Mock Questions 04.03.2025 Flashcards
What type of agreement is your contract?
A service level agreement - outlines specific services to be provided, expected level of service + responsibilities of both parties
Why is generating profit not a key area for them?
Because they are a non-for-profit organisation
Goals are around public benefit + infrastructure development
Is the scheme publicly or privately funded?
Publicly
Project is financed through government funding, which means it is supported by taxpayer money
What do you do in a tenant check out?
- Review lease agreement to understand tenant’s responsibilities + any specific requirements for moving out, e.g. cleaning
- Inspect the property for damage + assess overall condition
- Compare current condition to original inventory
- Collect keys from tenant + follow up with an email with any proposed deductions from deposit
What are the limitations of having mould if you were to relet the property?
- Health risks
- Could cause structural damage to property
- Could damage landlord’s reputation
- Would not be complying with key legislation, i.e. Homes Fitness for Human Habitation Act 2018
If your client did not want to make a profit, why was one of your key issues about not making a loss?
My client aims to breakeven on costs rather than making a profit or a loss
How did you complete your market appraisal?
After inspecting + measuring the property, I searched for comparables in the immediate area + made adjustments based on specific factors, e.g. location, condition, specification. I then formulated my opinion of Market Value
What measurements did you take of the property?
Adopted IPMS 3B and GIA
Why did you take both measurements?
Adopted IPMS 3B to comply with Professional Standard Property Measurement 2018
Adopted GIA as many comparables are measured on this basis + so this would enable a fair comparison
Why did you choose a 12-month tenancy?
This is the timescale that we adopt for tenancies
This is to offer security for tenants while also providing my client security of tenure
What method of sale did you choose and why?
Private treaty
Because it is confidential & offers more flexibility regarding timing
In what timescale did you choose to remedy the ceiling?
Why could the disposal not happen before summer?
It could, however I opted for the summer because the property would be more likely to receive more interest. Property would be better presented + people prefer moving in the warmer weather as it is more convenient
How do you know that summer is better for disposing of properties?
Through consulting with colleagues + experience
What impact on value did you consider between option 1, 2, and 3?
Could you have not seen the roof yourself?
I could see it from ground level but I am not insured to work at height - therefore making use of drones would be favourable
Talk me through your advice on your inspection of F. House – windows?
I advised my client that the windows + doors required external redecoration.
Advised client that works should be done immediately in the warmer weather to avoid jeopardising the quality of the works
Why was this good advice?
The property was vacant - carrying out an external decoration would make the property more appealing + increase chances of finding tenants
Talk me through the impacts on rot, and advice to your client at L.House?
Impacts:
- Can cause structural damage + weaken timber
- Can decrease value of properties as properties with rot are less attractive to potential buyers
- Non-compliance with legislation: can lead to legal consequences + potential lawsuits from tenants
Advice:
- Advised my client to dismantle and dispose of the timber shed as this would reduce any maintenance related issues in the future
- It was also the most-effective cost option + aligned with client’s objectives of cost-effective asset management
What would you note for external decorations?
- Brief description of property + condition
- Support notes with photos of areas requiring decorations
What would be your next step?
Obtain competitive quotes for the works
How would you determine the contractor?
Analyse cost of works, look at lead times and proposed duration, assess reputation + whether we have done any work with them before
What is an approved contractor?
Contractor who has been officially recognised + listed as reliable + competent to perform specific
services
What specific documents must you obtain regarding an approved contractor?
Public liability insurance
Risk assessment
Certificates
Method statement
Company name
VAT registered
Registered address
H&S policy
Why did you not advise on the hairline cracks at M. Cottage?
This was outside of my area of expertise
How did you do your valuation of the development land at Leamington Spa?
After inspection, calculated GDV by searching for + analysing comparables of converted barn schemes in the area
Obtained outstanding build costs from the borrower + verified these through BCIS
Determined the developer’s profit
Then deducted costs + profit from GDV to arrive at opinion of Market Value
What was your developer’s profit?
15%
How did you value the residential apartments at Nottingham?
What yield did you use and why?
Gross Initial Yield - this was inclusive of purchaser’s costs
Did you use any other methods of valuation?
What discount did the ASTs have from the freehold value?
Tell me about your comparable method of the industrial unit at Sutton Coldfield
What makes a good comparable?
