Agency Flashcards
What is in RICS Commercial Estate Agency Professional Statement 2016?
RICS UK Commercial Estate Agency Professional Statement, 2016 – Principles:
1. Act in an honest, fair, transparent and professional manner
2. Carry out work with due skill, care and diligence
3. ToB must be fair and with details of CHP
4. Avoid conflicts
5. Not to discriminate
6. Communications to be clear, fair and decent
7. Advertising and marketing to be honest and truthful
8. Clients’ money held separately
9. Hold appropriate PII cover
10. Make clear the identity of client
11. Realistic assessment of selling price
12. All meeting, inspections, viewings – carried out with client’s wishes
What is Caveat Emptor
Buyer beware
What is a cooling off period / how long?
14 days. Client can cancel an agency agreement within 14 days.
7 Principles of the Estate Agents Act 1979?
- H – Honesty and accuracy
- A – Absence of discrimination
- M – Keep clients’ Money separate
- O – Tell clients all Offers
- C – Agreement and liability for Costs
- S18 – Clarity on terms of agency – s18 – specify all costs
- S21 – Openness for Personal Interests – s21
Who polices Estate Agents Act 1979 and CPRs 2008?
Trading Standards Office
Difference between Misrepresentations Act 1967 and CPRs 2008?
Misrepresentations Act - is when in legal hands - CPSEs. Post HOTs. Civil offence.
CPRs are offences in MARKETING (pre HOTs). Criminal offence.
What is the key regulation relating to asbestos?
Control of Asbestos Regulations 2012
All HOTs must be marked with what?
SUBJECT TO CONTRACT
What are double overheads
Paying rent on you old and new premises at the same time
Agency TOE
⦁ Agency basis - sole/joint
⦁ Agency rights - sole selling / sole agency
⦁ Fee
⦁ Marketing costs/ disbursements
⦁ AML
⦁ Abortive arrangement
⦁ Timescales & timescales for payment
⦁ CHP
⦁ Signed
What’s in HOTs
SUBJECT TO CONTRACT
- LL
- LL – Solicitor
- LL Agent
- Tenant
- Tenant Solicitor
- Property/Demise
- Term
- Rent
- Inside or outside 1954 Act
- User
- Alienation
- Repair
- Insurance
- Alterations
- Legal costs
- Deposit
- VAT
- EPC
- Reservations
- AML
What goes on Sale Particulars?
Address,
FH/LH,
Area/size,
Location,
description,
Rates,
EPC,
Price,
Viewing,
Legal costs,
AML,
Map,
Agent details,
Disclaimer
What goes on a request for bids (sale)
- Purchaser
- Price
- Funding
- Timescales
- Deposit
- VAT?
- Approvals
- Due Diligence
- Professional Teams
- Conditions
Sale FH Partics - what is on them
- Address
- Price
- Area
- Location
- Description
- Tenure
- Rates
- Services
- Permitted Use
- Overage
- Environmental
- Method of Sale
- Accommodation
- Legal Costs
- AML
- VAT
- EPC
- Viewings
- Map
- Agent details
What is the Code for Leasing Business Premises 2020
- Into
2.Mandatory requirements
- act constructive & collaborative.
- advise other party to get represented
- fair and transparent.
- Lease negotiation best practice
- Appendix
A) HOT template
B) guide for LL & Ts
