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HK real estate exam.
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- Question 1 of 30
1. Question
Which of the following statements are true in relation to ex-holders of licenses who wish to re-enter the trade?
I. Ex-holders of an estate agent’s or salesperson’s license is allowed to apply for the same type of license if they apply within the relevant period.
II. Ex-holders are allowed to apply for another type or switch license provided they meet the criteria allowed for such license.
III. Ex-holders are not allowed to apply for another type or switch license.
IV. An ex-holder of a salesperson’s license can apply for an estate agent’s license if he passed a qualifying examination for estate agents.
V. An ex-holder of an estate agent’s license can apply for a salesperson’s license if he passed a qualifying examination for a salesperson.CorrectEx-holders of licenses are allowed to apply for the grant of the same type of switch to another type of license if the provisions are complied with. An ex-holder of an estate agent’s license can apply for a salesperson’s license if he applies within the relevant period. On the other hand, an ex-holder of a salesperson’s license can apply for an estate agent’s license if he passed a qualifying examination for estate agents or he has finished a training course for estate agents on or before December 31, 2001, where he was a senior practitioner.
IncorrectEx-holders of licenses are allowed to apply for the grant of the same type of switch to another type of license if the provisions are complied with. An ex-holder of an estate agent’s license can apply for a salesperson’s license if he applies within the relevant period. On the other hand, an ex-holder of a salesperson’s license can apply for an estate agent’s license if he passed a qualifying examination for estate agents or he has finished a training course for estate agents on or before December 31, 2001, where he was a senior practitioner.
- Question 2 of 30
2. Question
Which of the following statements are correct in relation to estate agency work?
I. A licensee may include information in issuing advertisements which he thinks may be beneficial for the property even without the consent of the vendor.
II. If a licensee receives payment of a commission, he should issue a receipt within seven working days.
III. When a license estate agent receives a commission paid by the client, the agent should issue a corresponding receipt immediately.
IV. A licensee shall not arrange any inspection and viewing of property without obtaining first the vendor’s consent.
V. A licensed estate agent shall make sure that all information included in an advertisement is correct and with the vendor’s consent.CorrectIf a licensee receives payment of a commission, a receipt should be issued immediately to the client. In terms of viewing and inspection of a property, it should only be pushed through with the consent of the vendor. When making advertisements for a property, the licensee should only include information based on the vendor’s instructions only and must be accurate.
IncorrectIf a licensee receives payment of a commission, a receipt should be issued immediately to the client. In terms of viewing and inspection of a property, it should only be pushed through with the consent of the vendor. When making advertisements for a property, the licensee should only include information based on the vendor’s instructions only and must be accurate.
- Question 3 of 30
3. Question
When a licensee receives an offer for a property, a licensee should:
I. Present to the client only the good offers and exclude those offers that he may consider as not very good offers.
II. Present all offers received to the client as soon as possible after the acceptance of the offer.
III. Disclose to the client all the offers received in the order it was received.
IV. Provide his expert opinion to the client in order to influence the client to select the most beneficial agreement for him.
V. Present to the client the offers received in an objective and fair manner.CorrectIf offers are received for a property, the licensee should present all offers received to the client in the order as it was received and must be objective and unbiased in doing so.
IncorrectIf offers are received for a property, the licensee should present all offers received to the client in the order as it was received and must be objective and unbiased in doing so.
- Question 4 of 30
4. Question
Which of the following are NOT correct in terms of keeping of accounts and records of a licensed estate agent?
I. The records should include all the receipts for not less than five years after the receipt is issued.
II. If a licensed estate agent deposits money for a client, he is not required to retain a copy of such a deposit slip as long as he gave the client a copy of the deposit slip.
III. Upon instruction by the client, a licensed estate agent may withdraw money from a trust account and by a cheque or by an electronic funds transfer.
IV. A licensed estate agent is not allowed to withdraw money from a trust account of a client under any circumstances or any method.
V. A license estate agent should keep a copy of all receipts and deposit slip for not less than three years of the issuance of such receipts or when the deposits are made.CorrectA licensed estate agent is required to keep a record of all receipts and deposits made for than less than three years of such events. He may be allowed to withdraw from a client’s trust account only with the client’s instruction and through cheque or an electronic funds transfer only.
