Leasing & Letting Flashcards
name of the RICS guidance on commercial agency?
RICS Professional Statement: UK Commercial real estate agency (2016)
name 4 of the core principles of the statement?
Act in an honest, fair and transparent manner, carry out work with due skill, care, diligence. ToB = need to be fair and clear. Avoid COI
name some key elements of the statement
1)CPD 2)Legal compliance 3) Ethical Standards 4) Client care and ToE
Name the Act relating to commercial agency?
Estate Agents Act 1979
what is the purpose of the 1979 Act?
regulate conduct and ensure consumer protection.
what are some of the 7 key points of the 1979 ACt?
Clarity for terms of agency. Honesty and accuracy. openness on personal interests. Absence of discrimination.
what is a cooling off period
14 days for clients who change their minds
what is the name of the consumer protection regulation?
Consumer protection from unfair trading regulations, 2008
what is the purpose of CPR?
Relates to buyers and extends their duty owed to not just clients, but to potential clients.
what is the penalty if you breach CPR?
Criminal offence - unlimited fine, up to 2 yrs in prison
key points of the Consumer protection from unfair trading regulations
- applies to all lettings/sales 2. full DD needed on all new instructions 3. agents have a Duty of care to all parties
name of the regulations protecting businesses
Business Protection from the Misleading Marketing Regulations, 2008
what does the consumer rights act 2015 give rise to?
new rights and remedies. Consolidates the law relating to unfair terms & contracts between businesses and consumers.
Name of the Act relevant to marketing material?
Misrepresentation Act 1967
details of the Misrepresentation act?
A civil offence to make a false statement during pre contractural enquiries, which has an effect of inducing the party to purchase.
