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Guyana Real Estate Salesperson Exam study materials
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Guyana Real Estate Salesperson Exam practice questions

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Question 1Guyana house-agent practice: local authority and defensible property decisions

Under the Tax Act, Chapter 80:01, every person (other than an auctioneer) who carries on the business of a house agent for the sale of immovable property in Guyana must do what before operating lawfully?

  1. Register only with the Guyana Real Estate Agents Authority
  2. Take out an annual House Agent Licence from the Guyana Revenue Authority Correct answer.
  3. Pass a one-time examination with no further obligation
  4. Obtain a permit from the Deeds Registry

Explanation

Section 29 of the Tax Act, Chapter 80:01, requires every person, other than an auctioneer, who acts as a house agent or commission agent for the sale of houses, tenements or immovable property to take out an annual licence. This Real Estate (House Agent) Licence is issued by the Guyana Revenue Authority (GRA) and must be renewed every year.

Question 2Guyana house-agent practice: local authority and defensible property decisions

How frequently must a Real Estate (House Agent) Licence in Guyana be renewed?

  1. Once every five years
  2. Once every three years
  3. Annually Correct answer.
  4. Only when the agent changes employer

Explanation

The House Agent Licence issued by the GRA under the Tax Act is an annual licence and must be renewed each year for the agent to continue carrying on business lawfully.

Question 3Guyana house-agent practice: local authority and defensible property decisions

Which body was established to regulate real estate agents and brokers, set a code of conduct, and run disciplinary proceedings under the Real Estate Agents and Brokers Act, No. 13 of 2023?

  1. The Deeds and Commercial Registries Authority
  2. The Guyana Real Estate Agents Authority Correct answer.
  3. The Special Organised Crime Unit
  4. The Guyana Revenue Authority

Explanation

The Real Estate Agents and Brokers Act, No. 13 of 2023, establishes the Guyana Real Estate Agents Authority to register and license agents and brokers, set a code of conduct, and conduct disciplinary proceedings through a Disciplinary Committee.

Question 4Guyana house-agent practice: local authority and defensible property decisions

Guyana operates two parallel systems of land ownership. Under the older Roman-Dutch system, the document that proves absolute ownership of land is called a:

  1. Certificate of Title
  2. Transport Correct answer.
  3. Lease agreement
  4. Agreement of sale

Explanation

Under the Roman-Dutch system used for most older Guyanese properties, ownership is held by a Transport, a formal deed registered at the Deeds Registry that confers full and absolute (freehold-equivalent) ownership.

Question 5Guyana house-agent practice: local authority and defensible property decisions

Under Guyana's Torrens land registration system (introduced in 1963), the document evidencing ownership is the:

  1. Transport
  2. Certificate of Title Correct answer.
  3. Deed of gift
  4. Bill of sale

Explanation

The Torrens system, introduced in Guyana in 1963, records ownership in a register and issues a Certificate of Title. It coexists with the Roman-Dutch transport system, so different properties may be held under either regime.

Question 6Guyana house-agent practice: local authority and defensible property decisions

A conveyance of property held by transport must be advertised in the Official Gazette. What is the main purpose of this advertisement?

  1. To set the asking price for the property
  2. To give persons with an interest the chance to file a notice of opposition before the conveyance passes Correct answer.
  3. To collect property tax from the buyer
  4. To register the real estate agent's commission

Explanation

The Deeds Registry Act requires every conveyance of transport property to be advertised in the Official Gazette so that anyone claiming an interest, such as a creditor or a person with a competing claim, can file a notice of opposition before the conveyance is passed.

Question 7Guyana house-agent practice: local authority and defensible property decisions

Which of the following is a recognised ground on which a person may file a notice of opposition to the passing of a transport?

  1. Dislike of the new buyer
  2. Undisturbed possession of the land for more than twelve years Correct answer.
  3. The property being advertised in the wrong newspaper
  4. The buyer not being a Guyanese citizen

Explanation

Recognised grounds for opposition include holding a transport, having an agreement of sale, having undisturbed possession of the land in excess of twelve years (prescriptive interest), or being owed a debt by the transportee. Undisturbed possession exceeding twelve years is therefore a valid ground.

