Other questions

Question 1

What is the difference between a lease and a licence?

Answer 1

• A lease grants exclusive possession and a legal interest for a fixed term
• A licence grants permission to occupy for a specific purpose without exclusive possession. A licence is also personal and cannot be assigned

Question 2

What case law relates to lease and licences?

Answer 2

Street v Mountford

Question 3

What is Lionheart?

Answer 3

• It is an independent charity that supports RICS members and their families
• Aim is to support members through difficult times

Question 4

Why is the Royal Charter important to you?

Answer 4

• The Royal Charter requires us to promote the usefulness of the profession for the advantage of the UK public and other parts of the world
• Sign of gold standard of excellence and integrity

Question 5

If a data breach within your firm what would you do?

Answer 5

• I would report the breach to my firms data protection officer
• I would contact the person the data sent to and ask them to delete it
• I would report to the RICS if breach contains a large amount of client data

Question 6

How does a market appraisal differ from a valuation?

Answer 6

Not a formal valuation. Providing an estimate of anticipated market rent and not a valuation or appraisal

Question 7

How do you make adjustments to comparables?

Answer 7

Location, building specification, condition & size, tenure & lease terms, timing of transaction, incentives & EPC

Question 8

If there is a lack of evidence what would you do?

Answer 8

I would look across a wider range of indicators for example local or national economic data

Question 9

What documents do you require before marketing a property?

Answer 9

• Title information
• EPC
• Leases
• Floor plans
• Asbestos risk register
• Access statement - property complies with Equality Act 2010
• If multi-occupied service charge information