Level 3s

Question 1

Ethics - conflict of interest. What did you do?

Answer 1

Ensured I act with integrity by carrying out checks internally using our database to raise anything that could hinder my professional judgement

Question 2

Ethics - Marketing Particulars. What did you do?

Answer 2

When producing marketing particulars I always display the essential details relating to the property, I ensure all the information is correct and complies with the Misrepresentation Act (1967) and Consumer Protection Regulations (2008)

Question 3

Ethics - Disposal, Kensington. What happened?

Answer 3

When disposing of a retail asset I was requested by an interested party to provide advise relating to the structural condition of the property he saw during an inspection. I was aware of my own limitations and advised that he speak to a specialist to get accurate advice. Avoided a conflict of interest with my client who I was acting for on the sale.

Question 4

Ethics - Welwyn Garden City. What happened?

Answer 4

Awaiting formal instruction from a Landlord to market a property on his behalf.

An agent contacted me knowing I would be and expressed interest in learning more.

I let them know I wasn’t yet formally instructed and wouldn’t share any information until Terms of Engagement were signed. I advised the client to maintain the marketing process within the previously planned timelines.

Question 5

Client Care - Acquisition Interest Schedules. What happened?

Answer 5

I am responsible for creating and revising interest schedules. I organise monthly client meetings to review and update these schedules. The monthly meetings allow me to understand the clients needs and serves as an opportunity to discuss strategy to progress with these instructions

Question 6

Client Care - Acquisition Clapham. What happened?

Answer 6

Working with a new client on their acquisition strategy for this location.

We agreed to meet here and visit several surrounding areas that he highlighted in our previous communications. This allowed me to get a good understanding of the client requirements and I was able to accurately locate properties in these areas

Question 7

Communication and Negotiation - Acquisition - Croydon. What happened?

Answer 7

I was instructed to negotiate for a property in Croydon. The Landlords agent refused to provide a 6- month rent free period because he needed stable income. My client was a national retailer and had the financial security to support a half rent period in replacement. This way the landlord would provide a consistent cash flow while maintaining the original structure of the agreement. Deal was agreed and I drafted heads of terms

Question 8

Communication and Negotiation - Lease Disposal, Kensington. What happened?

Answer 8

I was instructed to dispose of lease in Kensington.
Shortly after marketing I received an offer who disclosed that they intended to establish a new business. This offer provided little financial security to my client. To address this I negotiated a 6 month rent deposit.

Question 9

Health and Safety - inspection, Stratford. What happened?

Answer 9

Before inspecting a site under development with a client, we listened to a briefing that was given by the respective project manager on site. I followed Health and Safety guidelines and made sure both my client and I signed in and out and always wore PPE while on site

Question 10

Health and Safety - Out of office procedure. What happened?

Answer 10

I consistently maintain an updated work diary to keep my colleagues informed of my whereabouts and anticipated timescales.

I always ensure my mobile phone is charged so that my colleagues can contact me when I am way from the office.

Question 11

Inspection - Town Visit, Princes Risborough. What happened?

Answer 11

I was instructed to look for a suitable opportunity in Princes Risborough.

I visited the area and searched for any vacant, to let or available properties. I printed off a GOAD with any new vacancies or letting since the last visit. I was then able to compile this data to provide my client with the relevant comparable information and introduce properties that could be one interest.

Question 12

Inspection - Vacant property, Kensington. What happened?

Answer 12

I inspected a vacant property in Kensington on behalf of a client who had instructed me to let it.

On inspection I noticed dark cracked parts on the ceiling which I suspected to be damp. I made sure to take photos and show the client, I advised him if it was damp it could cause long term structural damage and diminish marketability.

I advised the client to seek advice from a specialist and consider taking the necessary reflective measures

Question 13

Inspection - Tooting

Answer 13

I was instructed to dispose of an existing lease on behalf of my client. Prior to inspection I completed a desktop search and reviewed photos provided to me by the tenant.

I then created a risk assessment.

Following this I organised to collect the keys from the client and inspected the property in line with the principles of surveying Safely 2018.

I made myself aware of the location and its nearby surroundings, capturing photos of the internal and external parts of the property so I could understand the layout and refer to it in the future.

I advised the client that due to the irregular layout of the property it would impact marketability and effect the achievable market rent. I advised the client that we should target marketing at restaurant occupiers.

Question 14

Measurement - Acquisition Islington. What happened?

Answer 14

When conducting due diligence for a potential acquisition in Islington.

No available floor plans, however I measured it anyway. I used a laser measured to determine the areas of the property on a net internal basis making sure to exclude any fire exits, columns or any other relevant exclusions.

To ensure accuracy I checked my measurements with a tape measure

Question 15

Measurement - Acquisition, Wokingham. What happened?

Answer 15

Measured a property in Wokingham on the basis of GIA. I took these measurements with a laser measure and recorded them on a scaled plan. My measurements included bathroom and columns. I then used measured plans to determine the area making the necessary deductions

Question 16

Valuation - Acquisition, Wembley. What happened?

Answer 16

Received instructions for acquisition on Wembley. I used the comparative method.

I inspected the property to measure - NIA, calculated ITZA.

Examined PD, Costar and PIP NET for comps. Also communicated with local agents. Compiled a comprehensive schedule of evidence showing the hierarchy of evidence. Showing date of transaction, location, size, terms and type of transaction.

Obtained appropriate ZA, and multiplied it by the ITZA which gave me the ERV.

Question 17

Valuation - Investment Sale, Northampton

Answer 17

Assisted a senior colleague to dispose of a high street retail asset portfolio.

My responsibility was to create a report presenting my opinion on value and I did this with the investment and comparative valuation method.

Firstly established property’s estimated market value, then collated comparable investments in the area and comparable locations. From this I looked at the varying factors such as date, size, location and covenant strength and lease length which assisted with my analysis of value.

I selected a suitable NIY and applied it for this valuation.

Question 18

Leasing and Letting - Lease Disposal, Kensington. What happened ?

Answer 18

I was instructed to dispose of an existing lease in Kensington.

I conducted market research on recent transactions and formed an opinion on rental value. I agreed pricing with the client and proceeded to market the property.

I received interest from an individual looking to relocate his only existing store.

Before reporting the interest I requested details of the individual, and the nature of his business. This improved my understanding of their usage and presentation.

I reported the offer and he instructed me to negotiate terms.

The tenant only had one existing site so I negotiated a 6 month rent deposit. I reported the offer the client and he instructed me to proceed with heads of terms and then instructed solicitors

Question 19

Leasing and Letting - lease disposal, Tufnell Park.

Answer 19

I was instructed to dispose of an existing lease in Tufnell Park.

I conducted a thorough inspection of the property and measured on an NIA basis and familiarised myself with the existing lease. I then put together marketing particulars adhering to the Misrepresentation act 1967 which were uploaded to several commercial property listing sites and circulated around Estate agents clearing house and in house mailing list.

This generated interest and I communicated with all party’s and arranged inspections. I negotiated terms with a prospective tenant that best suited my clients requirements.

With clients approval I agreed hots and instructed solicitors.

Question 20

Leading and letting - Welwyn Garden City. What happened?

Answer 20

Instructed to market a property in Welwyn garden city.

Ensured Terms of Engagement were agreed and I had carried out conflict of interest checks. I then organised an inspection. I noticed the property was in poor condition, featuring possible damp and cracking on the ground floor roof.

Advised the client of the disrepair and highlighted I could impact marketability and achievable market rent. The client instructed I continue with the marketing and I received an offer from a strong covenanted retailer who offered a low rent and high incentive.

I spoke with the interested party and they advised they would increase the offer if the property was in good condition. The client received a quote to fix the disrepair which was lower than the incentives proposed. I advised the client to undertake the works and that we could agree to an AFL. The client agreed, and we agreed hots and instructed solicitors.

Question 21

Leasing and Letting - letting Wandsworth. What happened?

Answer 21

I was instructed on a letting in Wandsworth.

The former fashion unit had been vacant for 12 months. Fashion retails had been hesitant to expand due to wider market conditions I advised the client to explore restaurant occupiers who had been keenly acquiring.

The client agreed and I proceeded to contact local authorities for planning permission to install extraction. I received positive feedback from the council, and extraction was installed.

Adapted my market campaign to restaurant occupiers. Received an offer from a credible restaurant occupier. I reported it to my client and advised that we should proceed with this party due to the lack of interest and strong covenant.

Agreed hots and instructed soli

Question 22

Strategic Real Estate - New Acquisition Target Towns. What happened?

Answer 22

When working with an occupier client they advised they wanted to open 10 new stores this year. Instructed to search for new towns and opportunities for them.

I began a search which I divided between myself and a colleague. We identified potential opportunities and compiled a report. This report included location maps highlighting properties and a summary of benefits and challenges. Also details including size, availability and rent. Reported this to the client.

Question 23

Strategic Real Estate - Letting Bromley. What happened?

Answer 23

Instructed on letting a shop in Bromley.

The property had been previously let across ground floor, first floor and second floor. Shortly after marketing I received an offer from a national retailer interested in only the ground floor.

I reported the offer and recommended to separate upper floors to the ground. Lease the ground floor and repurpose the uppers to flats and utilise the rear servicing yard as an entrance to the upper levels.

Upon completion the client could capitalise on the increased value by disposing of the asset. The client agreed and proceeded to agree hots and instruct soli

Question 24

Strategic Real Estate - suitable occupiers for underlettings. What happened?

