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Will Evans Comments > Comments from assessment > Flashcards

Comments from assessment Flashcards

1
Q

What are the three types of dispute resolution?

A
  1. Negotiation: The problem solving efforts of the parties themselves
  2. Mediation: 3rd party hows judgement is not binding
  3. Adjudicative process: An outcome is determined by a third party, such as litigation and arbitration
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2
Q

What service does AG&G use for consumer complaints?

A

Centre for Effective Dispute Resolution (CEDR)

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3
Q

What should you always be thinking about when instructed on a job?

A

CLIENT CARE

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4
Q

What other hazards are associated with Pubs?

A

Carbon Dioxide leaks from gas canisters. Check Carbon Dioxide detector.

Rats and Mice which carry Weils disease!

Bird droppings in roofs

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5
Q

What types of Asbestos are there, and which is the most dangerous?

A

B Brown 1985
B Blue 1985
W White 1999

Blue is the most Dangerous

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6
Q

What is the principle difference between a Profit Statement and a Cash Flow?

A

VAT is included in a Cash Flow statement

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7
Q

What does VAT apply too?

A

Supply of goods and services by businesses.

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8
Q

What are the VAT brackets?

A

Standard rate: 20% Most goods and services

Reduced rate: 5% Some goods and services, eg children’s car seats and home energy

Zero rate 0% Zero-rated goods and services, eg most food and children’s clothes

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9
Q

What VAT reductions have been introduced to the hospitality sector?

A

Food and non-alcoholic beverages for consumption on your premises the 15 July 2020 and 30 September you will only need to charge 5%.

Then till April 2022 12.50%.

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10
Q

How do you know you can trust company accounts?

A

They will be signed off by a chartered accountant.

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11
Q

Can you give an example of when you a client has shown they were happy with your service.

A

A retained client recently expressed there thanks to myself and Anthony for all our work saving them business rate liability.

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12
Q

When do you not need an EPC?

A
  1. Listed
  2. Going to be demolished
  3. Place of worship
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13
Q

What is a yield?

A

A measure of investment return, expressed as a percentage of capital invested.

And an assessment of Risk.

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14
Q

All risk yield ?

A

The remunerative rate of interest used in the valuation of fully let property let at market rent reflecting all the prospects and risks attached to the particular investment

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15
Q

True Yield?

A

Assumes rent is paid in advance not in arrears (traditional valuation practice assumes rent is paid in
arrears)

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16
Q

Nominal Yield?

A

The initial yield assuming rent is paid in arrears

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17
Q

Gross Yield?

A

Yield not adjusted for purchasers costs (allsops)

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18
Q

Net Yield?

A

The resulting yield adjusted for purchasers costs.

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19
Q

Equivalent yield?

A

Average weighted yield when a reversionary property is valued using an initial and reversionary yield

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20
Q

Initial yield?

A

Simple income yield for current income and current price

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21
Q

Reversionary yield?

A

Market rent (MR) divided by current price on an investment let at a rent below the MR

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22
Q

Running yield?

A

The yield at one moment in time

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23
Q

Commonly used scales include:

A

1: 50 Room Plan
1: 100 Building Plan
1: 1,250 Street/Location Plan
1: 2,500 Location Plan
1: 50,000 Road/walking map

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24
Q

s37 compensation clause?

A

14 years occupation.

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25
Q

What supplementary document may have an effect on the value of a property?

A

A license to alter. If licensed can not be rentalised, can be if no permission was given.

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26
Q

What did the RICS create to assist pub surveyors?

A

The capital and rental valuation of public houses, bars, restaurants and
nightclubs in England and Wales.

Guidance note 67/2010

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27
Q

Other than comparables and company accounts what can you use you find out costs for a profits method val?

A

British Beer and Pub Association

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28
Q

Does a 10% rate for your working capital not seem high?

A

It was in line with recent independent expert determinations I had checked.

At the time of the valuation it did not seem high, in today climate with low interest rates I would expect to see a return closer to 6-8%.

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29
Q

What was included in the working capital?

A

The cost of trade inventory, stock and fixtures and fittings and working capital.

