Latest mock Flashcards
RICS blue Book
UK residential real estate agency 6th ed 2017 sets out the responsibilities of residential property agents to ensure they are working to the highest ethical and professional standards
provides advice on marketing the property
process on implementing the sale
letting the property
ending instructions
scheduled - reactive maintance
Reactive maintenance focuses on repairing an asset once a failure occurs.
Planned maintenance, focuses on planned maintained to avoid issues occurring
RICS headquater
12 Great George Street, London, SW1P 3AD
AML annual reviews
sale legislation
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Sets out obligations for firms working in areas of money laundering. We are obligated to apply enhanced customer due diligence and ongoing monitoring .
Estate Agents Act 1979
Estate Agents Act 1979 outlines the roles and obligations of estate agents and outlines who is an este agent.
Consumer protection from unfair trading regulations 2008
CPRs prohibit misleading actions such as innacurate descriptions that cause the average consumer to take a transactional decision they would not have taken otherwise
arbitration v expert witness
The arbitration act 1996
Arbitration involves the parties appointing a arbitrator. You and the other party will then present evidence for your side of the dispute to the arbitrator, who ultimately makes a binding decision. This is often called an arbitral award.
Expert determination is a beneficial ADR method for a commercial dispute concerning a technical issue. parties appoint an independent expert to decide on the dispute, they choose one with expertise in that area
How do terms of engagement react with rics rules of conduct
acting with honesty - clearly setting out scope of work and fees
setting up NW surveying on the high street
firms are elgilbe to be regulated 25% of principles are rics members and they provide surveying services to the public
diversification mitigates risk
diversification helps mitigate risk by spreading business interests across serval sectors. If one sector takes a hit all of the clients interests will not be affected
clients financial position
My client kept their financial position private and instead had instructed us to report the financial implication of each method and they would decide if it was adequate
NPFF especially renewables
The national planning policy framework current edition is from December 2023 It outlines the government’s economic, social, and environmental planning policies, and how they should be applied.
Environmental impact assessment and planning application
NPFF states renewables can be placed in green belt in special circumstances if it can be demonstrated that it will provide wider benefits.
Applications should be accepted if it can be proved that its impacts are or can be made acceptable
alerdale - cumberland local plans
The allerdale local plan from 2014 is currently being replaced by the Cumberland local plan due to council reorganization
The allerdale local plan promotes renewable developments of a appropriate scale that do not have a significantly adverse impact on the amenity of local residents or the locale. It highlights the importance of mitigation methods to minimise any disturbance
Solway coast can handle small scale renewable energy
schemes, which preserve the special qualities of these designations
Ultimetly it lies with the developer to mange the development in line with the local plan.
would not go down NSIP route as very unlikely to be able 50MW.
birtans energy coast
It is the aim of the local council working with businesses and the government to enable West Cumbria to become a globally competitive energy and environmental cluster. This is taken into account during planning decisions
fbt end of tenancy compensation
A tenant under a FBT can, on termination of the tenancy, claim compensation for physical improvements made to the agricultural holding, and for intangible advantages which increases the value of the holding
Landlords consent would be needed but if refused the matter could lead to arbitration which could end up being costly and time consuming for my client
financial moddeling - renewables
Investment analysis
ev chargers, grid connection?
The EV chargers relied on a grid connection at the nearby substation. Low cost and quick offer received early next year as not a large scheme
dilapidated steading
Asked to undertake a review of a dilapidated steading
understood key features of the site and the possible options
understood key issues of the site and what needed to be remidied
Working towards a cluster development with a planning consult
renovate and split the existing farmhouse, class Q traditional farm buildings
RPA crack
non executuive branch of DEFRA responsible for payments to landowners.
Current RPA issue is the much faster than anticipated payment of phased out delinking payments.
For 2025, the Rural Payments Agency will apply a 76% reduction based on the oringal bps figure to the first £30,000 of a payment,
while making no payments for any portion of a payment above £30,000.
meaning no farmer will receive more than £7,200 from next year.
