Purchase and sale - lvl 1

Question 1

Tell me about the four methods of sale.

Question 2

Tell me about an advantage and disadvantage of a sale by private treaty/formal tender/informal tender/auction.

Question 3

Tell me about the legal processes to complete a purchase/sale.

Question 4

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

Question 5

Tell me about your understanding of the Estate Agents Act 1979.

Question 6

How does Section 18 relate to your agency practice?

Question 7

What are the four agency bases?

Question 8

What are the differences between the four agency bases?

Question 9

Where are these defined?

Question 10

What is a ready, willing and able purchaser?

Question 11

How does Section 21 relate to your agency practice?

Question 12

What 3 things do you need to make a contract?

Question 13

Can a verbal contract be legally binding?

Question 14

What is capacity in relation to contract law?

Question 15

Does the sale of land have to be in writing and what Act defines this point?

Question 16

Tell me about key points of the Consumer Protection / Business Protection Regulations.

Question 17

What is an average consumer/material information?

Question 18

What are considered to be unfair practices under this legislation?

Question 19

How does the Misrepresentation Act 1967 relate to your agency practice?

Question 20

Tell me three key issues raised in the RICS Real Estate Agency and Brokerage Standards / RICS Commercial Real Estate Agency (Purple Book).

Question 21

Tell me about a factor which drives property markets.

Question 22

Tell me about supply and demand in a property market you are familiar with.

Question 23

Tell me about government incentives which impact demand in relation to your purchase and sale work.

Question 24

What is SDLT?

Question 25

What are current SDLT levels for commercial property?

Question 26

What is the difference between freehold and leasehold?

Question 27

Where are interests in land defined?

Question 28

What is an example of a legal interest in land?

Question 29

Why would you use online marketing for a purchase/sale transaction?

Question 30

Why would you use a marketing board for a purchase/sale transaction?

Question 31

Tell me about an information pack you have prepared for a purchase/sale transaction.

Question 32

What is a Memorandum of Sale?