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RICS Investment and Finance Pathway > Investment Management Level One > Flashcards

Investment Management Level One Flashcards

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1
Q

Tell me what you understanding about the fundamental elements of property/asset returns including capital and rental returns, plus how these are generated in practice.

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2
Q

Tell me what you understand about the mainstream types of property/asset valuation such as investment appraisal techniques.

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3
Q

Tell me about the principles of portfolio and asset management.

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4
Q

How do you understand the requirements of an investment portfolio?

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5
Q

What impacts upon performance of the portfolio?

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6
Q

What impacts upon performance of the portfolio?

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7
Q

What could pose a risk to portfolio performance?

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8
Q

How are you going to overcome this challenge?

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9
Q

How do you ensure that the portfolio is properly managed?

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10
Q

How could BIM be used in the future of investment/asset management?

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11
Q

How do you manage/avoid/mitigate risk for clients?

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12
Q

How do you compare your client’s investment in property against other investment classes?

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13
Q

How do you assess the performance of a client’s property portfolio?

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14
Q

How can you appraise capital investment?

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15
Q

Tell me about your understanding of NPV/IRR/pay back etc.

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16
Q

Tell me about the tax rules relating to a property investment/portfolio you have managed.

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17
Q

What are other ways of investing in property? (e.g. indirect investment, REITs)

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18
Q

What is the difference between a regulated and an unregulated fund?

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19
Q

What is a hedge fund?

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20
Q

What is a private equity fund?

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21
Q

How does Islamic funding differ to traditional Western finance?

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22
Q

What is a property fund?

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23
Q

What is collective investment?

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24
Q

What is the difference between direct and indirect investment?

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25
Q

What is a regulated activity?

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26
Q

Who is the regulated for such activity?

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27
Q

Tell me about the RICS DCF guidance.

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28
Q

Does RICS produce any guidance about investment management? (could refer to RICS Strategic Public Sector Asset Management)

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29
Q

Why does property differ to other business resources?

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30
Q

How does liquidity relate to property investments?

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31
Q

What are the benefits of good asset management?

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32
Q

What is the difference between asset and property management?

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33
Q

Talk me through the asset management process.

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34
Q

How do you prepare for property asset management?

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35
Q

How do you prepare a property asset management policy/plan?

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36
Q

What are the key elements within this?

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37
Q

Tell me about a business case / project evaluation you have put together.

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38
Q

How do you set out your action plan and implement this?

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39
Q

How do you communicate the plan to key stakeholders?

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40
Q

How does the budget process relate to asset management?

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41
Q

How do you incorporate sustainability into your investment management?

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42
Q

How do you review and benchmark performance?

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43
Q

What is the role of the FCA?

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44
Q

What is the AIFMD legislation?

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45
Q

What is an authorised / recognised fund?

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46
Q

What is a Collective Investment Scheme?

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47
Q

What legal structures are you aware of for UK funds? How do these differ?

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48
Q

What is the main European legislation for funds?

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49
Q

How will this be affected by Brexit?

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50
Q

What is the FSMA?

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51
Q

What regulations do the FSA set?

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52
Q

What documentation governs the fund manager?

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53
Q

Who are the key parties involved in the governance of authorised funds?

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54
Q

What is the Approved Persons Regime?

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55
Q

What are the key responsibilities of the manager?

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56
Q

What are the key responsibilities of the Depositary?

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57
Q

Are there any other parties involved in the governance arrangements of authorised funds?

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58
Q

How else are investors protected by the UK governance structure?

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59
Q

What is the instrument constituting the fund?

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60
Q

What is a fund Prospectus?

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61
Q

What are KIIDs, KIDs Simplified Prospectuses and Key Features Documents?

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62
Q

Are investors entitled to receive any reports about the fund?

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63
Q

What information is contained within the Short Report?

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64
Q

What information is contained within the Long Report?

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65
Q

What happens when a change is to be made to the fund?

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66
Q

Tell me more about the types of changes that can be made to a fund?

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67
Q

Are there limits regarding investment and borrowing powers for funds?

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68
Q

Tell me more about eligible markets.

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69
Q

Tell me more about the general investment and borrowing powers for funds.

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70
Q

What are the rules regarding stock lending?

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71
Q

How are investors protected against risk from the use of derivatives?

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72
Q

Tell me more about the Risk Management Process?