Question 8Guyana house-agent practice: local authority and defensible property decisions

In Guyana, prescriptive (squatter's) title to land can generally be claimed after a person has had undisturbed, open possession for at least how long?

  1. Six years
  2. Twelve years Correct answer.
  3. Twenty-five years
  4. Three years

Explanation

Prescriptive title in Guyana generally requires undisturbed, open and uninterrupted possession of land for more than twelve years. The same twelve-year possession can found a notice of opposition to a transport.

Question 9Guyana house-agent practice: local authority and defensible property decisions

A salesperson tells a buyer that a property has clean title, but a title search reveals an undischarged mortgage. What should the salesperson have done before making the representation?

  1. Relied solely on the seller's verbal assurance
  2. Ensured a proper title search was conducted at the Deeds or Land Registry Correct answer.
  3. Assumed all older properties are free of encumbrances
  4. Asked the buyer to take the risk

Explanation

An agent must take reasonable care to verify title before representing it as clean. A title search at the Deeds Registry (for transport) or the Land Registry (for certificate of title) reveals mortgages, liens and other encumbrances that must be disclosed and addressed before sale.

Question 10Guyana house-agent practice: local authority and defensible property decisions

When a salesperson is engaged by a seller to market a property, the seller is best described in agency law as the:

  1. Sub-agent
  2. Principal Correct answer.
  3. Third party
  4. Fiduciary

Explanation

In an agency relationship, the party who appoints the agent and on whose behalf the agent acts is the principal. The agent owes fiduciary duties to the principal, including loyalty, disclosure and obedience to lawful instructions.

Question 11Guyana house-agent practice: local authority and defensible property decisions

A core fiduciary duty an agent owes to a principal is the duty of loyalty. Which action would breach this duty?

  1. Disclosing all material facts to the principal
  2. Secretly buying the principal's property through a relative at below market value Correct answer.
  3. Following the principal's lawful instructions
  4. Accounting to the principal for all funds received

Explanation

Secretly acquiring the principal's property through a relative, especially at an undervalue, is self-dealing that places the agent's interest above the principal's. It breaches the fiduciary duty of loyalty and the requirement of full disclosure.

Question 12Guyana house-agent practice: local authority and defensible property decisions

An agent represents the seller and is approached by a buyer who is unrepresented. Which statement best reflects the agent's duty to the buyer?

  1. The agent owes the buyer the same fiduciary loyalty as the seller
  2. The agent owes the buyer honesty and must not misrepresent material facts, even though loyalty is owed to the seller Correct answer.
  3. The agent may conceal known structural defects from the buyer
  4. The agent has no obligations at all to the buyer

Explanation

A seller's agent owes fiduciary loyalty to the seller, but still owes the buyer (a third party) a duty of honesty and fair dealing. The agent must not make false statements or conceal known material defects, even while advancing the seller's interests.

Question 13Guyana house-agent practice: local authority and defensible property decisions

An agent receives a higher offer after the seller has accepted a lower one but before contracts are signed. What is the agent's correct course of action?

  1. Hide the higher offer to protect the first buyer
  2. Promptly present the higher offer to the seller, who decides how to proceed Correct answer.
  3. Accept the higher offer without telling the seller
  4. Refuse to communicate any further offers

Explanation

The agent's duty of disclosure and loyalty to the seller requires presenting all offers promptly so the seller can make an informed decision. The agent advises but does not decide; the principal retains authority over the transaction.

Question 14Guyana house-agent practice: local authority and defensible property decisions

Which scenario is an example of an undisclosed dual agency that a salesperson should avoid?

