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These terms are widely used in advertisements, marketing boards and on property portal listings, but there is some confusion within the industry and with the public about the use of these terms and what they mean, which can lead to frustration and delay in the home buying and renting process.
This includes specific definitions for when terms like ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ should be used, in order to provide consistency and improve standards across the industry.
1a This Code applies to estate agency services (*) in the United Kingdom (except Scotland) provided by a person or organisation who has agreed or is required to comply with it for the marketing of residential property (*). Note that letting and buying agents in the United Kingdom and letting, management and sales agents operating in Scotland are
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The Real Estate Agency Code comprises high level principles. This professional statement applies to the selling, buying and letting of residential real estate.
Dec 28, 2023 · Definition: Collaborating with social media influencers to promote real estate properties or services to their followers. Example: Partnering with a local influencer to showcase and promote a new housing development.
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Sep 11, 2017 · This professional statement covers: Real Estate Agency Code. Real estate agency and brokerage and real estate management: RICS professional statement. Standards and ethics. Before securing instructions. Acting for the seller or landlord: marketing the property.
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Ad Valorem - According to valuation. Adverse Possession - A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period.