Limmy’s process confirmation class
EUROP Grid - shows shape and fat level - aim to be U - 3 - 4L
cow - 9 month pregnancy period
Spring calving cycle
heifers bulled at 15 months to calve at 24 months
calving in april
weaned at 8 - 10 months
bulls out in July
New born calves need to be tagged within 20 days of birth, or before if they leave the holding before 20 days old
All animals must have two ‘official’ tags
Within 7 days of tagging the calves, you must register the birth and make an application for a passport
who can undertake EICR and gas checks and epc
A qualified electrician with a recognized scheme provider such as NICEIC
Only a Gas Safe registered engineer can perform gas checks
Only an accredited domestic energy assessor (elmhurst accreditation scheme)
tenant not accepted section 8 notice what would have been the procedure
couldn’t serve 21 as we were 3 months within the initial tenancy
serve a section 8 (Form number 3) with a ground 12 (discretionary) giving 2 weeks notice
Hold a meeting with the tenant to see if it can be settled privately it was
If it couldn’t be sorted and the tenants had not left by the date in the order we would have applied for a possession court order
Noteifiable projects
A construction project is notifiable to the HSE if the construction work is expected to:
last longer than 30 working days and have more than 20 workers working at the same time at any point on the project or exceed 500 person days
heads of claims
- land loss
- reinstatement
3.consequatial
4.disturbance
5.
Acces other notices
compulsery powers are available but the preferd route is via agreement or section 159 notices.
s.159 gives powers to lay pipe, inspect, maintain, repair or alter pipes
budget - estate management
An operating budget lists all current and future costs and revenue. It is a careful plan that provides an overview of the current and future performance.
it is essential for stable and suitable operations and will list revenue and expenses
Depreciated replacement costs
is a way to calculate the value by considering the cost to replace it with a modern alternative less deductions for deterioration and obselnce
In the farm DRC was not used as the primary valuation method and was used mainly for sense checking the comparable method we had predominantly used
Measure the GIA during the inspection, use BCIS prices on a square meter basis to get a replacment costs. this figure will be deducted take into account usefull lifespan
i.e £100,000 is the replacment cost. Halfway through lifespan so halve value as a guide = £50,000
UK nat supplement
RICS valuation - Global standards; uk national supplement - 2023
data breech
Under GDPR all personel data breech’s to the relevent body within 72 hours.
a record must be kept of all data breechs
if it has a high risk of impacting individauls rights and freedoms they must be informed asap
silage - further
Silage is made by cutting grasses or other crops, fermenting them, and then storing them in a silo, bunker, bale, or other structure.
£60 per tonne
8 tonne per acre
genrel client account
a dedicated bank account used by a RICS regulated firm to hold client money
held seperate from D&R funds held in a regulated banking institute
dual authorisation
non intrest bearing
accounts are reconciled on a monthly basis
can have the money on demand
must have client account in the name
protected charteristics
Age
Disability
Gender reassignemnt
Marital status
pregnancy
race
religeon
sex
sexule orientation
new budget
employers’ national insurance rising to 15% from April 2025.
CGT lower rate increased t o18% and the higher rate increased to 24%
IHT after the first million which still qualifies for APR and BPR IHT will attract at 20%
Land with APR and BPR first mill 0%
past that 50%
land under enviro schemes will qualify for APR
CGT relief
Business asset disposal relief lifetime cap of £1 million
lowers it to 14% from 2025
annaul allowance of £3,000
Business asset rollover - don’t pay tax until you sell the new asset
sale and the purchase of a new asset within 3 years
IHT relief
APR - relief on inhetritance tax for the transfer of agriculutral properties (50%) AHA 100% in hand grazing licence FBT
owned and actively farmed for 2 years prior to the transfer or date of death, or
if the land is let to someone else to farm, then it must be held for 7 years prior to the transfer or date of death.
BPR - a relief from inheritance tax for certain intrests in business or assets used for business at either 100 or 50 %
VAT
Value added Tax - is a consumption tax that is levided on the value added at each point of a products production.
can reclaim VAT paid on business purchases
20% - most
some 5 %
some 0% inc food
Have to register if turnover over £90,000 annually
if registerd you will add vat on good sold and be able to claim vat back on business goods
HSE estates
Develop a written health and safety policy - Health and Safety at Work Regulations 1999
A written Health and Safety policy;
Assessments of the risks to employees, contractors, residents, and any other people who could be affected – and the significant findings recorded in writing. Any risk assessment must be ‘suitable and sufficient’;
Arrangements for the effective planning, organisation, control, monitoring and review of the preventive and protective measures that come from risk assessment;
Access to competent Health and Safety advice;
Providing information about the risks and how they are controlled;
Instruction and training in how to deal with the risks;
Ensuring there is adequate and appropriate management in place;
Consulting with employees, contractors, residents, and any other people who could be affected, about the risks and current preventive and protective measures.
Building Safety Act (2022)
employers liability insurance
estate insurance
Buildings insurance for all builings
buildings and contencts for in house buildings
with emplyees publi and employers liability insurance
ag vehicle policy
any bespoke policys for the mian house
commercial policy for any commercial assets
boiler test
best proactive to have a boiler service every year to prevent the need for reactive repairs
discrete account requirments
should include the client name - include in the TOE what the money can be used for
express permission for payments of some types of invoices or above a certain level
rules for sale boards
only dispalyed in the boundary of the property
1 board per property
removed within 14 days of sold
no more than 0.5 meters squared
building works
Building regs 2010
Building regulations in the UK are a set of standards that ensure the safety, health, and performance of new and existing buildings. They cover a wide range of topics, including:
You need to apply for buildings regulations approval for alteration projects
Hire a tradesperson registered as a competent person
types of shapefile
Shapefile shape format ( .shp)
Shapefile shape index format ( .shx) ·
Shapefile attribute format ( .dbf) ·
Shapefile spatial index format ( .sbn).
basis of value IHT
Market Value for CGT - Taxation of Chargeable Gains Act 1992, section 272/ IHT - Inheritance Tax Act 1984,
section 160 / SDLT - Finance Act 2003, section 118 / LBTT Land and Buildings Transaction Tax (Scotland) Act
2013 is defined in the RICS Valuation – Global Standards 2017: UK national supplement as:
“The price which the property might reasonably be expected to fetch if sold in the open market at that time, but
that price must not be assumed to be reduced on the grounds that the whole property is to be placed on the
market at one and the same time.”
data ethics
Data ethics is a branch of ethics that evaluates data practices that have the potential to adversely impact people and society
Think about whether the information you hold is personal information, sensitive personal information or confidential information from clients or other stakeholders.
Document the purposes for which you are allowed to hold the information and the processes for gaining consent, if applicable.
Keep a record of consent (where needed) for processing, storage and retention.
Check if you have appropriate contractual clauses for use of the information or that data used for measurement, valuation, calculations, analysis, etc. is owned or licensed for that use.
what clases as a data breech
A data breach is a security incident that results in the loss, alteration, or unauthorized access to personal data
7 principles of GDPR
Lawfulness, fairness and transparency.
Purpose limitation.
Data minimisation.
Accuracy.
Storage limitation.
Integrity and confidentiality (security)
Accountability.
more aha and fbt stuff
Agriculture tenancies act 1995 - 1st sept 1995
can diversify away from farming if correct notice served
Agricultural holdings act 1986
FBT
market rent
repairs and duration agreed between parties
no succsesion
AHA
Rent review on a earning capacity
repair - model clause
duration - lifetime of tenant
succsesion - yes if let before july 1984
whisteblowing
it is my duty to whistblow to prevent further harm happning and to maintain trust in the profession if i see something wrong.
Depending on the incident i would report to organization or the RICS
principle contractor
principal contractor is the contractor with control over the construction phase of a project involving more than one contractor.
RIDDOR
Reporting of Injuries, Diseases and Dangerous Occurrences Regulations. It’s a UK law that requires employers, the self-employed, and people in control of premises to report certain incidents to the Health and Safety Executive (HSE).
accidents resulting in the death of any person.
accidents resulting in specified injuries to workers.
non-fatal accidents requiring hospital treatment to non-workers.
dangerous occurrences.
reported within 10 days
report to HSE online
Prices
Lamb deadweight pence per KG
600p
Cattle deadweight pence per KG
500p
Deadweight is double liveweight
£ per tone hay/straw
£70 - £100
Feed wheat
£170 per tonne
Feed barley
£150 per tonne
OSR
£400 per tonne
Milk
45 pence per litre
8,000 liters per cow per annum
firstmilk
arla
muller
transmission vs distribution connection
transmission networks cover the long journey from where energy is produced to where it’s needed in large quantities, while distribution networks take it the last mile, bringing it right to your doorstep
much more complex to connect to the transmission higher fees and longer wait time. does allow for larger renewables projects
Describe a contract farming agreement.
A farming joint venture between two parties, the Farmer (Owner or Tenant) and the Contractor
LTA - FRI
Major repairs and landlords responsibilities with minor repair obligations being addressed by the lease.
landlord - structure repair and installations
What is contained within a tenancy information pack?
welocme letter
copy of the tenancy agrrement
contacts
emergency procedure
certificates
inventory
Charges and costs
property chartersitics
council tax, floor plan, epc
condition
terms of the tenancy agreement
when the property will be avilable
What is vicarious liability?
a legal principle in the UK that holds employers responsible for the actions of their employees, even if the employer was not at fault
SDLT
You must pay Stamp Duty Land Tax if you buy a property or land over a certain price.