  1. Representing only the seller in a transaction
  2. Secretly acting for both the buyer and the seller without informing either party Correct answer.
  3. Referring the buyer to a different independent agent
  4. Disclosing to both parties, in writing, that the agent represents both with their consent

Explanation

Acting for both buyer and seller without disclosure is undisclosed dual agency. It creates an undisclosed conflict of interest and breaches the duty of loyalty and good faith. Dual agency is only acceptable where it is fully disclosed and both parties consent in writing.

Question 15Guyana house-agent practice: local authority and defensible property decisions

A listing agreement primarily creates a relationship between which two parties?

  1. The buyer and the bank
  2. The seller (principal) and the real estate agent Correct answer.
  3. The Deeds Registry and the buyer
  4. Two competing agents

Explanation

A listing agreement is the contract by which a seller engages an agent to market and find a buyer for the property. It establishes the agency relationship between the seller (principal) and the agent and sets out the terms, including commission.

Question 16Guyana house-agent practice: local authority and defensible property decisions

Under an exclusive right to sell listing, when is the agent generally entitled to commission?

  1. Only if the agent personally introduces the buyer
  2. When the property sells during the listing period, regardless of who finds the buyer Correct answer.
  3. Only if the seller, not the agent, finds the buyer
  4. Never, because exclusive listings prohibit commission

Explanation

Under an exclusive right to sell listing, the listing agent earns the agreed commission if the property sells within the listing period, even if the buyer was found by the seller or another party. This is the broadest form of listing protection for the agent.

Question 17Guyana house-agent practice: local authority and defensible property decisions

Which document is the binding contract between buyer and seller that sets the price and terms before the transport or title is actually transferred?

  1. The Official Gazette notice
  2. The agreement of sale (sale and purchase agreement) Correct answer.
  3. The property tax return
  4. The valuation report

Explanation

The agreement of sale, or sale and purchase agreement, is the binding contract recording the price, deposit, conditions and completion arrangements. The legal transfer (passing of transport or change of certificate of title) follows the satisfaction of its conditions.

Question 18Guyana house-agent practice: local authority and defensible property decisions

For a contract for the sale of land to be enforceable, it should generally be:

  1. Made only verbally between friends
  2. Evidenced in writing and signed by the party to be bound Correct answer.
  3. Approved by the real estate agent's broker only
  4. Published in the newspaper

Explanation

Contracts for the sale of land are, by long-standing principle, required to be evidenced in writing and signed by the party to be charged. A written, signed agreement of sale provides the certainty and enforceability that a purely verbal arrangement lacks.

Question 19Guyana house-agent practice: local authority and defensible property decisions

A buyer pays a deposit and the agreement of sale is conditional on the buyer obtaining mortgage finance within 60 days. If finance is refused within that period, what is the usual effect?

  1. The buyer must complete regardless and forfeit the deposit
  2. The condition fails, the contract may be terminated, and the deposit is normally returned Correct answer.
  3. The seller automatically keeps the property and the deposit
  4. The agent keeps the deposit as commission

Explanation

A finance (subject-to-mortgage) condition protects the buyer. If the buyer cannot obtain finance within the stated period despite reasonable efforts, the condition is not met, the contract may be brought to an end and the deposit is normally refunded, subject to the contract's terms.

Question 20Guyana house-agent practice: local authority and defensible property decisions

Deposit money received from a buyer pending completion should normally be:

  1. Spent immediately by the agent
  2. Held in a separate client or trust account, not mixed with the agent's own money Correct answer.
  3. Given directly to the seller before completion without conditions
  4. Used to pay the agent's office rent

Explanation

Client deposit funds must be kept separate from the agent's own money in a client or trust account and accounted for. Commingling client money with business funds breaches the duty of accounting and the conduct standards expected of agents.

Question 21Guyana house-agent practice: local authority and defensible property decisions

Which Guyanese authority administers the Deeds Registry where transports and many other property instruments are recorded?

  1. The Guyana Revenue Authority
  2. The Deeds and Commercial Registries Authority (DCRA) Correct answer.
  3. The Bank of Guyana
  4. The Ministry of Tourism

Explanation

The Deeds and Commercial Registries Authority (DCRA) administers the Deeds Registry, which records transports, mortgages, leases and other instruments under the Roman-Dutch (transport) system.

