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Questions and Answers
A licensed estate agent must enter into an estate agency agreement with a vendor within 14 working days after accepting the vendor's instruction to sell or lease the residential property concerned.
False
If a licensed estate agent acts for a purchaser, they must enter into an estate agency agreement with the purchaser after signing an SPA or a lease of the property, whichever is later.
False
It is not necessary for a licensee to explain to a person who is not legally represented the different types of agency appointment in the estate agency agreement.
False
A licensee is not required to explain every term and condition in the estate agency agreement to ensure the person is aware of their rights and obligations under the agreement.
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It is recommended that a person seek legal advice if they understand every term and condition in the estate agency agreement.
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A licensed estate agent has 10 working days after accepting the vendor's instruction to sell or lease a property before entering into an estate agency agreement.
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A licensed estate agent should enter into an estate agency agreement with a purchaser before advertising the property for sale or lease.
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Before signing an SPA or a lease of the property, a licensed estate agent must enter into an estate agency agreement with a purchaser.
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If a person is legally represented, it is not necessary for a licensee to explain every term and condition in the estate agency agreement to ensure they are aware of their rights and obligations.
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It is not required for a licensed estate agent to recommend seeking legal advice to a person who does not understand any explanations provided about the estate agency agreement.
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