Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC LH > Agency Law > Flashcards

Agency Law Flashcards

1
Q

6 documents relating to agency practice

A
  • RICS Professional Statement: UK Commercial Estate Agency 2016
  • RICS Professional Statement Code for Leasing Business Premises 2020
  • Estate Agency Act 1979
  • Misrepresentation Act 1967
  • Consumer Protection from Unfair Trading Regulations 2008 (CPR) & Misleading Marketing Regulations 2008 (BPR)
  • Consumer Rights Act 2015
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

CPR Purpose

A

To protect the average customer during the entire agency process from unfair practices.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is an unfair practice?

A
  • Misleading information
  • Hiding info
  • Undue pressure
  • Lack of due diligence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Who polices CPR/BPR?

A

Trading Standards Office and Local Authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

CPR/BPR remedy

A

Max penalty is unlimited fine and/or prohibition order
Compensation up to £25k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Key facts CPR/BPR
(5)

A
  • apply to all lettings and sales
  • agents have doc to all interested parties
  • agents must declare everything known about the property
  • agents must not exert undue pressure on potential buyers
  • if info is discovered in the agency process it must be told to all
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Do disclaimers apply to CPR/BPR?

A

NO

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Caveat Emptor

A

Let the buyer beware
-the buyer should satisfy itself on all matters relating to the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Consumer Rights Act 2015 purpose

A

Amends existing consumer protection law and gives new rights and remedies

  • must display summary on website and in office in regards to management of a property
  • must publish a statement as to whether they are protected by the Client Money Protection Scheme
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Misrepresentation Act
(year and purpose)

A

1967

Misrepresentation or false statement made by a party during pre-contractual enquiries (fraudulent, negligent or innocent)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What type of offence is breaching CPR/BPR?

A

Criminal –> unlimited fine, prohibition order and up to £25k compensation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What type of offence is breaching the misrep act?

A

Civil –> vendor and/or agent could be sued for damages and/or the contract rescinded.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When can an exclusion clause protect against an agent/vendor in the misrep act?

A

Fair and reasonable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Test of reasonableness

A

Hedley Byrne & Co v Heller & Partners 1954 (FPF)
1. FORSEEABILITY
2. PROXIMITY
3. FAIRNESS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

RICS Professional Statement: Commercial Estate Agency 2016
PURPOSE

A

To ensure transparent and fair communication in the agency process and ensure agents are working to the highest ethical standards.
Also outlines the agency process and scope of work to improve awareness and accountability.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

RICS CEA16 12 Core Principles

A
  • Fair, honest and transparent during the agency process
  • Carry out work with the appropriate dd and skill
  • ensure clients have fair and clear terms of business and details of the chp
  • don’t discriminate with dealings
  • Honest and truthful advertising
  • handle clients money correctly
  • hold appropriate PII
17
Q

RICS Professional Statement: Code for leasing business premises 2020
PURPOSE

A

Improve the quality and fairness of negotiations and ensure all parties have a clear understanding of the lease commitments they are entering in to

Unambiguous and Equal

18
Q

CFLBP 2020 Structure

A
  1. Into
  2. Mandatory Requirements
    - Unambiguous lease terms - constructive and collaborative
    - Must advise unrepresented party to get representation or look at PS
    - HoT things to advise
  3. Specific advice on lease terms
  4. Appendix –> A1 is a HoT template. A2 is a HoT checklist
19
Q

Estate Agents Act 1979
PURPOSE

A

To ensure agents act in a fair and transparent manner and that consumers are protected from unfair/unethical practices

20
Q

Estate Agents Act 1979
7 Key Principles

A

S18 = clarity of agency terms (e.g. sole/joint agents, selling rights, clarity on fees)
Honesty and accuracy
S21 = disclose personal interest
client money separate
legal obligation to tell the client about offers received

21
Q

Estate Agents Act is policed by
and penalties for non-compliance

A

National Trading Standards Estate and Letting Agency Team
fine
prohibition
negative licensing

APC LH (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions