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List hits Flashcards

1
Q

What did you learn from your BNG CPD?

A

The CPD highlighted that:

1.The Environment Act 2021 makes BNG an explicit condition of planning permission.

  1. Developers are required to demonstrate how they they will deliver a 10% improvement to biodiversity.

The CPD also covered the mitigation hierarchy:

  1. Avoid: Retain / Protect / Enhance - on-site
  2. Mitigate: Recreate / Enhance - on-site
  3. Compensate: Create & Enhance
  4. Statutory Credits - matter of last resort

Some of the key recommendations were to:

  1. Explore constraints & opportunities
  2. Be aware of wetlands / woodlands & ‘‘greenish’’ brownfield sites
  3. Engage with ecologist early during feasibility stage & throughout design stage.
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2
Q

What advice does the RICS Professional Standard ‘‘Client Money Handling’’ (2019) give?

A
  1. Client accounts separate & identifiable
  2. '’Client’’ on bank account
  3. Payment of interest agreed with client
  4. Account kept in credit
  5. Client can have monies on demand
  6. Accurate records kept
  7. Display procedures document on website
  8. Money can only be withdrawn if properly required
  9. Cash receipts are made to settle transactions
  10. Annual audit & reporting obligations by RICS certified accountant met
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3
Q

What RICS compliance do you need to follow when starting a new practice?

A
  1. Inform RICS by completing Firm Details Form
  2. Appoint Responsible Principal for RICS communication
  3. Register with RICS for regulation
  4. Arrange PII and send details to RICS
  5. Set up procedures for Client Money Handling - including PROTECTION SCHEME
  6. Register for RICS Valuer Registration Scheme if req.
  7. Obtain RICS approval for CHP
  8. Set up complaints log
  9. Appoint Complaints Handling Officer
  10. Use Logo kit from RICS to comply with Regulated by RICS
  11. Plan for succession / future running?
  12. Ensure CPD logged online on RICS CPD Management System
  13. Set up staff training plan
  14. Ensure completion of online RICS Annual Return at the end of each year.
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4
Q

What statutory compliance do you need to undertake when starting a new practice?

A
  1. Disclose business name
  2. Appoint Money Laundering Reporting Officer
  3. Asbestos Register
  4. Inform with HMRC for VAT and Tax registration (VAT THRESHOLD 85K)
  5. Register for data protection

Comply with:
1. Financial services legislation
2. Bribery Act
3. Health & Safety legislation
4. Fire safety legislation
5. Estate agency legislation
6. Employment law legislation
7. Insurance requirements

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5
Q

What RICS compliance do you need to undertake when closing your practice?

A
  1. Inform RICS of closure and deregister
  2. Ensure clients are informed and handover arrangements made
  3. Return client money to their account
  4. Inform insurers & procure run-off cover for a minimum of 6 years in line with RICS requirements
  5. Retain a copy of client files and records for a minimum of 6 years
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6
Q

What are the key provisions of the Terrorist Financing & Transfer of Funds Regulations 2017?

A
  1. Written risk assessment
  2. Implement systems / controls / policies
  3. Adopt internal controls
  4. Provide staff training
  5. Comply with CDD / EDD requirements
  6. Comply with PEP requirements
  7. Ensure appropriate record keeping
  8. AML checks to be undertaken before exchange
  9. Requirement to include additional high-risk factors when assessing the need for EDD.
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7
Q

What are the main principles of UK GDPR?

A

Data must be:

  1. Processed lawfully / fairly / transparently
  2. Collected for explicit / legitimate purposes
  3. Relevant to what is necessary
  4. Accurate and kept up to date
  5. Kept no longer than necessary
  6. Processed in a secure way
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8
Q

What are the 8 individual rights under UK GDPR?

A
  1. Right to be informed
  2. Right of access
  3. Right to rectification
  4. Right to erasure
  5. Right to restrict processing
  6. Right to data protability
  7. Right to object
  8. Right to automated decision making / profiling
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9
Q

What are the 9 protected characteristics?

A
  1. Gender reassignment
  2. Sex
  3. Sexual orientation
  4. Age
  5. Disability
  6. Race
  7. Religion
  8. Marriage / partnership
  9. Pregnancy / maternity
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10
Q

What approaches should you consider when valuing a site with contamination?

A
  1. Recommend specialist report commissioned
  2. Caveat advice with disclaimer / assumption / special assumption
  3. Deduct remediation costs
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11
Q

What are the mandatory requirements set out in RICS property measurement 2018?

A
  1. Provide measurement date
  2. State methodology adopted
  3. Provide reference / scale
  4. State conversion factor and rounding
  5. Document measurement / calculations
  6. Retain record of RICS member responsible
  7. Advise of benefit of IMPS
  8. Document the reason for departure
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12
Q

What does IPMS 1 measure?

A

The Area of the building including external walls.

On a floor-by-floor basis

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13
Q

What does IPMS 2 measure?

A

The interior of an office

Including all areas available for direct use

Measured to the IDF of the wall

on a floor by floor basis

in component areas

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14
Q

What is the IDF?

A

Inside finished surface comprising more than 50% of the floor to ceiling height for each IDF wall section

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15
Q

What dos IPMS 3 measure?

A

Measures the occupation of floor areas in exclusive use

Measured the internal dominant face on a floor-by-floor basis

Represents the floor area available on an exclusive basis to an occupier

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16
Q

What does IPMS 3 exclude?

A
  1. Common facilities such as stairs / lifts /motor rooms / WC’s / cleaners cupboards/ plant room etc.
17
Q

What does IPMS 1 exclude?

