Competency Test - Conveyancing Systems

COMPETENCY TEST

Please set aside up to 60 minutes to answer the test questions. The questions should be answered in one sitting and without referring to online material or books. This will help us evaluate your level of competency as a Conveyancer and will be followed up by a person to person interview.

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Bytherules Conveyancing
COMPETENCY QUESTIONS
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Matter

When does the property become at the risk of the Buyer? Is it the same for an ADL Contract?*
Referring to snip below, please answer the following questions:
Is the contract subject to finance?*
At what stage can the buyer terminate under the finance clause?*

Finance Amount:	$ Sufficient to Complete	Unless all of “Finance Amount”, “Financier” and “Finance Date" are completed,this contract is not subject to finance and clause 3 does not apply.
Financier:	Buyers Choice
Finance Date:

Does a Buyer have to pay the balance deposit amount noted in the contract when no date is inserted?*
Can a very experienced Real Estate Agent prepare Special Conditions for a Contract?*
What standard searches are considered “minimum” to be carried out when acting for a Buyer buying a house?*
Do you have to note a benefitting “Easement” on a Contract as a Title Encumbrance?*
If the tenancy details on a contract are completed and the tenancy expires prior to the settlement date, when will the buyer be entitled to possession?*
You have received your Property search that shows a notice being provided to the Seller prior to the contract date for works to be carried out. Does the buyer have to do these works?*
If a mistake in calculations or adjustments is made at settlement – does the buyer have any recourse for recovery against the Seller?*
If a buyer terminates a contract under the cooling off period and there is no or enough deposit to cover the penalty, what remedy does the Seller have to claim the penalty?*
When is stamp duty payable under a Contract?*
If a buyer wants to terminate a contract under the building/pest inspection condition – do they have to provide a copy of the reports to the Seller under the Contract?*
What does the phrase “time is of the essence” mean?*
If a Buyer purchases a property at Auction and is not subject to any conditions, can the Buyer make a claim against the Seller for any outstanding notices or encroachments?*
A Contract dated 23 March 2017 and received by the Buyer on 24 March 2017, the building & pest condition is due 7 days from contract date – what date is Building/Pest due and when does the cooling off period expire?*
Is it a legal requirement for a Buyer to pay any deposit under a Contract?*
A Buyer is purchasing a property in a trust name – can they still get a concession on Stamp Duty?*
How do you update Body Corporate records following a settlement?*
When can Default Interest be charged under a contract?*

Please complete answers to questions in this scenario:
SCENARIO 1: Joe is transferring a half share in residential property he owns to his son and son’s partner for the sum of $200,000.00. They all live in the property together. His son and partner have never owned property before. The son & partner will be obtaining a loan to purchase and Joe has a mortgage on the property.
A. What are the issues with Stamp Duty (if any) and how would it be calculated?*
B. What documents will you need to complete this transfer?*
C. What steps do you need to follow in this situation?*
SCENARIO 2 : You are acting for Chris who is selling his property in Noosa for $2,600,000.00. Chris has a mortgage on the property. What forms will you need to have Chris sign/obtain under this Contract.*
SCENARIO 3 : The firm is also acting for Elizabeth and her husband Frank who are purchasing Chris’ property in Noosa for $2,600,000.00. There is no pool safety certificate in place for the property and a notice has been given with the Contract to Elizabeth & Frank of this certificate not being in place. The contract is subject to a building/pest inspection 7 days from contract date and settlement due 30 days from contract date. What advice would you give and what procedure would you follow?*
SCENARIO 4 : Kylie has signed a REIQ Residential Contract to purchase a home. Contract is subject to building/pest inspection. Kylie’s friend Sam who is studying law does the inspection and discovers termites. Sam advises Kylie not to proceed with the contract. What rights does Seller have if Kylie terminates the contract?*
SCENARIO 5 : Kate is purchasing a Unit that is not yet constructed. What key areas would you point out to Kate to guide her?*
SCENARIO 6 : Your client, Buyer, has done a final inspection of the property and the place is a mess! There is rubbish and personal effects still at the property, lawn is not mowed and oven not cleaned. What remedy does the Buyer have? Can they delay settlement?*
SCENARIO 7 : Your client, Buyer, has collected the keys from the Agent following settlement – the owner states that there are locks to which the seller has never had the keys – what remedy can the Buyer take?*
SCENARIO 8 : Your client, Buyer, is purchasing a Leasehold property. Who makes the Application to the Minister for Consent of the Transfer?*
SCENARIO 9 : The Buyer is “Self Acting” and provides you with Transfers for signing. The Buyer needs the transfer back to stamp prior to settlement – can you do this given it is for settlement?*
SCENARIO 10 : Your client, Buyer, needs to pay the balance deposit by way of Deposit Bond/Guarantee? In what circumstances is this OK?*
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Step 1 of 5

Bytherules Conveyancing

COMPETENCY QUESTIONS

Please complete answers to questions in this scenario:

Please complete answers to questions in this scenario: