CHARTERED INSTITUTE OF ESTATE AGENTS
ESTATE AGENCY THEORY AND PRACTICE EXAMINATION TIME ALLOWED 5 HOURS.
ORDINARY PASS MARK - 40 points HONOURS PASS MARK - 50 points
FINANCIAL As well as the means by which most people are able to purchase a house or flat, a mortgage is also:
- Another name for a personal pension.
- An investment.
- A useful way to eliminate credit card debts without paying anything back.
- A way to make a profit without doing anything.
- A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. You may choose more than 1 answer - 10 points.
LEGAL: An Estate Agent is the Agent for
- The buyer.
- The Building Society.
- Both Solicitors.
- No-one - he acts for himself.
- A person closely associated with the property but not listed above. You may choose more than 1 answer - 10 points.
"Sold subject to contract" means
- Someone recently asked for the sale particulars.
- You showed someone the property last month who seemed interested and are waiting for them to get back to you.
- The seller of the property lives more than 100 miles away and never visits.
VALUATIONS When valuing a property for sale the Estate Agent should always value at.
- The price the seller says he wants.
- 10% more than the price of the highest valuation received by the seller so far.
- 10% more than any similar property currently on the market.
BUYER REGISTRATION 1. A person registered as wanting particulars of all properties priced at up to
150,000 should be sent particulars of properties:- priced at up to 200,000.
- priced at up to 300,000.
BUYER REGISTRATION 2. A person registered as wanting a family home with minimum 3 beds priced at circa 150,000 should be sent:
- All types of properties providing they are priced at less than 100,000 and more than 200,000.
- Any studio's, 1 bed flats, or retirement bungalows, if they've been the market longer than 6 months.
- Properties that are sold or "under offer" providing they will look nice to the buyer.
STRUCTURAL. A survey is usually carried out on a property being purchased because:
- It helps to convince the buyer they're getting a good deal.
- Estate Agents are known to be untrustworthy serial liars.
ADJECTIVES: Choose the description which best describes the Estate Agents' normal use of the word: "Victorian":
- Built more than 50 years ago.
- Old & decrepit.
- Room sizes bigger than boxes.
- Skirting boards greater than 4 inches wide. You may choose more than 1 answer - 10 points.
PROPERTY DESCRIPTIONS Choose the description which best describes the Estate Agents' normal use of the word: "Study"
- A large broom cupboard where the vacuum cleaner and ironing board used to be kept
- A former cellar.
- A former coal house.
- A partition in the hallway.
The description "DINING KITCHEN" means:
- enough room for 2 tall stools and a breakfast bar worktop.
- enough room for 2 tall stools only.
Which of the following items best explains the Estate Agents use of the term "SOME ORIGINAL FEATURES" when describing an old property?
- Old floorboards riddled with woodworm
- Lead plumbing to kitchen pipes
- Gas & electric meters in hallway near front door.
- Significant damp patches on external walls above skirting board level.
The Estate Agents' use of the word "IMPROVED" in the property description usually means:
- Cheap aluminium replacement glazing
- Imitation wood panelled internal walls
- A plastic front door
- Concreted front garden
- Polystyrene ceiling tiles to all rooms
- Staircase in lounge You may choose more than 1 answer - 10 points
"MASTER BEDROOM" actually means:
- 9' x 9' into bay
- 9' x 9' including fitted wardrobes
- The property has at least 1 bedroom
- A room not used by the live-in servant. You may choose more than 1 answer - 10 points
"Plus a BOX ROOM" actually means
- A small cupboard but with a full sized door.
- A room to store empty cardboard boxes.
- A room where the cat can sleep.
- The third bedroom in a three bed house.
A "PERIOD BATHROOM" usually means:
- A Chocolate Brown suite circa 1972
- An Avocado Green Suite circa 1975
- DIY Plumbing circa 1968
- Tin bath & outside loo circa 1877.
An "INVESTMENT OPPORTUNITY" best describes
- A large rambling property expertly subdivided into 10 flats all let to DHS tenants
- That the Property is unmortgageable
A "MATURE GARDEN" means
- It's over 21 years old.
- A 6' high overgrown weed jungle.
- Contains a nice assortment of scrap cars, old tyres, rusty bikes, rotten wood, 1970's bathroom fittings, assorted builders rubble, and a stagnant pond in the corner.
"EASY ACCESS TO TRANSPORT" means:
- Directly fronting onto the North Circular or the A1
- Next door to a Railway/Bus Station
- Next door to an all-night taxi office & rank
- 2 miles from Heathrow/Gatwick, and directly under the flight path.
"CONVENIENT LOCATION" means:
- Next door to a nightclub
- Next door to a takeaway
- Next door to a Tesco, Asda, or /Sainsbury's
- Next door to a Pub
"SOLD SIGNS" 1. - A sold sign should be erected outside a property:
- As soon as the sale particulars have been typed up
- If the are any competitors sold signs on nearby properties
- If the sign board contractor is passing by anyway
- In order to brag to the competition.