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23149 Prepare Agreement for Sale and Purchase of Real Estate form

By Greg Harper,2014-05-18 04:59
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12 Feb 2010Overseas Investment Act 2005;. Overseas Investment Regulations 2005;Industry requirements mean all actions must comply with legislation

    23149 version 2

    Page 1 of 5 Prepare Agreement for Sale and Purchase of Real Estate form for

    commercial and industrial properties

Level 5

    Credits 5

Purpose This unit standard is for salespersons in the commercial and industrial

    sectors of the real estate industry.

     People credited with this unit standard are able to identify and correct errors

    and omissions in an Agreement for Sale and Purchase of Real Estate form

    for commercial and industrial properties; draft an Agreement for Sale and

    Purchase of Real Estate form for vacant commercial and industrial land; draft

    an Agreement for Sale and Purchase of Real Estate form for a commercial

    and an industrial property; demonstrate an understanding of the negotiation

    of offers with client and customer; and demonstrate an understanding of GST

    requirements in respect to the sale and purchase of commercial and

    industrial property.

Subfield Real Estate

    Domain Rural, Residential, Commercial and Business Sales Status Registered

    Status date 12 February 2010

    Date version published 12 February 2010

    Planned review date 31 December 2015

    Entry information Open.

    Accreditation Evaluation of documentation and visit by NZQA and

    industry.

    Standard setting body (SSB) REINZ Industry Training Organisation Ltd Accreditation and Moderation Action Plan (AMAP) reference 0070 This AMAP can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.

Special notes

1 The REINZ Industry Training Organisation Ltd will provide common assessment tools

    for accredited providers to use for assessment of this unit standard. See the REINZ

    ITO AMAP (0070) which can be accessed at the above hyperlink for information.

     ? New Zealand Qualifications Authority 2010

    23149 version 2

    Page 2 of 5

    2 References

     Building Act 2004;

    Consumer Guarantees Act 1993;

    Employment Relations Act 2000;

    Fair Trading Act 1986;

    Financial Transactions Reporting Act 1996;

    Goods and Services Tax Act 1985;

    Holidays Act 2003;

    Human Rights Act 1993;

    Overseas Investment Act 2005;

    Overseas Investment Regulations 2005;

    Privacy Act 1993;

    Real Estate Agents Act 2008;

    Residential Tenancies Act 1986;

    Resource Management Act 1991;

    Unit Titles Act 1972.

3 Definitions

     Client means the person on whose behalf an agent carries out real estate agency

    work and is commonly known in the industry as a vendor or seller.

     Common Law is also known as case law judgements made by courts, rather than

    laws written by parliament. Judgements relating to the duties of an ‘agent’ may be

    applicable to this unit standard.

     Customer means a person who is a buyer or potential buyer of land or a business

    and is commonly known in the industry as purchaser or buyer.

     Agreement for Sale and Purchase of Real Estate form is the REINZ and Auckland

    District Law Society (ADLS) approved form. A plain English version of this form is

    available from REINZ.

     Complex situations examples include vacant residential land, property on stratum

    ownership, property owned by a trust, property owned by company shares,

    subdivision, property with covenants, cross lease, matrimonial property, property

    affect by the Overseas Investment Act 2005.

     Industry requirements mean all actions must comply with legislation, codes of

    professional conduct and client care, and approved guides. Legislation is available

    from http://www.legislation.govt.nz and codes of professional conduct and client care,

    and approved guides are available from http://www.reaa.govt.nz.

     Approved guides mean the two approved guides developed by the Real Estate

    Agents Authority covering an agency agreement and a sale and purchase agreement.

    These are available from http://www.reaa.govt.nz.

     Plain English is language that either does not use industry-specific words, or that

    limits or explains industry-specific words so that people outside the real estate

    industry can more easily understand.

     REINZ means the Real Estate Institute of New Zealand.

4 Assessment

     This unit standard must be assessed against on the basis of evidence of

    demonstrated performance in the workplace or in simulated work situations designed

    to draw upon similar performance to that required in the workplace.

5 Evidence must be presented of facilitating the sale and purchase of one commercial

    and one industrial property.

     ? New Zealand Qualifications Authority 2010

    23149 version 2

    Page 3 of 5

    Elements and performance criteria

Element 1

Identify and correct errors and omissions in an Agreement for Sale and Purchase of Real

    Estate form for commercial and industrial properties.

Range for assessment a copy of the Agreement for Sale and Purchase of Real Estate

    form will be supplied by the assessor.

Performance criteria

1.1 Errors and omissions in an Agreement for Sale and Purchase of Real Estate

    form are identified that are not consistent with client and industry requirements.

1.2 Errors and omissions in an Agreement for Sale and Purchase of Real Estate

    form are corrected to meet client and industry requirements.

1.3 Agreement must be valid and enforceable in accordance with industry

    requirements.

Element 2

Draft an Agreement for Sale and Purchase of Real Estate form for vacant commercial and

    industrial land.

Performance criteria

2.1 Agreement is drafted to meet industry requirements and the requirements of the

    customer.

2.2 Agreement is drafted to reflect the state of the site in the development process.

2.3 Information is disclosed to the customer appropriate to the land.

    Range may include but is not limited to covenants, drainage issues,

    boundary issues, previous usage, consent requirements, usage

    restrictions.

Element 3

Draft an Agreement for Sale and Purchase of Real Estate form for a commercial and an

    industrial property.

Performance criteria

3.1 Agreement is drafted to meet industry and customer requirements and is in

    plain English.

3.2 Agreement covers complex situations specific to a commercial or an industrial

    property.

     ? New Zealand Qualifications Authority 2010

    23149 version 2

    Page 4 of 5

    3.3 Information is disclosed to the customer appropriate to the property in

    accordance with industry requirements.

Element 4

Demonstrate an understanding of the negotiation of offers with client and customer.

Performance criteria

4.1 Negotiation principles and methods are explained in accordance with industry

    requirements.

4.2 New and counter-offers are explained to the parties in a manner consistent with

    industry requirements.

4.3 Need for correct legal signatories on agreements is explained in terms of

    industry requirements.

4.4 Requirements for the distribution of copies and originals of the contract are

    explained in terms of the case law and relevant legislation.

Element 5

Demonstrate an understanding of GST requirements in respect to the sale and purchase

    of commercial and industrial property.

Performance criteria

5.1 GST implications are explained regarding invoice, supply, settlement, a going

    concern, zero rating, and other GST issues relevant to the sale and purchase of

    commercial and industrial property.

Please note

Providers must be accredited by NZQA, or an inter-institutional body with delegated

    authority for quality assurance, before they can report credits from assessment against

    unit standards or deliver courses of study leading to that assessment.

Industry Training Organisations must be accredited by NZQA before they can register

    credits from assessment against unit standards.

Accredited providers and Industry Training Organisations assessing against unit standards

    must engage with the moderation system that applies to those standards.

Accreditation requirements and an outline of the moderation system that applies to this

    standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The

    AMAP also includes useful information about special requirements for organisations

    wishing to develop education and training programmes, such as minimum qualifications for

    tutors and assessors, and special resource requirements.

Comments on this unit standard

     ? New Zealand Qualifications Authority 2010

    23149 version 2

    Page 5 of 5 Please contact the REINZ Industry Training Organisation Ltd reinzito@reinz.co.nz if you wish to suggest changes to the content of this unit standard.

     ? New Zealand Qualifications Authority 2010

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