Mentioned in submission Flashcards

Question

What is the purpose of the Estate Agents Act 1979?

Answer 1

The Estate Agents Act 1979 regulates work as an estate agent. Its purpose is to make sure that an agent works in the best interests of your clients, and that both buyers and sellers are treated honestly, fairly and promptly. Why this information is important If you don't comply with the law, you could be banned from working as an estate agent If you ignore a ban, you could be prosecuted and fined

Answer 2

Specifies information agent must give to the prospective client before entering into an agency contract – in writing When the client will become liable to pay remuneration. Amount of agent’s remuneration. Particulars which don’t form part of agent’s remuneration e.g. marketing exp. Nature of instruction (eg sole)

Answer 3

Specifies information agent must give to the prospective client before entering into an agency contract – in writing When the client will become liable to pay remuneration. Amount of agent’s remuneration. Particulars which don’t form part of agent’s remuneration e.g. marketing exp. Nature of instruction (eg sole)

Answer 4

They protect consumers from unfair or misleading trading practices and ban misleading omissions and aggressive sales tactics

Answer 5

prohibit misleading business-to-business advertising and impose further restrictions on how businesses compare their products to rival products from other companies.

Answer 6

To satisfy your obligations under the CPRs and BPRs, you need to treat consumers, business customers and competitors fairly. It will help if you can show that you act diligently, in keeping with any professional standards and taking reasonable steps to avoid committing a breach

Answer 7

A statutory declaration is a formal statement made affirming that something is true to the best knowledge of the person making the declaration. It has to be signed in the presence of a solicitor, commissioner for oaths or notary public.

Answer 8

The landlord serves a warning notice on the tenant, with specified content, explaining that the tenant’s rights are being waived. The tenant makes either a simple or statutory declaration to acknowledge that it understands the consequences of contracting out. A simple declaration can only be made if the tenant has received the warning notice at least 14 days before the grant of the lease. The lease includes an endorsement referring to the landlord’s notice and the tenant’s declaration and the parties’ agreement that the relevant provisions of the 1954 Act are to be excluded from the lease.

Answer 9

Often in Commercial Property, a tenant may require certain alterations to the property they occupy under a lease. To carry out these alterations, the tenant will likely need the consent of the landlord. This consent will come in the form of a document called a ‘Licence for Alterations’.

Answer 10

The effect of a parties’ arrangement in practice was more important than any labels attached to it by the parties.

Answer 11

Receive instructions from the client Check competence / independence / conflicts of interest / money laundering Issue Terms of Engagement to the client and request confirmation in writing Inspect in accordance with the RICS Guide to Surveying Safely (guidance note). There are 4 stages of inspection Measure in accordance with IPMS / the Code of Measuring Practice (NIA / GIA) Note agents boards and get comparable evidence Market Rental Valuation (NOT Red Book as this is for Agency purposes) Report to the client and put together draft letting particulars in accordance with legislation Carry out viewings and deal with enquiries Receive offers and advise clients accordingly Bear in mind rent, lease length, covenant strength Draft heads of terms and circulate Assist client's solicitor on pre-contract enquiries

Answer 12

Describe a Typical Development Appraisal of an office property from Start to Finish: (Assume you are paying X for a piece of land and the Y is the target (Profit/Return). A (1) Acceptance of the instruction, COI check, terms of engagement, understanding of the key requirements of the client, crucially for the appraisal: Profit desired (or profit on cost, or ROCE) I.e. what they are trying to achieve, build costs based on contractors quotes received, timing, cost of finance – the inputs that may be more specific to them and qualified with quotes / previous experience of the developer. AND what you are targeting – are you trying to establish how much they should pay for a site, or how much profit you would be able to make. (2) Calculation of Gross Development Value (MR * Cap Rate) your MR would come from comparable evidence your cap rate would also come from comparables – cap rate would be described as a NIY or All-risk yield (implicit in the yield are all factors). (3) Establish full costs of the development: Cost of the Land inc acquisition costs Cost of construction. Contingencies Professional Fees Cost of Finance (Straight line compound for the development land, but S-Curve construction costs because of the timing of the drawdown) Cost of sales agent Letting fees (10% of Y1 rent) Void/Holding Cost (4) Calculate profit on cost of the development, and then make and report an assessment of viability on the site.

Answer 13

RICS guidance note on Design and Specification 2013

Answer 14

The RIBA Plan of Work organises the process of briefing, designing, delivering, maintaining, operating and using a building into eight stages.

Answer 15

Strategic Definition Preparation and Briefing Concept Design Spatial Coordination Technical Design Manufacturing and Construction Handover Use

Answer 16

Specifications describe the products, materials, and work required by a construction contract. They do not include cost, quantity, or drawn information, and so need to be read alongside other information such as quantities, schedules, and drawings.

Answer 17

A perscriptive specification is where the design is already complete. Prescriptive specifications typically contain detailed descriptions of the following components: General requirements relating to regulations and standards. The type of products and materials required. The execution and installation methods required.

Answer 18

A performance specification gives the contractor and suppliers more scope to innovate and adopt cost effective methods of work, potentially offering better value for money.

Answer 19

CLT Pros: high strength-to-weight ratio, timber is a carbon sink - sustainable Cons: Less thermally efficient than concrete Offsite modular building Pros: Building offsite within a controlled factory environment minimises risk, resulting in a faster build programme, assured quality control and enhanced build performance standards. Cons: Offsite manufacturing requires a large investment up front and returns over the long term, so you need a stable market

Answer 20

Restriction of the use of Hazardous Substances directive bans the sale of fluorescent lights from 1 September 2023