A

Upper atrium void levels

Open external stairwell

Refuse areas

Patios

External Parking at ground level

18
Q

What does IPMS 2 exclude?

A
  1. Open light wells / upper level atrium voids
  2. Patio / GF decks
  3. External Parking & Equipment yards
  4. Cooling equipment / Refuse areas
19
Q

What are the major difference between IPMS3 & NIA?

A
  1. Perimeter measurements taken to the IDF
  2. No exclusions for less than 1.5m
  3. Columns included
  4. Area taken to mid-point of partition wall between tenancies
  5. Covered galleries / balconies included and stated separately (exclusive use)
20
Q

What would you include / exclude for GIA measurements of industrial?

A

Include:
1. Columns
2. Lift wells
3. Mezzanines w/ perm access
4. Loading bays
5. Ancillary Offices (GIA basis)

Exclude:
1. Canopies
2. Fire escapes
3. Covered ways

21
Q

What are the bases of value?

A
  1. Market value
  2. Market Rent
  3. Fair value
  4. Investment Value
  5. Equitable Value
  6. Liquidation Value
22
Q

What is Investment value?

A

The value of an asset to a particular / potential purchaser for individual investment / operational objectives

23
Q

What do VPS1-5 cover?

A

VPS1 - Terms of Engagement

VPS2 - Inspection / Investigation / Records

VPS3 - Contents of valuation report

VPS4 - Basis of value

VPS5 - Valuation Approaches & Methods

24
Q

What are the four requirements for desktop valuations as set out in VPS 2 - Inspections / Investigations / Records?

A
  1. Nature of restriction agreed in ToE
  2. Valuation implications of restriction confirmed in writing prior to reporting value
  3. Valuer should consider whether restriction is reasonable
  4. Restriction must be referred to in report
25
Q

When does a valuation not have to be red book compliant?

A

VS 1 - All valuations must be redbook compliant except for:

  1. Prepared for negotiation / litigation
  2. Prepared for internal purposes w/o liability and third party reliance
  3. When undertaking statutory functions (except for statutory returns)
  4. For agency / brokerage work when no purchase report required
  5. In preparation as evidence for expert witness
26
Q

What are the minimum terms of engagement as set out in VPS 1?

A
  1. Identification & Status of Valuer
  2. Identification of Client
  3. Identification of any other intended users
  4. The asset to be valued
  5. Currency
  6. Purpose of valuation
  7. Basis of value
  8. Valuation date
  9. Extent of investigation
  10. Nature / Source of information to be relied upon
  11. Assumptions / Special asusmptions
  12. Format of the report
  13. Restrictions for use / distribution / publication
  14. Confirmation of Red Book compliance
  15. Fee basis
  16. CHP to be made available
  17. Statement that valuation may be subject to compliance by RICS
  18. Limitation on liability agreed
27
Q

What are the minimum requirements to be set out in a Red Book compliant valuation report?

A

VPS 3 - Valuation Report

  1. Identification & Status of valuer
  2. Client / other intended users
  3. Purpose of valuation
  4. Asset to be valued
  5. Basis of value
  6. Valuation date
  7. Extent of investigation
  8. Nature & source of information
  9. Assumptions / Special assumptions
  10. Restrictions on use / distribution / publication
  11. Instruction undertaken in accordance with IVS standards
  12. Valuation approach and reasoning
  13. Valuation figure
  14. Date of report
  15. Comment on market uncertainty
  16. Statement setting out limitations on liability
28
Q

What does professional standard 2 cover?

A

Ethics / Competency / Objectivity and Disclosers

  1. Valuations must be in accord with Rules of Conduct
  2. Valuer must act objectively / independently
  3. Members must understand requirements / comply with minimum terms of engagement
  4. Members must be able to demonstrate professional competence
29
Q

What are the principles set out in RICS Professional Statement - UK Commercial Estate Agency 2016?

A
  1. Act honest / fair /transparent
  2. Carry out work with due skill & employ staff with necessary skills
  3. Ensure clients provided with terms of business with CHP details
  4. Avoid / manage CoI fairly / openly
  5. Do not discriminate unfairly
  6. Good communication with client
  7. Honest marketing material
  8. Client money held separately / covered by adequate insurance
  9. Hold appropriate PII
  10. Make client identity clear
  11. Give realistic assessments of prices / costs
  12. Carry out meetings / inspections / viewings in accordance with clients wishes.
30
Q

What are the 7 principles of the Estate Agents Act 1979?

A
  1. Clarity to terms of agency (s.18)
  2. Honesty / Accuracy
  3. Agreement / liabiltiy for costs
  4. Openness regarding personal interests (s.21)
  5. Absence of discrimination
  6. Inform clients about offers received
  7. Keep client’s money separate
31
Q

What are the differences in penalties between the estates agent act (1979) / Misrepresentation act (1967) and Consumer Protection Regulations (2008)?

A

Misrepresentation Act (1967) - Sued for financial damages / contract rescinded

Estates Agent Act (1979) - Warning / Prohibition order & fine

Consumer Protection Regulations - Fine / Prohibition order / prison (2 years)

32
Q

What is your understanding of Consumer Protection Regulations (2008)?

A
  1. Apply to sales / lettings
  2. Agents have duty of care to clients / parties
  3. Agents must declare everything kown about a property
  4. Agents must not exert undue pressure
  5. Information discovered must be shared
  6. Omissions can breach regulations
  7. full DD required for instructions
  8. Must be validated by client
  9. Disclaimers do not apply

APC (21 decks)

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