Question 22Guyana house-agent practice: local authority and defensible property decisions

In a typical Guyanese conveyance of transport property, who normally prepares the transport deed and conducts the formal conveyancing?

  1. The real estate salesperson
  2. Attorneys-at-law acting for the parties Correct answer.
  3. The Official Gazette editor
  4. The valuation surveyor

Explanation

Conveyancing of transport property is carried out by attorneys-at-law, who prepare the transport, conduct title searches and handle the passing of the conveyance. The salesperson markets and negotiates but does not perform the legal conveyancing.

Question 23Guyana house-agent practice: local authority and defensible property decisions

Before completion, a prudent salesperson and the buyer's attorney should confirm that any existing mortgage on the property will be:

  1. Ignored, since mortgages do not affect buyers
  2. Discharged or otherwise cleared so the buyer takes free of that encumbrance Correct answer.
  3. Transferred secretly to the buyer without disclosure
  4. Increased to cover the agent's commission

Explanation

An existing mortgage is an encumbrance that must be discharged or settled out of the sale proceeds (or otherwise dealt with) so the buyer acquires clear title. This is normally arranged through the attorneys at completion.

Question 24Guyana house-agent practice: local authority and defensible property decisions

A mortgage in a property transaction is best described as:

  1. An outright gift of land
  2. A security interest given over property to secure repayment of a loan Correct answer.
  3. A tax levied on rental income
  4. A government grant for first-time buyers

Explanation

A mortgage is a security interest granted over real property to secure a debt, usually a loan to fund the purchase. If the borrower defaults, the lender can enforce the security against the property.

Question 25Guyana house-agent practice: local authority and defensible property decisions

When a Guyanese bank assesses a residential mortgage application, which factor is it most likely to consider central to repayment capacity?

  1. The colour of the house
  2. The borrower's income, existing debts and ability to service the loan Correct answer.
  3. The seller's nationality
  4. The number of trees on the property

Explanation

Lenders assess the borrower's income, existing debt obligations and overall ability to service the loan, alongside the value of the property offered as security. These determine affordability and the loan amount the bank will advance.

Question 26Guyana house-agent practice: local authority and defensible property decisions

A lender will usually require an independent valuation of a property before approving a mortgage primarily to:

  1. Decide the colour scheme for renovations
  2. Confirm the property provides adequate security for the loan amount Correct answer.
  3. Set the agent's commission rate
  4. Calculate the buyer's income tax

Explanation

Lenders order a valuation to confirm that the property's market value provides adequate security for the loan, ensuring the loan-to-value ratio is acceptable. If value is lower than expected, the bank may reduce the loan or decline it.

Question 27Guyana house-agent practice: local authority and defensible property decisions

In property valuation, the most probable price a willing buyer and willing seller would agree, with neither under compulsion and both fully informed, is the definition of:

  1. Insured value
  2. Market value Correct answer.
  3. Book value
  4. Salvage value

Explanation

Market value is the estimated amount for which a property would exchange between a willing buyer and willing seller in an arm's-length transaction, each acting knowledgeably and without compulsion. It is the standard basis for sale advice and mortgage security.

Question 28Guyana house-agent practice: local authority and defensible property decisions

Which valuation method estimates a property's value by comparing it with recent sale prices of similar nearby properties, adjusting for differences?

  1. The cost approach
  2. The sales comparison (comparable) approach Correct answer.
  3. The income capitalisation approach
  4. The straight-line depreciation method

Explanation

The sales comparison approach values a property by analysing recent sales of comparable properties and adjusting for differences such as size, location and condition. It is widely used for residential property where comparable sales exist.

Question 29Guyana house-agent practice: local authority and defensible property decisions

Which valuation approach is most appropriate for estimating the value of a commercial rental building that produces steady income?

