Description
res420 assignment 2 answers ver a3.0 answers
Unformatted Attachment Preview
RES420
Ver: A3.0
ASSESSMENT
2
RES420 Fundamentals of Real Estate
Assessment 2
Record of Titles and Interests
You will need to review the attached titles to complete Task 1(a) and Task 1(b).
Record of Titles
1.
2.
3.
4.
5.
Identifier: NA178/237
Identifier: NA21B/1877
Identifier: 410199
Identifier: 328234
Identifier: 524356
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
FREEHOLD
Page 1 of 2
Page 1 of 2
Ver: A3.0
Page 1 of 2
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
FREEHOLD
Identifier
NA178/237
Land Registration District
Date Issued
North Auckland
12 December 1975
Prior References
NA 1390/10
Estate
Area
Legal Description
Fee Simple
1006 square metres more or less
Lot 1 Deposited Plan 66077
Registered Owners
Thomas Joseph Sunderland and Mary Edith Sunderland
Interests
Subject to a right of way over part marked B on DP 66077 specified in Easement Certificate
199384.3 – 12.12.1975 at 11.37am
Fencing Agreement in Transfer 581287
10378875.2 Mortgage to Westpac New Zealand Limited, 23.11.2015 at.9.17am
2
Ver: A3.0
Identifier: NA178/237
Page 2 of 2
Lot 1
1006m2
B
Lot 2
3
Ver: A3.0
Page 1 of 2
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
CROSS LEASE
Search Copy
Identifier
NA21B/1877
Land Registration District
Date Issued
North Auckland
07 April 1974
Prior References
NA3325/34
Estate
Area
Legal Description
Fee Simple – 1/4 share
2257 square metres more or less
Lot 5 Deposited Plan 75624
Registered Owners
Janine Kiri Williams and Tawera Panaho
Estate
Leasehold
Legal Description
Instrument
Term
L 191153.3
999 years as from 6.5.1974
Flat 4 Deposited Plan 62153 and Garage 4 Deposited Plan 62153
Registered Owners
Janine Kiri Williams and Tawera Panaho
Interests
S974559
Subject to Building Line Restriction (Affects Fee Simple)
107135.4
Lease of Flat 4 and Garage 4 DP 62153 Term 999 years as from 6.5.1974
Composite CT NA21B/1877 issued – 7.4.1974 (Affects Fee Simple)
107135.1
Lease of Flat 1 and Garage 1 Composite CT NA21B/1874 issued – 7.4.1974
(Affects Fee Simple)
107135.2
Lease of Flat 2 and Garage 2 Composite CT NA21B/1875 issued – 7.4.1974
(Affects Fee Simple)
107135.3
Lease of Flat 3 and Garage 3 Composite CT NA21B/1876 issued – 7.4.1974
(Affects Fee Simple)
4
Ver: A3.0
Identifier: NA21B/1877
Page 2 of 2
Deck
Deck
Flat 4
Flat 3
Garage 2
Garage 4
Garage 3
Flat 2
Deck
Garage 1
Flat 1
Deck
Rosemount Road
5
Ver: A3.0
Page 1 of 3
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
UNIT TITLE
Identifier
410199
Land Registration District North Auckland
Date Issued
13 February 2005
Prior References
98274
Supplementary Record Sheet
343702
Estate
Stratum in Freehold
Legal Description
Unit 3 and Accessory Unit C Deposited Plan 555896
Registered Owners
Piri Fetu Faumuina
The above estates are subject to the reservations, restrictions, encumbrances, liens and
interests noted below and on the relevant unit plan and supplementary record sheet.
652217.1
Mortgage to ASB Bank Limited – 11.03.2015 at 1.30pm
5007065.1
Mortgage to Avanti Finance Limited – 16.3.2017 at 12.35am
6
Ver: A3.0
Identifier: 410199
Page 2 of 3
SUPPLEMENTARY RECORD SHEET
UNDER LAND TRANSFER ACT 2017
Identifier
Land Registration District
Date Issued
Plan Number
Prior References
98274
343702
North Auckland
13 February 2005
DP 555896
Unit Titles Issued
410197 410198 410199
410200 410201 410202
Interests
1735448.3 Notice of body corporate operational rules – 13.02.2005 at 1.40pm
7
Ver: A3.0
Identifier: 410199
Page 3 of 3
Au
Au
Au
Au
Au
A
B
D
E
F
Au
Pu 4
Pu 2
Pu 5
Common Property
Pu 1
Lifts/stairwell
Lifts/stairwell
Common Property
C
Pu 6
Pu 3
Common Property
Flaxmere Road (Legal Road)
8
Ver: A3.0
Page 1 of 2
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
LEASEHOLD
Search Copy
Identifier
328234
Land Registration District Taranaki
Date Issued
31 August 2005
Prior References
TN223/56
Estate Leasehold
Area
Instrument L 6545338.1
Term 21 years commencing 1.8.2005
(Right of renewal)
Legal Description Lot 11 Deposited Plan 79012
613 square metres more or less
Registered Owners
Peter Gregory Summich
Interests
W8892
Building Line Restriction
711364.3
Caveat to Saveright Properties Limited
9
Ver: A3.0
Identifier: 328234
Page 2 of 2
Lot 11
613m2
Riria Kereopa Drive
10
Ver: A3.0
Page 1 of 3
RECORD OF TITLE
UNDER LAND TRANSFER ACT 2017
FREEHOLD
Search Copy
Identifier
524356
Land Registration District North Auckland
Date Issued
27 April 1999
Prior References
245691
Estate
Area
Legal Description
Fee Simple
4002 square metres more or less
Lot 7 Deposited Plan 31897
Registered Owners
Sunrise Apartments Limited
Interests
Appurtenant Hereto is a right to water drainage, sewage drainage, electricity and water
supply specified in easement certificate B718955.3 – 27.4.1999 at 3.52pm
Occupation Licence of Flat 1 and Carport A Plan 44423 embodied in Register NA67D/255
Occupation Licence of Flat 2 and Carport B Plan 44423 embodied in Register NA67D/256
Occupation Licence of Flat 3 and Carport C Plan 44423 embodied in Register NA67D/257
