Part 1: Part 1: Introduction to the Estate Agency Trade in Hong Kong
Estate Agency Qualifying Examination · Part 1: Part 1: Introduction to the Estate Agency Trade in Hong Kong
Further reading: Part 1: Introduction to the Estate Agency Trade in Hong Kong study notes →
Which of the following are reasonable public expectations of estate agents? (i) Adequate knowledge of the law and property transactions (ii) Providing clients with accurate property information (iii) Exercising due care and diligence when carrying out clients' instructions (iv) Allowing clients sufficient time and freedom to make decisions
Why: (i) Correct: both vendors and purchasers expect estate agents to have adequate knowledge of the law and of property transactions (EALP Part 1, p. 10).(ii) Correct: the public expects agents to provide clients with accurate property information.(iii) Correct: the public expects agents to exercise due care and diligence in carrying out clients' instructions so as to protect their interests.(iv) Correct: the public expects agents to allow clients sufficient time and freedom to decide, never exerting undue influence or coercion.Therefore the answer is E.
Which of the following are "technical factors" (as distinct from housing and land policy) that influence property prices in Hong Kong? (i) The level of bank interest rates (ii) Government land sale and public auction policies (iii) Mortgage lending rules (such as loan-to-value caps) (iv) Macroeconomic data (such as GDP growth)
Why: (i) Correct: interest rates directly affect mortgage costs and borrowing costs, a technical factor (syllabus 1.3.2; EALP Part 6, p. 3).(ii) Incorrect: land supply and land sale policies fall under "housing policy and land policy" (syllabus 1.3.1), not technical factors.(iii) Correct: mortgage rules such as loan-to-value caps and stress tests are technical factors.(iv) Correct: economic indices such as GDP growth and the unemployment rate are technical factors.Therefore the answer is A.
Which of the following statements about the establishment and functions of the Estate Agents Authority (EAA) are correct? (i) The EAA is a statutory body established under the Estate Agents Ordinance (ii) The EAA is a government department whose members are all civil servants (iii) The EAA issues licences to estate agents and salespersons (iv) The EAA handles complaints against licensees (v) All EAA members are elected by the trade
Why: (i) Correct: the EAA is a body corporate, i.e. a statutory body, established under section 4 of the Estate Agents Ordinance (EALP Part 2, para. 3). (ii) Incorrect: the EAA is not a government department; its members are appointed by the Chief Executive and are not all civil servants. (iii) Correct: issuing licences to qualified estate agents and salespersons is one of the EAA's principal functions (s. 7). (iv) Correct: the EAA investigates and handles complaints against licensees and may conduct disciplinary proceedings. (v) Incorrect: EAA members are appointed by the Chief Executive, not elected by the trade. Therefore the answer is D.
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