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30
Q

Was there a HMO?

A

Yes the freeholder had one.

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31
Q

The HOT’s state for AST only?

A

This was later amended during discussions with the solicitors. The lease allows for HMO use.

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32
Q

What is the process of the Centre of Effective Dispute Resolution?

A

Claim submitted

Reviewed independently by an adjudicator.

Max claim award of £25,000

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33
Q

When is stamp duty land tax payable on leases?

A

When the NPV of the rent of the full lease term exceeds £150,000 - £5,000,000 = 1%
£5,000,000 + = 2%

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34
Q

What sub section of class E are restaurants in?

A

E (b)

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35
Q

If a Landlord does not reply to a section 26 what must the Tenant do?

A

Send a court application before the lease determination date as stated in the 26 notice.

36
Q

What does GAAP stand for?

A

Generally Accepted Accounting Practice

37
Q

H&S at work act date?

A

1974

38
Q

Does PACT have to be an arbitrator?

A

No, if agreed by the parties it could be an Independent Expert?

39
Q

Two additional pertinent points from a Calderbank?

A

Costs are finalised

Has the capacity to have unilateral acceptance

40
Q

What is a possible downside of discreet marketing?

A

Its off the market and may not be found by all potential parties on the market. Therefore a lower price may be achieved.

41
Q

How does a premises license alter between a restaurant and public house?

A

Alcohol will be ancillary to food with a restaurant.

42
Q

What clause could you add in to the upper parts of a pub to increase value?

A

The ability to sub-let the upper parts only as residential.

43
Q

Why did you devalue the rent free by 3 months when the property was assumed to be fully fitted?

A

It was a poor choice of wording and it was to put the property into repair and make some improvements, this was accepted by the landlord.

44
Q

What is a PESTLE?

A

Political, Economic, Social, Technological, Environmental and Legal

45
Q

What would you do after a client brief?

A

Send terms of engagement

46
Q

How can you avoid conflict?

A

Clear early communication

Leaving file notes

47
Q

What is a Ombudsman ?

A

Confidentially receive case details and instigates resolution of complaint

48
Q

Has the RICS released any documents on GDPR?

A

FAQ: An Introduction to GDPR

49
Q

Whats changed in the GDPR

A

Penalties

Strengthened Consent

Breaches reported in 72 hours, and inform your PII

Data protection officer

50
Q

Data breach response?

A

Report to ICO in 72 hours, inform PII and inform Utilise

51
Q

Examples of data held by AG&G?

A
  1. Data in valuations systems
  2. Payroll, accounts
  3. Customer data for marketing
  4. Personal data for AML checks
  5. Emails
  6. Employee data
52
Q

What is Unconscious Bias

A

Unconscious bias (or implicit bias) is often defined as prejudice or unsupported judgments in favor of or against one thing, person, or group as compared to another, in a way that is usually considered unfair.

53
Q

How many protected classes are there in the Equality Act 2010

A

9

54
Q

What is IEQM?

A

Inclusive Employer Quality Mark is a measurement of how inclusive a company is based off 4 principles:

Leadership
Recruitment
Culture
Development

55
Q

If you have left over unclaimed client money what would you do?

A

If no body has claimed it after a reasonable period of time a donation to the Lion Heart charity may be suitable.

56
Q

Define sustainability?

A

Sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs.

57
Q

Red Flags?

A

Secretive about source of funds and beneficiaries

Avoids personal contact or video calls

Criminal Associates

Politically Exposed Person

Large cash payments

58
Q

Why is EDD different?

A

Further information should be asked for in regards to the background of the individual and the source of funds.

Should be monitored after going forward.

59
Q

GEA Definition?

A

the area of a building measured externally at each floor level.

60
Q

GEA Excludes?

A

External open balconies
Fire escapes
Canopies
Voids

61
Q

GIA Definition?

A

The area of a building measured to the internal face of the perimeter walls at each floor level.

62
Q

GIA Excludes?

A

Permitter wall thickness and eternal projections

External open balconies
Fire escapes
Canopies
Voids

63
Q

NIA Definition?

