Purchase and Sale L2

Question 1

Explain a factor which has impacted upon sale value/sale terms, from your experience.

Answer 1

How easily the property would let.

Question 2

Explain an example of when you have provided marketing/sale strategy to a client.

Answer 2

The Bank.

Question 3

Talk me through an example of when you have purchased/sold a property.

Answer 3

Field Assarts.

Question 4

3 Digbeth Court. In relation to your example, can you provide me with further details on your checks?

Answer 4

Check with colleagues
Checked internal database.
Checked AML.

Question 5

3 Digbeth Court. Tell me about your pre-inspection checks you undertook.

Answer 5

Client checks
Background informaiton from client
Statutory
Location/market
Risk assessment

Question 6

3 Digbeth Court. Can you provide more information on the nature of the building comment?

Answer 6

Freehold.
Single story
Flat roof
Show room plus W/C and storage.
Small retail in a courtyard of shops set just off the primary shopping area. Owner occupied.

Question 7

3 Digbeth Court. You took best bids, was this best and final in order to conclude the matter?

Answer 7

Yes

Question 8

3 Digbeth Court. If a bid came in following an agreement that was greater than agreed, how would you manage this?

Answer 8

I would have acknowledged the offer and advised them that their offer had been received outside of the prescribed window.

I would have sent it in full to the client and allowed them to decide.

Question 9

3 Digbeth Court. Tell me about the legal frameworks governing sale and purchase of the subject property.

Answer 9

Land Registration Act 2002
Law of Property Act 1925
Town and Country Planning Act 1990
Landlord and Tenant Act 1954
Environmental Protection Act 1990
Equality Act 2010
Finance Act 2003 (specifically for Stamp Duty Land Tax)
Misrepresentations Act 1967
CPR and BPR’S
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017:

Question 10

Model Railway Museum. Tell me a little more about the subject property.

Answer 10

Cotswold Stone, end terrace, grade II listed, prime location Bourton, historically occupied for 30 years plus, unusual internal configuration, large flat above, parking to the rear, poor frontage.

Question 11

Model Railway Museum. What did you do in relation to the conflict-of-interest check?

Answer 11

My client was known to the firm and I had worked with before.
I checked with the equity partner in the firm dealing with residential sales.
He obtained informed consent from his client.
Effectively a Chinese wall between information on the property and their clients in internal electronic systems.
Separate office so no physical risk.
Essentially made sure that I could not intentionally or inadvertently access information that would give rise to a conflict.

Question 12

Model Railway Museum. You acted in accordance with Estate Agents Act 1979 and the Global Real Estate Agency and Brokerage Professional Statement, tell me how.

Answer 12

Estate Agents Act 1979
- Transparent Fees and Charges
- Duty of Care to act in clients best interest.
- Care to accurately appraise the property.
Global Real Estate Agency and Brokerage Professional Statement
- Honesty
- Skill
- Terms
- Conflicts
- Communicate

Question 13

Model Railway Museum. Talk me through your understanding of the investment method.

Answer 13

Determines Market Value based on capitalising the income from a property asset at a yield(s) that reflect the risk associated with the income.