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EAA Exam

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hareme's version from 2017-09-14 04:50

Code of Ethics

Question Answer
A licensee should notify EAA on change of registered adress within14 days
If your lic card is lost or stolen how long to reapplyas soon as practicable
If lic renewal is refused / revoked a licensee should not apply for how long12 month / 1 year
Should apply for renewal of lic withinnot more than 3 mo. not less than 1
In event of investigation by EAA one shouldproduce documents, provide explanation, give all assistance
How long to notify EAA if ceasing to engage in estate agency work21 days
Licensed estate agent should state WHAT in any letter, account, recipe, pamphlet, brochure, other document AND advertisementslic number / business name / place of business
A licensed estate agent who carries on the business of estate agency work should ensure that each of his officeHe is Director and any office singular or multiple are under separate control and management of a mgr( with licence Agents Licence ) appointed by Director
When receives money shoulduse the money to make payments to his clients as his client directs in writing
A licensed estate agent should notify EAA by completing FORM 9 in the Schedule PR with how many days of employing or terminating salesperson31 Days
Estate agent should notify EAA --- FORM 10 Days of his appointing or terminating appointment of manager31 days
When lic employee receives money of an accountshould pay such monies to estate agent who employs him or TRUST ACCOUNT maintained by such estate agent / company or to relevant solicitors for safe keeping
A licensed estate agent / salesperson should, before accepting appointment form a person to act for that personinform that person that her is a lic. estate agent and his lic. #
What documents should a licence estate agent have on his premisesValid statement of Particulars of business, Bus Registration Certificate, all licence documentation of agents and sales persons
What if an agent looses Particulars of Business DocumentApply to EAA as soon as is practical for replacement
What information must an agent disclose to the public at all times Address of place of business, licence number EAA, Full Registered Business Name.
You can apply for grant to reinstate ceased or suspended lic after24 months
What is FORM 12 forceasing to be partner in estate agency work notification to PR
A co holding a valid EA licence must have at least one whatDirector, Manager for each office, Be licensed
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Must a private company have more separate Directors/Co sec ; No can be both roles
Question Answer
Must each Director have a licenceYes Valid EA licence.
What is FORM 11 fornotification to PR of cessation of Director
Whenever you visit a property what must you provide to potential customerlicence no, Estate Agent Agreement, Listings - area, description of Building, Mgt Fee, Govt Rent, Rental Amount, particulars - carpark, facilities
What is considered unethical or immoral behaviourstopping cars, breaking road laws, displaying advertising on roadside, contacting sole agent clients directly, harrasment, making fake offers, misleading, not doing DD, not disclosing Dual agency,
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PRACTICE REGULATIONS

 

Question Answer
Can you keep monies in your own personal accountNo must be trust or solicitors accounts
Are oral communication and permissions acceptableNo
Timeframe applicable for an Estate Agents Agreement7 days
Can you obtain commissions from a client sublistingNo
Must you do land search with every tenancy agreementYes
What is a Dual Agency TransactionEA or Salesperson representing Purchaser and Vendor
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TRANSACTIONAL SALES/ LEASE