Answer 24

I was instructed to explore partnership opportunities to downsize a clients portfolio to reduce occupancy costs.

Advised we should focus on dividing the space with occupiers who would compliment the business to promote synergy.

I categorised the stores based on diverse characteristics such as pitch, location, lease permissions and size. I then created a list of suitable occupiers and created a report on how they might work and considerations. Reported this to the client.

Question 25

Strategic Real Estate - Comparable Retailers in Liquidation. What happened?

Answer 25

Instructed to look for high footfall and less affluent locations for their expansive acquisition plans.

I advised the client there were suitable towns that they had not considered and I should investigate.

I was aware of several retailers in liquidation that shared similar properties that my client was targeting.

I compiled an excel spreadsheet of closing stores and the associated towns. I presented the list to the client. Client agreed and I added these towns to the requirements list and initiated contact to the agents handling the disposals.

Question 26

Purchase and Sale - Investment Sale, Cambridge. What happened?

Answer 26

Working with a senior colleague I was instructed on the freehold sale of a single let high street unit.

Conflict of interest, terms of engagement and aml checks. I then arranged an inspection and measured on NIA. I then searched for recent comparable transactions as well as communicating with local agents. Using this data I compiled a hierarchy of evidence. I then applied a yield of 6% and a capital value per square foot of £747.

Client agreed and I created marketing particulars. I shortly received an offer and reported it to the client. Client agreed and I agreed hots and instructed solicitors

Question 27

Purchase and Sale - Investment Sale, Tunbridge Wells. What happened?

Answer 27

I received instructions to dispose of a property in tunbridge wells. Terms of engagement conflict of interest and Aml.

Then conducted due dilligence looking at the lease documents, title plan and floor plans. I searched for comps in the area and agreed a 7% yield with the client.

Conducted short marketing period, and gained interest. Reported to client and hosted inspections. Receive offers by way of private treaty. Client chose party and agreed hots and instructed soli

Question 28

Purchase and sale - Investment Sale, Reading. What happend?

Answer 28

Instructed on the sale of a high street property in Reading.

Terms of engagement, conflict of interest and AML.

I used the comparative method and advised on pricing. During marketing I record a high level of interest and advised my client to host an open day.

I then received 2 offers one higher and condition and the other lower and unconditional. Clients preference was for a quick sale I advised the client to proceed with the unconditional lower offer

Question 29

Purchase and sale - investment sale, Northampton . What happened?

Answer 29

Instructed to dispose of a property in Northampton, client wanted a quick sale.

Terms of engagement, conflict of interest and AML. Due diligence.

Provided opinion on pricing. During the marketing process, a rise in interest rates meant I advised the client it could affect marketability. My client was motivated seller so we adjusted the price to reflect the rise. We then received and offer 20% below initial quote from credible buyer unconditional.

Considering the nature of the offer and market conditions, my client agreed to proceed with the legal process.

Question 30

Landlord and Tenant - Lease Disposal, Earls Court. What happened?

Answer 30

Instructed on a lease disposal of an existing lease in Earls Court.

Studied the existing lease and became familiar with the important clauses that would effect assignment and subleasing.

Drafted marketing particulars. Received interest from a party. Organised inspection and they subsequently made an offer for assignment. Agreed hots and instructed soli

Question 31

Landlord and tenant - Rent Review, Kingston. What happened?

Answer 31

Instructed to provide rent review advice in Kingston.

Reviewed existing lease and noting existing time remaining, I inspected the property. I arrived at the unit with floor plans and measured on NIA. I developed an analysis of ITZA and conducted a devaluation assessment. I gathered comps to build an analysis. The comps concluded there was no significant rental increase. I decided no further steps needed as a nil increase could adversely affect my clients rental values.

Question 32

Data management - client interest Schedules. What happened?

Answer 32

Retained by a client to oversee acquisitions. The tenant was a national retailer and had ambitious acquisition plans.

I was responsible for creating, updating, and monitoring a schedule displaying all relevant opportunities across different towns. I reported on this weekly in catch ups to keep client informed and provide updates on recent developments.

I ensure to remove any outdated , failed and rejected properties from the list.

Also, my client enquire about properties already in occupation, I use Nimbus to identify the owner so I can send them a canvas letter to see if we can get vacant possession. I maintain a record of all canvasses sent noting the address, landlord and date and remove them if rejected.

Question 33

Data management - weekly requirements. What happened?

Answer 33

I have the role in my company of sending out weekly new requirements information. I distribute them digitally and verbally to colleagues every week.

I save all the requirements on internal database, highlighting the key information. Size, location, contact information and their financial range.

Regular updates allow us to effectively match available properties with retail needs.