Complete

Question 1

What does ‘Without Prejudice’ mean?

Answer 1

Means correspondence marked with it cannot later be admitted in evidence before a court or employment tribunal without the consent of both parties concerned.

Question 2

What does ‘Subject to Contract’ mean?

Answer 2

• The parties are still negotiating and have not yet reached a final, binding agreement.
• Used to ensure that people do not enter into a binding agreement.

Question 3

What does ‘Without Prejudice, Save as to Costs’ mean?

Answer 3

• It means should the matter go to Court, the parties can then disclose communications when the Court comes to decide the issue of costs.

Question 4

What different Agency Agreements can you have?

Answer 4

• Sole Agency
• Sole Selling Rights Agency
• Multiple Agency
• Joint Sole Agency

Question 5

What is Sole Agency?

Answer 5

• When one firm has the exclusive rights to market your property for a fixed period.
• Usually 1-2% commission.
• Firm may get complacent.
• May include less market coverage.

Question 6

What is Multi Agency?

Answer 6

• When two or more agents act for the vendor and the agent who sells the property earns the commission.
• Competitive.
• Fee will usually be between 2% and 3.5%.

Question 7

What is Joint Agency?

Answer 7

• Where two agents “share” commission, irrespective of who finds the buyer.
• Wider marketing campaign.
• Agents may take the view they will receive commission no matter if they find the buyer or not!

Question 8

What is Sole Selling Rights?

Answer 8

-agent is entitled to their fee or commission whoever sells the property or introduces the buyer.

Question 9

What is a ‘cooling off’ period?

Answer 9

Agents have to give sellers/vendors 14 days in which they can change their mind, without penalty, about instructing them.

Question 10

What are the methods of sale?

Answer 10

• Private Treaty
• Formal Tender
• Informal Tender
• Auction

Question 11

What are the payment rates for the Hedgerow Standard, Low and no input Grassland and Agricultural and Horticultural Soils standard?

Answer 11

Hedgerow Standard - £19/m (was £16/m)
Low and no input Grassland - £28/ha (introductory)
Agricultural and Horticultural Soils - £22/ha (introductory)

Question 12

What is the difference between Mid & Higher Tier Stewardship?

Answer 12

• Higher Tier is for land that requires more complex management, tailored to the individual site.
• Mid Tier = 5 year agreement
• Higher Tier = 10 year agreement

Question 13

What is Cross Compliance?

Answer 13

Made up of;

• ‘Statutory Management Requirements’ (SMRs)
• Standards for ‘Good Agricultural and Environmental Conditions’ (GAECs).
• A set of rules which farmers and land managers must follow on their holding if they are claiming certain rural payments.