Level Two - Example Two (Midtown)

Question 1

What do you expect to see in your terms of engagement?

Answer 1

Address
Client
Fee basis
Scope of Work
CHP
PII
Liability

Question 2

What can you expect the rent to be in Midtown?

Answer 2

£65.00 psf

Question 3

What legislation did you have regard to when creating marketing particulars?

Answer 3

Misrepresentation Act and Estate Agency Act

Question 4

How did you launch it to the market?

Answer 4

Mail out of launch day

Question 5

Which sales method did you use?

Answer 5

Private treaty then infomral tender

Question 6

How would you deal with an early offer before bid date?

Answer 6

Notify client. Wait for bid date.

Question 7

How would you deal with a late bid when undertaking an informal tender?

Answer 7

Notify client and advise it would be unethical to accept.

Question 8

What would you find within an offer letter?

Answer 8

Address, purchaser details, vendor details and agents, solicitors details, price, funding, deposit, timescales, any conditions, date, “subject to contract”, who pays for any costs.

Question 9

What do you expect to include in Heads of Terms?

Answer 9

Purchaser, Vendor, Property, Tenancy, Tenure, Purchase Price, Vendor Agent, Vender Sols, Purchaser Agent, Purchaser Sols, Finance, Vendors conditions (subject to contract & rent to be split 50:50 on day of completion), Purchasers conditions (formal board approval, measured and building durvey, environmental survey – deskptop, satisfactory title and legal due diligence, contract, verification of info provided), timescales, VAT, costs, AML requirement, confidentiality

Question 10

What happens after HOTs have been agreed?

Answer 10

Solicitors instructed, exchange and completion