BSRV4601 Real Estate Fundamentals Assignment 2 Task 1: Email Queries, Titles And Interests

BSRV4601 Assessment Scenario

This assessment sees you working as the relieving Office Manager and Training Coordinator at the Osiris Real Estate Agency. The agency has hired several new salespeople who need to be trained in the fundamentals of real estate.

On Wednesday afternoon, you arrive at the office and open your emails. You see this email, marked as urgent, from the permanent office manager.

‘Tena koutou, thank you for the great work you have done so far while I have been on leave.
I have had to extend my leave due to unforeseen circumstances and will need you to fill in for me a while longer. I have attached the details below for the tasks I would like you to complete in my absence.

These include:

preparing information on titles for our clients responding to several email enquiries preparing information for inducting new employees
clarifying some uncertainty around co-ownership for our new employees.

Thank you again!

Ngā mihi,
Nikau Rawiri
Branch Manager – Osiris Real Estate’

Task 1: Email Queries, Titles And Interests

To complete Task 1a and Task 1b, please refer to the five ‘Records of Titles’ that are provided the Assessment Two appendix.

The aim is to demonstrate your understanding of these titles in a way that a layperson could 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:

Title 1: Identifier: NA178/237
Title 2: Identifier: NA21B/1877
Title 3: Identifier: 410199
Title 4: Identifier: 328234
Title 5: Identifier 524356
(Word guidelines: up to 100 words for each title)

A. For Each Of The Five Records Of Title:

• identify the registered owner/s of each home, including full names of the owner/s as recorded on the title
• identify the legal description, including any land area and estate details that apply
• explain each record of title in terms of tenure. Include the type of tenure and
• describe how that tenure affects the rights and obligations of the owners.

B. For Each Of The Five Records Of Title Listed In Task 1a, You Should:

• identify all interests registered on the record of title
• explain each interest you have identified on the title in detail.

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 identify all interests on each title.

C. Respond To The Following Email Query About ‘Limited As To Parcels’.

‘I am looking at a property that currently has ‘limited as to parcels’ showing on the title.
A friend told me it might affect my plans to build a boundary fence. Is that true? Can you explain the term ‘limited as to parcels’ and describe how the limitation might affect my plans to build a fence?’

(Word guideline: 150 words)

Task 2: Information For Inducting New Employees

A. Prepare An Induction Document For Osiris Real Estate’s New Employees To Improve Their Understanding Of The Sales Process And Property Ownership In New Zealand.

Make sure your explanations are clear, engaging and written in your own words, as they are meant to assist employees who may be encountering these concepts for the first time.

(Word guideline: 400 words)

1. Create a brief overview of the Torrens land transfer system used in New Zealand. Include in your explanation when it is used, why it is used and who uses this system.
2. Consider the sale and process of transferring land to explain what the customer, client, customer’s solicitor and client’s solicitor each do, starting with the sale and purchase agreement and ending with the completed sale and settlement process.

B. In Your Induction Document, Include A Definition And Relevant Example For The Following Terms:

1. real property
2. personal property (three types) and provide an example for each
3. ownership
4. possession (real and personal property) and provide an example for each
5. equitable interests and legal interests and provide an example for each
6. indefeasibility
7. exceptions to indefeasibility with two examples.

Task 3: Clarifying Uncertainty Around Co-Ownership

There has been some confusion about co-ownership with some new employees. In your own words, explain the following terms to them and explain the effect they can have on home ownership.

(Word guideline: 200 words)

1. Joint tenancy.
2. Tenancy in common.
3. Civil unions.
4. Trusts