Essentials Flashcards
What are the 8 remedies for rent default?
NARP CCSF
1. Negotiate payment plan
2. Agree another mutually acceptable agreement
3. Rent deposit
4. Pursue former tenants/guarantors
5. CRAR
6. Court Proceedings
7. Serve a statutory demand
8. Forfeit the lease
What are the 9 principles for service charge?
WIRE BEAMD
1. Withhold only the monies in dispute
2. Interest must be credited to the service charge account
3. Recovery of no more than 100% of the costs
4. Expenditure within terms of the Lease
5. Budgets must be issues annually to tenants
6. Errors from a dispute found against the LL must be resolved without delay
7. Accounts must be provided to tenants
8. Matrix of service charge apportionment must be issued to all tenants
9. Discrete bank accounts must be used for service charge monies.
What are the 12 principles for real estate management from the RICS Professional Statement - Real Estate Management 2016?
DEAD CAMO VIPP
1. Carry out work with due skill, care and diligence, and ensure that any staff employed have the necessary skills to carry out their tasks.
2. Ensure that clients are provided with terms of engagement which are fair and clear. These should meet all legal requirements and relevant codes of practice including reference to complaints-handling procedures and, where it exists, an appropriate redress scheme.
3. Ensure that all advertising and marketing material is honest, decent and truthful.
4. Not discriminate unfairly in any dealings.
5. In all dealings with clients, ensure that all communications (both financial and non-financial subject matters) are fair, clear, timely and transparent.
6. Where provided as part of the service, give a realistic assessment of the likely selling, buying or rental price, associated cost of occupancy or of the likely financial outcome of any issues, using best professional judgment.
7. Ensure that all client money is held separately from other monies in appropriately designated accounts and is covered by adequate insurance.
8. Ensure that it is made clear to all parties with whom you are dealing the scope of your obligations to each party.
9. Ensure that all meetings, inspections and viewings are carried out in accordance with the client’s lawful and reasonable wishes, having due regard for the security and personal safety of all parties.
10. Do the utmost to avoid conflicts of interest and, where they do arise, deal with them openly, fairly and promptly.
11. Conduct business in an honest, fair, transparent and professional manner.
12. Have adequate and appropriate professional indemnity insurance or equivalent in place that complies with the RICS Rules of Conduct. Having proper cover is a key part of managing your risk.
What are the principles of GDPR?
PASCALD
1. Purpose Limitation
2. Accuracy
3. Storage Limitation
4. Confidentiality and Integrity
5. Accountability
6. Lawfulness, fairness and transparency
7. Data Minimisation
What are the 5 rules of conduct?
ICGDP
1. Honest, act with integrity and comply with professional obligations
2. Ensure that everyone has the necessary expertise and all work is carried out by competent individuals
3. Diligent and good-quality service
4. Encourage diversity and treat each other with respect
5. Public Interest is at the forefront and responsibility is taken for their actions.
What are the sections of the Red Book?
VPS – TIRAM
Terms of Engagement
Inspections, investigations and records
Reports
Assumptions, Special Assumptions and Bases of value
Methods and approaches
VPGA – FIB TEAAR PU
Financial Statements
Interests in Secured Lending
Businesses and Business Interests
Trade related property
Equipment and plant
Assets (Intangible)
Art and Antiques, Personal Property
Real Property interests
Portfolios, Collections & Groups of Properties
Matters giving rise to Material Valuation Uncertainty
What are the sections of Surveying Safely?
COV MAPS
Procurement and Management of Contractors
Occupational health and hygiene
Visiting premises or Sites
Members Places of Work
Assessing Hazards and Risks
Property Surveying in Residential Settings
Safety with Fires
What is Fair Value?
‘The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.’ (This definition derives from IFRS 13.)
What is Market Rent?
The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion
What is Market Value?
The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion
What is the RICS guidance on Conflicts of Interest?
RICS Professional Standard - Conflicts of Interest 2017
What is the RICS guidance on bribery/corruption/money laundering?
RICS Professional Standard - Countering bribery, corruption, money laundering and terrorist financing 2019
RICS Anti-money laundering - Red Flag Indicators, 2017
What is the RICS guidance on PII?
RICS Regulation - UK professional indemnity insurance requirements, 2019 V3
RICS Practice Information - Risk, liability and
insurance, 2021
What are the timescales for CCA?
Check (anytime)
VOA response to check (12 months)
Challenge (4 months)
VOA response to challenge (18 months)
External MCC challenge (16 months)**
What is GEA?
The area of a building measured externally at each floor level.
E.g. canopies, balconies, thickness of perimeter walls, loading bays
