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Knowledge Check Activities – SETTLEMENT AND POST-TRANSACTION PROCEDURES

By webv8 / 26 February 2026

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Question 1 of 51

1. Question

What is the primary purpose of a settlement statement in a conveyancing transaction? Single Choice

To record the buyer’s credit history
Correct Incorrect Correct answer

To outline the property’s zoning classification
Correct Incorrect Correct answer

To detail all financial adjustments and payments
Correct Incorrect Correct answer

To list the names of all parties involved
Correct Incorrect Correct answer

Correct

Incorrect
Question 2 of 51

2. Question

Which party is typically responsible for lodging stamped documents for registration? Single Choice

Real estate agent
Correct Incorrect Correct answer

Conveyancer
Correct Incorrect Correct answer

Mortgage broker
Correct Incorrect Correct answer

Seller
Correct Incorrect Correct answer

Correct

Incorrect
Question 3 of 51

3. Question

What does file reconciliation involve? Single Choice

Comparing property values across suburbs
Correct Incorrect Correct answer

Ensuring two sets of financial data match
Correct Incorrect Correct answer

Calculating stamp duty
Correct Incorrect Correct answer

Verifying the buyer’s identity
Correct Incorrect Correct answer

Correct

Incorrect
Question 4 of 51

4. Question

Which of the following is a contingency strategy for unfulfilled contractual obligations? Single Choice

Ignoring the issue
Correct Incorrect Correct answer

Proceeding without consent
Correct Incorrect Correct answer

Cancelling the transaction without notice
Correct Incorrect Correct answer

Referring to a third party
Correct Incorrect Correct answer

Correct

Incorrect
Question 5 of 51

5. Question

What is the role of a trust account in conveyancing? Single Choice

To hold funds securely until disbursement
Correct Incorrect Correct answer

To store client passwords
Correct Incorrect Correct answer

To calculate GST
Correct Incorrect Correct answer

To manage property inspections
Correct Incorrect Correct answer

Correct

Incorrect
Question 6 of 51

6. Question

Which document confirms the legal transfer of property ownership? Single Choice

Certificate of title
Correct Incorrect Correct answer

Mortgage application
Correct Incorrect Correct answer

Lease agreement
Correct Incorrect Correct answer

Inspection report
Correct Incorrect Correct answer

Correct

Incorrect
Question 7 of 51

7. Question

What must be included in a compliant tax invoice? Single Choice

Buyer’s phone number
Correct Incorrect Correct answer

Seller’s birthdate
Correct Incorrect Correct answer

Provider’s ABN
Correct Incorrect Correct answer

Agent’s license number
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 51

8. Question

What is the purpose of final searches before settlement? Single Choice

To verify the buyer’s employment
Correct Incorrect Correct answer

To confirm title accuracy and encumbrances
Correct Incorrect Correct answer

To assess the property’s market value
Correct Incorrect Correct answer

To check the weather forecast
Correct Incorrect Correct answer

Correct

Incorrect
Question 9 of 51

9. Question

Which authority typically manages rates and water charges? Single Choice

State revenue office
Correct Incorrect Correct answer

Land title registry
Correct Incorrect Correct answer

Federal government
Correct Incorrect Correct answer

Local council
Correct Incorrect Correct answer

Correct

Incorrect
Question 10 of 51

10. Question

What is stamp duty? Single Choice

A tax on property transactions
Correct Incorrect Correct answer

A fee for printing documents
Correct Incorrect Correct answer

A charge for attending settlement
Correct Incorrect Correct answer

A penalty for late payments
Correct Incorrect Correct answer

Correct

Incorrect
Question 11 of 51

11. Question

What should a conveyancer do if funds are not received on time? Single Choice

Cancel the transaction immediately
Correct Incorrect Correct answer

Notify the police
Correct Incorrect Correct answer

Monitor and follow up with relevant parties
Correct Incorrect Correct answer

Transfer funds from another client
Correct Incorrect Correct answer

Correct

Incorrect
Question 12 of 51

12. Question

What is the purpose of contingency planning in conveyancing? Single Choice

To reduce legal fees
Correct Incorrect Correct answer

To manage risks from delays or defaults
Correct Incorrect Correct answer

To avoid client communication
Correct Incorrect Correct answer

To increase stamp duty
Correct Incorrect Correct answer

Correct

Incorrect
Question 13 of 51

13. Question

Which of the following is a post-transaction procedure? Single Choice

Negotiating sale price
Correct Incorrect Correct answer

Conducting property appraisal
Correct Incorrect Correct answer

Advertising the property
Correct Incorrect Correct answer

Updating client records
Correct Incorrect Correct answer

Correct

Incorrect
Question 14 of 51

14. Question

What is the role of the Australian Institute of Conveyancers (AIC)? Single Choice

