Units of competency
As part of your assessment to become a licenced conveyancer, you must demonstrate your competency in subjects covered by the national standard.
The six units of competency required for licencing purposes are:
- Take instructions in relation to a transaction (FNSCONV501B)
- Prepare and/or analyse and execute documents (FNSCONV502B)
- Establish, manage and administer trust accounts (FNSCONV503B)
- Finalise conveyancing transactions (FNSCONV504B)
- Obtain and analyse all information for the transaction (FNSCONV601B)
- Negotiate to achieve goals and manage disputes (FNSICORG603B)
Each unit of competency specifies the knowledge and skills, and the application of that knowledge and skills, to the standard of performance expected in the workplace.
Each unit of competency identifies a separate workplace requirement and includes the knowledge and skills that underpin competence and detail language, literacy and numeracy, and occupational health and safety requirements. Standard units of competency across an industry ensure consistency of training and assessment outcomes.
Each unit of competency has:
- elements which describe the key activities of the work covered by the unit of competency
- performance criteria which specify the level of performance required to achieve set outcomes and be deemed competent
Note: as you are being assessed holistically, you do not have to individually address all elements and performance criteria.
Units required for licencing purposes
Take instructions in relation to a transaction (FNSCONV501B)
This unit requires the application of skills and knowledge required to take instructions in relation to a transaction pertaining to real estate or personal property. It encompasses establishing the client's needs, identifying if any conflicts of interest exist between conveyancer and client, identifying parties, properties and other interests, determining terms of engagement, determining contingency strategies and initiating the transaction.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Establish the client's needs
| PC1.1 | Client needs and expectations are identified and assessed in consultation with the client and where necessary, any clarification/verification is sought immediately in accordance with the practice's policy and procedures |
| PC1.2 | Optional courses of action are determined and discussed with the client |
| PC1.3 | Information gathered or given is checked for accuracy and relevance |
| PC1.4 | Client and conveyancer confirm an understanding of mutual needs and responsibilities |
| PC1.5 | Client's needs and responsibilities are recorded and documented promptly and accurately |
E2 Identify any conflict of interest between conveyancer and client
| PC2.1 | Conflicts of interest associated with the transaction are identified and noted |
| PC2.2 | Conflicts of interest are assessed to determine appropriate actions for the client and business and these clients informed of these determinations |
E3 Identify parties, properties and other interests
| PC3.1 | Parties, properties and interests relevant to the transaction are identified promptly and thoroughly |
| PC3.2 | Documentation and titles are examined to confirm facts pertaining to the transaction |
E4 Determine terms of engagement
| PC4.1 | Appropriate terms of engagement which comply with legislative, regulatory and practice requirements are determined and articulated to client clearly and promptly |
| PC4.2 | Client's agreement with terms is established and recorded |
| PC4.3 | Authorities are obtained from client and other relevant parties |
| PC4.4 | Estimates of fees, disbursements and time are checked for accuracy and completeness and provided to client |
E5 Determine contingency strategies
| PC5.1 | Contingencies relating to the transaction are assessed and articulated to the client |
| PC5.2 | Contingency strategies and options are determined and agreed in consultation with client |
E6 Initiate the transaction
| PC6.1 | A course of action is selected which meets the client's needs and complies with policies and procedures of the practice |
| PC6.2 | Clients are advised of all procedures to be utilised to achieve their goals |
| PC6.3 | Instructions to proceed or not to proceed are confirmed with client |
| PC6.4 | Referral to other professionals or third parties is made where appropriate |
| PC6.5 | All relevant instructions, information, facts and evidence are organised, documented and client file formally opened |
Prepare and/or analyse and execute documents (FNSCONV502B)
This unit describes the function associated with the analysis and/or preparation and execution of conveyancing documentation. It requires the application of skills and knowledge needed for preparing and/or analysing documentation and presenting documentation for execution.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Prepare and/or analyse documentation
| PC1.1 | Purpose, scope and parameters of documentation are clearly identified and defined |
| PC1.2 | Documentation prepared by other professionals and third parties is analysed for compliance with legislative, regulatory, professional and practice requirements |
| PC1.3 | Documentation accurately reflects client needs, expectations and instructions and complies with relevant requirements |
| PC1.4 | All relevant parties, property, terms and conditions agreed to by the parties are accurately and thoroughly described and recorded |
| PC1.5 | Documentation is completed within agreed timelines and is reviewed for consistency with original purpose and to ensure it achieves the intended outcomes |
| PC1.6 | Where relevant, documentation is certified, signed and witnessed in accordance with legislative and regulatory requirements |
E2 Present documentation for execution
| PC2.1 | Clear, comprehensive and accurate advice of client rights, obligations and responsibilities ensuing from the legal relationship is provided to the client |
| PC2.2 | Instructions, information or advice provided to the client complies with regulatory, legislative, professional and the practices policies and procedures |
| PC2.3 | All relevant processes for proper execution of documentation are completed and checked within required timelines and the documentation is presented for execution |
