6:48 O M \\ Fhdtall 61% = The Open Polytechnic of New Zealand Ltd 2 Ver: A2.3 Task 2: Ownership Scenario 1 David and Nicole Anthony are registered co-owners of a property they purchased together a few years ago. They have decided to sell the property and have engaged a real estate agency to handle the sale. The agency has prepared an agency agreement and a sale and purchase agreement for the property. However, David has had a work emergency and has had to travel overseas for three weeks and is unable to sign the agreements in person. Analyse the scenario above and answer the following questions: a. What is the significance of having all registered owners sign an agency agreement and any subsequent sale and purchase agreement, as per the Property Law Act 2007 s. 247 b. How does the fact that David is currently out of the country affect his ability to sign the agreements? c. What options are available to ensure David can sign the agreements while he is out of the country? (Word count guideline: 100 words) Scenario 2 John, a real estate salesperson, has just completed a deal to sell a luxury apartment to a client, Mark. However, he notices that Mark is making an unusually large payment in cash. John decides to conduct some research on Mark and his source of funds. He discovers that Mark has no visible means of income that would justify his ability to make such a large cash payment. Analyse the scenario above and answer the following questions: a. What is the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, and how does it relate to this scenario? b. What role do real estate salespersons play in preventing the flow of illicit funds into the property market? c. What could happen if John does not report the suspicious transaction to the relevant authorities? (Word count guideline: 100 words) The Open Polytechnic of New Zealand Ltd 3 Ver: A2.3