To sell real estate
Correct Incorrect Correct answer

To manage water rates
Correct Incorrect Correct answer

To issue building permits
Correct Incorrect Correct answer

To provide industry codes of practice
Correct Incorrect Correct answer

Correct

Incorrect
Question 15 of 51

15. Question

What does “ad valorem duty” refer to? Single Choice

A duty based on property value
Correct Incorrect Correct answer

A fixed fee for all properties
Correct Incorrect Correct answer

A penalty for late lodgement
Correct Incorrect Correct answer

A refund for overpayment
Correct Incorrect Correct answer

Correct

Incorrect
Question 16 of 51

16. Question

What is the correct action if a document is not stamped properly? Single Choice

Proceed with settlement
Correct Incorrect Correct answer

Destroy the document
Correct Incorrect Correct answer

Rectify stamping before registration
Correct Incorrect Correct answer

Submit without correction
Correct Incorrect Correct answer

Correct

Incorrect
Question 17 of 51

17. Question

What is the purpose of a practical activity in assessment? Single Choice

To test spelling
Correct Incorrect Correct answer

To observe workplace skills
Correct Incorrect Correct answer

To review textbook content
Correct Incorrect Correct answer

To compare student opinions
Correct Incorrect Correct answer

Correct

Incorrect
Question 18 of 51

18. Question

What is a common method for returning documents to clients? Single Choice

Certified mail or courier
Correct Incorrect Correct answer

Posting on social media
Correct Incorrect Correct answer

Verbal confirmation
Correct Incorrect Correct answer

Leaving at the property
Correct Incorrect Correct answer

Correct

Incorrect
Question 19 of 51

19. Question

What should be done if title registration is not updated post-settlement? Single Choice

Ignore the issue
Correct Incorrect Correct answer

Notify the seller
Correct Incorrect Correct answer

Cancel the transaction
Correct Incorrect Correct answer

Follow up with the title authority
Correct Incorrect Correct answer

Correct

Incorrect
Question 20 of 51

20. Question

Which of the following is NOT typically included in a settlement statement? Single Choice

Rates and taxes
Correct Incorrect Correct answer

Legal fees
Correct Incorrect Correct answer

Personal income
Correct Incorrect Correct answer

Agent commission
Correct Incorrect Correct answer

Correct

Incorrect
Question 21 of 51

21. Question

Which of the following are typically included in a settlement statement? Multiple Answers

Stamp duty
Correct Incorrect Correct answer

Agent commission
Correct Incorrect Correct answer

Personal income tax
Correct Incorrect Correct answer

Council rates
Correct Incorrect Correct answer

Correct

Incorrect
Question 22 of 51

22. Question

What are common responsibilities of a conveyancer during settlement? Multiple Answers

Lodging stamped documents
Correct Incorrect Correct answer

Conducting property inspections
Correct Incorrect Correct answer

Reconciling trust accounts
Correct Incorrect Correct answer

Advising parties of required funds
Correct Incorrect Correct answer

Correct

Incorrect
Question 23 of 51

23. Question

Which parties may be involved in a conveyancing transaction? Multiple Answers

Buyer and seller
Correct Incorrect Correct answer

Real estate agent
Correct Incorrect Correct answer

Local council
Correct Incorrect Correct answer

Insurance broker
Correct Incorrect Correct answer

Correct

Incorrect
Question 24 of 51

24. Question

What are examples of electronic requirements in conveyancing? Multiple Answers

Submitting forms online
Correct Incorrect Correct answer

Uploading documents
Correct Incorrect Correct answer

Sending physical cheques
Correct Incorrect Correct answer

Emailing settlement statements
Correct Incorrect Correct answer

Correct

Incorrect
Question 25 of 51

25. Question

What financial procedures are relevant to settlement transactions? Multiple Answers

