Reference no: EM132468191

BSBCNV503 - Analyse and interpret legal requirements for a transaction - National Business Institute of Australia

Assessment: All q+a, role plays and research throughout, and at then end of, the workbook must be completed and submitted as one submission to be accepted. Any submission must have questions written and answers written and numbered, be in hard copy, preferably typed, loose leaf (not stapled or bound) with pages numbered.

Question 1. What is the current legislation relating to conveyancing and when was it legislated in your state?

Question 2. In your own words, explain the purpose of S27 of the Sale of Land Act.

Question 3. "The law of contract is important in the conveyancing transaction as it regulates not only the relationship between the conveyancer and the client but also the vendor and the purchaser." Explain, in your own words, what this statement means and give examples of the relevance of contract to the two situations described. In your answer you should refer to what you consider to be the main express and implied terms and any legislative requirements that might impact on the form of the contract for the sale of property.

Question 4. What is meant by the term equitable remedy? And give two examples of equitable remedies available for breach of contract and explain what the result of each remedy is.

Question 5. What is the importance and relevance of both State and Federal Legislation to running a conveyancing practice as opposed to the practice of conveyancing.
Give two examples of relevant State Act or Regulation and one Federal Act or regulation that regulates the practice and choose a relevant section of each to illustrate your answer.

Question 6. In your own words, explain how an Act of your State parliament is structured.

Question 7. Explain the following:
a) parliament does not intend legislation to have extra territorial effect
b) legislation is presumed to not interfere with the rights or the fundamental rights of the citizens
c) criminal laws and laws dealing with taxation and money matters are to be construed in favour of the defendant or person affected.
d) Legislation is not to be applied retrospectively

Question 8. Legislation is not static but is a living entity to be moulded to the needs of the time and circumstances. List and explain, giving examples, three situations, which may result in legislative change

Question 9. What is the difference between a uni-cameral and a bi-cameral parliamentary system.

Question 10. What is the purpose of the Conveyancing regulations in your state? Include in your answer what areas they cover why these areas are important.

Question 11. Why is CPD important in conveyancing and how do you (your organisation) maintain currency?

Question 12. Research and summarise

Question 13 List three of the legislative powers given to the Australian Parliament by Section 51 of the Constitution.

Question 14. Why do we need rules of Statutory Interpretation?
Explain in your own words when a court would apply the Mischief rule in Statutory Interpretation.

Question 15. Explain the benefits and disadvantages of having your industry as a regulating body as opposed to Legislation regulating your industry.

Question 16. In regards to the common law system of ownership, which legislative provision requires conveyances of land to be in deed form?

Question 17. The Transfer of Land (Single Register) Act 1998 introduced six methods of bringing general law land under the operation of the Transfer of Land Act 1958. Briefly discuss the circumstances in which each method may be used and the differences between the methods;

Question 18. What is another name for equity law, and how does it differ from statutory law? Include case law in your explanation/answer.

Question 19. In simple language, explain ‘consideration' in regards to a contract.

Question 20. What would you do if you found a conflict of interest with a client? What is the policy at your organization?

Question 21. What advice does ASIC offer to people who want to complain about a financial service (for example, superannuation financial advice, insurance or credit)?

Question 22. Explain why you would chose between a sole proprietor, partnership, or company structure with the advantages and disadvantages of each.

Question 23. List, and then give a brief explanation of the two ways laws are made in Australia.
...then answer, what are the two other laws that make up our legal system.

Question 24. What are the two main objectives of the Trade Practices Act/Competition and Consumer Act?

Question 25. What are the six elements that comprise a successful contract?

Question 26. Explain, and then summarise the purpose of the following:

a) privacy act
b) FTRA
c) Stamp duties
d) Banking Code

Question 27. What are the main features of the ACCC's consumer protection provisions?

Question 28. Explain the doctrine of privity of contract.

Question 29. Outline the circumstances that will result in the discharge of a contract.

Question 30. Beyoncet has sent you an email..... she wants to know:
a) what your licence is, who it was granted by, and who is the principal of your business?
b) if their new house is under the ‘...Heritage Act" and do you..."do the FHOG for us?"
c) what the ‘Land Tax Act' is and if it applies to them and is that different to the Local Government Act?
d) As their new property is a ‘unit' - Does the Owners Corporation Act and Subdivision Act apply?

Attachment:- Interpret legal requirements for a transaction.rar