  1. The income capitalisation approach Correct answer.
  2. The phonics approach
  3. The opposition approach
  4. The gift-deed approach

Explanation

The income capitalisation approach values income-producing property by converting expected net operating income into a capital value using a capitalisation rate. It is the standard method for commercial investment property.

Question 30Guyana house-agent practice: local authority and defensible property decisions

A salesperson prepares a comparative market analysis (CMA) for a seller. The CMA's main purpose is to:

  1. Provide a formal bank valuation that overrides a valuer's report
  2. Help the seller set a realistic asking price based on comparable sales and current market conditions Correct answer.
  3. Calculate the exact property tax due
  4. Replace the agreement of sale

Explanation

A CMA uses comparable sales, current listings and local market conditions to guide a seller toward a realistic, competitive asking price. It is advisory pricing support, not a formal valuation or a legal document.

Question 31Guyana house-agent practice: local authority and defensible property decisions

Guyana is a member of the Caribbean Financial Action Task Force (CFATF). For real estate professionals, this framework is most directly concerned with:

  1. Setting property tax rates
  2. Preventing money laundering and terrorist financing through property transactions Correct answer.
  3. Licensing surveyors
  4. Regulating bank interest rates

Explanation

CFATF, the regional body aligned with the global FATF standards, focuses on anti-money-laundering and counter-terrorist-financing. Real estate is a sector vulnerable to laundering, so agents are expected to support AML/CFT controls such as customer due diligence and reporting suspicious activity.

Question 32Guyana house-agent practice: local authority and defensible property decisions

A buyer wants to purchase a high-value property and insists on paying the full price in cash, refusing to provide identification or explain the source of funds. The salesperson should:

  1. Proceed quickly to avoid losing the sale
  2. Apply customer due diligence and report suspicious activity to the appropriate authority Correct answer.
  3. Accept the cash and keep no records
  4. Advise the buyer to split the cash into smaller undocumented payments

Explanation

Refusal to provide identification or explain the source of large cash funds is a classic money-laundering red flag. The agent must conduct customer due diligence, keep records and, where suspicion persists, report to the Financial Intelligence Unit as required under AML obligations.

Question 33Guyana house-agent practice: local authority and defensible property decisions

Which Guyanese unit is primarily responsible for investigating serious financial crime, including money laundering?

  1. The Special Organised Crime Unit (SOCU) Correct answer.
  2. The Deeds and Commercial Registries Authority
  3. The Guyana School of Real Estate
  4. The Official Gazette

Explanation

The Special Organised Crime Unit (SOCU) is a key body investigating money laundering and serious financial crime in Guyana, working with the Financial Intelligence Unit. Agents must cooperate with the AML/CFT regime these bodies enforce.

Question 34Guyana house-agent practice: local authority and defensible property decisions

An agent describes a property as having three bedrooms when it actually has two, and the buyer relies on this in offering. This is an example of:

  1. Permissible sales puffery
  2. A material misrepresentation that can void the contract and expose the agent to liability Correct answer.
  3. A protected opinion
  4. An ordinary negotiation tactic

Explanation

Stating a false fact about the property, such as the number of bedrooms, that a buyer relies on is a material misrepresentation. It can entitle the buyer to remedies, including rescission, and exposes the agent to disciplinary and legal liability.

Question 35Guyana house-agent practice: local authority and defensible property decisions

A salesperson is asked by a seller to deliberately conceal a known recurring flooding problem on the land. The salesperson should:

  1. Conceal it to please the seller
  2. Decline to conceal a known material defect and advise that it must be disclosed Correct answer.
  3. Disclose it only after completion
  4. Disclose it only to other agents

Explanation

A known material defect such as recurrent flooding must not be concealed. The duty of honesty and fair dealing to the buyer requires disclosure, and an agent should refuse a seller's instruction to hide it, as following it would expose both to liability.