File reconciliation
Correct Incorrect Correct answer

Calculating levies
Correct Incorrect Correct answer

Preparing invoices
Correct Incorrect Correct answer

Reconcile trust accounts
Correct Incorrect Correct answer

Correct

Incorrect
Question 26 of 51

26. Question

What types of funds may be required to complete a transaction? Multiple Answers

Deposit
Correct Incorrect Correct answer

Stamp duty
Correct Incorrect Correct answer

Travel allowance
Correct Incorrect Correct answer

Agency gifts
Correct Incorrect Correct answer

Correct

Incorrect
Question 27 of 51

27. Question

What actions should be taken if funds are delayed? Multiple Answers

Notify relevant parties
Correct Incorrect Correct answer

Cancel the transaction immediately
Correct Incorrect Correct answer

Monitor timeframes
Correct Incorrect Correct answer

Issue follow-up requests
Correct Incorrect Correct answer

Correct

Incorrect
Question 28 of 51

28. Question

What are valid contingency strategies for unfulfilled obligations? Multiple Answers

Referral to third parties
Correct Incorrect Correct answer

Ceasing services
Correct Incorrect Correct answer

Ignoring the issue
Correct Incorrect Correct answer

Requesting further evidence
Correct Incorrect Correct answer

Correct

Incorrect
Question 29 of 51

29. Question

What must be confirmed before completing a transaction? Multiple Answers

Compliance with special conditions
Correct Incorrect Correct answer

Final inspections
Correct Incorrect Correct answer

Title registration
Correct Incorrect Correct answer

Buyer’s credit score
Correct Incorrect Correct answer

Correct

Incorrect
Question 30 of 51

30. Question

What are examples of final searches in conveyancing? Multiple Answers

Title search
Correct Incorrect Correct answer

Encumbrance check
Correct Incorrect Correct answer

Weather forecast
Correct Incorrect Correct answer

Zoning confirmation
Correct Incorrect Correct answer

Correct

Incorrect
Question 31 of 51

31. Question

What should be checked for accuracy in transaction documents? Multiple Answers

Buyer’s employment history
Correct Incorrect Correct answer

Names of parties
Correct Incorrect Correct answer

Property details
Correct Incorrect Correct answer

Settlement date
Correct Incorrect Correct answer

Correct

Incorrect
Question 32 of 51

32. Question

What are post-transaction procedures? Multiple Answers

Advising rating authorities
Correct Incorrect Correct answer

Conducting open inspections
Correct Incorrect Correct answer

Returning documents
Correct Incorrect Correct answer

Updating client records
Correct Incorrect Correct answer

Correct

Incorrect
Question 33 of 51

33. Question

What authorities must be notified after settlement? Multiple Answers

Local council
Correct Incorrect Correct answer

Water authority
Correct Incorrect Correct answer

State revenue office
Correct Incorrect Correct answer

Australian Taxation Office
Correct Incorrect Correct answer

Correct

Incorrect
Question 34 of 51

34. Question

What are examples of outstanding payments post-settlement? Multiple Answers

Rates and taxes
Correct Incorrect Correct answer

Water charges
Correct Incorrect Correct answer

Legal fees
Correct Incorrect Correct answer

Personal loans
Correct Incorrect Correct answer

Correct

Incorrect
Question 35 of 51

35. Question

What are valid methods for returning documents to clients? Multiple Answers

Courier
Correct Incorrect Correct answer

Certified mail
Correct Incorrect Correct answer

Email
Correct Incorrect Correct answer

Face to face
Correct Incorrect Correct answer

Correct

Incorrect
Question 36 of 51

36. Question

What should be included in a compliant invoice? Multiple Answers

ABN
Correct Incorrect Correct answer

GST amount
Correct Incorrect Correct answer

Buyer’s passport number
Correct Incorrect Correct answer

Description of services
Correct Incorrect Correct answer

Correct

Incorrect
Question 37 of 51

37. Question

What records must be updated after settlement? Multiple Answers

Social media posts
Correct Incorrect Correct answer

Financial records
Correct Incorrect Correct answer

Business records
Correct Incorrect Correct answer

Client records
Correct Incorrect Correct answer

Correct

Incorrect
Question 38 of 51

38. Question

What are examples of trust account compliance actions? Multiple Answers

Reconciling transactions
Correct Incorrect Correct answer

Disbursing funds without authorisation
Correct Incorrect Correct answer

Holding funds securely
Correct Incorrect Correct answer

Maintaining accurate ledgers
Correct Incorrect Correct answer

Correct

Incorrect
Question 39 of 51

39. Question

What are common risks in conveyancing transactions? Multiple Answers

