultants

business or commercial:

company directors and managers

joint venturers

other conveyancers and their staff

financial institutions:

finance brokers and providers

financial advisers and consultants

insurance brokers and providers

loss adjusters and assessors

government departments and agencies:

consumer protection authorities

land titles offices

licensing authorities

municipal offices

rating authorities

town planners

beneficiaries

licensees

mortgagees and encumbrances

nominees

timber pest inspectors.

Funds, fees, deductions and disbursements include, but are not limited to:

client's fees

Commonwealth, State and Territory taxes

conveyancer's fees

payments to third parties as directed by client

rates and taxes

real estate agent commission.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
All parties to the transaction are identified and all relevant actions are taken to ensure that they are ready to complete the transaction 
Transaction requirements are fulfilled accurately and completely 
Information relevant to preparation of settlement statements is identified and collated, and statements are prepared and reconciled 
Funds pertaining to the completion of the transaction are identified and relevant parties advised 
Funds required for the completion of the transaction are received within the required timeframe 
Documents are stamped correctly in accordance with legislative, regulatory and the practice's requirements 
Unfulfilled contractual obligations are identified and possible contingencies are assessed 
A range of contingency strategies and options are identified and evaluated and articulated to the client 
Appropriate strategies and options are determined in consultation with client and in accordance with practice policy and procedures and with legislative, regulatory and professional requirements 
Transaction arrangements are confirmed with all relevant parties, and conditions for the finalisation of the transaction, including compliance with special conditions, are met 
Final searches and inspections are arranged and performed where required 
Transaction documents are examined for accuracy and completion 
Transaction is completed with all relevant parties 
Stamped documents are lodged for registration 
All relevant parties, including rating and other authorities are advised of transaction completion 
Outstanding payments are made 
Outstanding matters are monitored and concluded promptly 
Registration change on title is confirmed, if applicable 
Documents are returned to client and third parties 
Funds are received and disbursed as authorised 
Invoices are prepared and despatched to clients and other parties 
Financial, business and client records are updated 
File is closed and archived according to legislative, regulatory and practice requirements 

Forms

Assessment Cover Sheet

FNSCNV505A - Finalise the conveyancing transaction
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSCNV505A - Finalise the conveyancing transaction

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: