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考试 > Property Management > Flashcards

Property Management Flashcards

1
Q

Difference Assignment and sub-let (and what is impact on investment value); why are both used?

A
  • assignment: new tenant has direct relationship w LL
  • sub-let - new tenant has direct relationship w main tenant

Lease can be absolute, open or relative

why sub-let?
- requirement of lease
- for part of demise not whole
- MR > passing rent
- tenant wants to re-occupy in future
- new party is lesser covenant strength

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2
Q

What actions should be taken when dealing with app forconsent to assign of sublet?

A

read kease
- check MR
- what will be effect on inv value?
- has rent deposit been agreed?
- obtain the client approval to proceed
if consent, licence will be required

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3
Q

What are LL rememdies for illegal alientation?

A

forfeiture, damages or injunction

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4
Q

what is L&T

A
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5
Q

Are you aware that the RICS Service Charge Statement has turned into a Standard? Do you know the differences?

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6
Q

Can you make profit from a service charge?

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7
Q

What are 3 examples of some of the service charge principles?

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8
Q

Did you get a building surveyor out to look at the works once the alterations had been completed?

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9
Q

You are asked to prepare a property management plan for a new client with a portfolio of mixed-use commercial properties. What key elements would you include in your plan, and how would you tailor it to meet the client’s needs?

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10
Q

One of your managed properties is facing compliance issues with fire safety regulations. How would you manage this situation, and what steps would you take to ensure compliance?

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11
Q

A client is considering outsourcing the management of their commercial portfolio. How would you advise them on the pros and cons of outsourcing versus keeping property management in-house?

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12
Q

You are managing a commercial property with an upcoming lease renewal. The tenant is requesting a significant reduction in rent. How would you manage the negotiation, and what advice would you provide your client?

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13
Q

A client is concerned that their property’s service charge budget is too high, leading to tenant complaints. How would you review and manage the budget to address this concern?

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14
Q

You have been instructed to manage a retail property where the tenant has reported several maintenance issues. How would you handle the situation while ensuring minimal disruption to the tenant’s business?

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15
Q

client owns a multi-let office building, and one tenant has fallen into arrears. How would you approach this situation, and what advice would you give your client?

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16
Q

How have you provided strategic advice on maintenance or capital improvements to enhance the value of a commercial property?

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17
Q

Have you ever had to resolve a service charge dispute? How did you handle it, and what was the outcome?

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18
Q

Can you describe how you advised a client on the recovery of service charges in a multi-tenant commercial property?

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19
Q

How have you provided advice to a client about managing their portfolio in response to changing market conditions?

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20
Q

Can you provide an example where you helped a client with lease negotiations or renewals? What key factors did you consider in your advice?

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21
Q

Have you advised clients on managing vacant properties? What were your recommendations to ensure security and minimize costs?

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22
Q

Can you describe a time when you provided strategic property management advice to a client? How did your advice add value to their portfolio?

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23
Q

What process do you follow for inspecting properties to ensure compliance with legal and contractual obligations?

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24
Q

How would you approach a situation where a tenant is in breach of their lease obligations?

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25
Q

Can you provide an example where you had to manage a property with multiple tenancies? How did you handle service charges, rent collection, and maintenance issues?

A
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26
Q

Explain how you would develop and manage an annual service charge budget for a multi-tenanted property.

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27
Q

How do you ensure maintenance and repairs are carried out efficiently in the properties you manage?

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28
Q

Can you describe a situation where you had to handle tenant disputes? How did you manage it, and what was the outcome?

A
29
Q

How does a property manager handle arrears and debt recovery in commercial property?

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30
Q

What is the role of a property manager in ensuring tenant satisfaction and maintaining tenant relationships?

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31
Q

Can you explain the process of lease management in commercial property?

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32
Q

How do you ensure compliance with health and safety regulations in the properties you manage?

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33
Q

What is a service charge, and how is it typically structured in a commercial lease

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34
Q

What are the main legal obligations a property manager must consider when managing commercial properties?

A
35
Q

Can you explain the key responsibilities of a property manager in commercial property?