Up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
Up to £150,000 Zero
The next £100,000 (the portion from £150,001 to £250,000) 2%
The remaining amount (the portion above £250,000) 5%
what makes a active farmer tax
a farmer must be actively involved in the agricultural activity on the land, and have management control
CDM
construction design and management regulations 2015
governs the way construction projects are undertaken in the UK
5 main duty holders
The Client.
The Principal Designer.
The Principal Contractor.
Designers.
Contractors.
what is a notefiable project
a notefiable project under the CDM regulation means that if the works last for over 30 days or involve over 20 people HSE must be informed
Headings in TOE
Val
intro
ID of standards
ID of valuer
ID of other users
ID of the asset
Currency
Purpose
Base of value
valuation date
Extent of investigation
Assumptions and special assumptions
Format restrictions
fee
limitations
AML
jursdiction
complaints
data protection
Normal
Personell
scope
fees
regulations
Data protection
complants handaling
Renters reform bill
remove no fault s.21 evictions
tenants can challenge rent increases
tenant can request to have a pet which can not be unreasonably witheld
TDS (custodaial)
There is a TDS (insured scheme where the landlord keeps tje deposit
Deposit protection
Landlords must protect deposits within 30 days of receiving them or when the tenancy becomes an assured shorthold tenancy.
Deposit return
If there’s no dispute, landlords must return deposits within 10 days of the tenancy ending and both parties agreeing on the amount.
Dispute resolution
If there’s a dispute, the TDS aims to resolve it within 28 days. This includes the time it takes to:
tenant can use the online system to negotate - if cannot be reached can request adjudication
land and soil class - case study
the land was predominantly permeant pasture of varying degrees of quality
client told me it was loamy/sandy soil
diffrence between silage and hay
Mostiure content - hay is stored dry and silage is stored wet (fermented)
why is subletting bad
Estate has a ban on subletting for the following reasons
Lack of control
issues with arrears and propety damage
legal issues
contracture procurement strategy
building reinstatement
is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed,
sometimes required for insurance purposes - indicative figures - BCIS prices
fire detection regulations
The Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022 will come into force on 1 October 2022. From that date, all relevant landlords must:
- Ensure at least one smoke alarm is equipped on each storey of their homes where there is a room used as living accommodation. This has been a legal requirement in the private rented sector since 2015.
- Ensure a carbon monoxide alarm is equipped in any room used as living accommodation which contains a fixed combustion appliance (excluding gas cookers).
- Ensure smoke alarms and carbon monoxide alarms are repaired or replaced once informed and found that they are faulty.
The requirements are enforced by local authorities who can impose a fine of up to £5,000 where a landlord fails to comply with a remedial notice.
gas regulations
Gas Safety Regulations (1998) are as follows: Landlords must have annual gas safety checks to ensure all outlets, flows, and appliances are safe
property terrier
land terrier is a record system for an institution’s land and property holdings.. I have used landmark
right to rent check
check to make sure they have a right to rent the property
right to rent in the UK - british driving licence or passport
why would i keep a tds deposit
Damage to the property, Rent arrears, Unpaid utilities, Cleaning, Redecoration, Missing items, and Gardening
Advice for marketing a property
legally require a epc to market a property
Floorplan
good photos (hopefully sunny)
comprehensive description
make sure it is tidy and neat
property outgoings
any buildings works/property safety
set up as own firm
Inform the RICS and complete firms detail form
Register for the regulation
Appoint RICS Contact Officer for all communication
Prepare a Complaints Handling Procedure and appoint complaints CH Officer
Set up complaints log
Appoint Money Laundering Reporting Officer
Register for RICS Valuer Registration Scheme if undertaking Red Book Valuations.
Obtain PII and send details to the RICS
Comply with accounts regulations
Staff training plan
Ensure that CPD was logged on the RICS CPD Management System.
Logo kit, comply with ‘Regulated by RICS’
Sole practitioner arrangement (i.e. death, incapacity & complaints).
Control of Asbestos Regulations 2012
Assessing the amount, condition, and location of asbestos-containing materials
Making and maintaining a record of
Assessing the risk of exposure to airborne asbestos fibers
Writing and implementing an asbestos management plan
Monitoring the condition of
Informing anyone who may work on or disturb ACMs of their location and condition
7 gdpr principles
Lawfulness, fairness and transparency.
Purpose limitation.
Data minimisation.
Accuracy.
Storage limitation.
Integrity and confidentiality (security)
Accountability.
