Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC 2024 > Property Management > Flashcards

Property Management Flashcards

1
Q

What is the Occupiers Liability Act 1957/1984?

A

imposes a duty of care on occupiers to all lawful visitors to ensure that they are reasonably safe for the purpose for which they are on the occupier’s premises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Tell me about the RICS guidance on Service Charge/Real Estate Management/Commercial Property Management

A

The aims of Service Charge:

Improve general standards and promote best practice, uniformity, fairness and transparency in the management and administration of services charges in commercial property, ensure timely issue of budgets and year-end certificates
reduce the causes of disputes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Are you aware of any additional RICS Guidance on Service Charge?

A

Service charges in commercial property, 1st edition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the rule of privity of contract?

A

You cannot either enforce the benefit of or be liable for any obligation under a contract to which you are not a party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the difference between an absolute/qualified/fully qualified covenant?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What remedies are available to landlords for breach of repairs?

A

1) Notice to repair: Served under S146 LPA 1925, usually for specific breach, must set out breach, timescale for remedy, a course of action if the breach is left unremedied.

2)forfeiture: must be a forfeiture clause in the lease, must serve a S146 to tenant , what they must do to remedy breach and give them a reasonable amount of time to undertake works

3) serve an interim dilaps schedule:

4) Re-enter to carry out work: Jervis v Haris 1996 L had clause allowing them to enter to undertake repairs and reimburse from tenant, now these clauses in lease are called Jervis v Harris clause and should be used when tenant is solvent, where L wants the lease and tenant to continue occupying where L wants to control work and where threat of entry could get work done anyway

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the various forms of corporate insolvency?

A

Administration, CVA, IVA, Bankruptcy, Liquidation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the main rent arrears recovery options for landlords?

A

Forfeiture, CRAR, Payment plan, Stat Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Talk me through your understanding of the Corporate Manslaughter and Corporate Homicide Act 2007

A

An organisation is guilty of an offence if the way in which its activities are managed or organised:
(a) causes a person’s death, and
(b)amounts to a gross breach of a relevant duty of care owed by the organisation to the deceased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Tell me about any RICS guidance you are aware of relating to licences for alterations

A

Licence for alterations in
commercial property (been archived)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are my duties of authority under CM&CH 2007?

A

Duty of Care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How would you hand over a service charge account upon sale or change of manager? What info would be required?

A

RICS Information Paper on Commercial Property Handover Procedure, 2015 (archived)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the offences and penalties under CM & CH Act?

A

Unlimited Fine, Imprisonment, Disqualification as Company Director

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What protection does a licence to alter provide?

A

Protects parties at rent reviews and dilapidations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Why is it important to handle LfA properly?

A

To ensure any alterations made are properly completed and recorded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the process of considering a tenant’s application to alter?

A

– do they need one, ask for a set of plans, scope RAMS etc, obtain a cost undertaking, all alterations need to be documented in the licence, check the impact on the property, consider reinstatement at expiry, advise client & inspect works once completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How should an application for LfA for submitted?

A

In writing to the Landlord

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is a cost undertaking?

A

Agreement to cover the cost incurred by another party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What information should be provided with a licence for alterations?

A

RAMS, plans, specifications plans apps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What would you look for in the lease if you received a licence?

A

Clauses for licence for alterations. Any reasons to withhold permission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are improvements under the LTA 1927?

A

Any alterations that render occupation of the premises more beneficial to a tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How does this impact upon the landlord’s consent?

A

Cannot unreasonably withhold consent under S.19

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What does not be unreasonably withheld mean?

A

Refuse granting permission for improvements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What happens if superior landlords consent is required? How do you avoid delays?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are your duties in relation to timings/reasonableness? Is there any case law relating to these?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

How would you consider the impact of proposed alterations on building operations?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What does Section 3 of the 1927 LTA relate to?

A

Section 3 of the Landlord and Tenant Act 1927 allows a tenant, in certain circumstances, to carry out works even if they are prohibited by the terms of the lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a warranty? Why would one be requested?

A

Indemnify the Landlord

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What are reinstatement provisions?

A

Outlines obligations for reinstatement on lease expiry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

How do dilapidations relate to alterations?

A

Reinstatement on lease expiry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

How does the Equality Act 2010 relate to alterations?

A

If a term of the letting that prohibits the tenant from making alterations puts the disabled person at the disadvantage referred to in the first requirement, A is required to change the term only so far as is necessary to enable the tenant to make alterations to the let premises so as to avoid the disadvantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

How does MEES relate to alterations and your reasoned advice?

A

Alterations shouldn’t impact on the EPC of the building and jeopardise commercial letting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What H&S considerations relate to alterations?

A

CDM regs 2015

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What levels of approval decision are there?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

If consent is refused, what remedies does the tenant have?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

How do you document consent?

A

Landlord Consent to Alterations Letter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Can consent be granted retrospectively?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What is a final inspection and why would you carry one out?

A

Final review of the works completed. To ensure the works match those detailed in the Licence for Alteration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Following alterations, can you and how would you adjust a service charge?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is TUPE? What is it’s purpose?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

How might a TUPE relate to property management?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What are the effects of TUPE?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What is a duty of care deed? Why is it required? What is included?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What would you do if someone asked you to sign a duty of care deed?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What are the 3 key principles in RICS Commercial Property Management, England and Wales?