A
36
Q
  1. How does the lease impact on property management?
A
37
Q
  1. What are the aims of the Service Charges in Commercial Property document?
A
38
Q
  1. What is the law relevant to property management?
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39
Q
  1. What is your duty of care as a property manager?
A
40
Q
  1. What is CRAR and how can it assist in rent arrears matters?
A
41
Q
  1. Did the lease have any implications for late rent payments? Why was this not pursued?
A
42
Q
  1. Did you discuss forfeiture with your client? If so, why was this not suggested as an option?
A
43
Q
  1. Talk to me about the role of the reserve fund in this case.
A
44
Q

What is difference between reserve funds and sinking funds?

A
  1. sinking fund - setting money aside for wasting asset over whole life of asset
  2. reserve fund for anticipated future costs of maintenance and upkeep to avoid fluctuations in svc each year (e.g. regular items such as cleaning and redecs)
45
Q
  1. What methods of ADR are available for service charge disputes?
A
46
Q
  1. How was the service charge calculated?
A
47
Q

Would you accept rent if the lease as expired? Outside the Act

A
48
Q

What are remedies for rent default?

A
  1. court proceedings (coutnty court judgement) - useful is solvent
  2. rent deposit
  3. pursue former tenants and guarantors - check previous tenants if AGA in place
  4. serve statutory demand - preliminary to pursiuing bankruptcy - avsidble if no dispute on arrears levels ; tenant has 21 days to pay
  5. Commerial Rent Arrears Recovery Scheme - CRAC 2014
    - only where minimum level due under commercial lease
    - no min. level
    - only for basic rent + VAT, not service charge
    Timeline - min. 7 days unpaid rent; min. 7 days warning notice; enforcement agents visit; 2 clear days to follow; re-entry by enforcement agent to seize goods ; 7 clear days before sale of goods; fees must be specified on entry notice

6 Forfeit of lease- must be forfeiture clause in lease ; rent must be properly demanded;
7. Negotiate payment plan
8. agree on other mutally acceptable arrangement

49
Q

What are different stages in Planned Maintenance Programmes?

A
  1. cyclical
  2. Preventative
  3. Responsive
50
Q

What are the 9 principles of svc

A

9 Principles:
1. All expenditure recovered must be in accordance w lease
2. Owners/managers must not recover >100% of proper and actual costs
3. Must ensure svc budgets including appropriate explanatory commentary are issued annually to all tenants
4. Owners and managers must ensure approved set of svc accounts are provided annually to all tenants
5. Owners managers must ensure service charge apportionment matrix for property provided annually to all tenants
6. Service charge monies (inc.reserve and sinking funds) must be held in one or more discrete bank accounts
7. Interest earned on svc must be svc account after appropriate deductions have been made
8. When acting on behalf of tenant, practitioners must advise their clients if a dispute exists any svc payment withheld should only reflect the actual sums in dispute
When acting on behalf of LL, practitioners must advise clients that following resolution of a dispute, any svc raised incorrectly should be adjusted to reflect error without undue delay

51
Q

What are methods of svc apportionment?

A
52
Q

what types of insolvency are there?

A
  1. Administration - most common
  2. Receivership- when default to lender secured by fixed charge
  3. Company Voluntary Agreements - contract between company and creditors appropriate for when company is insolvent
53
Q

What should you do if tenant becomes insolvent

A
  • Tell client
  • consider legal action
  • read lease
  • early contact with Administration/Receiver
  • check monies owed in svc, rent, insurance
  • ensure property is insured and tell insurers it’s vacant
    submit claim for arrears and applicationfor rent
  • consider preparing schedule of dilaps
  • consider positon re. empty rates
  • think about re-letting property
54
Q
  1. How does the lease impact on property management?
A
55
Q
  1. What are the aims of the Service Charges in Commercial Property document?
A
56
Q
  1. Talk me through your review of the service charge budget and how this relates to the RICS guidance on service charges.
A
57
Q
  1. What findings were found in your variance report?
A
58
Q
  1. How were the service charges calculated?
A
59
Q
  1. Where are accurate service charges important?
A
60
Q
  1. Why did you recommend removing the security guard element?
A
61
Q
  1. Why is a licence to alter important in relation to the management of the property?
A
62
Q
  1. What acts needed to be complied with to ensure the compliance of the property?
A
63
Q
  1. Are there any insurance implications of the works proposed by the tenant for your landlord?
A

考试 (18 decks)

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