Solicitor - Study guides, Class notes & Summaries

The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completion. The buyer sends to the solicitor a bank transfer comprising £800 solicitors' costs a...

ACTUAL EXAM FOR REAL ESTATE MCQS SUMMARY SOLICITORS ACCOUNTS Entry 2 of a Charges Register states that a conveyance dated 5 October 1999, made between Edward Charles Rigley (1) and Euan Andrew Palenbella (2), contains restrictive covenants. The Land Registry does not have a copy of this conveyance. Which ONE of the following statements about the contents of the conveyance is CORRECT? A. A buyer would be bound by the covenants contained in the missing conveyance, because the Charg...

Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and Andi sign the contract and transfer document on behalf o...

Passed Jan 2024 SQE 1 first try (1st Quintile) using these notes. Summarises everything you need to know for the Solicitors Accounts aspect of the SQE 1 exam, including details of double-entry book-keeping and specific entries relating to different situations. Carefully curated summary notes, aligned precisely with SRA guidelines, comprehensive and also tailored to the specifics of the SQE exam. Organised meticulously by sections and sections and subsections following SRA specifications.

What is the overarching objective? - CORRECT ANSWER-Rule 1.1 of the SRA Accounts Rules: "The purpose of these rules is to keep client money safe." What is the main way in which the Rules seek to achieve the overarching objective? - CORRECT ANSWER-Rule 1.2(1): By requiring the firm to keep other people's money separate from the firm's own money What is the fundamental rule concerning client money & office money? - CORRECT ANSWER-That these must be kept separate What is Rule 12? - CO...

2024 Solicitors and Barristers EXAM latest update 2024 FINAL PASS A+ How many barristers are employed by the CPS? - ANSWER3000 What are Barristers referred to as? - ANSWER-'The Bar' What is 'direct access'? - ANSWER-barristers approached directly by a client (this can be in any area of law EXCEPT family or criminal law) What is the 'cab bank rule'? - ANSWER-barristers can't refuse a case if it's in their area of specialism and they're free but can refuse if a barrister has be...

notes based on Barbri prep course and external resources - debits, credits, rules for solicitor accounts

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

Inherent risk differs from detection risk in that inherent risk: A. arises from the misapplication of auditing procedures. B. may be assessed in either quantitative or non-quantitative terms. C. exists independently of the financial report audit. D. can be changed at the auditor's discretion. - CORRECT ANSWER-C Which of the following would not increase inherent risk? A. Introduction of a performance-based management compensation scheme to improve efficiency and effectiveness. B. Appoi...