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73
Q

Is the process of buying or redeeming units regulated?

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74
Q

Is the process of buying or redeeming units regulated?

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75
Q

Tell me more about the process of buying and redeeming units?

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76
Q

Are there any rules regarding the frequency of dealing to which a fund must adhere?

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77
Q

Do any funds operate limited issue arrangements?

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78
Q

Do any funds operate limited redemption arrangements?

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79
Q

How are funds priced?

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80
Q

What are the three pricing methods available?

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81
Q

What is dual pricing?

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82
Q

What is single pricing with dilution levy?

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83
Q

What is swinging single pricing?

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84
Q

Are investors offered any protection during the process of pricing and valuation?

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85
Q

What payments can be made out of the scheme property of the fund?

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86
Q

Can performance fees be charged out of the scheme property of the fund?

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87
Q

What are the charges that may be levied on investors when buying or selling units in a fund?

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88
Q

How do you know what charges will be incurred?

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89
Q

Can a fund offer different share classes?

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90
Q

What is the difference between an income and accumulation share class?

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91
Q

What is a currency class unit?

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92
Q

Are UK funds permitted to launch currency hedged share classes?

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93
Q

What is meant by the term “equalisation”?

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94
Q

What does ex-distribution date (XD date) mean?

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95
Q

What are the reasons for suspension?

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96
Q

Who makes the decision to suspend a fund?

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97
Q

What happens while a fund is suspended?

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98
Q

When should a fund suspension cease?

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99
Q

How often should the suspension be reviewed?

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100
Q

How are equity funds taxed?

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101
Q

How are bond funds taxed

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102
Q

What are PAIFs and how are they taxed?

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103
Q

How are investments in offshore funds taxed in the fund?

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104
Q

What is Stamp Duty Reserve Tax (SDRT)?

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105
Q

On what basis would you advise a client to invest in indirect property investment vehicles?

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106
Q

Describe the advantages and constraints of the main indirect investment vehicles available in your market (listed/unlisted etc).

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107
Q

Describe the interactions as well as lack of interactions between the physical property market and indirect investment vehicles.

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108
Q

What are the tax specifics of local Real Estate Investment Trusts (REITs)?

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109
Q

How do you define property returns?

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110
Q

What are the various ways of investing in real estate?

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111
Q

What are the main characteristics of your local investment market and your local letting market?

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112
Q

How would you explain to a client your role as asset manager and your contribution to his/her portfolio in case you are selected to manage the properties?

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113
Q

What can you do to improve the performance of property as a financial investment?

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114
Q

Why do investors look at property as an investment?

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115
Q

Is direct investment in real property a regulated activity?

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116
Q

What investment activities are covered by the UK financial services regulatory system?

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117
Q

Who is the UK’s financial services regulator?

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118
Q

What is the role of the FCA?

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119
Q

What investments fall under the Financial Services and Markets Act 2000?

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120
Q

What is indirect investment?

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121
Q

What are ‘regulated activities’ categorised as by the FCA?

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122
Q

What is a REIT?

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123
Q

What types property investments can be more tax efficient than others?

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124
Q

What is property private equity and debt?

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125
Q

What is property public equity and debt?

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126
Q

What are the most liquid forms of property investment?

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127
Q

What is a listed property company?

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128
Q

What is a PAIF?

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129
Q

What is a JPUT?

A
130
Q

What is a CMB?

A
131
Q

What are property securities and derivatives?

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132
Q

What are the advantages and disadvantages of a property investment you have been involved with?

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133
Q

What is the role of the Property Investment Manager?

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134
Q

What is an IMA?

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135
Q

What does this control?

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136
Q

What is a mandate?

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137
Q

What does ‘authority to invest’ mean?

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138
Q

What is this granted by?

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139
Q

What is an AUM?

A
140
Q

How are investment management fees typically paid and structured?

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141
Q

What is the role of an asset manager?

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142
Q

How do asset and investment management differ?

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143
Q

What is property corporate finance?

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144
Q

What are the 4 quadrants of property?

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145
Q

Explain the impact of the National Security and Investment Act 2021 on real estate deals.

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145
Q

What might cause a transaction to fall within the voluntary regime (detailed within the Act)?

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146
Q

What is the role of the AIFMD?

A
147
Q

What is the UK Stewardship Code?

A

RICS Investment and Finance Pathway (54 decks)

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