Estate Agents Act 1979 Flashcards
What is the purpose of the Estate Agents Act 1979?
The Act regulates estate agents to ensure fair trading practices and protect consumers in the property market.
What does the Estate Agents Act 1979 require estate agents to do regarding property details?
Estate agents must provide accurate information about properties and disclose any material facts that might affect a buyer’s decision.
What is the significance of the Estate Agents Act 1979 in terms of agency agreements?
The Act requires written agreements between agents and clients that outline the terms of the agency, including fees and services.
How does the Estate Agents Act 1979 address conflicts of interest?
The Act mandates that estate agents must disclose any potential conflicts of interest, such as financial interests in the properties they are selling.
What are the requirements of the Estate Agents Act 1979 concerning client money?
The Act requires that client money be held in a separate client account and used only for its intended purpose, ensuring proper accounting and protection.
What penalties can be imposed for non-compliance with the Estate Agents Act 1979?
Estate agents who fail to comply with the Act can face penalties including fines, suspension, or removal from professional bodies, and legal action for breach of regulations.
