Free RICS APC Revision Quiz - Leasing & Letting

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* 1. What are sole selling rights?

Fee due if unconditional contracts exchanged during period of sole selling rights, even if purchaser found by another agent or client. After expiry of sole selling rights, no fee due.

Fee due if unconditional contracts exchanged during period of sole selling rights, even if purchaser found by another agent or client. After expiry of sole selling rights, fee due if contracts exchanged with purchaser introduced during period or with whom agent had negotiations.

Fee due if conditional contracts exchanged during period of sole selling rights, even if purchaser found by another agent or client. After expiry of sole selling rights, fee due if contracts exchanged with purchaser introduced during period or with whom agent had negotiations.

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* 2. What are sole agency rights?

Fee due if unconditional contracts exchanged with purchaser introduced by agent or another agent or with whom agent had negotiations during period of sole agency. Fee also due if purchaser found by client.

Fee due if conditional contracts exchanged with purchaser introduced by agent or another agent or with whom agent had negotiations during period of sole agency.

Fee due if unconditional contracts exchanged with purchaser introduced by agent or another agent or with whom agent had negotiations during period of sole agency. No fee due if purchaser found by client.

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* 3. What does the Property Misdescriptions Act 1991 say?

Caveat emptor

Nothing - it's been repealed

It works with the CPRs and BPRs

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* 4. What was the main change brought in by the Consumer Protection from Unfair Trading Regulations (CPRs) & Business Protection from Misleading Marketing Regulations 2008 (BPRs)?

Caveat emptor still applies - there is a stronger duty on tenants to undertake due diligence

Can do whatever you want as an agent so long as it is permitted by law

Wider scope so cannot rely on caveat emptor principle

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* 5. What is a misrepresentation?

Misrepresentation of fact during negotiations which causes a tenant to make a poor decision

Misrepresentation during negotiations which is relied upon and causes a tenant financial loss

Misrepresentation of fact during negotiations which is relied upon and induces other party to enter contract

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* 6. Name current RICS leasing & letting guidance.

RICS Real Estate Agency & Brokerage Professional Statement (2rd Edition, 2012)

RICS Real Estate Agency & Brokerage Professional Statement (3rd Edition, 2016)

RICS UK Commercial Real Estate Agency Professional Statement (1st Edition, 2016) (Purple Book)

RICS UK Commercial Real Estate Agency Guidance Note (1st Edition, 2012) (Purple Book):

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* 7. Under the REAB PS, can you disclose offers to other tenants?

Yes - if you have consent of your client and the tenant (and inform all parties)

No - never

Yes - if you have your client's consent

Yes - it's only fair in negotiations

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* 8. How long do you have to confirm offers in writing to your client?

1 day (2 in exceptional circumstances)

7 days

14 days

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* 9. What does the Landlord & Tenant (Covenants) Act 1995 say?

Applies from 1 January 1996

For new leases, assignor (outgoing tenant) is automatically released from liabilities upon assignment.

Applies from 1 January 1995

For old leases, original tenant is liable until expiry (also includes subsequent tenants and guarantors who gave direct covenant in Licence to Assign)

For new leases, assignor (outgoing tenant) is not released from liabilities upon assignment.

For old leases, original landlord (but not successors) liable until expiry

For old leases, assignor (outgoing tenant) is automatically released from liabilities upon assignment.

For old leases, original landlord (and successors) liable until expiry

Abolished privity of contract for new leases

Created privity of contract for new leases

For new leases, successive landlords liable until expiry unless released by tenant upon assignment or Court order granted on the grounds that the release is reasonable

For new leases, successive landlords not liable until expiry

Under new leases, no automatic requirement to provide a rent deposit or guarantor, although the landlord can require an AGA to be given when reasonable

Under new leases, automatic requirement to provide a rent deposit and AGA

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* 10. Can a tenant assign a lease to it's guarantor?

Yes - this is permitted under the recent EMI ruling

No - this would be void under the recent EMI ruling

Only if it is a group company

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* 11. What happens if there is no alienation clause in a lease?

The tenant has no right to alienation

The tenant is free to do what they want in relation to alienation

The tenant may only assign their lease in accordance with law

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* 12. What planning regulations relate to marketing boards?

Flat boards can be no larger than 2 sq m

Flat boards can be no larger than 4 sq m

V boards can be no larger than 2.3 sq m

1 per building

V boards can be no larger than 6 sq m

Must not project more than 1m from the wall

No more than 1 per building frontage

Must not project >4.6m above the ground

Need planning consent for illuminated, remote or boards erected on listed buildings or in conservation areas

Must not project more than 0.5m from the wall

Must not project >2.3m above the ground