Question 36Guyana house-agent practice: local authority and defensible property decisions

Refusing to show or sell a property to a prospective buyer solely because of their race or ethnicity is best described as:

  1. Sound business judgment
  2. Unlawful discrimination contrary to fair-dealing principles Correct answer.
  3. A required part of due diligence
  4. Acceptable if the seller requests it

Explanation

Discriminating against a buyer on grounds such as race or ethnicity is unlawful discrimination and a breach of fair-dealing and professional conduct standards. An agent must serve clients and customers without prohibited discrimination, even if a seller requests otherwise.

Question 37Guyana house-agent practice: local authority and defensible property decisions

Under the Real Estate Agents and Brokers Act 2023, a salesperson who commits serious professional misconduct may be subject to:

  1. No consequences at all
  2. Disciplinary proceedings before the Authority's Disciplinary Committee Correct answer.
  3. Only a private apology to the client
  4. Automatic imprisonment without any hearing

Explanation

The Act establishes a Disciplinary Committee and sets out procedures for disciplinary proceedings. A licensed agent or broker who breaches the code of conduct can be investigated and sanctioned through that process.

Question 38Guyana house-agent practice: local authority and defensible property decisions

A salesperson who is not yet licensed begins independently collecting commissions for arranging property sales. The main legal problem is that:

  1. Commissions are always illegal in Guyana
  2. Carrying on the business of a house agent without the required licence is unlawful Correct answer.
  3. Only banks may earn commission
  4. Commission must always be paid in foreign currency

Explanation

The Tax Act requires a person carrying on the business of a house agent to hold the annual licence. Operating and earning commission without it breaches the licensing requirement, and the 2023 Act adds further registration and conduct obligations.

Question 39Guyana house-agent practice: local authority and defensible property decisions

Which government body issues the annual Real Estate (House Agent) Licence through its Licence Revenue Office?

  1. The Guyana Revenue Authority (GRA) Correct answer.
  2. The Bank of Guyana
  3. The Land Registry
  4. The Ministry of Education

Explanation

The Guyana Revenue Authority issues the Real Estate (House Agent) Licence through its Licence Revenue Office, under the Tax Act. The licence is applied for and renewed there each year.

Question 40Guyana house-agent practice: local authority and defensible property decisions

A pre-licence salesperson should understand that the House Agent Licence under the Tax Act and registration under the Real Estate Agents and Brokers Act 2023 are best described as:

  1. The same single requirement
  2. Distinct obligations under different laws that may both apply to a real estate professional Correct answer.
  3. Mutually exclusive, so holding one bars the other
  4. Only relevant to auctioneers

Explanation

The annual House Agent Licence (Tax Act, administered by GRA) and registration/licensing under the Real Estate Agents and Brokers Act 2023 (administered by the Guyana Real Estate Agents Authority) are separate obligations arising under different statutes; a professional may need to satisfy both.

Question 41Guyana house-agent practice: local authority and defensible property decisions

A lease differs from a transport in that a lease:

  1. Transfers absolute ownership permanently
  2. Grants a right to use and occupy land for a defined term, with ownership remaining with the landlord Correct answer.
  3. Cannot be registered at the Deeds Registry
  4. Is only used for movable property

Explanation

A lease grants the tenant a right to possess and use land for a defined term in return for rent, while ownership remains with the landlord. By contrast, a transport conveys absolute ownership. Leases for longer terms are commonly registered.

Question 42Guyana house-agent practice: local authority and defensible property decisions

Much state land in Guyana is held under government leases. When marketing leasehold land, a salesperson should pay particular attention to:

  1. The colour of the boundary fence
  2. The lease term, conditions, and whether consent to transfer is required Correct answer.
  3. The buyer's favourite colour
  4. The number of windows only

Explanation

Leasehold land carries conditions, a fixed term and often a requirement to obtain the landlord's or the State's consent before transfer or assignment. These materially affect what the buyer is acquiring and must be checked and disclosed.

Question 43Guyana house-agent practice: local authority and defensible property decisions

A title search before a sale is most important because it reveals:

  1. The seller's favourite paint colour
  2. Encumbrances such as mortgages, liens, and competing claims affecting the property Correct answer.
  3. The asking price set by the agent
  4. The buyer's credit score

Explanation

A title search at the Deeds or Land Registry uncovers mortgages, judgments, liens, easements and competing claims. Identifying these encumbrances early lets the parties clear them or renegotiate before completion.

