Aotearoa New Zealand: BSRV4601 Assessment 2 Variation B1 Real Estate Guide

This post covers Aotearoa New Zealand, as detailed below.

BSRV4601 Assessment 2 Variation B1

Learning outcomes

2. Explain land ownership titles in relation to real estate practice.

Instructions

Complete and submit your assessment according to the Open Polytechnic’s Assessments webpage. This includes information on academic integrity, word guidelines and referencing.

• Include your name, student number and the assessment number.
• Number your pages.

Submission

• Submit your assessment in one files.
• Submit your work through your iQualify course.
• Emailed assessments will not be accepted.
• You will receive an automated notice following submission.

By submitting your assessment, you confirm that it is your own, original work.

Overview

In this assessment in your role as a real estate salesperson licensee, you will be reviewing documents, explaining real estate processes and terms, and considering scenarios of reallife situations to show your knowledge of real estate practice.

This will include:

• identifying and explaining different types of property tenure
• identifying and explaining interests registered against records of titles
• explaining ‘limited as to parcels’ and its effect on property ownership
• explaining the process of transferring land ownership in Aotearoa New Zealand
• describing key real estate terms relating to property ownership
• identifying and explaining different types of co-ownership when purchasing property

Task 1: Titles and interests

To complete Task 1a and Task 1b, please refer to the four ‘Records of Titles’ that are provided in the Assessment Two – Record of Title Appendix doc. You will need to download this from the Assessment Two iQualify page.

The aim of this task is to demonstrate your understanding of these Records of Titles in a way that a purchaser can understand. Remember to use your own words where possible and avoid copying sections directly from the course or legislation. The titles to be identified and explained are:

1. Identifier: NA178/237
2. Identifier: NA21B/1877
3. Identifier: 410199
4. Identifier: 328234

a. For each of the four records of title:

(i) identify the full name/s of the registered owner/s as recorded on the title

(ii) identify the full legal description, including any land area and estate details that apply

(iii) Identify the type of property tenure and explain the tenure. Your tenure explanation should consider the ownership rights and obligations and include any advantages and disadvantages of the tenure. At least three key points should be discussed.

 (Word count guidelines for (iii) 100 words per tenure explanation)

b. For each of the four records of titles listed in Task 1a:

(i) list all interests registered on the record of title

(ii) explain each interest you have identified on the record of title. Your explanation must discuss at least two key points for each interest.

Note: If you have already explained an interest in a previous title, you don’t need to provide a further explanation of the same type of interest. However, you must list all interests on each title.

(Word count guidelines: up to 70 words for each interest explanation)

c. Respond to the following query about the term ‘limited as to parcels’.

Sarah is a customer you are showing property to. She has asked you about the term ‘limited as to parcels’, which is noted on the Record of Title of a property she is looking to purchase. The property is not fenced, and Sarah has a dog and will want it fenced if she goes ahead with the purchase.

In your response explain to Sarah:

(i) what the term ‘limited as to parcels’ means and how it could potentially impact her decision to build a fence

(ii) and how can Sarah clarify the correct boundaries of the property.

(Word count guideline: up to 80 words total for your response)

Task 2: Transferring land Ownership 

For this task you need to explain in detail the process of transferring land ownership in Aotearoa New Zealand.

a. Provide an overview of the land transfer system used in Aotearoa New Zealand. Include in your overview the following key points:

(i) the name of the land transfer registration system

(ii) state which New Zealand government department uses the system, when it is used and why it is used

(Word count guideline: up to 150 words)

b. Explain the steps in the journey of transferring land ownership, including what the customer, the client and both their lawyers will do when a property is purchased and eventually sold. Begin with step 1 being the signed sale and purchase agreement and end with the completed sale and settlement process.

(Word count guideline: 200 words)

Task 3: Key real estate terms

For this task you are required to read the following four scenarios then explain the key real estate terms as per the instructions under each scenario.

(Word count guideline: up to 100 words for each scenario)

Scenario 1: Fixtures or chattels

Jenna and her three young children are viewing a property with the local salesperson. Jenna is excited to see it includes an in-ground swimming pool, a large trampoline, a free-standing garden shed and a wood burner fireplace. These are all items Jenna would love to have in a new home and decides to make an offer on the property.

(i) Explain the difference between a fixture and a chattel and identify which two items will be classified as fixtures, and which two items would be classified as chattels in Jenna’s offer.

Scenario 2: Ownership or possession

George has been renting his property from Pania for two years and has a tenancy agreement to occupy the property. Pania asks George if she can park her caravan on the property and live there, beside George, for six months while her new house is being built. George agrees to this new arrangement.

(i) Who has possession and who has ownership of the property? Describe one key difference between ownership of a property and possession of a property.

Scenario 3: Equitable or legal interest

Jacinta and Harry have been living together as partners for the last 20 years. Their property is a freehold title and the registered owner as shown on the Record of Title is in the name of Jacinta only.

(i) Explain the difference between an equitable interest and a legal interest and identify who has the equitable interest in the property, and who has the legal interest in the property between Harry and Jacinta.

Scenario 4: ‘Guaranteed search’ record of title or ‘historical’ record of title 

Tyrone is selling a charming old Villa dating back to the early 1900’s. He has heard from someone in his community that it was previously owned and designed by a famous New Zealand architect. Tyrone thinks this could be information he could advertise to attract attention from potential buyers. He decides to order a record of title to check the ownership details.

(i) Explain the difference between a guaranteed search record of title and a historical record of title and identify which title Tyrone would need to order, to check if the New Zealand architect previously owned the property.

Task 4: Identifying different types of co-ownership when buying property

Read the following scenarios about three different situations where couples are buying property together and identify which form of co-ownership will best suit each customer.

There are three different forms of co-ownership to choose from:

• trusts
• tenancy in common
• joint tenancy.

(Word count guideline: up to 100 words for each scenario)

Scenario 1

Mark and Joseph are friends buying property together. They would like to know their options around co-ownership. Mark will contribute 60% of the purchase price and Joseph will contribute 40% of the purchase price.

(i) In your answer identify and explain the type of co-ownership best suited to Mark and Joseph. Discuss at least two key points in your explanation of the co-ownership.

Scenario 2

Alex and Florence are an elderly retired couple who have been married for 55 years. They are downsizing to a townhouse and want to ensure their co-ownership is set so that if one of them was to pass away, the other person would be entitled to full ownership of the property.

(i) In your answer identify and explain the type of co-ownership best suited to Alex and Florence. Discuss at least two key points in your explanation of the co-ownership.

Scenario 3

Steve and Mary own a successful manufacturing business and are looking to purchase a new home that will accommodate their growing family. They are concerned that if we had another pandemic and their business had to close, they would need protection from legal action taken by their creditors to sell their home.

(i) In your answer identify and explain the type of co-ownership best suited to meet Steve and Mary’s needs. Discuss at least two key points in your explanation of the co-ownership.

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