SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Monitor and audit releases of units against a bonded property for development in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7286  Monitor and audit releases of units against a bonded property for development in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is for people who act as a point of quality assurance in the process of releasing units from a bonded property for development. People credited with this unit standard are able to verify and confirm the accuracy of the releases done and the mortgage loan account and to assure that the mortgagee's security remains secure. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Demonstrated competence in the administration of releases of units against a bonded property for development. 

UNIT STANDARD RANGE 
This unit standard deal with releases of sectional title and township stand units from a main development bond. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Confirm the accuracy of records on unit releases 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Release notifications and recorded releases are reconciled and must correspond. 

ASSESSMENT CRITERION 2 
2. Valuation on remaining units is determined and corresponds with record of remaining units. 

ASSESSMENT CRITERION 3 
3. Calculations of payments required per release is verified and validated according to company specific regulations. 

SPECIFIC OUTCOME 2 
Confirm the accuracy of the development bond account 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Payments received and releases recorded are reconciled and must correspond. 

ASSESSMENT CRITERION 2 
2. Irregularities on account are investigated and resolved according to company specific regulations. 
ASSESSMENT CRITERION RANGE 
Irregularities include, but are not limited to payments in arrears and transactions that cannot be accounted for.
 

ASSESSMENT CRITERION 3 
3. Transactions regarding cost incurred are verified and reconciled with account record according to company specifications. 

ASSESSMENT CRITERION 4 
4. Current status displayed on account record is verified and corresponds with transactions accounted for. 

SPECIFIC OUTCOME 3 
Assure that morrgage's security remains secure 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Current valuation of property is verified and corresponds with remaining security on record. 

ASSESSMENT CRITERION 2 
2. Irregularities in terms of the release of units are investigated and resolved in accordance with company regulations. 
ASSESSMENT CRITERION RANGE 
Irregularities include, but are not limited to slow progress in releases.
 

ASSESSMENT CRITERION 3 
3. The validity of guarantees and/or undertakings of payment per release are confirmed according to company specifications. 
ASSESSMENT CRITERION RANGE 
The guarantee to be in line with conditions set for the release of the unit and include, but is not limited to payment by recognised institution and undertaking for reimbursement of any shortfalls.
 

ASSESSMENT CRITERION 4 
4. Recovery of full liability at the release of the last unit against the bonded property is assured in accordance with company regulations. 

ASSESSMENT CRITERION 5 
5. Mortgagee's interest is protected and secured in accordance with company regulations. 
ASSESSMENT CRITERION RANGE 
Interest refers to prevention of interest claims, shortfalls and legal actions.
 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation process (including moderation):
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners are able to:
  • Verify financial calculations and to reconcile transactions
  • Judge and make decision regarding the accuracy of records and transactions
  • Identify irregularities and determine appropriate corrective actions
  • Investigate, monitor and rectify irregularities regarding release of units
  • Create a culture of accuracy and compliance to mortgage loan legalities
  • Interact effectively with third parties and to resolve conflict where necessary
  • Conceptualise and describe the mortgage loan process and responsibilities of role-players
  • Use technology and systems to ensure the efficiency of information and actions
  • Monitor compliance with applicable finance and property law 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in reconciling payments received and releases record, ensuring decisions regarding accuracy of development bond accounts are only taken once all possible information had been obtained and validated. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others when confirming the accuracy of the development bond account with internal departments, attorneys, clients and/or other institutions, assuring that the mortgagee's security remains secure. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage his/her activities responsibly and effectively, ensuring that the mortgagee's security remains secure through accurate and timeous releases of units against a bonded property for development. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information when investigating irregularities on development bond account, ensuring releases of units are based on valid information and guarantees and/or undertakings of payment. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively when extracting and communicating information, ensuring the effective flow of information. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the relationship between internal departments, attorneys, clients and other institutions and the importance of networking to effectively monitor and audit releases of units against a bonded property for development. 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Legal requirements:

    Applicable Finance Law and Property Law e.g. Sectional Titles Act 95 of 1986

    Assessment against unit standard:

    Assessment practices against this unit standard should meet the requirements of established assessment principles, such as validity, reliability and fairness. Assessment activities and tools, which are appropriate to the context in which learners are working, should be used. The assessment should ensure that all the specific outcomes, critical cross-field outcomes, and essential embedded knowledge are assessed. Learners are required to demonstrate that they can perform the specific outcomes with understanding and reflexivity and, where applicable, within all the situations and circumstances defined by the range statement(s). 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  61589   National Certificate: Banking  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. African Bank Ltd 
    3. Chartall Business College 
    4. Nedbank Ltd 
    5. Plumb Line Risk Alignment 
    6. The Facilitation Workshop 
    7. The Institute of Literacy Advancement 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.