Property Management Flashcards
What is the new RICS professional standard?
Property agency & management principles (2024)
What other RICS document is there?
RICS Guidance Note on Commercial PM (2011)
What does the RICS PS: Property agency & management principles (2024) do?
Provides advice on a variety of aspects of PM: ethics, securing instructions, new letting/lease renewals, managing RE and ending an instruction
What does the RICS Guidance Note on Commercial PM (2011) do?
Focuses on how a PM can be efficient, effective rice and accountable to a client and comply with statute law.
Primary duty of care is to the client/ll
What is alienation?
It is a right granted to a tenant to sublet, assign or share occupation of their lease
What is a sublet?
When the sub tenant has a direct relationship with the tenant who has the relationship with the LL
What is an assignment?
Tenant have the direct relationship with the landlord
What are some reasons to sublet than assign?
Requirement of the lease,
Only part of the demise
What are the 3 types of alienation clauses and what do they mean?
- Open = yes
- Restrictive = some
- Absolute = no
What can you tell me about LL consent?
Forfeiture, damages or injunction
What are the actions undertaken when dealing with an assignment/sublet?
Read the lease
Will t give an undertaking for surveyor/legal costs?
Impact on value
What are LL remedies for illegal alienation?
Forfeiture, damages or injuction