Question 44Guyana house-agent practice: local authority and defensible property decisions

If a notice of opposition is filed against a transport, the usual effect is that:

  1. The transport passes immediately regardless
  2. The passing of the transport is held up until the opposition is resolved or withdrawn Correct answer.
  3. The property is forfeited to the State
  4. The agent automatically loses the listing

Explanation

A notice of opposition stops the transport from passing until the dispute is resolved, withdrawn, or determined by the court. It protects the opposer's claimed interest in the land pending resolution.

Question 45Guyana house-agent practice: local authority and defensible property decisions

A property is jointly owned by a married couple as co-transportees. To sell the whole property, the agent should ensure that:

  1. Only one spouse signs the agreement of sale
  2. Both co-owners consent to and join in the sale Correct answer.
  3. The Deeds Registry chooses the price
  4. The buyer signs on behalf of the sellers

Explanation

Where two or more people hold the transport jointly, all co-owners must consent and join in the conveyance to pass good title to the entire property. A sale signed by only one co-owner cannot transfer the whole interest.

Question 46Guyana house-agent practice: local authority and defensible property decisions

A power of attorney in a property transaction allows:

  1. The agent to set property tax rates
  2. An appointed person to act and sign on behalf of an owner who cannot be present Correct answer.
  3. The buyer to avoid paying the price
  4. The Deeds Registry to seize the land

Explanation

A power of attorney authorises a named attorney-in-fact to act on the owner's behalf, including signing documents in a sale, which is useful when an owner is overseas or otherwise unable to attend. Its scope and validity should be verified.

Question 47Guyana house-agent practice: local authority and defensible property decisions

In an agreement of sale, the deposit paid by the buyer generally serves to:

  1. Pay the agent's licence fee
  2. Show the buyer's commitment and form part-payment of the purchase price Correct answer.
  3. Replace the need for a transport
  4. Cover the seller's property tax for ten years

Explanation

The deposit demonstrates the buyer's serious commitment and is credited toward the purchase price at completion. It is typically held pending completion and dealt with according to the contract if the sale does not proceed.

Question 48Guyana house-agent practice: local authority and defensible property decisions

An agreement of sale lists completion as a condition that the seller will deliver vacant possession. This means at completion the property must be:

  1. Still occupied by the seller's tenants
  2. Empty and available for the buyer to take possession, free of occupiers Correct answer.
  3. Filled with the seller's furniture permanently
  4. Sold to a different buyer

Explanation

Vacant possession means the seller must hand over the property empty of people and their goods (unless otherwise agreed), so the buyer can immediately take possession. Failure to provide vacant possession is a breach the buyer can act on.

Question 49Guyana house-agent practice: local authority and defensible property decisions

If a buyer breaches a valid agreement of sale by refusing to complete without lawful excuse, the seller may, depending on the contract, be entitled to:

  1. Nothing, because contracts are never enforceable
  2. Remedies such as forfeiting the deposit or seeking damages or specific performance Correct answer.
  3. Have the buyer imprisoned automatically
  4. Take the agent's licence

Explanation

On a buyer's unjustified breach, the seller may pursue contractual remedies, which can include retaining the deposit, claiming damages, or seeking specific performance to compel completion, depending on the terms and the circumstances.

Question 50Guyana house-agent practice: local authority and defensible property decisions

A salesperson markets a property as exactly one acre, but the survey plan shows it is materially smaller. The best practice is to:

  1. Advertise the larger figure to attract more buyers
  2. Rely on the registered survey plan and state the correct dimensions Correct answer.
  3. Guess the size based on appearance
  4. Refuse to mention size at all

Explanation

Property size and boundaries should be based on the registered survey plan, not assumptions or rounding up. Stating a false size is a misrepresentation; using the official plan ensures accuracy and protects all parties.