Solicitor Study guides, Class notes & Summaries

Upon reviewing a list of beneficiaries for an estate what relationship pose a potential conflict? - A current client of the firm in a separate matter. A client demands an answer on short notice about how a recent court decision will impact their ongoing lawsuit on a similar issue. - A lawyer should advise the client in writing that a proper opinion cannot be rendered within the designated timeframe. A real estate lawyer who is acting for purchaser and lender learns of an addendum to the pri...

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...

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...

A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". - ANSWERSIndividual producer A person applying for a producer license must: - ANSWERS-atleast 18 years old -Reside, or maintain their place of business in LA -Not committed any act tha...

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...

Is SQE1 feeling too bulky? Don't have time to revise? Master the English Legal System and prepare to pass the SQE1 with these Multiple Choice Questions & Answers. This comprehensive guide is crafted to enhance your understanding of the English legal system using a questions-and-answers approach. If you find yourself unable to answer certain questions, it indicates the need to focus on revising specific topics.

what system is used for recording solicitors accounts? - CORRECT ANSWER-double entry bookkeeping what are the two aspects of every financial transaction to be logged? - CORRECT ANSWER-Debit DR Credit CR what are the two aspects if the firm pays cash to buy premises? - CORRECT ANSWER1. firm has less cash 2. firm has acquired an asset in the form of premises examples of what will go in the left/debit side column? - CORRECT ANSWER-expense incurred asset acquired/increased liability...

SOLICITOR’S ACCOUNTS EXAM QUESTIONS AND CORRECT ANSWERS 2024/2025. 2 / 4 1. What two options are available for dealing with OFFICE money received?: - 17.1(a)(i) - pay into office account 17.1(c) - pay into client account and transfer within 14 days 2. If OFFICE money is received what two rules should immediately spring to mind for the basic position?: 12.1(b) - double emphasise what the definition of OFFICE money is 12.7(a-e) - some subsection showing the exact reason it's OFFICE mon...

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...

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