IncorrectA licensed estate agent is required to keep a record of all receipts and deposits made for than less than three years of such events. He may be allowed to withdraw from a client’s trust account only with the client’s instruction and through cheque or an electronic funds transfer only.
- Question 5 of 30
5. Question
What are the criteria that a holder of a salesperson’s license be allowed to apply for the grant of an estate agent’s license?
I. He was a passer of the qualifying examination for estate agents at any time.
II. He has worked as an apprentice for at least 1 year as an estate agent.
III. He has successfully completed on or before 31 December 2001 a training course for estate agents as a senior practitioner.
IV. He passed the qualifying examination for estate agents on or before 31 December 2001.
V. He has attended seminars and workshops for estate agents with valid certificates.CorrectA holder of a salesperson’s license is permitted to switch to an estate agent’s license provided that he was at any time was able to pass a qualifying examination for estate agents or as a senior practitioner he completed a training course for estate agents on or before 31 December 2001.
IncorrectA holder of a salesperson’s license is permitted to switch to an estate agent’s license provided that he was at any time was able to pass a qualifying examination for estate agents or as a senior practitioner he completed a training course for estate agents on or before 31 December 2001.
- Question 6 of 30
6. Question
Which of the following statements are applicable to holders or ex-holders of an estate agent’s license?
I. A holder of an estate agent’s license is allowed to apply for the grant of a salesperson’s license.
II. An ex-holder may apply for a salesperson’s license provided the application is made within the relevant period.
III. A holder is not allowed to switch to a salesperson’s license.
IV. An ex-holder can apply for the same type of license at any time.
V. An ex-holder can apply for a salesperson’s license if passed a qualifying examination for salespersons.CorrectHolders of an estate agent’s license can apply for a salesperson’s license without any additional requirements to meet. Ex-holders of an estate agent’s license as well can apply for the same license as long as he makes the application within the allowed period.
IncorrectHolders of an estate agent’s license can apply for a salesperson’s license without any additional requirements to meet. Ex-holders of an estate agent’s license as well can apply for the same license as long as he makes the application within the allowed period.
- Question 7 of 30
7. Question
When a licensed estate agent receives payment for a commission from a client, the licensed estate agent should:
I. Give a receipt to the client as soon as it is practicable.
II. Retain a copy of receipts issued for not less than five years from the date of issuance.
III. Issue a written receipt immediately to the client.
IV. Keep a copy of the issued receipt for not less than three years from the date of issuance.
V. Issue an electronic receipt to the client immediately.CorrectA licensed estate agent should issue a written receipt upon the acceptance of payment of commission from a client and must keep a copy of such for not less than three years from the date such receipts were issued.
IncorrectA licensed estate agent should issue a written receipt upon the acceptance of payment of commission from a client and must keep a copy of such for not less than three years from the date such receipts were issued.
- Question 8 of 30
8. Question
When acting for a vendor and before entering into an agreement for the sale and purchase or a lease for a property, what should a license do?
I. Inform the purchaser to arrange a viewing and inspection of the property with the vendor.
II. Conduct an update-to-date land search of the property concerned.
III. Proceed with the agreement without an up-to-date land search if the documents of the property are within his possession.
IV. Require the vendor an initial payment for his commission.
V. Give the purchaser a copy of the up-to-date land search.CorrectAn up-to-date land search must be conducted by a licensee and a copy of such should be given to the purchaser before entering into an agreement for the sale and purchase or a lease for a property.
IncorrectAn up-to-date land search must be conducted by a licensee and a copy of such should be given to the purchaser before entering into an agreement for the sale and purchase or a lease for a property.
- Question 9 of 30
9. Question
Which of the following are expected to be observed and complied with by a licensee if a client is not legally represented when entering into an agreement for the sale and purchase or a lease for a property?
I. The licensee should make sure that the client understands the meaning of each clause in the agreement by explaining carefully and thoroughly to the client.
II. Notify the client that the agreement will not be pushed through if the client does not get a legal representative.
III. Recommend to the client to seek legal advice if there are parts of the agreement that the client is confused about or does not understand any part of the explanation made by the licensee.
