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General Knowledge Flashcards

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1
Q

Bank of England base rate

A

5.25%

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2
Q

Current BoR inflation rate

A

February 2024 - 3.4%

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3
Q

BCIS Tender prices

A

Increased 0.5% between Q4 2023 and Q1 2024

Annual growth of 2.9%

Peak of 10.3% in 2022

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4
Q

Spring Budget 2024

A

Raised VAT threshold that businesses must register for VAT from £85k to £90k from 1st April 2024

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5
Q

Hope Capital v Alexander Reece Thompson 2023

A

Court confirmed within a valuation the purpose of the valuer’s opinion or advice will define extent of their duty

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6
Q

Fire Safety recent legislation

A

Fire Safety Act 2021- Fire Risk Appraisals of External Walls (FRAEW) needs to be carried out on all blocks with cladding where appropriate

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7
Q

Part II LTA 1954

A

Law commission announced review in March 2023, however consultation pushed back to Autumn 2024

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8
Q

RICS Surveying Safely Guidance Note 2018

A

Reissued in Feb 2024 as a Professional Standard

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9
Q

Diversity, equity and inclusion (DEI)

A

March 2024 RICS issued new material to reinforce Rule 4 of RoC’s

“The profession needs to attract and retain best of talent regardless of gender, race, disability, religion, sexual orientation etc”

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10
Q

Renaming of RICS documents

A

Professional statements now professional standards

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11
Q

High street retail yields

A

7%

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12
Q

Shopping centre prime yields 2024

A

8.25%

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13
Q

Industrial prime yields 2024

A

5.25%

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14
Q

West end office prime yields

A

4%

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15
Q

Are you aware of any recent case Law?

A

B&M Retail Ltd v HSBC Bank Pension Trust Ltd

Landlord sought to terminate lease under Section 30(1)f for redevelopment. Error in post room upon serving s.25 notice

Tenant served s.26 and Landlord failed to oppose within 2 months

Court determined new lease agreed for 5 years however rolling redevelopment break clause on 6 months notice

Terms of new tenancy should not impede development of land

Potentials for reforms to 1954 act but pushed back to Autumn 2024

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16
Q

Hope Capital v Alexander Reece Thompson 2023

A

Purpose of a valuation is central to extent of valuers duty when considering negligence claim

Lender had not suffered actionable loss despite valuers negligent overvaluation

17
Q

When setting up a firm, when would you pay VAT?

A

Inform HMRC for VAT and Tax registration, but only payable if over VAT threshold.

As of 1st April 2024 the tax threshold is £90k turnover per annum

18
Q

Difference between amortisation and depreciation

A

Amortisation shows spreading value of intangible asset over time

Depreciation shows deterioration of a physical asset over time

General Knowledge (1 decks)

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