RICS Professional Statement UK residential real estate agency

Question 1

What is the RICS Professional Statement UK RESIDENTIAL REAL
ESTATE AGENCY effective from?

Answer 1

September 2017

Question 2

What does the RICS Professional Statement UK RESIDENTIAL REAL ESTATE AGENCY set out?

Answer 2

Outlines the principles that shape the culture of fairness and
transparency that underpin all activities undertaken by real estate agents and develops these principles for the UK market.

Question 3

Before providing marketing advice what must you do according to the RICS Professional Statement UK RESIDENTIAL REAL
ESTATE AGENCY set out?

Answer 3

-inspect the whole property inside and out
-where measurements are taken you should take all reasonable steps to ensure that
these are accurate using the basis of measurement generally adopted in the markets in
which the property will be offered. Sales details should indicate the method of UK RESIDENTIAL REAL ESTATE AGENCY IP27 measurement used (e.g. net useable area; gross external area; heated floor area; net lettable
area)
-review the general condition of the property
-ask the client questions to establish that they are the legal owner and any relevant issues
that may impact on the marketing strategy you adopt.

Question 4

What questions should you ask a client prior to marketing a property?

Answer 4

-Why their selling
-info on facilities (eg. parking, RoW)
-if there is more than one legal owner
-how serious they are about selling
-is the sale dependent on other factors (eg. job move)
-whether any other agent has been or is likely to be appointed

Question 5

When should you undertake accompanied viewings?

Answer 5

• you hold the keys to a property (unless you agree otherwise, in writing, with the client)
• the property is empty
• the seller or landlord is, or may feel, vulnerable
• you feel this will increase the prospect of a sale or letting

Question 6

Why are accompanied viewings useful?

Answer 6

Accompanied viewings can be very useful in helping you to ‘qualify’ buyers by finding out details
of their personal and financial circumstances. This will be useful when advising your client
regarding offers received and may be easier to obtain than in a discussion over the telephone.