Purchase and Sale

Question 1

What are the 6 key principles of the Estate Agents Act 1979 and what is the Estate Agents (Provision of Information) Regulations 1991

Answer 1

Disclosure of interest
Terms of business
Client money handling
misrepresentation

key sections:

S18 - misrepresentation
s21 - disclosure
s22 - duty to disclosure offers

The Estate Agents (Provision of Information) Regulations 1991 was issued to provide more detailed rules. The Act set the legal framework, the regulations clarified specific duties around transparency and disclosure.

Question 2

Tell me about your understanding of legislation relevant to your agency practice?

Answer 2

Estate Agency Act 1979
Misrepresentation Act 1967
Consumer Protection from Unfair Trading Regulations (CPRs) 2008
Money laundering Regulations

Question 3

What is the RICS professional statement relating to purchase and sale and how did you comply with within your instructions?

Answer 3

UK Commercial Real Estate Agency

I ensured I followed the strict professional and ethical standards ensuring i was competent to act, conflicts of interest check and AML.

Agreeing terms of business

Reporting to the client

marketing the property

and ending the instruction.

Question 4

What is a ready willing and able purchaser?

Answer 4

Ready - agreed to purchase and taken necessary steps

Willing - genuinely wants to purchase

able - finances in place, able to proceed