Leasing and Letting

Question 1

RICS UK Commercial Estate Agency Professional Statement 2016

Answer 1

Provides a set of mandatory standards for RICS members involved in agency and real estate management work

Question 2

12 Core Principles of the RICS UK Commercial Estate Agency Professional Statement 2016

Answer 2

1. Act in an Honest, Fair, Transparent and Professional Manner
2. Carry out work with due skill, care and diligence and ensure all staff employed have the necessary skills to carry out their task
3. Ensure that client’s are provided with TERMS OF BUSINESS that are fair and clear with details of the firms Complaints Handling Procedure
4. Do the utmost to avoid conflicts of interest and where they do arise, deal with them openly and fairly
5. Not to discriminate unfairly in any dealings
6. All communication with client are fair, decent, clear, timely
   & transparent
7. All advertising and marketing material is honest and truthful
8. Any client money is held separately and covered by adequate insurance
9. Hold appropriate PII insurance to ensure a costumer does not suffer loss bc of negligence
10. Make it clear the identity of your client and ensure all parties are clear of obligations to each party –> established roles
11. Give realistic assessments of selling/ prices/ rent/ financial costs having regard to market evidence and using nest professional judgement
12. Ensure all meetings, inspections and viewings are carried out in accordance with the client’s wishes having due regard to security and personal safety

Question 3

12 Core Principles SUMMARISED

Answer 3

1. Honest/fair/ transparent
2. Work carried out with care & employees are competent /trained /necessary skills
3. Terms of business provided
4. Avoid Conflcit of interest
5. Not discriminate
6. all comms are clear/fair
7. Advertising/marketing is honest
8. Client’s money held separately and adequate insurance
9. Appropriate PII
10. Clear roles
11. Be realistic RE achieving selling price
12. All tasks done in accordance to client’s wishes (regard to personal safety & security)

Question 4

KEY ADVICE

–> RICS UK Commercial Estate Agency Professional Statement 2016

Answer 4

1. Acting ethically - having duty of care, gifts & incentives & dealing with conflicts of interest
2. Securing the instructions - legal requirements, AML checks, types of agency and H&S
3. Marketing the property - Legal requirements, market appraisal and preparing particulars
4. Implementing the disposal - methods of sale and legal requirements
5. Acquisition of property - Conflict of interest, client communication and progressing purchases

Question 5

Estate Agency Act 1979

Answer 5

This act regulates estate agency work.

Its purpose is to make sure that estate agents act in the best interests of their clients, and that both buyers and sellers are treated honestly, fairly, and promptly.

Question 6

Principles –> Estate Agency Act 1979

Answer 6

7 key points

1. Clarity as to the terms if the agency (Section 18)
2. Honesty and Accuracy
3. Agreement and liability for costs
4. Openness in regard to personal interests (Section 21)
5. Absence of discrimination
6. Legal obligation to tell client about offers received.
7. Keep client’s money separate

Question 6

Test

Answer 6

Test

Question 7

Test 1

Answer 7

Test 2