Additional Questions Flashcards
Why do you want to join the RICS?
- Status
- Recognition
- Market advantage
- Knowledge
- Network
Who is the current President of the RICS?
Ann Gray FRICS
What is the name of the review which discusses the future of the RICS?
Bichard Review
What is sustainability?
Meeting the needs of today without harming the ability of future generations to meet their own needs
What is the basic difference between and lease renewal and a rent review?
A lease renewal is a statutory procedure laid down by the Landlord and Tenant Act 1954
A rent review is a contractual procedure contained within the lease
What is a section 25 notice?
Landlord notice served to terminate the business tenancy
What is Personal Protective Equipment (PPE) ?
Protective clothing, helmets, goggles, or other garments or equipment designed to protect the wearers body from injury or infection
What is asbestos?
Asbestos is a hazardous material popular in the 1960’s due to its insulation and fire resistant properties
What is GDPR?
General Data Protection Regulation
When would you use NIA as a measurement basis?
- Estate Agency and Valuation: Shops, supermarkets, offices, business use
- Rating: Rating of shops, supermarkets, offices
- Property management; calculation of service charge apportionment
What needs to be contained in a valuation report?
- Terms of engagement
- Calculations
- Comparibles
- Inspection notes
- Documents - photographs, site plans etc.
- Property name
- Purpose of the valuation
What is the role of the RICS?
- To maintain the highest standards
- To protect consumers through strict regulation of professional standards
- To be the leading source of information and independent advice.
What is a by-law?
It is a regulation made by a local authority or corporation
What do you understand about the 5 principles of better regulation?
TPACT
- Transparent
- Proportional
- Accountable
- Consistent
- Targeted
When were the RICS by-laws updated?
February 2020
Why were the Rules of Conduct updated?
- Simplicity
- Examples
- More focus on diversity and inclusion
- Understand evolving technology
- Tackling global challenges
What is the difference between an invoice and an application for payment?
Application for payment - VAT is payable at a later date
Invoice - VAT is payable as soon as its raised
What is the difference between a balance sheet and a profit and loss?
Balance sheet (live) - includes assets and liabilities
P&L statement - summary of income and expenditure
What is VPS 2?
This is for inspections and investigations and must be carried out to provide an adequate report
What does VPS stand for?
Valuation technical and performance standards
When does a MEES not apply?
- Listed buildings
- Leases of 6 months or less
- Leases of 99 years or more
What is the fine is a let building requires and EPC but does not have one?
Up to £5,000 or 10% RV (up to a maximum of £50,000 whichever is greater)
Sustainability - What is a DEC?
Display Energy Certificate
£500 is not displayed
What is a cavity?
Two layers of brick with a gap in between
What is the brand name of a laser measuring device?
Disto
What are the ethical principles?
- Honesty
- Integrity
- Competency
- Service
- Respect
- Responsibility
What is the full title of the Red Book?
RICS Valuation - Global Standards
What is the current edition of the Red Book and when did it come into force?
Effective 31st January 2022
What building characteristics would you look for when inspecting a property?
- Compliance with lease obligations
- Defects - leaks, damp, structural movement
- Hazardous materials
- Building construction - age, specification
What are the key dates for MEES?
1st April 2018 - Landlord cannot let or renew a lease with EPC below E
1st April 2023 - Landlord cannot continue letting a building with EPC below E
1st April 2027 - Minimum EPC C required
1st April 2030 - Minimum EPC B required
What is the Occupiers Liability Act 1984?
Confers a duty on the occupier of a premises to any persons other than visitors
What is alienation?
The right granted in a lease to assign, sublet or share occupation of the premises
How do you mitigate hazards?
By carrying out risk assessments and ensuring sufficient warnings / measures are in place to reduce risk
What is the legal framework for equality and diversity?
Equality Act 2010
What is a bribe?
The offer, promise, giving , demanding or receiving of an advantage or an inducement for an action that is illegal, unethical, or a breach of trust
What is professional indemnity insurance?
A commercial policy designed to protect business owners, freelancers and self-employed if clients claim service is inadequate
What is the Landlord & Tenant Act 1988?
landlord to deal with contents diligently and not be unreasonably withheld or delayed
When did the Landlord & Tenant (Covenants) Act 1995 come into force?
1st January 1996
What are the three forms of Dilapidations?
- Interim Schedule
- Terminal Schedule
- Final Schedule
What are the three reasons why a AGA would not need to be in place.
- Tenants strong financial position
- Pays an appropriate rent deposit
- Provides a suitable guarantor
What does AGA stand for?
Authorised Guarantee Agreements
What is the difference between a lease and a licence?
Lease - gives the tenant exclusive right of possession in exchange for rent or periodic payment
Licence - gives tenant permission to do something on landlord land that would otherwise constitute a trespass
What does PII stand for?
Professional indemnity insurance
What is a CVA?
Company Voluntary Agreement
RICS Professional Statement - Real Estate Management what year?
2016
What did the Landlord and Tenant (Covenant) Act 1995 bring?
- AGA - Authorised Guarantee Agreement
- Relates to the assignment of leases
- Gives the landlord more scope for approval of an assignee
