Level 3 - Industrial Val Avonmouth Flashcards
Who instructed you to undertake an RCA?
It is part of my clients requirement
What is an RCA?
Reinstatement Cost Assessment
Allows my client to understand the cost of reinstate the property in full for to ensure they are adequately insured
Tell me about this Property?
Main industrial area in Bristol
1990s building, steel portal frame with profile metal cladding, glazed front reception and two storey office accomodation
10,000 sq ft
eaves 5.75m with yard space and site cover 35%
Why is it important for someone with the skillset to undertake?
They would have experience in modelling a properties reinstatement cost and what inputs would go in to such calculation
It would not be competent or diligent for me to provide an indication
Why is knowing level of competence important?
It allows me to adhere to the Rules of Conduct
It provides my client with the best service and it is in my clients interest
It allows me to assess which instructions to undertake
How would you define your scope of experience?
Something within the realms of knowledge and where i have previously acted in a diligent manner
As a trainee surveyor, i have only acted with support of a senior, therefore my scope of experience is limited due to time practicing
Geography, asset class, service line
Why did you state it was a desktop study and for indicative purposes?
The RCA was undertaken based upon my description of the building and its floor areas
A more formal RCA may include a qualified RCA surveyor to visit the site and undertake an inspection
My client should make their own judgement for the level of insurance required
Tell me about your valuation in Avonmouth that required an RCA?
Point 1 – I was valuing an asset in Avonmouth and my client required a reinstatement cost for purposes of insurance
Point 2 – This exercise fell out of my scope of competence, therefore I engaged with the Cost Consultancy team, outlining key details of the property for them to produce an RCA
Point 3 – I advised my client it was a desktop study and for indicative purposes, within my report
