Unit of competency Outline

Date retreived
23/07/2026 5:16 AM AWST

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Take instructions in relation to a transaction

Take instructions in relation to a transaction

Unit of competency
National Code
BSBCNV501
State Code
AUH16
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
090901 - Business And Commercial Law
Original Release Date
15/09/2015
Nominal Hours
80
Description
This unit describes the skills and knowledge required to take instructions from a potential client in order to initiate a real estate, business or personal conveyancing transaction.It applies to individuals who communicate with clients to establish the client’s needs, and identify conflicts of interest, parties, properties and other interests, and determine terms of engagement and contingency strategies.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1 Establish the client’s needs
  • 1.1 Identify, clarify and assess client needs and expectations in accordance with the practice’s policy and procedures
  • 1.2 Determine and discuss optional courses of action with client
  • 1.3 Check information in relation to the transaction for accuracy and relevance
  • 1.4 Obtain mutual agreement regarding responsibilities, obligations and expectations of all parties to the transaction
  • 1.5 Record and document client's needs and responsibilities promptly and accurately
2 Identify any conflict of interest
  • 2.1 Identify and record existing or potential conflicts of interest associated with the transaction
  • 2.2 Assess conflicts of interest to determine appropriate action for the client and practice, and promptly advise client of any necessary action
3 Identify parties, properties and other interests
  • 3.1 Accurately identify and explain the roles of various parties involved in the conveyancing transaction
  • 3.2 Analyse and explain estates and interests in the property of the relevant transaction
  • 3.3 Analyse documentation and titles to confirm facts pertaining to the transaction
  • 3.4 Communicate accurately to the client the title and contract details and respective consequences
4 Determine terms of engagement
  • 4.1 Determine appropriate terms of engagement which comply with legislative, regulatory and practice requirements and articulate to client clearly and promptly
  • 4.2 Establish and record client’s agreement with terms
  • 4.3 Obtain authorities from client and other relevant parties
  • 4.4 Check estimates of fees, disbursements and time for accuracy and completeness and provide to client
5 Determine contingency strategies
  • 5.1 Assess contingencies relating to the transaction and advise the client
  • 5.2 Determine contingency strategies and options and agree in consultation with client
6 Initiate the transaction
  • 6.1 Select a course of action which meets the client's needs and complies with legislative requirements and with the policies and procedures of the practice
  • 6.2 Advise client of all actions to be implemented to meet their agreed needs and expectations
  • 6.3 Confirm and promptly record instructions from client to proceed or not to proceed
  • 6.4 Make referrals to other professionals or third parties where appropriate
  • 6.5 Formally open, organise and document all relevant instructions, information, facts and evidence in client file
No information
No information
Replaces
State Code National Code Title Type
D4074 FNSCNV501A Take instructions in relation to a transaction Unit of competency
Replaced By
State Code National Code Title Type
OCF30 BSBCNV511 Take instructions in relation to a conveyancing transaction Unit of competency