P&S Legislation Flashcards
What are the principles / what does the Estate Agent Act promote?
Promotes 7 principles:
S18 - Clarity in terms of agency, and specify selling rights and costs before signed ToB
S21 - Openness with regards to any personal interests, to disclose if you have one
Honesty and accuracy
Absence of discrimination
Tell client of all offers in writing
Keep clients £ separate - follow RICS guidance on this
Who is the estate agents act 1979 policed by?
National
Trading
Standards
Estate and Lettings
Agency
Team
What is the Misrepresentation Act 1967?
Relates to the false statement of fact which could lead to a sale.
Misrep can be innocent, fraudulent or negligant.
What are the differences between the estate agents act and the misrepresentation act?
The misrepresentation act protects consumers from being told false advise or facts. You can be sued for any financial damages.
The estate agents act promotes principles that estate agents should follow in order to remain honest, accurate and truthful advice. You can have your rights to operate as an agent removed.
What do you know about the RICS Professional Statement on UK Residential Real Estate Agency 2017
Otherwise known as the blue book.
Provides a summary of practice in all aspects of property marketing for residential properties.
What does the RICS Professional Statement on UK Residential Estate Agency 2017 comprise of?
It comprises of:
Relevant legislation
Standards and Ethics
Securing & ending instructions
Property Marketing
What is the main legislation relating to purchase and sale?
The Consumer Protection from Unfair Trading Regulations 2008
What does the Consumer Protection Regulations entail?
The consumer protection regulations relates to the entire agency process.
It is a criminal offence to breach.
Duty is owed to the consumer, and I must give accurate information.
Relates to UNFAIR PRACTICE:
Giving false info
Hiding info
Failing to provide any info
Agency systems must have an audit trail
Who polices the consumer protection regulations 2008?
Trading Standards Office
When can someone be done for misrep?
when the vendor does the enquiries pre contract there is no disclaimer clause they can be sued.
What is cluttons disclaimer clause?
I have a disclaimer clause on all particulars / brochures stating that the photographs do not incorporate the entire building and suggest anyone interested should inspect the property to satisfy themselves.
This protects my firm against any misrepresentation and therefore any prevents us being sued.