Result of an arm’s transaction in the market
Recent
Very similar
Verifiable
Result of underlying demand
How do you analyse your comparables?
I identify comparable properties + input information into an excel spreadsheet where I break my analysis down into factors, such as distance from property, size, features and any other comments
I then make adjustments based on these factors and this helps me arrive at my opinion of Market Value
What is the hierarchy of evidence?
Categories comparables into 3 levels
Category A - direct transactional evidence (actual sales or lease transactions of similar properties. Most reliable)
Category B - general market data (data from published sources, historic evidence + indices)
Category C - other sources (evidence from different property types of locations. Used when direct evidence is not available)
What is a special assumption?
Assumption made during a valuation that differs from the actual facts, e.g. assuming land has planning permission when it doesn’t
How did you evaluate the residential apartment at Sutton Coldfield?
How did you prioritise works for repairs and maintenance programme?
Developed + agreed prioritisation approach with client
Priority 1 works - works to general fabric required to stop immediate deterioration, e.g. roof repairs
Priority 2 works - works that maintained condition
Priority 3 works - cosmetic improvements
What did you notice about the wood which was in poor condition in Aylesbury?
Showed various signs of wet rot
Soft in areas
Tenant also pointed out that windows and doors were draughty
What are the benefits of uPVC replacements?
Better insulation
Less maintenance - don’t require regular painting unlike UPVC windows
More resistant to weather conditions
Longer lifespan
What was your advice around damp at S. P. Mews?
My advice was to carry out the works recommended by the building surveyor
Highlighted to my client that if they weren’t done then this would open them up to legal complications as this would be a breach of their tenancy agreement
What are the future risks with damp?
Can lead to structural damage of the building as a result of weakened bricks, crumbling plaster + damaged mortar
Can lead to mould growth which can cause health problems, e.g. respiratory issues
Can reduce properties value - properties with damp are less attractive to potential buyers
What process do you follow before letting a residential property?
Carry out inspection + ensure necessary works are complete + property is compliant
Instruct works if property requires maintenance or if not compliant
Analyse comparable evidence to determine rent that property could be let for
What compliance would you do?
- Asbestos
- Legionella
- Gas safety
- Electrical safety
- EPC certificate
How did you deal with your stakeholder management at S.P. Mews park?
I organised an on-site meeting with tenant + contractor
Advised contractor of providing at least 24 hours’ notice prior to attending site
Also reassured tenant that colour of windows + doors would fade over time due to the staining process
Kept client appraised of situation + advised them of importance of maintaining landlord-tenant relationship
How did you determine the rental value?
What are the risks associated with a build-up of moss on a roof?
Can weaken roof material, causing rot + decay
Can cause roof leaks + significant water damage to interior
Adds to weight of roof - could strain the roof structure + lead to potential damage
Moss also makes a roof look unsightly
What process did you follow to determine liability?
For the blown windows at G.H. Farm, was this property vacant?
It was tenanted
Who would have been responsible for the blown windows?
The landlord
This requirement was stated in the lease
What type of agreement were they on?
Crown Tenancy Agreement
Was that appropriate given it was a farm?
The house was separate from the farm itself
If there was land involved, I would refer this to the agricultural team
How did you action the blocked gutters at B Lodge?
Reviewed lease + noted that responsibility of clearing gutters lies with the tenant
Informed client + advised them that gutters should be cleared first before being repaired
Asked tenant to clear gutters then instructed contractor to repair gutters
Why does your company use a document management system?
Who are they complying with?
Data Protection Act 2018 + GDPR
How would you deal with a data breach?
In accordance with firm’s policy on data protection, I would raise this with the Head of IT + Compliance + give details of what has happened
Would not discuss with anyone other than line manager until cleared to do so
Would then await further instructions from the team
What is the importance of an audit trail in a dispute?
Provides evidence of what has been agreed on + who is accountable
How long can you keep tenant’s data?
For as long as is reasonable
How long must a firm keep records of public or professional indemnity insurance?
How did you measure the residential property B. Cottage?
Adopted IPMS 3b
Worked clockwise round property + started on ground floor + worked way up to first floor
Measured all internal areas to the IDF
?????
To what accuracy do your measurements need to be?
How did you measure the pastureland at Atherstone?
Used firm’s internal software called Mapping Terrier
Ensured that area was correct by cross checking this with land registry plan
Followed boundaries + documented land area
What are the requirements for a land registry compliant plan?
