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APC Revision > Property Records (L3) > Flashcards

Property Records (L3) Flashcards

1
Q

Why is it important to keep an accurate record of property records?

A

To ensure quality and reliability of information as far as possible. Impacts quality of advice to clients.

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2
Q

What are the General Data Protection Regulations (GDPR) 2018?

A

The GDPR update data protection laws for the modern digital age.
Applies to PERSONAL DATA and SENSITIVE PERSONAL DATA; and empowers people to take control.
DPO (Data Protection Officer) required for organisation that process/monitor data on a large scale or a public authority.
Unaffected by Brexit under The EU (Withdrawal) Act 2018.

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3
Q

What is the definition of personal data?

A

Personal data are any information which are related to an identified or identifiable natural person.

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4
Q

How does GDPR affect your firm?

A

Current role; holding agent and client information when launching a site, sending mail-outs, ensuring sensitive documentation is kept confidential

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5
Q

What is the Data Protection Act 2018?

A

Data protection framework that sits alongside GDPR, tailoring it for the UK (What is different? Exemptions?). This Act regulates the processing and storage of personal data – places obligations on organisations that store data

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6
Q

What are the 6 principles of the Data Protection Act 2018?

A

Lawfully, Specified, Adequate, Accurate, Time, Security

  1. Processed lawfully and fairly
  2. Purpose of the data collection is specified, explicit and legitimate
  3. Data processed must be adequate, relevant and not excessive for the purpose it is held
  4. Accurate and up to date
  5. Held no longer than necessary
  6. Ensure appropriate security of personal data
    * There are 7 for GDPR; additional one is ACCOUNTABILITY
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7
Q

What would an organisation have to do if they wanted to store personal data on a computer?

A

Organisation register on the Data Controller Register and pay a fee if they needed to under the 1998 Act, unless they are exempt. Are CBRE registered?
CRIMINAL OFFENCE punishable by an unlimited fine to store personal data on a computer without registering, unless an exemption applies.

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8
Q

What other legislation must you have regard to when dealing with information/data?

A

Freedom of Information Act 2000. Gives you the right to access information held by public organisations. Anyone can request information, request must be in writing. Required to respond within 20 working days. Exemptions – releasing data would prejudice a criminal matter under investigation, contrary to GDPR.

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9
Q

What is an NDA?

A

An agreement where it is agreed to treat information as confidential. It is legally binding. Cease and Desist Letter is issued to an individual who has violated the agreement. In my role: firm and all potential buyers must agree.

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10
Q

What is a Deed?

A

A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership. The deed is the vehicle for transferring a title and is not the title itself. Shows the chain of ownership for land and property.

They can include:
conveyances;
contracts for sale;
wills;
mortgages; and
leases.
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11
Q

What can you determine from Title Documents?

A

The Land Registry can supply on request and payment a copy of the official register of title to a registered property/land in the UK.
- Who owns the property or land
- Address of the owner
- Tenure
- Price paid/value stated information if sold since April 2000
- Any boundaries
- Any rights of way, restrictions and covenants on land noted in the register
An absolute title, also known as a perfect title, to a property is free of any encumbrances or deficiencies. Can get title indemnity insurance to protect against title defects, easements, restrictive covenants.

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12
Q

What is a restrictive covenant?

A

A legal agreement restricting the occupiers use of the land in some way, for the benefit of neighbouring land.
Usually enforceable by successors as they run with the land.
e.g. restrictions on use, restrictions on building new structures.
To remove: an application must be made to Upper Tribunal (Lands Chamber) but grounds for discharge are very strict

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13
Q

What is the Investors Property Databank (IPD)?

A

Database which provides investment performance statistics for owners, investors and fund managers
Draws on up-to-date valuations of selected UK properties
Provides real estate performance analysis, market indices, research and risk regarding property investment performance
IPD aims to provide independent benchmarks and market data

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14
Q

What is a Copyright?

A

Set of exclusive rights granted to the author/creator of any original work. It’s a form of intellectual property.
Crown Copyright – government created docs, e.g. laws, press releases, OS maps.

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15
Q

What have you sourced from the VOA?

A

I used the VOA to calculate Business Rates.
Rateable Value x Multiplier - Relief = Business Rates,

Last list prepared in 2017, the one before that was 2010

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16
Q

What policies do CBRE have in place to protect data?