IV. Inform the client that it is the client’s responsibility to understand all that is written in the agreement.
V. Proceed with the signing of the agreement and inform the client that if there are clarifications or questions the client may ask after.CorrectThe licensee should explain to the client all that is written in the agreement and ensure that the client understands all the details. However, if the client still has some reservations or confusion, the licensee should recommend to the client to acquire the services of legal advice.
IncorrectThe licensee should explain to the client all that is written in the agreement and ensure that the client understands all the details. However, if the client still has some reservations or confusion, the licensee should recommend to the client to acquire the services of legal advice.
- Question 10 of 30
10. Question
In relation to property inspection and viewing by a purchaser, which statements are true?
I. A licensee may arrange any property inspection and viewing by a purchaser without the consent of the vendor because the licensee is acting for the vendor.
II. A licensee should direct the interested purchaser to the vendor so they can arrange by themselves.
III. A licensee is expected to assist the purchaser in making the necessary arrangements.
IV. A licensee must accompany the purchaser except if the purchaser instructed the licensee not to do so.
V. A vendor’s consent must be acquired first before the arrangement of property inspection and viewing by a purchaser.CorrectA licensee should obtain first the vendor’s consent for any property inspection and viewing by a purchaser. After getting the consent, the licensee should assist in making the arrangement with the purchaser and should accompany the purchaser except if the purchaser instructs the licensee not to accompany.
IncorrectA licensee should obtain first the vendor’s consent for any property inspection and viewing by a purchaser. After getting the consent, the licensee should assist in making the arrangement with the purchaser and should accompany the purchaser except if the purchaser instructs the licensee not to accompany.
- Question 11 of 30
11. Question
When a licensed estate agent personally presents an unexecuted estate agency agreement for signature by a client and it is signed, what should be the consequent action of the agent?
I. Give a copy of the executed agreement only to the client immediately and not including the related documents.
II. Immediately give the client a copy of the executed agreement.
III. Deliver a copy of the executed agreement to the client when it is practicable to the licensed estate agent.
IV. Inform the client to come to the licensed estate agent’s office if the clients want to have a copy of the agreement.
V. Deliver to the client any documents related to the executed agreement.CorrectThe licensed estate agent should give a copy of the executed agreement to the client immediately after its signing including any documents referred to in the agreement.
IncorrectThe licensed estate agent should give a copy of the executed agreement to the client immediately after its signing including any documents referred to in the agreement.
- Question 12 of 30
12. Question
When entering into an agreement with a purchaser, a licensed estate agent may do so only on which events?
I. The inspection of the property has not been conducted.
II. After the inspection of the property by the purchaser.
III. The agreement for the sale and purchase or a lease of the property has not been signed.
IV. Before any advertisement has been issued in relation to the property concerned.
V. Prior to conducting an up-to-date land search.CorrectA licensed estate agent may enter into an agreement with a purchaser before the inspection of the property by the purchaser has been arranged or before the signing of the agreement for the sale and purchase or a lease of the property whichever is the earliest.
IncorrectA licensed estate agent may enter into an agreement with a purchaser before the inspection of the property by the purchaser has been arranged or before the signing of the agreement for the sale and purchase or a lease of the property whichever is the earliest.
- Question 13 of 30
13. Question
Which statement is correct when using forms in the conduct of estate agency work?
I. No form is prescribed when the licensed estate agent is acting for a purchaser when the vendor is not represented by any estate agent.
II. The licensed estate agent should use Form 1 and 2 when acting for the vendor in the sale of a propety.
III. The licensed estate agent should enter Form 4 with the purchaser when acting for a purchaser in the purchase of a property.
IV. Form 5 should enter into Form 5 with the landlord by a licensed estate agent when acting for a landlord in the leasing of a property.
V. The licensed estate agent should enter Form 6 with the tenant when acting for a tenant in the leasing of a property.CorrectForm 4 should be used with the purchaser when the licensed estate agent is acting for a purchaser in the purchase of a property. Form 5 and Form 6 are used respectively when a licensed estate agent is acting for a landlord in the leasing of a property and when acting for a tenant in the leasing of a property.