| PC2.4 | Execution by third parties is arranged and checked to ensure compliance with regulatory and legislative constraints and to ensure timely settlement |
Establish, manage and administer trust accounts (FNSCONV503B)
This unit describes the function of establishing, managing and administering trust and/or controlled money accounts. The unit encompasses reviewing for compliance with trust accounts requirements, establishing and managing trust accounts, maintaining records of trusts transactions, and monitoring and reviewing trust accounts.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Review for compliance with trust account requirements
| PC1.1 | Policies and procedures for accurate trust account keeping are developed which are in accordance with trust account requirements and with key principles of accounting and financial management |
| PC1.2 | Financial and information technology (IT) systems are evaluated and reviewed to ensure compliance with all trust account requirements |
| PC1.3 | Trust account requirements are clearly identified, accurately recorded and continuously updated in accordance with relevant legislation and regulations |
| PC1.4 | Documentation of trust records and transactions are reviewed to ensure compliance with statutory, legislative, legal and professional requirements and with the practice's policy and procedures |
| PC1.5 | Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust |
| PC1.6 | Documentation and other reporting requirements are regularly reviewed for compliance with all trust account requirements |
E2 Establish and manage trust accounts
| PC2.1 | Financial and other performance requirements are determined in accordance with client instructions, legislative, regulatory, industry and practice requirements |
| PC2.2 | Appropriate arrangements are made with third parties and other professionals to ensure compliance with statutory requirements for the operation of trust accounts |
| PC2.3 | The practice's trust administration policies and procedures are disseminated or made readily available to relevant staff or clients in an appropriate format |
| PC2.4 | Ongoing training to all relevant staff is provided to ensure efficient operation of trust accounts, financial and IT systems and implementation of plans |
E3 Maintain records of trust transactions
| PC3.1 | All transactions are supported by appropriate authorisation and documentation, meet all relevant trust account requirements, and are in line with client instructions |
| PC3.2 | All relevant entries and transactions are promptly and accurately recorded in accordance with all relevant trust account requirements and with the practice's requirements and can be provided on demand |
E4 Monitor and review trust accounts
| PC4.1 | Trust account entries and transactions are regularly checked and monitored to ensure compliance with regulatory, legislative, client and the practice's requirements |
| PC4.2 | Trust transactions are monitored to ensure client authorisation is obtained prior to any disbursements |
Finalise conveyancing transactions (FNSCONV504B)
This unit describes the function associated with completing transactions and ensuring that all matters relating to the transaction are completed. It requires the application of skills and knowledge required to finalise conveyancing transactions. The unit encompasses arranging and attending settlement, determining contingency strategies for settlements where contractual obligations remain unfulfilled, completing transactions and implementing post transaction procedures, as appropriate.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Arrange and attend settlement
| PC1.1 | All parties to the transaction are identified and all relevant actions are taken to ensure that they are ready to complete the transaction |
| PC1.2 | Transaction requirements are fulfilled accurately and completely |
| PC1.3 | Information relevant to preparation of settlement statements is identified and collated and statements are prepared and reconciled |
| PC1.4 | Funds pertaining to the completion of the transaction are identified and relevant parties advised |
| PC1.5 | Funds required for the completion of the transaction are received within the required timeframe |
| PC1.6 | Documents are stamped correctly in accordance with legislative, regulatory and the practice's requirements |
E2 Determine contingency strategies for settlements where contractual obligations remain unfulfilled
| PC2.1 | Unfulfilled contractual obligations are identified and possible contingencies are assessed |
| PC2.2 | A range of contingency strategies and options are identified, evaluated and articulated to the client. |
| PC2.3 | Appropriate strategies and options are determined in consultation with the client and in accordance with practice policy and procedures and with legislative, regulatory and professional requirements |
E3 Complete transaction
| PC3.1 | Transaction arrangements are confirmed with all relevant parties, and conditions for the finalisation of the transaction, including compliance with special conditions, are met |
| PC3.2 | Final searches and inspections where required, are arranged and/or performed |
| PC3.3 | Transaction documents are examined for accuracy and completion |
| PC3.4 | Transaction is completed with all relevant parties |
| PC3.5 | Stamped documents are lodged for registration |
E4 Implement post-transaction procedures
| PC4.1 | All relevant parties including rating/other authorities are advised of transaction completion |
| PC4.2 | Outstanding payments are made |
| PC4.3 | Outstanding matters are monitored and concluded promptly |
| PC4.4 | Registration change on title is confirmed, if applicable |
| PC4.5 | Documents are returned to client and third parties |
| PC4.6 | Funds are received and disbursed as authorised |
| PC4.7 | Invoices are prepared and despatched to clients and other parties |
| PC4.8 | Financial/business records (including client file) are updated |
| PC4.9 | File is closed and archived according to legislative, regulatory and practice requirements |
Obtain and analyse all information for the transaction (FNSCONV601B)
