Principles of Property Valuation Assignment

Assignment Task

Part A

1. Distinguish between common law and statute (in your answer, refer to equity law).

2. Legislation (for instance, a regulation). Give an example of delegated legislation relevant to property valuers.

3. Australia has an adversary system of trial. What does this mean? Explain the burden and standard of proof in criminal and civil trials.

4. Outline the jurisdiction of each of the following courts:

i. NSW Land & Environment Court

ii. NSW Supreme Court

iii. High Court of Australia

5. Explain the significance of the Commonwealth of Australia Constitution Act 2000.

6.  Outline the division of legislative power between the Commonwealth and the States under the Australia Constitution. What is the situation if there is a conflict between a Commonwealth law and a State law?

7. What is alternative dispute resolution? Give examples.

Part B

1. Malcolm and Aiden met whilst studying an Advanced Diploma of Property Valuation at the Valuers Training Institute and have remained good friends since. They have been employed as valuers for approximately 3-4 years and have now decided to open their own valuation practice. They are undecided as to whether to go into partnership or form a limited liability company to conduct their valuation business. Advise Malcolm and Aiden of the main advantages and disadvantages of partnerships and limited liability companies as business structures. In your advice, take into account that Malcolm and Aiden may want to bring other people into the business as owners in the future.

2. Assuming Malcolm and Aiden decide on a limited liability company structure, by researching ASIC provide an outline of:

i. The company's obligations in relation to record keeping, registers, and financial reports.

ii. Malcolm and Aiden's duties as company directors.

3. Malcolm and Aiden have decided to choose a name for their business and have decided on two potential names. They have decided that their new company will trade under the name Sydney Valuers or the name M and A's Valuation Services.

i. If they chose either of these business names, would the name have to be registered? Explain. ii. Are either of these business names available? You need to search the National Names Index to answer this question.

iii. Are there any requirements as to the display and the use of a business name? Explain.

iv. Must Malcolm and Aiden obtain an Australian Business  Number?

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