Documentation errors
Correct Incorrect Correct answer

Timing issues
Correct Incorrect Correct answer

Contract withdrawal
Correct Incorrect Correct answer

Weather delays
Correct Incorrect Correct answer

Correct

Incorrect
Question 40 of 51

40. Question

What are examples of professional practice policies? Multiple Answers

Client management procedures
Correct Incorrect Correct answer

Dispute resolution processes
Correct Incorrect Correct answer

Codes of practice
Correct Incorrect Correct answer

IT systems and data handling
Correct Incorrect Correct answer

Correct

Incorrect
Question 41 of 51

41. Question

Fill the Gaps

The BLANK 1 of 1 statement is a document that outlines all financial adjustments and payments required to complete a property transaction.

The Fill in the blank 1 of 1 statement is a document that outlines all financial adjustments and payments required to complete a property transaction.

Correct

Incorrect
Question 42 of 51

42. Question

Fill the Gaps

Before completing a transaction, the conveyancer must ensure that all BLANK 1 of 1 conditions have been met.

Before completing a transaction, the conveyancer must ensure that all Fill in the blank 1 of 1 conditions have been met.

Correct

Incorrect
Question 43 of 51

43. Question

Fill the Gaps

Funds received for a conveyancing transaction must be deposited into an authorised BLANK 1 of 1 account.

Funds received for a conveyancing transaction must be deposited into an authorised Fill in the blank 1 of 1 account.

Correct

Incorrect
Question 44 of 51

44. Question

Fill the Gaps

A key post-transaction task is to lodge BLANK 1 of 1 documents with the relevant land and title authority.

A key post-transaction task is to lodge Fill in the blank 1 of 1 documents with the relevant land and title authority.

Correct

Incorrect
Question 45 of 51

45. Question

Fill the Gaps

If a contractual obligation remains unfulfilled, the conveyancer must identify and implement a BLANK 1 of 1 strategy.

If a contractual obligation remains unfulfilled, the conveyancer must identify and implement a Fill in the blank 1 of 1 strategy.

Correct

Incorrect
Question 46 of 51

46. Question

Fill the Gaps

Final BLANK 1 of 1 are conducted to confirm that no changes have occurred to the title or encumbrances.

Final Fill in the blank 1 of 1 are conducted to confirm that no changes have occurred to the title or encumbrances.

Correct

Incorrect
Question 47 of 51

47. Question

Fill the Gaps

The process of ensuring that two sets of financial records match is known as BLANK 1 of 1.

The process of ensuring that two sets of financial records match is known as Fill in the blank 1 of 1 .

Correct

Incorrect
Question 48 of 51

48. Question

Fill the Gaps

The conveyancer must advise relevant BLANK 1 of 1, such as councils and water authorities, of the change in ownership.

The conveyancer must advise relevant Fill in the blank 1 of 1 , such as councils and water authorities, of the change in ownership.

Correct

Incorrect
Question 49 of 51

49. Question

Fill the Gaps

A compliant tax invoice must include the provider’s BLANK 1 of 1 and GST breakdown.

A compliant tax invoice must include the provider’s Fill in the blank 1 of 1 and GST breakdown.

Correct

Incorrect
Question 50 of 51

50. Question

Fill the Gaps

One of the key responsibilities of a conveyancer is to communicate effectively with all BLANK 1 of 1 to the transaction.

One of the key responsibilities of a conveyancer is to communicate effectively with all Fill in the blank 1 of 1 to the transaction.

Correct

Incorrect

Question 51 of 51

51. Question

Match the Term to the Definition

Sort elements

Manages legal and procedural requirements
Secure account for holding client funds
Document outlining financial adjustments
Halting work due to unresolved issues
Postponing steps until conditions are met
Transfers authorised payments from trust
Confirms legal ownership transfer
Registers property ownership and encumbrances
Collects stamp duty and land tax
Registers property ownership and encumbrances

Conveyancer

Correct Incorrect Correct answer

Trust account

Correct Incorrect Correct answer

Settlement statement

Correct Incorrect Correct answer

Ceasing services

Correct Incorrect Correct answer

Delaying action

Correct Incorrect Correct answer

Fund disbursement

Correct Incorrect Correct answer

Title registration

Correct Incorrect Correct answer

Land title office

Correct Incorrect Correct answer

Revenue office

Correct Incorrect Correct answer

Land title office (Records Management)

Correct Incorrect Correct answer

Correct

Incorrect

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