General Flashcards
what is a transfer of going concern?
not just selling the physical assets but a business and the good will that comes with it. Customer relationships, brand etc.
What is good will?
intangible asset, value attributed to a companies reputation, brand, customer relationships.
What does UK GAAP stand for?
Generally Accepted Accounting Practice in the UK
What does BREEAM stand for?
Building Research Establishment Environmental Assessment Methodology
What does BREEAM do?
method of assessing, rating and certifying a building’s environmental sustainability.
What is sustainability?
avoidance of the depletion of natural resources in order to maintain an ecological balance.
buildings are built and designed in away that has minimizes environmental impact.
Differences between UK GAAP and IFRS
UK GAAP - specific to UK
IFRS - global accounting standards
UK GAAP - tailored for different business sizes
IFRS - one size fits all approach
UK GAPP - specific rules for transactions
IFRS - global consistency
What is included in an EPC Certificate?
- Address of property and floor area
- Reference number
- Valid until date
- Energy Rating
- Breakdown of property energy performance
- Assessors details
Talk me through Hierarchy of evidence
A - direct comparable, completed transactions nearby
B - general market data (information on published sources)
C - other sources (other transactions for other real estate types)
What is a special purchaser?
A particular buyer where a particular asset has a special value because of advantages arising from its ownership that would not be available to other buyers in a market.
How can non verbal queues aid negotiation?
Building rapport - eye contact
Reading emotions - observing non verbal queues such as tone of voice to respond more effectively
Active listening - listening to client to understand needs
How would you carry out a risk assessment?
identify potential hazards
evaluate the risks and precautions in place
keep records
review risk assessment
recommend how to mitigate risk
What is an alternative dispute resolution?
procedure to resolve conflict between parties
what is the difference between arbitration and mediation?
mediation involves a neutral mediator who facilitates discussion to try and resolve conflicts and is an informal process.
arbitrations - governed by arbitration act quasi judical role and outcome is decided by a third party.
What is the difference between independent expert and arbitration?
arbitration governed by arbitration act
no legislation on independent expert, independent expert time scales are a lot quicker.
Tell me about a time you reviewed an asbestos register?
the document contained the following:
- product
- type of asbestos
- location
- condition
what is included on a title plan?
- red outline on inside edge
- scale 1:2500
- north point
- full address
What AML would you require for foreign companies?
- certificate of incorporation
- overseas entity registration
- registers of directors and shareholders
- proof of identity of those dealing with transaction & authority to act
- ID & proof of address 25% share more of company
