Part 3: Part 3: Law Governing Estate Agency Practice and Conveyancing Procedures
Estate Agency Qualifying Examination · Part 3: Part 3: Law Governing Estate Agency Practice and Conveyancing Procedures
If a provisional agreement provides that the property is sold on an "as is" basis, which of the following statements correctly reflect the legal effect of the clause? (i) The vendor warrants all alterations comply with the Buildings Ordinance (ii) The purchaser takes subject to tenancies subsisting at the agreement date (iii) The purchaser accepts the property in its actual condition at the provisional agreement date
Why: (i) Incorrect: an "as is" clause is not a warranty by the vendor as to unauthorised building works or Buildings Ordinance compliance.(ii) Incorrect: the clause concerns only the physical condition of the property and says nothing about existing tenancies.(iii) Correct: "as is" means the purchaser accepts the property in its actual condition as at the date of the provisional agreement, with no vendor warranty as to condition (EALP Part 3 p25).Therefore the answer is C.
Under common law, which of the following are essential elements for the formation of a valid contract? (i) Offer (ii) Acceptance (iii) Intention of all parties to create legal relations (iv) Agreement on how contract disputes will be resolved (v) Valid consideration
Why: (i) Correct: offer is one of the four essential elements of a contract (HKRE_EA01_40C p23).(ii) Correct: acceptance is an essential element.(iii) Correct: the parties must intend to create legal relations.(iv) Incorrect: an agreement on dispute resolution is not required for a contract to be formed.(v) Correct: valid consideration is an essential element.Therefore the answer is B.
Estate agent Chi-keung copied his vendor client's identity card, passed an extra copy to an insurance-broker friend for marketing without telling the client, and later lost the copy. Which Data Protection Principles under the Personal Data (Privacy) Ordinance may he have breached? (i) Ensuring personal data collected is accurate (ii) Personal data must not be used for a purpose other than that of collection (iii) Taking reasonable steps to prevent unauthorised access to or leakage of data (iv) The data subject has the right to request correction of data
Why: (i) Incorrect: DPP 2 (accuracy) is not engaged on these facts.(ii) Correct: passing the data to a third party for marketing without consent breaches DPP 3 (use of personal data) (HKRE_EA01_40C p24).(iii) Correct: losing the identity card copy breaches DPP 4 (security of personal data).(iv) Incorrect: DPP 6 (access and correction) is not engaged on these facts.Therefore the answer is A.
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