1. Selling by private treaty: under private treaty, property of an owner gets sell by advertising property and enlisting needs of buyers. Through this treaty, vendor gets many offers and has the choice to select the best offer.
2. Selling by tender: It is a type of silent auction in which vendors get offers from the buyer without knowing about other buyers’ bidding (Sullivan, 2018). The best of this tender is vendor can control the price and timeframe
3. Selling by auction: Under this lot of buyer gather at one place and bidding for the property and property owner gets best price for the property
2. Explain with examples, what is an encumbrance on title. Include four types of encumbrances.
Encumbrance is a interest of other person who is not a landowner and it gives legitimate liability on property. The most popular encumbrance is explained below
Easements: It gives right to a person or organization to use some parts of property such as water, gas and sewerage (Kohlhepp et al. 2018).
Memorial: It is an encumbrance, which restrict person to use some part of property.
Restriction covenants: it is a type of restriction, which do not allow person to use the land, as for example size of the floor and restriction on building tools.
3. In what circumstances would the cooling-off period for a contract not apply?
Cooling off period does not apply when person buy at auction (Pathak, 2016). It is not applicable when there is a exchange of contracts in one day. In case if buyers break the rule of contract than he has to pay some penalty
4. What information does a 149 Certificate provide?
Section 149 certificates are popular known as zoning certificates and it is a legitimate document issued by NSW council. Section 149 provides about the information of how to use a property and information regarding restrictions on development
5. What are the essential elements, as prescribed in legislation, of a valid agency
agreement? (Refer to Property Stock and Business Agents Regulations 2014 Schedule 7)
The essential element, which is prescribed in legislation of a valid agency agreement,
are as follow:
Identification of property
Information about identify party
Reimbursement of license
6. Name seven types of land title.
1. Old system title
2. Qualified title
3. Company title
4. Torrens title
5. Strata title
6. Community title
7. Native title
7. Now briefly describe two of these types of title.
1. Native title: Before 1992, Australian law did not believe that indigenous people did not have any right. After 1992, a decision was made in which court concern about native title and set interests and rights over land in order to reduce the conflict between the people (Slae, 2016).
2. Old system title: In the past crown dominates the rights of individuals, many terms come in estate and the term that relates with real estate is estate in fee simple. Under estate fee simple, people sell and lease property for lawful purpose
8. When showing a property for sale or lease, what would you do to ensure the security of the property and the safety of persons who attend the inspection?
In order to ensure the security of property following measures are need to take which
are as follow:
Fire protection: It helps property owner to secure property from fire by installing fire extinguisher and fire exit lights in all parts of building (Lawry et al. 207).
Electricity: Lightning in a building needs to be fit properly so that it reduce the risk of fire in property. Single-phase wiring needs to be used for equal distribution of current.
Access doors: Doors needs to have proper height approximately 4 metre so that person can enter the house without any difficulties.
9. If the purchaser paid a 10% deposit on exchange of a contract of sale (sale price
= $885,000) and decides to withdraw during the cooling off period, what penalties would they incur?
If purchaser decides to withdraw, their deposit in cooling off period than the sales will be cancel and in order to cancel the contract the buyer needs to give notice to the owner or client before 5 business days through email and fax (Lee et al. 2015). Buyer needs to pay the penalty of up to 0.25% of purchase rate and needs to refund the rest of the deposit within 14 business day.
10. If a property was purchased at auction, how long is the cooling off period?
If a property was purchased at auction than cooling off period will long for five business days, until 5 pm. Buyer needs to pay penalty in case of withdraw contact
11. Describe how you would qualify a buyer.
In order to qualify the buyer following things are need to be concerned
How soon he wants to buy a property
For how many days he is looking for new property
Do you have an agent?
Is he pre-qualified customer of owner bank?
12. What are the two (2) documents that are needed before an agent can begin marketing/promoting a residential property for sale?
The two document that are needed to begin promoting residential property for sales are
A hard copy of legal certificate of compliance
A legal occupation certificate and proof that property is properly research.
13. What is the Act (and Section number) of the legislation that outlines this requirement (ie. the prior question)?
Under section Section 149 planning certificate, agent asked for valid document from the owner before promoting the property.
14. Explain the key differences between ownership as Joint Tenants, compared Tenants in Common.
Tenancy in common: In this tenancy, tenant may have different percent of the home. As for example three tenants A,B and C buy a property tenant a and b share a percent of 25 each whereas tenant C buy property with 50 percent share. It totally depend upon the interest of individual. this tenancy can be broken when one or more co owner buy other share of tenants.
Joint tenancy: Under this each tenant share equal number of percent in a property, which reduce the risk of conflict between tenants. This tenancy can be broken if one of the tenant can share their share to another person
15. Explain the key differences between Torrens Title and Old System Title.
The key differences between torren title and old system are
Under old system title, lands are transfer with the help of document which is commonly called conveyance. Conveyances includes bequests and mortgages that show about authentic deadline. In order to record the land under old system, all conveyances documents are necessary to find out authentic deadline.
Whereas under torrent title provides a state guarantee title to land, Torrent title is not only depends upon the registration but it also depends on certificate that title acknowledge. Under this title is recorded to the name of person when owner land is properly registered. It give details including legal description, area and scale plan of land.
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