Purchase and sale (lvl 1)

Question 1

Tell me about the four methods of sale.

Question 2

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

Question 3

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

Question 4

How do exchange and completion work in an auction transaction?

Question 5

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

Question 6

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

Question 7

What are the 6 key principles of the Estate Agents Act 1979?

Question 8

How does Section 18 relate to your agency practice?

Question 9

What are the four agency bases?

Question 10

What are the differences between the four agency bases? Where are these defined?

Question 11

What is a ready, willing and able purchaser?

Question 12

How does Section 21 relate to your agency practice?

Question 13

What 3 things do you need to make a contract?

Question 14

Can a verbal contract be legally binding?

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 & sale work.

Question 24

What are current SDLT levels for commercial property?

Question 25

What is SDLT?

Question 26

What are the different types of interest in land?

Question 27

What is the difference between freehold and leasehold?

Question 28

What is an example of an equitable interest in land?

Question 29

What is an example of a legal interest in land?

Question 30

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

Question 31

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

Question 32

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

Question 33

Tell me about CPSEs and the sale process.

Question 34

What is a Memorandum of Sale?

Question 35

Talk me through the legislative/regulatory requirements relating to
auctions.

Question 36

Talk me through the auction process.

Question 37

When is an auction sale legally binding?

Question 38

What due diligence should be carried out pre-auction?

Question 39

What are the advantages/disadvantages of buying/selling at auction?

Question 40

What are the RICS Common Auction conditions?

Question 41

What are the key principles? Under these, when is completion set for?

Question 42

How do you find out about an auction property?

Question 43

Should you view an auction property before buying?

Question 44

What is/are an Important Notice to Bidders/Memorandum of
Sales/general conditions of sale?

Question 45

What would the legal pack contain?

Question 46

What might be a special condition of sale?

Question 47

What is a guide price?
What is a reserve price?
Which of these are confidential?
How do these differ?

Question 48

What is an addendum?

Question 49

What fees are typical for an auctioneer?

Question 50

Can you sell a property before or after auction?

Question 51

How does finance work for auctions? What deposit is typically payable and when?

Question 52

How can you bid at auction?

Question 53

What is a proxy bid?

Question 54

When is insurance required for in relation to an auction purchase?

Question 55

Is VAT payable on auction properties?

Question 56

What are the key principles of RICS Guidance Note Auctioneers Selling
Real Estate (6th Edition)?

Question 57

What are the EPC requirements at auction?

Question 58

Do you have to check anything in relation to an auction venue?

Question 59

What does the Sale of Land by Auction Act 1867 say?

Question 60

How are arrears dealt with in relation to auction properties?

Question 61

What should be included in auction particulars?

Question 62

What is the power to sell?

Question 63

What are the requirements around the Auctions (Bidding Agreements)
Acts 1927 and 1969?

Question 64

Explain what you understand by the planning use classes. When were these last amended and what changes were made?

Question 65

Why are POA listings unlawful?

Question 66

What key changes were introduced in respect of this competency by the
Charities Act 2022?

Question 67

If you didn’t buy unconditionally how else can you buy land?