A

CBRE data privacy policy, applies globally. The Privacy Officer is responsible for the oversight of this Policy

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17
Q

What sources do you consult in your due diligence? How do you use this information?

A

Dependent on the task I am carrying out due diligence for. Agent: Land Registry title documents, local authority websites for planning context, applications and council tax, EPC Register, Flood Risk map, Land Registry for comparable evidence, VOA for business rates. Results of due diligence inform advice given to the client. For valuation, would include written summary in the report.

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18
Q

What reports or letters have you prepared as a result of information extracted from a property record or database?

A

I have extracted comparable residential sales evidence from the Land Registry and verified sales with agents. Analysed comparables in Excel using Pivot Tables. Formed opinions of value from this analysis to price a residential unit. I then prepared a valuation report stating the comparable evidence, analysis and my opinion of value, as well as including due diligence findings.

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19
Q

What can you tell me about Automated Valuation Models?

A

Provide automatic valuations (mainly for resi) using a database and mathematical modelling. Only as good as the data they use & their design. Generally used for mass appraisals.

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20
Q

How you use your diary for property management systems?

A

Could be used for periodic tasks, such as rent reviews, insurance renewals, repeat valuations, survey renewal such as EPC every 10 years or NICEIC every year.

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21
Q

What are some methods to ensure security of data that you use at work?

A

Password protection, user restriction, physically locking away, security markings, restrict colleagues’ access to my calendar, lock desktop whilst away from desk, back-up data, anti-virus software

22
Q

How do you verify information? What do you do if you cannot verify information?

A

Contact the original source, i.e. the agent who detail with the sale or letting. There are alternative ways to verify some information, such as sourcing the particulars.

23
Q

How do you analyse and present extracted data?

A

Pivot tables, tables, maps, charts, plans, photographs

24
Q

Northwood Hills

Demonstrate how you met the principles of GDPR?

A
  1. Processed lawfully and fairly
  2. Purpose of the data collection is specified, explicit and legitimate Notified recipient of the reason for the request which was to send site particulars.
  3. Data processed must be adequate, relevant and not excessive for the purpose it is held Requested full name, company, email address and phone number in order to send details of and discuss the opportunity. Did not require any further information.
  4. Accurate and up to date Details were updated at the point of requesting them, just prior to mail-out
  5. Held no longer than necessary Requested that individuals are happy to be contacted again for future opportunities and if so, would keep details on file for that purpose unless they requested erasure. An unsubscribe button included
  6. Ensure appropriate security of personal data Kept in a password-protected spreadsheet
25
Q

Northwood Hills

What would have happened if you did not comply with GDPR?

A

Notify breach within 72 hours to the Data Protection Regulator. Potential for penalty (the greater of 20m Euros or 4% of its worldwide turnover).

26
Q

Northwood Hills

Where did you source the details for your interest list? Where is this kept?

A

Kept in my team’s shared folder, and password protected.

27
Q

Northwood Hills

Why is it important that you included an unsubscribe link?

A

Under GDPR – require consent, consent must be able to be withdrawn at any time. Allows clear and simple opt-out.

28
Q

Team Track Records

What is user-controlled access, how did you implement it and who did you give access to?

A

Contact IT, restrict user accounts to folders. Access is given to senior members of the team only who are responsible for pitching for new work.

29
Q

Team Track Records

What did you do for information that was to be kept confidential? How did you store it?

A

When extracted info from colleagues, they did not disclose confidential information to me. Confidential info was listed as such ‘Confidential’ in the track record.

30
Q

Team Track Records

How do you know that the data you have extracted in this example is accurate?

A

I sourced information from the source, i.e. the agent that orchestrated the acquisition or disposal and therefore has first-hand knowledge.

31
Q

Team Track Records

Describe the visual aids used in the track records. Who owns these?

A

Photographs – owned by third party photographer; used with written permission from them & with source credit
Drawings/visualisations – owned by third party architects; used with written permission from them & with source credit

32
Q

Investment Tracker

Explain what the investment tracker is and its purpose?

A

A record of BTR investment transactions in the market, organised by year. Its purpose is to track the market, and it acts as a comparables resource. Analysts extract information from the tracker when preparing CBRE’s yield sheet for residential investment yields.

33
Q

Investment Tracker

What key information did you input into the investment tracker?

A

Address, name of the block, total consideration, no. of units, date of sale, transaction type, area (sqft), the buyer and seller, developer, the source link/contact, current rent.