Question Answer
In acting for a Vendor in the sale of a property, or in action for a purchaser when Vendor is not represented by any estate agent, a licensed estate agent should completeFORM 1
In acting for the LANDLORD in the leasing of a property, or in acting for a tenant when the landlord is not represented by any estate agent, a licensed estate agent should complete FORM 2
In acting for a vendor in the sale of a property, a licensed estate agent should enter intoFORM 3 with the VENDOR
In acting for a purchaser in the purchase of a property, a licensed a\estate agent should enter intoFORM 4 with the VENDOR
In acting for the LANDLORD in the leasing of a property, a lic. estate agent should enter intoFORM 5 with the LANDLORD
In acting for the TENANT in the leasing of a property, a licensed estate agent should enter intoFORM 6 with the TENANT
What documents must bee given with FORM 6 to the TenantPlans, Lands and Valuation Dept, Have completed Land Search
What Is a Tenants in Commonno right of survivorship if other tenant dies, all owners must sign, unless due to illness solicitor can be designated signatory
What does Trustee mean has duty to administer documentation & holds legal estate to administer for owners.
Is a Personal Representative the same as a Trusteeyes becomes " Trustee in deceased estate "
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What documentation should you look for when handling PR or Trustee cases: Grant of Probate.
Question Answer
What happens if there is no willHigh Court will appoint administrator
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Why should you look to see if there is any mortgage on property even for lease: Tenant could be affected if owner defaults on mortgage and could loose agreements.
Question Answer
What is a " Joint Tenancy "has right of survivorship i.e. married couple owners. Property is co-owned
How long is a sole agency agreement valid for
When do you not need to complete forms for Sale/ Leasecar space or Lease of Residential Property with separate kitchen/bathroom/toilet
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What is an Assignment Document: Vendor solicitor standard draft/contract
Question Answer
What is a " controller "required for first sale developments - trains staff, manages adequate HC, manages compliance info, maintains order, ensures compliance with COE,
Can an Agent sell a new apartment prior to official releaseNO
When is a deposit taken from a purchaserwhen vendor accepts PASP in writing.
When should a Historical and Current Land search be doneOwnership Less than 5 years, but good for standard practice
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Question Answer
What to look for in a land searchaddress DD, Owner/s DD and ID confirmation and collection, Incumbrance's - Occ Permit , # of owners and type & check legality of structures, Description of property, Purchase Price for Neg Equity ID, Terms of Lease
What is a DMCDeed of Mutual Covenant - contract by developer. Inc Mgmt of Building & Maint, Right Obligations of Co-owners, Duties and Powers of appointed Mgr
A lic. agent should enter into and estate agency agreement with a VENDOR on the happening of one of the following eventsa) within 7 working days of accepting instruction to sell or lease, b) prior to advertising, C) prior to signing agreement for sale and purchase / lease
A lic. agent should enter into and estate agency agreement with a PURCHASER on the happening of one of the following eventsa) prior to arranging and inpection of a property by the purchaser, b) prior to the signing of and agreement for sale for purchase / lease
What does Mortgage or Legal charge meanMonies owed on property.
What is a Deed of Release /DischargeMonies owed, part ownership released, Look for details in incumbrances.
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What is a Deed Family Arrangement: agreement reached between beneficiaries in deceased estate.
Question Answer
When can a sale be cancelledwhen both parties agree, agreement cancellation signed. If vendor exercises right to cancel - seek legal advice
What should you do if there is a building Ordinance /Notice on a land search still o/Standingcheck with owner, seek legal advice, Conduct DD prior to PASP, duty to inform client.
When is a owner responsible for costs for common areaswhen stipulated as " order Notice for common area - means joint owners responsible.
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Do " nominations " in SAP attract stamp Duty: Possibly - unless unless nominee is spouse, parent, child or Trustee.
Question Answer
After signing an agreementEA should stop marketing the property or disclose any further offers to the vendor - not have still listed as available on any marketing material
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EA MANAGEMENT

 

Question Answer
How long should an estate agent keep a record of all the listing of properties and agreementsnot less than 3 years
How long must an EA keep employees records & hours worked12 months
Must an EA have a Accountant employedYes for P & L
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What is vicarious liability: EA responsible for all employees acts and can be liable for wrong doing.
Must you disclose interests to clients - commissions etc: yes all benefit's eligibility
Question Answer
Must EA have an employee handbookYes regularly maintained for policy, training, compliance, practice codes, common law obligations, procedures, Data protection, Direct Marketing Dbase and records,
Must all EA offices have a " controller " employedno only relevant to First Sales and developer sales
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If the EA is a public Company how often must they have AGM: every 15 moths - docs shared signed & recorded.
Question Answer
How much notice must be given for future AGM21 days in writing
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Can an EA in a partnership Company draw a salary: No
Must all contracts be signed by both partners in a PA run EA: yes.
How many week is a full-time person entitled for maternity leave: 10 weeks after 40 weeks service
How many days annual leave is a FT employee entitled to after completion of 1 year: 7 days ( 14 days after 9 years )
Question Answer
Must an employee give a medical certificate if claiming Mat leaveyes along with notice in writing of intent to claim.
How many days notice must you give perm employee after 1 months service7 days
What is the DDODisability Discrimination Ordinance
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Where do you obtain saleable land area data: Rates and Valuation Dept
What should be included in EA Complaints handling systems: systems and policy to address - separate policy and Agreement for Debt collection - legal advice, partnership mirrored procedures to avoid liability
Question Answer
How long must an FT employee have to qualify for Annual Leave3 months
When is a person considered a Perm FT employee4 weeks continual service with more than 18 hours per week.
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LEASE & TENANCY MATTERS

 

What is the difference between a lease and a tenancy: lease is over 3 year period executed as a deed both parties sign and seal. Tenancy under 3 years bound by Tenancy Agreement.
Question Answer
When is a tenant not eligible for 3rd party protection on their TAif not registered with Lands Registry
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What is the definition of a licence: non exclusive right to occupy land ( i.e. stall, car park )
Why is it important to register a lease with the Land Registry: ensures 3rd party / lease protection if property is sold or at risk.
Question Answer
What is the difference between a fixed term tenancy and a periodic tenancyPeriodic continues until either party wants out - rental period is notice period, not in writing. FT is for a Fixed Term Common Law contract
Is stamp duty payable on a lease/ tenancy, how much and in what period of timeyes , 30 days, Cant register LR without Stamp Duty, amount IRD calculates
memorize

 

Commission
Question Answer
A SUB listing agent should not demand commission fromthe client
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A lic. estate agent should issue a written receipt

 

Question Answer
Effective control of estate agent operations meanshaving proper procedures or systems to supervise and mange the business, database for marketing purposes maintained, keep and maintain employee records, ensure secure record keeping and data protection for records.
memorize