Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Interpret legal principles and legislative requirements affecting conveyancing transactions

1.1 Identify legal framework of conveyancing practice

1.2 Interpret components of statute law and their relationships with respect to their application to conveyancing practice

1.3 Access legislation and regulations relevant to the provision of conveyancing services

1.4 Identify and analyse relevant case law for legal principles

2 Interpret legislative requirements affecting conveyancing transactions

2.1 Interpret and analyse the structure of legislation and regulations that relate to conveyancing transactions

2.2 Analyse common interpretation problems

2.3 Apply rules and techniques for interpreting legislation and regulations in conveyancing transactions

3 Track and interpret changes to legislation and regulations affecting agency operations

3.1 Identify processes that lead to changes in legislation and regulations

3.2 Access source documents for amendment legislation relevant to the provision of conveyancing services

3.3 Establish a process and technique for tracking amendments to legislation and regulations

3.4 Interpret and address implications of changes to legislative and regulatory requirements in line with agency procedures

3.5 Communicate changes to legislative and regulatory requirements to appropriate people in line with agency policy and procedures

4 Comply with relevant codes of conduct

4.1 Source and access codes of conduct

4.2 Interpret relationship between industry codes of conduct and legislative requirements

4.3 Apply key principles and responsibilities of codes of conduct to own work in line with industry practice

4.4 Ensure personal ethical behaviour complies with relevant codes of conduct

5 Maintain records of legislation and industry codes

5.1 Identify practice processes and the personnel responsible for monitoring and communicating changes to legislation and industry codes of conduct

5.2 Maintain relevant records of legislation and codes of conduct

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.3

• Accesses information and uses analytical skills to interpret complex documentation from a variety of sources

Writing

3.5, 5.2

• Uses correct language and terminology to prepare complex documents including formal and informal letters, reports and applications
• Accurately completes forms and maintains records

Oral Communication

3.6

• Effectively participates in verbal exchanges to convey and clarify information with range of personnel

Navigate the world of work

1.1-1.4, 3.1, 3.4, 3.5, 4.2-4.4, 5.1

• Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations
• Understands responsibilities of own role to behave ethically and according to codes of practice
• Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current

Interact with others

3.5, 5.1

• Selects and uses appropriate conventions and protocols to gain and provide relevant information on legal requirements

Get the work done

1.3, 2.2, 2.3, 3.1-3.5, 4.1, 5.1, 5.2

• Plans, schedules and implements processes and tasks to maintain currency of legislation, regulation and codes of practice for organisational use
• Uses problem solving processes to identify, analyse and resolve issues that could have legal consequences
• Uses the main features and functions of digital tools to complete work tasks and access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBCNV503 Analyse and interpret legal requirements for a transaction

FNSCNV503A Analyse and interpret legal requirements for a transaction

Updated to meet Standards for Training Packages.

Minor edits to clarify performance criteria and address AQF level. PC 1.4 added. PC 3.5 deleted – repetitive.

Moved from Financial Services Training Package to Business Services Training Package.

Equivalent unit

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.