IncorrectForm 4 should be used with the purchaser when the licensed estate agent is acting for a purchaser in the purchase of a property. Form 5 and Form 6 are used respectively when a licensed estate agent is acting for a landlord in the leasing of a property and when acting for a tenant in the leasing of a property.
- Question 14 of 30
14. Question
Which of the statements are NOT correct about companies that are holding an estate agent’s license?
I. Only one of its directors has a valid estate agent’s license.
II. It should have at least two directors who have a valid estate agent’s license.
III. All of its directors has a valid estate agent’s license.
IV. It is not required to have a director if it has already a manager with a valid estate agent’s license.
V. It notifies the EAA within 31 days of appointment or termination of the appointment of a person as a director.CorrectCompanies that are holding an estate agent’s license should have at least one director who has a valid estate agent’s license. If it has more than one director all of them should have a valid estate agent’s license as well.
IncorrectCompanies that are holding an estate agent’s license should have at least one director who has a valid estate agent’s license. If it has more than one director all of them should have a valid estate agent’s license as well.
- Question 15 of 30
15. Question
A licensed estate agent who carries on the business of estate agency work is required to do the following:
I. Appoint a director for each of the offices.
II. Appoint a dedicated manager to manage each of the offices who must be a licensed estate agent.
III. Make sure that all salespeople working have a valid license.
IV. Appoint one licensed estate agent as a manager for all the offices.
V. Display in a very visible area in the business location the relevant statement of particulars of business.CorrectA licensed estate agent who carries on the business of estate agency must appoint a manager to manage each of the offices who must be a licensed estate agent. He needs to make sure as well that all the salespersons are holders of valid licenses.
IncorrectA licensed estate agent who carries on the business of estate agency must appoint a manager to manage each of the offices who must be a licensed estate agent. He needs to make sure as well that all the salespersons are holders of valid licenses.
- Question 16 of 30
16. Question
What should be done by a licensee in situations where he will recommend the services of any other person to a client?
CorrectIf a licensee makes a recommendation to a client for the services of any person, he should make sure that the client is aware of any beneficial interest that he may from such a recommendation.
IncorrectIf a licensee makes a recommendation to a client for the services of any person, he should make sure that the client is aware of any beneficial interest that he may from such a recommendation.
- Question 17 of 30
17. Question
What is the meaning of a self-contained unit property?
CorrectA self-contained unit is an independent property wherein there is a separate cooking facility. It has also a bathroom with or without a lavatory.
IncorrectA self-contained unit is an independent property wherein there is a separate cooking facility. It has also a bathroom with or without a lavatory.
- Question 18 of 30
18. Question
When can a licensee apply for renewal of license?
CorrectA licensee can apply for the renewal of the license not more than three months and not less than one month before the license will expire. Except if a prior written consent from EAA for a shorter period.
IncorrectA licensee can apply for the renewal of the license not more than three months and not less than one month before the license will expire. Except if a prior written consent from EAA for a shorter period.
- Question 19 of 30
19. Question
In events that a licensee’s license renewal is refused by EAA or his license is revoked by EAA, when can the licensee reapply for his license?
CorrectIf a licensee’s license is revoked or his renewal of the license is refused, the licensee may reapply again only after 12 months from the date of refusal or revocation.
IncorrectIf a licensee’s license is revoked or his renewal of the license is refused, the licensee may reapply again only after 12 months from the date of refusal or revocation.
- Question 20 of 30
20. Question
One of the codes of ethics for estate agents is that all estate agents and salespersons should minimize any conflict of interest situation. Which is an example of such a code of ethics?
CorrectEstate agents and salespersons should do their best to avoid situations where they have a conflict of interest such as avoiding any involvement in a property where they have a beneficial interest that may be accrued in the event that property may be disposed of.
IncorrectEstate agents and salespersons should do their best to avoid situations where they have a conflict of interest such as avoiding any involvement in a property where they have a beneficial interest that may be accrued in the event that property may be disposed of.
- Question 21 of 30
21. Question
Which of the following statements is applicable to all licensees?
CorrectAll licensee should are required to notify EAA if there is a change in the registered address. The notification should be done within 14 days of such change.
