ESTATE AGENCY THEORY AND PRACTICE EXAMINATION

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:

  1. Another name for a personal pension.
  2. An investment.
  3. A useful way to eliminate credit card debts without paying anything back.
  4. A way to make a profit without doing anything.
  5. 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

  1. The buyer.
  2. The Building Society.
  3. Both Solicitors.
  4. No-one - he acts for himself.
  5. 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

  1. Someone recently asked for the sale particulars.
  2. You showed someone the property last month who seemed interested and are waiting for them to get back to you.
  3. The seller of the property lives more than 100 miles away and never visits.
10 points

VALUATIONS When valuing a property for sale the Estate Agent should always value at.

  1. The price the seller says he wants.
  2. 10% more than the price of the highest valuation received by the seller so far.
  3. 10% more than any similar property currently on the market.
10 points.

BUYER REGISTRATION 1. A person registered as wanting particulars of all properties priced at up to

150,000 should be sent particulars of properties:
  1. priced at up to 200,000.
  2. priced at up to 300,000.
3 priced at up to 400,000. 10 points

BUYER REGISTRATION 2. A person registered as wanting a family home with minimum 3 beds priced at circa 150,000 should be sent:

  1. All types of properties providing they are priced at less than 100,000 and more than 200,000.
  2. Any studio's, 1 bed flats, or retirement bungalows, if they've been the market longer than 6 months.
  3. Properties that are sold or "under offer" providing they will look nice to the buyer.
10points

STRUCTURAL. A survey is usually carried out on a property being purchased because:

  1. It helps to convince the buyer they're getting a good deal.
  2. Estate Agents are known to be untrustworthy serial liars.
10 points

ADJECTIVES: Choose the description which best describes the Estate Agents' normal use of the word: "Victorian":

  1. Built more than 50 years ago.
  2. Old & decrepit.
  3. Room sizes bigger than boxes.
  4. 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"

  1. A large broom cupboard where the vacuum cleaner and ironing board used to be kept
  2. A former cellar.
  3. A former coal house.
  4. A partition in the hallway.
10 points.

The description "DINING KITCHEN" means:

  1. enough room for 2 tall stools and a breakfast bar worktop.
  2. enough room for 2 tall stools only.
10 points

Which of the following items best explains the Estate Agents use of the term "SOME ORIGINAL FEATURES" when describing an old property?

  1. Old floorboards riddled with woodworm
  2. Lead plumbing to kitchen pipes
  3. Gas & electric meters in hallway near front door.
  4. Significant damp patches on external walls above skirting board level.
10 points.

The Estate Agents' use of the word "IMPROVED" in the property description usually means:

  1. Cheap aluminium replacement glazing
  2. Imitation wood panelled internal walls
  3. A plastic front door
  4. Concreted front garden
  5. Polystyrene ceiling tiles to all rooms
  6. Staircase in lounge You may choose more than 1 answer - 10 points

"MASTER BEDROOM" actually means:

  1. 9' x 9' into bay
  2. 9' x 9' including fitted wardrobes
  3. The property has at least 1 bedroom
  4. A room not used by the live-in servant. You may choose more than 1 answer - 10 points

"Plus a BOX ROOM" actually means

  1. A small cupboard but with a full sized door.
  2. A room to store empty cardboard boxes.
  3. A room where the cat can sleep.
  4. The third bedroom in a three bed house.
10points

A "PERIOD BATHROOM" usually means:

  1. A Chocolate Brown suite circa 1972
  2. An Avocado Green Suite circa 1975
  3. DIY Plumbing circa 1968
  4. Tin bath & outside loo circa 1877.
10 points

An "INVESTMENT OPPORTUNITY" best describes

  1. A large rambling property expertly subdivided into 10 flats all let to DHS tenants
  2. That the Property is unmortgageable
10 points

A "MATURE GARDEN" means

  1. It's over 21 years old.
  2. A 6' high overgrown weed jungle.
  3. 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.
10 points

"EASY ACCESS TO TRANSPORT" means:

  1. Directly fronting onto the North Circular or the A1
  2. Next door to a Railway/Bus Station
  3. Next door to an all-night taxi office & rank
  4. 2 miles from Heathrow/Gatwick, and directly under the flight path.
10 points

"CONVENIENT LOCATION" means:

  1. Next door to a nightclub
  2. Next door to a takeaway
  3. Next door to a Tesco, Asda, or /Sainsbury's
  4. Next door to a Pub
10 points

"SOLD SIGNS" 1. - A sold sign should be erected outside a property:

  1. As soon as the sale particulars have been typed up
  2. If the are any competitors sold signs on nearby properties
  3. If the sign board contractor is passing by anyway
  4. In order to brag to the competition.
10 points
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Sergeant Bilko
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Tim

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