Lease/Letting Flashcards
What is a latest professional standard for agency?
RICS PS: Property Agency & management principles 2024 (effective Jan 2025)
Working with clients
Managing business and staff
What professional standard sets out mandatory guidance for those who undertake agency work?
RICS UK Commercial Estate Agency Professional Statement 2016
Duty of care
COI
TOE
Complaints
PII
What professional statement relates to improve quality and fairness of negotiations?
RICS Professional Statement: Code for Leasing Business Premises, 2020
Comprehensive HOTS
Fairness of negotiations
Unrepresented tenant
What legislation regulates estate agents? What are the key sections?
Estate Agents Act 1979
S18 - clarity of terms of agency/TOE
S21 - openness, personal interest
What act is in place for mis-statements for marketing material?
Misrepresentation Act 1967
Pre- contractual stage
Marketing material
Agents cover themselves through a disclaimer
Can be sued
What regulations protects consumers for misleading marketing material?
Consumer Protection Regulation 2008
For consumers during the whole process
2 years jail, Unlimited fine, prohibition order
What planning guidance should be reffered to for Advertisement boards?
Town & Country Planning (Control of Advertisement) regulations, 2007
Allowed 2sqm flat
2.3 sqm v shape
Not more than 1m from face of building
Not above 4.6m from ground
What common Caveat is included with a disclaimer?
Caveat Emporer - Buyer beware
What act relates to the assignment of leases? (Relating to covenant)
Landord & Tenant (Covenants Act) 1995
Abolished privy if contract for new leases
Granted landlord conditions of:
- Assignment: AGA
- S17 can be served on guarantor to pay arrears
What professional standard relates to service charge?
RICS PS: Service charges in commercial property, 2018
Improves best practices and transparency
Timely issue of budgets
Reduce cause of disputes
What act is the legislative for business rates?
General Rate Act 1967
Rateable value VOA
National taxation collected globally
Annual rental value of AVD of a property assuming a hypothetical tenancy (7 assumptions)
What act relates to rating for vacant buildings?
Rating (Empty Properties) Act 2007
100% rate spayable
3 months relief before charged
If occupancy ends after 6 weeks and is empty qualify for 3 or 6 months relief
Exempt: vacant listed, charities, administration
What law relateest to the security of tenure?
Landlord and Tenant Act 1954
Security of tenure exclude section 24-28
What law relates to insurance?
Insurance Act 2016
Responsibility of landlord to arrange and recharge tenant if costs
What is the planning regulation for use classes
Town and Country Planning (use classes) Regulations 2020
What other acts may you find referenced in the disclaimer?
Proceeds of Crime Act 2002
Money Laundering, Terrorist Financing & Transfer of Funds 2017
Throughout an agency instruction what two acts must you adhere to throughout ?
RICS Rules of Conduct 2021
Estate Agents Act 1979 (S18, S21)
What act grants a cooling off period for landlords to cancel instructing and agent?
Consumer rights Act 2015
14 days cooling off period
