General Questions Flashcards
What is a use class
Every property in the UK is assigned one. This defines what activities a residential or commercial premise can be used for by its lawful occupants.
What changes were enforced in 2020?
In force from 1 September 2020, subject to certain transitional provisions, the core changes include the recalibration of the classification of uses of property. Classes A, B1 and D1, applicable to retail, office and non-residential institutions and assembly and leisure uses respectively, are removed and new use classes introduced in their place. The new Class E encompasses commercial, business and service, while the new F.1 and F.2 apply to learning and non-residential institutions and local community use respectively.
What does the new use class E encompass?
The new Class E encompasses commercial, business and service
What is a listed property
A listed property is one that is sondiered to have special arhitectural features and is protected.
What is the difference between grade 1 and grade 2 listing?
Grade I: This means the property is of ‘exceptional interest’. Only around 2.5% of listed buildings are Grade 1 listed.
Grade II*: This means the property is important and considered of more than special interest. Around 5.8% of listed buildings fall into this category.
What does IFRS stand for?
International Financial Reporting Standards
What is IFRS 16?
IFRS 16 is the lease accounting standard with which all the companies have to comply when using the IFRS. The full cost of leases have to be accounted for on the balance sheet. An occupiers obligation to pay rent has to be recognised as a liability, though service charge payments would be accounted for separately. Exemptions exist for leases of 12 months or older.
What are management accounts?
These are prepared for internal use by a business and are not audited.
What are audited accounts?
Audited accounts are prepared by a chartered or certified accountant.
RICS launches new guidance to supplement Rules of Conduct Rule 4
RICS’ Rules of Conduct Rule 4 states that members and firms must treat others with respect and encourage diversity and inclusion.RICS has launched ‘Developing an Inclusive Culture- guidance developed with the help of RICS members and DEI experts to reflect good practice in encouraging diversity and inclusion.
What does DEI stand for?
Diversity, equity and inclusion
Who is the RICS president?
Tina Paillet
Who is the President elect?
Justin Sullivan
When was the RICS founded?
1868
When was it granted a royal charter?
1881