Occupation Licence of Flat 4 and Carport D Plan 44423 embodied in Register NA67D/258
Occupation Licence of Flat 5 and Carport E Plan 44423 embodied in Register NA67D/258
11
Ver: A3.0
Identifier: 524356
Page 2 of 3
COMPUTER INTEREST REGISTER
UNDER LAND TRANSFER ACT 2017
Search Copy
Identifier
NA67D/255
Land Registration District
Date Issued
North Auckland
5 August 2001
Prior References
245691
Type
Licence to Occupy under Part VIIA Land Transfer Act 1952
Legal Description
Flat 1 and Carport A Deposited Plan 44423
Registered Owners
Macey Jayne Wong and Stephen Wong
12
Ver: A3.0
Identifier 524356
Page 3 of 3
Flat 1
A
B
Flat 2
c
Flat 3
Lot 7
4002m2
D
Flat 4
Flat 5
E
Sunrise Avenue
13
RES420
Ver: A3.0
ASSESSMENT
2
RES420 Fundamentals of Real Estate
Assessment 2
Learning outcomes
4 Explain land ownership titles and key property law definitions as they apply to real
estate practice.
5 Discuss key points of the law relating to ownership (including co-ownership) and
transfer of land in New Zealand.
Instructions
Complete and submit your assessment according to the Open Polytechnic’s
Assessments webpage. This includes information on academic integrity, word limits
and referencing.
• Include your name, student number and the assessment number.
• Number your pages.
Submission
•
•
•
•
Submit your assessment in one file.
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.
© The Open Polytechnic of New Zealand Ltd
1
Ver: A3.0
Assessment Scenario
The context of this assessment sees you working as the Deputy 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 office manager.
Tena koutou, thank you for the great work you did while I was 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!
Nga mihi,
Nikau Rawiri
Branch Manager – Osiris Real Estate
© The Open Polytechnic of New Zealand Ltd
2
Ver: A3.0
Task 1: Email Queries, Titles, Interests
To complete Task 1 (a) and Task 1(b) please refer to the five ‘Record of Titles’ that are
provided in your course material. These can be found under the assessment tab, assessment
two.
The Titles to be explained are:
1. Identifier: NA178/237
2. Identifier: NA21B/1877
3. Identifier: 410199
4. Identifier: 328234
5. Identifier: 524356
a. For each record of title:
i. Identify the legal description
ii.
identify the current owner/s of each home, and
iii.
explain each property in terms of tenure. In your explanation, describe how
the tenure affects the rights and obligations of the owners.
b. Identify and explain the interests registered on each record of title listed in (a)
above.
Note: If you’ve already explained an interest in a previous title, you don’t need to provide a
further explanation of the same type of interest in subsequent titles. However, you must
identify all interests on each title.
c. Respond to the following query about ‘Limited as to Parcels’.
‘I am looking at a property which 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?’
© The Open Polytechnic of New Zealand Ltd
3
Ver: A3.0
d. Respond to the following query regarding purchasing property identified as Māori
land.
‘We are very keen on a property down by the old Mill but have been told it is on Māori Land
and that we should check out the title and seek advice before we make an offer. Can you
advise on that please?’
i.
What information on the ‘Record of Title’ might suggest the property is on Māori
Land?
ii.
What legislation applies to the possible sale of this land?
iii.
Who would be the best person to seek advice from regarding the title and
potential purchase of this Māori Land?
© The Open Polytechnic of New Zealand Ltd
4
Ver: A3.0
Task 2: Information for Inducting New Employees
We have had some issues with our new employees not completely understanding about the
sales process and property ownership in New Zealand, so I would like you to prepare an
induction document that includes the following points:
a.
b.
i.
Create a brief overview of the Torrens land transfer system used in New
Zealand.
ii.
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.
iii.
Explain the process of registering the new owner’s details on the record of
title at LINZ.
I would also like you to include in the induction document a definition of the
following terms. Please also provide an example where relevant.
i.
real property
ii.
personal property (three types) – provide an example for each
iii.
ownership
iv.
possession (real and personal property) – provide an example for each
v.
equitable interests and legal interests – provide an example for each
vi.
indefeasibility
vii.
exceptions to indefeasibility – provide an example for each.
© The Open Polytechnic of New Zealand Ltd
5
Ver: A3.0
Task 3: Clarifying Uncertainty Around Co-ownership
There has been some confusion about co-ownership with some of our new employees.
Please explain the following terms to them as well as explain the effect they can have on
home ownership.
i.
joint tenancy
ii.
tenancy in common
iii.
civil unions
iv.
trusts
© The Open Polytechnic of New Zealand Ltd
6
Purchase answer to see full
attachment
