Property Management

Question 1

What is the leading text for property management?

Answer 1

RICS Professional Statement - Real Estate Management 2016

Question 2

What does the RICS Professional Statement - Real Estate Management 2016 state? Is this mandatory or a recommendation?

Answer 2

Mandatory.
Deals with commercial and residential property.
Specific advice given for all property management such as ethics, securing instructions, managing real estate, safety and security

Question 3

What does the Guidance note RICS Guidance note on Commercial Property Management in England & Wales 2011 state?

Answer 3

Best practice for commercial property management.
How a property management can be efficient, effective and accountable to the client and comply with statute law.

Question 4

What is an alienation?

Answer 4

Includes subletting, underletting and assignments.

Question 5

What effect does an assignment and a sublet have on investment value?

Answer 5

An assignment increases the tenants covenant.
A sublet decrease the strength of the tenants covenant.

Question 6

What does the Landlord and Tenant Act 1988 state?

Answer 6

Landlord has a duty to deal with alienation within a reasonable timeframe.
Failure can result in a successful claim for damages.