IncorrectAll licensee should are required to notify EAA if there is a change in the registered address. The notification should be done within 14 days of such change.
- Question 22 of 30
22. Question
What should a licensed estate agent do upon the appointment of a manager?
CorrectThe licensed estate agent should notify EAA for such an appointment as well the termination of an appointment of a manager by completing Form 10 in the Schedule of the PR within 31 days of such an event.
IncorrectThe licensed estate agent should notify EAA for such an appointment as well the termination of an appointment of a manager by completing Form 10 in the Schedule of the PR within 31 days of such an event.
- Question 23 of 30
23. Question
Which statement is correct about licensed estate agents carrying the business of estate agency work?
CorrectLicensed estate agents carrying the business of estate agency work are required to inform EAA of its appointment and termination of salespersons or a manager within 31 days. It should as well appoint a licensed estate agent to act as manager for each of its offices.
IncorrectLicensed estate agents carrying the business of estate agency work are required to inform EAA of its appointment and termination of salespersons or a manager within 31 days. It should as well appoint a licensed estate agent to act as manager for each of its offices.
- Question 24 of 30
24. Question
Which of the following is true about a director of a company that is holding an estate agent’s license?
CorrectA director of a company holding an estate agent’s license should have a valid estate agent’s license as well as compliant with 20(3) of the EAO and that is being a fit and proper person.
IncorrectA director of a company holding an estate agent’s license should have a valid estate agent’s license as well as compliant with 20(3) of the EAO and that is being a fit and proper person.
- Question 25 of 30
25. Question
What should a licensed salesperson do before doing any estate agency work for a person?
CorrectBefore pursuing any estate agency work, a licensed salesperson should assure the client of his authenticity as a salesperson by informing the client that he is a licensed salesperson by providing his license number.
IncorrectBefore pursuing any estate agency work, a licensed salesperson should assure the client of his authenticity as a salesperson by informing the client that he is a licensed salesperson by providing his license number.
- Question 26 of 30
26. Question
When an estate agent is acting for a purchaser and the vendor does not have any estate agent representation, what is the proper course of action of the licensed estate agent in this situation in relation to the use of Forms?
CorrectThe licensed estate agent should complete Form 2 in situations that the vendor does is not represented by any estate agent or when acting for the vendor in the sale of a property, Form 2 as well should be completed.
IncorrectThe licensed estate agent should complete Form 2 in situations that the vendor does is not represented by any estate agent or when acting for the vendor in the sale of a property, Form 2 as well should be completed.
- Question 27 of 30
27. Question
Which of the following situations that no form is prescribed for the purposes of the EAO?
CorrectIf a car parking space alone is for sale and purchase or for lease, no form is prescribed for the purposes of EAO as well as when the property for lease is not a self-contained unit.
IncorrectIf a car parking space alone is for sale and purchase or for lease, no form is prescribed for the purposes of EAO as well as when the property for lease is not a self-contained unit.
- Question 28 of 30
28. Question
What form should be used by a licensed estate agent when acting for a vendor in the case of sale and purchase or for the lease of a property?
CorrectA licensed estate agent when acting for the vendor, should use Form 1 for the sale and purchase of a property and Form 2 for the leasing of a property.
IncorrectA licensed estate agent when acting for the vendor, should use Form 1 for the sale and purchase of a property and Form 2 for the leasing of a property.
- Question 29 of 30
29. Question
If the licensed estate agent is acting for both the vendor and the purchaser, what should the licensed estate agent do in this situation?
CorrectA licensed estate agent may act for both the vendor and the purchaser provided that he must make sure that both clients are aware that he is in fact acting for both.
IncorrectA licensed estate agent may act for both the vendor and the purchaser provided that he must make sure that both clients are aware that he is in fact acting for both.
- Question 30 of 30
30. Question
Which statement is true for both the situations where the licensed estate agents enter into an estate agency agreement with a vendor and a purchaser?
CorrectIn both instances where the licensed estate agent enters into an agreement with the vendor or the purchaser, the licensed estate agent should only enter only before the signing of the agreement.
IncorrectIn both instances where the licensed estate agent enters into an agreement with the vendor or the purchaser, the licensed estate agent should only enter only before the signing of the agreement.
