Purchase and sale (lvl 1) Flashcards
Tell me about the four methods of sale.
Tell me about an advantage/disadvantage of sale by private
treaty/formal tender/informal tender/auction.
Tell me about the legal processes to complete a purchase/sale.
How do exchange and completion work in an auction transaction?
Tell me about your understanding of legislation relevant to your agency
practice.
Tell me about your understanding of the Estate Agents Act 1979.
What are the 6 key principles of the Estate Agents Act 1979?
How does Section 18 relate to your agency practice?
What are the four agency bases?
What are the differences between the four agency bases? Where are these defined?
What is a ready, willing and able purchaser?
How does Section 21 relate to your agency practice?
What 3 things do you need to make a contract?
Can a verbal contract be legally binding?
Does the sale of land have to be in writing and what Act defines this
point?
Tell me about key points of the Consumer Protection / Business
Protection Regulations.
What is an average consumer/material information?
What are considered to be unfair practices under this legislation?
How does the Misrepresentation Act 1967 relate to your agency
practice?
Tell me three key issues raised in the RICS Real Estate Agency and
Brokerage Standards / RICS Commercial Real Estate Agency (Purple
Book).
Tell me about a factor which drives property markets.
Tell me about supply and demand in a property market you are familiar
with.
Tell me about government incentives which impact demand in relation
to your purchase & sale work.
What are current SDLT levels for commercial property?
What is SDLT?
What are the different types of interest in land?
What is the difference between freehold and leasehold?
What is an example of an equitable interest in land?
What is an example of a legal interest in land?
Why would you use online marketing for a purchase/sale transaction?
Why would you use a marketing board for a purchase/sale transaction?
Tell me about an information pack you have prepared for a
purchase/sale transaction.
Tell me about CPSEs and the sale process.
What is a Memorandum of Sale?
Talk me through the legislative/regulatory requirements relating to
auctions.
Talk me through the auction process.
When is an auction sale legally binding?
What due diligence should be carried out pre-auction?
What are the advantages/disadvantages of buying/selling at auction?
What are the RICS Common Auction conditions?
What are the key principles? Under these, when is completion set for?
How do you find out about an auction property?
Should you view an auction property before buying?
What is/are an Important Notice to Bidders/Memorandum of
Sales/general conditions of sale?
What would the legal pack contain?
What might be a special condition of sale?
What is a guide price?
What is a reserve price?
Which of these are confidential?
How do these differ?
What is an addendum?
What fees are typical for an auctioneer?
Can you sell a property before or after auction?
How does finance work for auctions? What deposit is typically payable and when?
How can you bid at auction?
What is a proxy bid?
When is insurance required for in relation to an auction purchase?
Is VAT payable on auction properties?
What are the key principles of RICS Guidance Note Auctioneers Selling
Real Estate (6th Edition)?
What are the EPC requirements at auction?
Do you have to check anything in relation to an auction venue?
What does the Sale of Land by Auction Act 1867 say?
How are arrears dealt with in relation to auction properties?
What should be included in auction particulars?
What is the power to sell?
What are the requirements around the Auctions (Bidding Agreements)
Acts 1927 and 1969?
Explain what you understand by the planning use classes. When were these last amended and what changes were made?
Why are POA listings unlawful?
What key changes were introduced in respect of this competency by the
Charities Act 2022?
If you didn’t buy unconditionally how else can you buy land?