Must have a north arrow
Must have a red line boundary
Must have an accurate scale
Must be labelled with relevant info, e.g. easements + covenants
What types of measuring equipment do you use and what are the limitations?
Mainly use a laser
Disadv - less accurate over distances up to 200m, does not function well in bright light
Also used online mapping software
Disadv - can sometimes be inaccurate as difficult to pinpoint exact boundaries
How did you measure the industrial unit at Sutton Coldfield?
Adopted GIA as per client’s instruction
Measured all areas within internal walls of unit including any columns
What type of measurements did you take?
How did you complete your market appraisal at Hodgetts Lane?
Was this red book compliant?
No
Why not?
It was an exception under VPS 1-6 in PS 1
What are the other exceptions?
What parts of the red book must you comply with?
Always must comply with PS 1 and PS 2
If Red Book valuation, then apply with other sections of the Red Book
How did you identify a suitable method of sale for the residential property at Stoneleigh?
Why did you pick this method of sale?
What is your lone working policy?
Policy requires employees to update details of visits in outlook, keep team informed of whereabouts, make use of ‘people safe’ app in case of emergency, reverse park
What PPE do you take?
Keep PPE in car at all times
Hard hat, high vis, steel toe boots, ear defenders
If you got to site and noticed a team member was not wearing any PPE, what would you do?
I would quickly evaluate the risks + determine whether there was any immediate danger that needed to be addressed
If immediate safety concern, would stop work immediately
Would approach employee calmly + explain importance of wearing PPE
Would also check if they had correct PPE + raise this with their line manager if appropriate
Talk me through a risk assessment
- Identify hazards present
- Identify people at risk of hazards
- Evaluate risk + decide on precautions
- Record findings
- Review + update regularly
How do you determine a scope of works?
What do you do if the scope changes part way through?
Reissue terms of engagement
What is your level of PII?
Minimum limit - £1 million
Maximum limit - £50 million
Why do we have PII?
Protects firms from negligence claims made by third parties
Protects clients + surveyors when duty of care is breached + claim for damages arises
Talk me through your firm’s CHP.
Complaints must be submitted in writing
Send complaints to complaints team or post to Newbury office
Acknowledged within 3 working days
Investigated + responded to within 15 days of ackowledgement
If not satisfied, can contact again + will respond to within 15 working days to provide final response
If still not satisfied, can choose to take complaint to independent redress provider
How do these timescales compare to the RICS guidance?
RICS states that complaint should be acknowledged within 7 working days + investigated within 28 working days
How do you ensure your fees are transparent with the client?
Include in ToE
What is a balance sheet?
Statement that shows snapshot of company’s financial position. Shows assets, liabilities + owner’s equity
What does your company’s business plan include?
Plan covering next 5 years
Includes targets regarding recruitment, retention, profit and turnover growth
What are those targets?
I cannot disclose this information as my company’s business plan is confidential
What would you do if you could not agree on rent with a tenant?
What would you do about a deposit return?
What are the different methods of ADR?
Negotiation
Mediation
Arbitration
Adjudication
Independent Expert Determination
What are the 9 protected characteristics?
- Marriage + Civil Partnership
- Age
- Disability
- Gender Reassignment
- Sex
- Race
- Sexual Orientation
- Pregnancy + Maternity
- Religion + belief
How is your office an inclusive environment?
Meets minimum requirements set out in Part M of Building Regulations, e.g. door widths, lifts etc.
Goes beyond minimum requirements - includes multi-faith rooms, open-plan office space + kitchen to allow people to socialise
Why is having a diverse team important?
How are you sustainable in your daily practice of work?
Use energy efficient lights + turn off when not in use
Use public transport to work
Make use of electronic files to minimise paper usage
Why do you want to become a member of the RICS?
What benefits do you consider there are?
Market Advantage
Recognition
Knowledge
Status
Network
Which rule of conduct means most to you and why? Provide an example.
Rule 4 - members + firms must treat each other with respect + encourage diversity + inclusion
What are the key elements of a client account?
How much can you accept in cash for rent?
My firm has a no cash acceptance policy
However, RICS requirements state maximum is £10,000 euros
What would you do if you were suspicious of someone money laundering?
How do you ensure your judgement is not impaired?
What would you do if your client did not approve the costs you had put forward?
