Residential Purchase and Sale Quiz Flashcards
What is the key RICS guidance relating to residential agency work?
RICS Professional Statement - UK residential real estate agency (6th Edition, Sept 2017).
What is the RICS Professional Statement (6th Edition) known as?
Blue Book
Under the Consumers Rights Act 2015 and the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, how long does a cooling off period need to be fore contracts agreed away from trade premises (i.e. in a client’s home)?
14 days
What you must not do in relation to discrimination?
(3 marks)
- Discriminate on the basis of gender, age, race, creed, religion, disability, sexual orientation, or national origin.
- Discriminate against vulnerable customers - but only explicitly.
- Favour any party because they are likely to instruct you on other property matters, or use services offered by you or your related parties.
- Discriminate against vulnerable customers - either explicitly or implicitly.
- Discriminate on the basis of gender, age, race, creed, religion, disability, sexual orientation, or national origin.
- Favour any party because they are likely to instruct you on other property matters, or use services offered by you or your related parties.
- Discriminate against vulnerable customers - either explicitly or implicitly.
What is vulnerability defined as?
Anything that may have an impact on a person’s ability to make a sound and reasoned decision.
When might a dual fee liability arise? (2 marks)
- If the client previously instructed another agency to sell or let the same property on a sole or joint sole agency or a sole letting rights basis.
- If the client previously instructed another agent to sell or let the same property on a multiple agency basis.
- If the client instructs another agent during or after the period of your sole agency or sole selling rights or you personal buyer or tenant client has been using another agent on a sole or joint sole agency basis.
- If the client previously instructed another agency to sell or let the same property on a sole or joint sole agency or a sole letting rights basis.
- If the client instructs another agent during or after the period of your sole agency or sole selling rights or you personal buyer or tenant client has been using another agent on a sole or joint sole agency basis.
Do you have to provide written particulars of any services that a connected person intends to provide to a prospective purchaser?
Yes
Is an EPC required when a property is marketed for agency purposes?
Yes
How long is an EPC valid for?
10 years
If you are aware or have reason to believe that a property has physical problems, do you have to inform potential buyers of these?
Yes - and you should ideally advise your client on possible investigations to be carried out before marketing the property.
When should accompanied viewings be carried out?
4 marks
- When you hold the keys to a property (unless otherwise agreed with the client).
- The property is empty.
- The seller or landlord is or may feel vulnerable.
- You feel this may increase the prospect of a sale.
What is the advised timescale for providing information or feedback on viewings?
3 working days
If you are using an informal tender process, what information should you request with best bids?
(5 marks)
- Name and address of legal advisors with contact details.
- Confirmation of funds.
- Period within which the buyer can exchange contracts.
- Any conditions on which the offer is made.
- Any fixtures, fittings or furnishings included in the offer.
Would your client be obliged to accept the highest or any offer?
No
Can you carry out viewings after an offer is accepted?
You must obtain your client’s instructions on whether the property will withdrawn from the market or if it will continue to be marketed.
