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Evidence Guide: FNSTPB502A - Apply legal principles in commercial and property law

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSTPB502A - Apply legal principles in commercial and property law

What evidence can you provide to prove your understanding of each of the following citeria?

Research legal aspects of commercial and property law

  1. Source knowledge of commercial and property law and related legislation, regulation and practice
  2. Identify different types of commercial and property transactions and clearly outline their legal context, establishment procedures and purpose
  3. Identify relevant legal principles applying to commercial and property matters
Source knowledge of commercial and property law and related legislation, regulation and practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify different types of commercial and property transactions and clearly outline their legal context, establishment procedures and purpose

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant legal principles applying to commercial and property matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse legal issues and risks associated with the operation of a business

  1. Identify areas of risk in the application of law in commercial and property matters
  2. Analyse how legal issues in impact on different types of legal entities
  3. Evaluate the relevance and implication of risks for the structure, operation and performance of different types of legal entities
  4. Assess the ways in which risk mitigation is addressed in the formation and operation of different types of legal entities
Identify areas of risk in the application of law in commercial and property matters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse how legal issues in impact on different types of legal entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate the relevance and implication of risks for the structure, operation and performance of different types of legal entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess the ways in which risk mitigation is addressed in the formation and operation of different types of legal entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply knowledge of law to business structures

  1. Collect and collate available information for analysis
  2. Interpret, analyse and process available information to obtain required knowledge
  3. Seek advice and guidance of specialist experts if required, to interpret, analyse and synthesise
  4. Provide advice based upon identified facts and relevant law
Collect and collate available information for analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret, analyse and process available information to obtain required knowledge

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek advice and guidance of specialist experts if required, to interpret, analyse and synthesise

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide advice based upon identified facts and relevant law

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain legal knowledge

  1. Relevant legal sources are reviewed regularly and any changes applied in daily work
  2. Systems for keeping up with changes and maintaining up-to-date knowledge about relevant legal aspects of commercial and property law are put in place and used
Relevant legal sources are reviewed regularly and any changes applied in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systems for keeping up with changes and maintaining up-to-date knowledge about relevant legal aspects of commercial and property law are put in place and used

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

demonstrate knowledge and understanding of contract and property law such that it can be applied to ever changing statutory, common law and equitable principles, to particular fact circumstances in order to provide advice

draw conclusion having regard to the facts and relevant law

access information on.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the conditions specified in the range statement either in a relevant workplace or a closely simulated work environment.

Method of assessment

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

analysis of responses to case studies and scenarios

direct questioning combined with review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate

observation of role plays

review of documentation outlining the legal obligations, criteria and purpose

oral or written questioning to assess knowledge of legal terminology, practice and application

conducting a summative assessment of knowledge.

Guidance information for assessment

This unit is designed to meet regulatory requirements of the Tax Practitioners Board; assessment must reflect the constraints described by the regulator. These can be accessed on the TPB website and are also reproduced in current regulatory guidelines published on the IBSA website www.ibsa.org.au (under training packages/financial services).

Required Skills and Knowledge

Required skills

communication skills to:

liaise with others, share information, provide advice and guidance

use language and concepts appropriate to cultural differences

research skills to:

access and interpret legislation, regulation and precedent

identify commercial and property law related matters that have the potential to impact on client services

literacy skills for analysing information needs and preparing clear written advice for clients

learning skills to maintain knowledge of changes to legislation and requirements

problem solving skills to:

apply statute, regulation and precedent to a client’s circumstances

develop options to resolve client related matters when they arise

organisational skills, including the ability to plan and sequence work.

Required knowledge

operation of the Australian legal systems and processes relevant to commercial and property law

legal concepts underpinning law of torts

common law

legislation

legal concepts and scope of contract law:

formation – agreement and intention to create legal relations

formation – consideration, form, legality and capacity

contents – express terms, exclusion clauses

contents – implied terms, common law and statute (Commonwealth and state competition and consumer legislation)

vitiating elements – unconscionability, misrepresentation, capacity

discharge – remedies, including rescission for unconscionable conduct

agency

legal concepts and scope of consumer law:

common law

equity

legislation

legal aspects of property law:

introduction to the fundamental law of real and personal property transactions

basic principals of intellectual property law

legal aspects of superannuation

ways in which superannuation can be accumulated and taken

who can provide superannuation products and how those providers and their products are prudentially licensed and regulated

duties of superannuation trustees

how superannuation interests are protected and litigated

current and future developments in superannuation law and policy.

Range Statement

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.

Commercial law includes:

law of contracts

consumer law (federal and state law, and statutory rights)

law of torts

negligence

negligent misstatement

legal aspects of superannuation

Property includes:

real property

personal property

intellectual property

Legislation includes that relating to:

Superannuation Industry (Supervision) Act

Financial Services Reform Act (FSR)

relevant state and territory property and titles legislation and regulation