This unit describes the function associated with gathering, analysing and evaluating all relevant data for the transaction following confirmation of initial instructions from the client. It requires the application of skills and knowledge required to obtain and analyse all information for the transaction. The unit encompasses identifying information needs, performing relevant document searches and investigations, evaluating issues arising with transactions, dealing with third parties and other professionals and presenting information relevant to the transaction to the client.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Identify information needs
| PC1.1 | Sources of information relevant to the transaction are identified |
| PC1.2 | Searches to be performed are defined and agreed with the client prior to commencement |
| PC1.3 | Required reports are identified and arranged with the appropriate bodies |
| PC1.4 | Applicable fees, taxes, other expenses and rebates are identified and clients are advised promptly and accurately |
E2 Perform relevant document searches and investigations
| PC2.1 | Searches are performed and completed accurately and thoroughly using appropriate methods |
| PC2.2 | Legal positions are established and recorded in accordance with the practice's policy and procedures |
| PC2.3 | All relevant reports required from third parties are obtained from the appropriate bodies |
E3 Evaluate issues arising with transaction
| PC3.1 | Legal issues and risks are identified, summarised and communicated to the client clearly and promptly and in accordance with relevant legislation, regulations and the practice's policy and procedures |
| PC3.2 | Clients' rights within the transaction are defined and clarified for the client |
| PC3.3 | Desired outcomes are established and strategies to achieve them are devised in consultation with the client |
| PC3.4 | Implications for professional indemnity insurance are assessed thoroughly and appropriate action is taken |
E4 Deal with third parties and other professionals
| PC4.1 | Relevant third parties and other professionals are identified |
| PC4.2 | Information to be obtained from or provided to third parties and other professionals is identified |
| PC4.3 | Appropriate consultation with third parties and other professionals occurs and authorities are obtained |
E5 Present information relevant to the transaction to the client
| PC5.1 | Documentation is presented clearly and promptly and in accordance with relevant legislation and regulations and the practice's policy and procedures |
| PC5.2 | Information necessary for the transaction to proceed in a legally binding manner is recorded and documented in client files |
| PC5.3 | Clients are advised of the implications of all information received from or forwarded to relevant parties |
Negotiate to achieve goals and manage disputes (FNSICORG603B)
This unit describes the functions associated with negotiating and communicating with a range of stakeholders to perform required tasks, manage disputes and achieve the best outcome. The unit requires the application of communication and negotiating skills to the management and resolution of disputes. It involves the necessity to liaise with a wide range of stakeholders and the use of high level skills in handling difficult situations. It may be applied to a range of sectors and may involve working with other professionals to access the breadth of expertise required to achieve a positive outcome.
Assessment - Elements (E) and Performance Criteria (PC)
E1 Establish the needs of the parties
| PC1.1 | Desires, needs, requirements and outcomes of all parties are identified and established through open and professional communication strategies |
| PC1.2 | Potential issues and problems as well as successful outcomes for the organisation and the client are identified and documented |
| PC1.3 | Strategies and options for achieving outcomes are identified, analysed and discussed with relevant parties |
| PC1.4 | Risks and contingency strategies are identified and evaluated |
| PC1.5 | Information, facts and issues relevant to the situation are established, and where required, expert advice from third parties or other professionals is sought prior to negotiations |
E2 Negotiate to achieve an agreed outcome
| PC2.1 | Strategies and options to achieve goals and complete processes are agreed to and professionally communicated to the relevant parties |
| PC2.2 | Strategies and options are reviewed for compliance with contractual, legislative, regulatory and professional requirements, and are in accordance with the organisation's policies and procedures |
| PC2.3 | Agreement by all parties is sought and confirmed and properly documented |
E3 Identify and document causes of disputes
| PC3.1 | Issues or disputes are promptly identified and analysed and the positions of the relevant parties are established |
| PC3.2 | The confidence of other parties is established through open and professional communication and through respect and empathy for other viewpoints and positions |
| PC3.3 | Disputes and issues are promptly and accurately documented and verified with all other relevant parties |
E4 Implement and manage strategies to resolve disputes
| PC4.1 | Strategies and options which are most likely to achieve favourable outcomes for all relevant parties are identified, evaluated and implemented |
| PC4.2 | Proceedings to settle the dispute are implemented promptly and are in accordance with legislative, regulatory, professional and the organisation's requirements |
| PC4.3 | The dispute is managed to optimise the likelihood of a favourable outcome for all parties and is in line with the organisation's policies and goals |
| PC4.4 | Procedures to resolve the dispute are in accordance with the organisation's policies and procedures and with legislative, regulatory and professional requirements |
| PC4.5 | Accurate, thorough and accessible records of all aspects of the dispute documented for follow-up and future reference |
| PC4.6 | Relevant parties are contacted to identify any follow-up action required to ensure client satisfaction |
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