34
Q

Investment Tracker

How did you analyse the information? How do you calculate the Net and Gross Yields in this analysis?

A

Established opinion of MR. Work out the Gross yield on the passing and market rents.
Apply market leakage assumption of 25% then calculate the Net Yield on the passing and market rents.
Net/Gross Annual rental income /
Purchase price x 100

35
Q

Investment Tracker

How did you source this information and verify it?

A

How did you source this information and verify it?
Source: press releases, auctions (Allsop & EIG – Essential Information Group) or market knowledge from specialist agents. Verified: from the acting agent, and in some cases from the client, usually to add colour.

36
Q

Investment Tracker

How do you know that the data you have extracted in this example is accurate?

A

Based on the quality of the verification source. Go to the original agent. Then verify against land registry when it is available.

37
Q

Investment Tracker

What outputs did this tracker produce?

A

Individual NIY comparables for London & national locations
Gross and Net yields trends in London, the south-East and Regional centres

38
Q

Investment Tracker

Please explain the difference between standing investment, forward funding and forward commitment?

A

Standing – practical completion reached and stabilising/stabilised
Fwd funded – also known as development finance agreement. Developer/investor enter an agreement. The investor reimburses construction costs in staged payments in arrears, and pays a profit share at PC. Fwd fund due to a lack of stock and to de-risk a development (significant IRR increase for the developer, benefits their cashflow). Useful when construction funding is difficult from lender. When is the title transferred? How is profit shar calculated?
Forward commit - involves an investor entering into an agreement with a developer to purchase and receive title to a newly developed property once the development is completed, usually paid in full. Developer funds construction. Less risk for investor.

39
Q

Investment Tracker
How/when did you use the tracker to advise your clients? What was the outcome?
Were there any key trends that you noted whilst updating the tracker? How did this affect your advice to clients?
What have been the market/yield trends extracted from your research?
Describe the visual aids contained in the report to the client.

A
40
Q

Project Annapurna

How did you set up the marketing dataroom?

A

We use an external consultant to prepare the dataroom. I provided him with the project name and address and project images to create the dataroom. He provided me with admin access to create bespoke folders for project-specific documentation.

41
Q

Project Annapurna

What goes into a marketing dataroom?

A

Legal documentation – title, title plan, any leases
Existing plans
Technical surveys – measured survey, asbestos, EPC, arboricultural, air quality, biodiversity & ecology, etc
Any relevant planning documentation
Marketing particulars

42
Q

Project Annapurna

How did you distribute the marketing dataroom?

A

Using a template email campaign to the interest list, including a dataroom link and instructions.

43
Q

Project Annapurna

How/why did you screen users who registered to access the dataroom? What did you do with this information?

A

To maintain control of interest, and avoid access from completely unrelated parties.

44
Q

Project Annapurna

What information did you send to the client on the interest schedule? How does this fit into GDPR/DPA?

A

The company name, company type and comments as to their level of interest. All personal details, such as name, contact number and email address, are hidden.

45
Q

Project Annapurna

Describe the visual aids contained in the report to the client.

A

Traffic light system to visually reflect interest levels.

46
Q

Project Annapurna

What was the advice to your client/outcome?

A
47
Q

How long can you use personal data for?

A

For no longer than is necessary for the purposes for which it is being processed.
Or until the person requests erasure

48
Q

What are the 7 key principles of GDPR?

A 
Lawfulness
Accountability – organisations must demonstrate ongoing compliance
Purpose limitation
Storage limitation
Accuracy
Security (confidentiality)
49
Q

What are key changes in the GDPR 2018?

A

Dramatic increase in PENALTIES for non-compliance

The greater of 20m Euros or 4% of its worldwide turnover.

50
Q

What would you do if there is a data breach under GDPR?

A

BREACHES must be notified within 72 hours to the Data Protection Regulator (DPR).

51
Q

What are the 8 RIGHTS under GDPR?

A
  • To Access
  • To Correction
  • To Erasure (right to be forgotten)
  • To Restrict processing
  • To Data portability (use for their own purposes)
  • To be Informed; consent can be withdrawn at any time
  • Right to Object
  • To automated decision making
52
Q

Who are GDPR issued by and when?

A

Issued by Information Commissioner’s Office (ICO) on 25 May 2018.

APC Revision (15 decks)

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