SOLICITOR Study guides, Revision notes & Summaries

You hold £500 on account of costs for the client. You pay a surveyor's fee of £200 + £40 for the client. The invoice is made out to you. Subsequently you send the clients a bill for £400 in professional charges. The client is registered for VAT. How do you send the VAT invoices? - CORRECT ANSWER-You will send the client one VAT invoice covering the VAT on both the survey and the profit costs. You are holding £600 on account of costs and have to pay a disbursement. Which is correct...

The Overarching Objective: - CORRECT ANSWER-Rule 1.1 of SRA Accounts Rule - To keep client money safe Office Money: - CORRECT ANSWER-Belongs to firm Client Money: - CORRECT ANSWER-Belongs to clients. Rule 12 SRA 12.2 & 12.7: - CORRECT ANSWER-set out the distinctions between what is client money and what is office money. Rule 12.7 is the main rule listing examples of what is office money Out of scope money: - CORRECT ANSWER-money received by a multi-disciplinary partnership in relatio...

What are the SRA Accounts Rules ('the Rules')? - CORRECT ANSWER--The SRA Accounts Rules 2019. This version has been in effect since November 2019 and can be found on the SRA website. -The Rules govern how law firms operate their accounting systems, and focus specifically on safeguarding money belonging to clients and others Who do the SRA rules apply to? - CORRECT ANSWER-These rules apply to everyone involved in a business that provides legal services, irrespective of their level. ...

This document states the entries needed to be made for every transaction on the solicitors' accounts module on the LPC.

SUMMARY SOLICITOR ACCOUNTS EXAM REVIEW (QUESTIONS AND ANSWERS) 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? - CORR...

Solicitor Bar Exam Ontario Latest Update 2023...

Client or office money? Money held to sender's order where sender is not a client of the firm. - Client money. See r12.1 Client or office money? Money held or received as stakeholder, where firm is conducting a transaction for a principal of the firm. - Client money. Stakeholder money is always client money. See r12.2(b) Client or office money? Money received for any paid disbursement. - Office money. Doesn't matter what the nature of the disbursement is. See r12.7(c)(ii) Client or offic...

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...

Clear, precise, detailed, yet concise, Solicitors Accounts summary for SQE students. I have devoted so much time and energy to writing these notes-summaries that eventually they paid off. Not only they allowed me to pass my PDGL with a distinction, but they were key to studying for the SQE exam. My summaries are concise but complete and allowed me to digest large quantities of information much more easily and quickly. All my friends have studied off my notes and they keep thanking me to this day...

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...