A

The usable area within a building measured to the internal face of the perimeter walls at each floor
level.

64
Q

NIA Excludes?

A

Common areas like halls entrances etc

WC’a

Cleaners rooms

Stairwells, lifts

Corridors

Area under 1.5m height

65
Q

GIA for Leisure, what is stated separately?

A

Internal load-bearing walls and columns

Fire escape stairs and corridors

For restaurant premises the public seating areas, kitchens, cellars and stores

Where the effective drinking area of licensed premises is required by licensing justices or similar bodies, the trading
accommodation area must exclude the area of the servery (bar counters)

66
Q

IMPS 2 residential

A

Measurement of the area in exclusive occupation, including internal walls and columns, measured to the Internal Dominant Face and finished surface

67
Q

Structure of Surveying Safely

A
  1. Personal responsibilities for RICS members and firms
  2. Assessing hazards and risks
  3. Workplace health and safety
  4. Occupational hygiene and health
  5. Visiting premises and sites
  6. Fire safety
  7. Residential property surveying
  8. Procurement and management of contractors
68
Q

What does disregarding occupation mean?

A

Disregarding the fact that they are already in the property.

69
Q

What are some favourable lease terms you could put in for a landlord?

A

Depends on my clients objectives

  1. Landlord Break Clause
  2. Put in to good and substantial repair
  3. Rent review upwards only to market rent
  4. Alienation only allowed to parties of similar or superior financial strength
  5. Outside LTA 1954
  6. Long/short term
70
Q

When is the interim rent payable from?

A

The appropriate fate which is the earliest date that could be stated on a section 25 or 26… basically 6 months after the notice is served.

71
Q

What are some favourable lease terms you could put in for a landlord?

A

Depends on my clients objectives

  1. Landlord Break Clause
  2. Put in to good and substantial repair
  3. Rent review upwards only to market rent
  4. Alienation only allowed to parties of similar or superior financial strength
  5. Outside LTA 1954
  6. Long/short term
72
Q

Who is responsible for procuring an EPC when marketing?

A

The agent within 7 days of marketing (28 days max)

73
Q

Failure to meet MEES?

A

Payment by landlord

3 month breach = £5,000 or 10% of RV max £50,000 fine

More than 3 months breach = 20% of RV or £10,000 Max £150,000

74
Q

If someone asked you do a red book valuation would you?

A

No I am not to level 3 and therefore should not be producing red book valuations. I may assist my colleague who is a registered value.

75
Q

What requirements need to be met when measuring properties in regards to IMPS?

A

Date

Methodology

Scale

State the conversion factor from metric /imperial and any rounding

The measurements and calculations must be clearly documented

Retain a record of the RICS member responsible to certify the above requirements

76
Q

Asbestos penalties?

A

£20,000 or 12 months jail

77
Q

Data protection act requirements?

A

Need a data controller

Report within 72 hours

78
Q

From what date is the RV taken in regards to compensation under section 37 on LTA ?

A

The lease termination date of stated in the section 25 notice.

79
Q

What needs to be included in a section 25 notice?

A

Recommendation to seek legal advice!!!

Date of termination

Rent

Lease terms

80
Q

Can you serve multiple grounds under section 30 of LTA?

A

Yes, if you had two reasons and one had comp payable but you could proof a breach of repair covenant.

81
Q

What is a Hard Frontage?

A

A frontage that is made up of solid structure rather than glass. Traditional bank buildings have this, less desirable to retail tenants.

82
Q

What do you do before inspecting a site?

A

Risk Assessment

Tell a colleague

Add to Callander

Charge phone

Prep file, floor plans, demise, pen, paper, distometer

83
Q

Difference Between a dispute and conflict?

A

Dispute is a short-term disagreement that can result in the disputants reaching some sort of resolution; it involves issues that are negotiable.

Conflict, in contrast, is long-term with deeply rooted issues that are seen as “non-negotiable”

84
Q

What do credit ratings show?

A

The level of risk attached to a company or person

85
Q

What does the 10% in your case study on working capital reflect?

A

Interest on tenant’s

capital.

Will Evans Comments (2 decks)

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