A
39
Q

What are some of the core duties of a property manager?

A
40
Q

What are some of the key obligations associated with the collection of monies?

A
41
Q

How would you deal with rental deposit deeds?

A
42
Q

What is a key principle for good property management?

A
42
Q

How can you pass on the costs of insurance to a tenant?

A

Reimbursement

42
Q

Tell me about the usual insurance requirements for a landlord

A

Cover for reinstatement of the building

43
Q

How do you ensure that insurance cover is appropriate?

A

Insurance Act 2016

44
Q

What is public liability insurance? Why is it important?

A
45
Q

Why is effective occupier liaison important?

A
46
Q

Tell me about the role of property managers in relation to energy management

A
47
Q

As a property manager, what are your H&S/ Fire safety obligations?

A
47
Q

Tell me about 3rd part supplier procurement in relation to your property management role

A
48
Q

How do you ensure good management of mixed use developments? Does the RICS provide any relevant guidance on this?

A
48
Q

Under the Occupiers Liability Act 1954, what happens if an injury was caused to a visitor due to faulty work of a third party?

A
49
Q

How can you satisfy your duty of care to persons other than visitors under the Occupiers Liability Act 1984?

A
50
Q

Tell me about a key point of the Management of H&S at Works Regulations 1999/Control of Substances Hazardous to Health Regulations 2002/Water Supply Regulations 1999.

A
51
Q

What are the two tests for corporate insolvency? What are the consequences of insolvency?

A
52
Q

Tell me about an insolvency procedure

A
53
Q

What is administration/administrative receivership/CVA/liquidation/a restructuring plan?

A
54
Q

Why have restructuring plans become more popular? How do these all differ?

A
55
Q

How would you deal with property management in the case if tenant insolvency?

A
56
Q

Can you pursue unpaid sums from an insolvent tenant?

A
57
Q

What are 3 of the key principles of RICS Real Estate Management?

A

1) Act in an hones fair, transparent and professional manner
2) Carry out work with due skill care diligence and ensure all staff employed have ht enecessary skills to carry out their taks
3) Ensure thar clients are provided with terms of business that are fair and clear, with details of CHP

58
Q

What is CSR?

A

Corporate Social Responsibility

59
Q

What is the difference between an insured and uninsured risk? Give examples of both

A
59
Q

What are the requirements under the RICS REM guidance for rent demands/rent arrears?

A
60
Q

What is PPM? Why is it beneficial?

A
60
Q

What types of dilapidations claims are there?

A

Interim: served with at least 3 years remaining
Terminal: served in last 3 years
Final: served at or after lease expiry

61
Q

What advice would you give close to the end of a lease?

A

Don’t complete any expensive works

62
Q

What is Section 18 Valuation? Why would one be used?

A

Diminution in value of reversionary interest. difference in value of the property upon possession had the covenants to repair and decorate not been undertaken

63
Q

How can you protect the security of client’s money?

A
63
Q

What requirements do RICS place on firms holding clients money?

A
64
Q

What is a regulatory return?

A
65
Q

What happens if you have surplus money in client accounts that is not claimed after 6 years?

A
66
Q

What is a key issue relating to holding clients money?

A
67
Q

What controls should be in place relating to holding client’s money?

A
68
Q

When was RICS Service Charge guidance last updated?

A

2018

69
Q

What are 3 of the mandatory principles of the RICS service charge ps? When was it last updated?

A

5) Provide an apportionment matrix
6) service charge funds must be held in one or more separate and discrete accounts
7) interest earned on service charge accounts must be credited to the account

70
Q

What is a service charge?

A

To recover costs on a multi let building incurred by L maintenance.

71
Q

Where is the service charge arrangement set out?

A

The lease

72
Q

How does the PS differ to the former SC code?

A
72
Q

What does a SC usually include/exclude?

A
73
Q

What iteration of the SC guidance is the current PS?

A
74
Q

Who pays the SC?

A

The tenant

74
Q

When does the new PS apply from?

A
75
Q

What are the aims of the PS?

A
76
Q

What are some of the core principles of the PS?

A
77
Q

What is a limitation of the PS? Can it override a lease?

A
78
Q

Tell me about an element of of PS best practice

A
79
Q

What do chapters 4 and 5 of the PS relate to?

A
80
Q

What are the timeframes for reporting within the PS?

A
81
Q

What is a year end statement?

A
81
Q

What is a management fee and what does the PS say about them?

A
82
Q

What is your duty of care in relation to a SC?

A
83
Q

How should interest be dealt with?

A
84
Q

What is standardised financial reporting?

A
85
Q

How does ADR relate to SC under the PS?

A
86
Q

What are the options for recovering rent arrears?

A
87
Q

What is a rent deposit drawdown?

A
88
Q

What is payment agreement?

A
89
Q

What is forfeiture?

A
90
Q

Where would you find out if you can forfeit a lease or not?

A
91
Q

How can you effect forfeiture?

A
92
Q

Where can you forfeit a lease?

A
93
Q

What is a waiver? What amounts to a waiver?

A

APC 2024 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions