Estate Agents Act Flashcards
What are the main principles of the Estate Agents Act 1979?
-s.18 clarity as to the terms of the agency
-honesty and accuracy
-agreement and liability of cost
-cost
-absence of discrimination
-legal obligation to tell the client about offer received
-keep client money separate
What are sole selling rights?
The estate agent in the contract is the only one allowed to sell your home during the specified period.
You will have to pay that estate agent, even if you find your own buyer
What is sole agency?
Only that estate agent has the right to sell your property for the duration of the contract and they will receive the commission when they find a buyer.
What is joint agency?
When two agents act to sell a property and split the fees on a pre agreed basis.
What is multiple agency?
When two agents act to sell a property and the successful selling agent receives the full fees.
What is the Estate Agents Act 1979 and what is its purpose?
The Estate Agents Act 1979 is a UK law that regulates the work done by estate agents.
The purpose of the law is to ensure that estate agents act in the best interests of their clients, and that both buyers and sellers are treated honestly, fairly and promptly.
What is the definition of an estate agent in the Estate Agents Act?
An estate agent is someone who introduces and/ or negotiates with people who want to buy or sell freehold or leasehold property (including commercial or agricultural property) where this is done in the course of a business pursuant to instructions from a client.
