Questioning Flashcards
1
Q
When is a time you have acted with integrity?
A
19 Crosby road
2
Q
Name some questions on the RICS Ethics tree?
A
- Sufficient facts?
- legal?
- In lines with Rules of Conduct?
- Consulted with the appropriate people?
- Do you have clear reasoning?
3
Q
3 Fee Basis types?
A
Fixed, Hourly rate & Ryde scale
4
Q
FG CHP?
A
- Comes in in writing
- Acknowledged within 5 days
- Investigated within 25 days
- Sent to Complainer
- Can be raised to more senior level
5
Q
What’s the RICS Moto?
A
‘There is measure in all things’
6
Q
Example of Conflict?
A
FG Managed a client that was a borrower.
We declined the instruction
7
Q
Generel Client Account? (Think Lettings)
A
Account with muiltple monies in
8
Q
Arbitration Vs expect witness?
A
Arbitration is a formal method
- Outcome is legally binding
9
Q
VPGA ?
A
Valuation Practice Guidance Application
10
Q
VPS?
A
Valuation Performance Standards
11
Q
AHA Succession tests?
A
Close Relative Test - Close relative
Livelihood Test - Main source on income for 5/7 years prior
12
Q
Name 2 VPGA
A
VPGA 2 - Secured lending
VPGA 9 - Portfolio
13
Q
How does IHT value differ from Market Value?
A
‘price must not be assumed to be reduced on the grounds that the whole property is to be placed on the market at one and the same time’
14
Q
Are you aware of what is specific about 1982 for CGT valuations?
A
- Base rate for CGT after
15
Q
RICS guidance for comparable valuations?
A
Comparable evidence in real estate valuation (1st) 2019
16
Q
Vacant Possession Premium
A
Difference in VP and Lease value
17
Q
When is SDLT payable?
A
On exchange date
18
Q
Whats the SDLT for land?
A
<£150,000 = 0
£150,001 - £250,000 = 2%
£250,000 + = 5%
19
Q
Market Value definition for IHT?
A
S.160 of IHT act 1984
20
Q
Red Hall Farm, what were the things you looked for in the option agreement?
A
- Term
- Area
- Triggers
- % Purchase price.
21
Q
Ravenhill, Why did you advise for a BS?
A
- Condition of roof wasn’t brilliant
- Can be a Signiant cost
22
Q
Name something within VPGA 2?
A
- Guidance on Independence, Objectively and COI
- Reporting and disclosures
23
Q
Whats COP?
A
Conference of parties
Gather oh UN states
Last one was 28
24
Q
What does ESG Stand for?
A
Environmental
Social
Governance
25
Why do we ask for the estimated values in LS vals?
Helps us to limit our liability when reporting a figure
26
Difference between a development Appraisal and Residual valuation?
DA - Assess Viability
Residual - Value of the land
27
CGT Market Value definition?
Section 272 - Taxation for Chargable Gains Act 1992
'the price which [the] assets might reasonably be expected to fetch on a sale in the open market. In estimated the market value of any assets, no reduction shall be made in the estimate on the account of the estimate being made on the assumption that the whole of the assets is to be placed on the market at one and the same time.’
28
IHT Market Value definition?
Section 160, Inheritance Tax Act 1984
'The price which the property might reasonably be expected to fetch if sold in the open market at that time; but that price must not be assumed to be reduced on the grounds that the whole property is to be placed on the market at one and the same time.’
29
Definition of Market Value?
IVS 104 Para 30.1
'the estimated amount for which an asset or liability should exchange on the valuation
date between a willing buyer and a willing seller in an arm’s length transaction, after
proper marketing and where the parties had each acted knowledgeably, prudently and
without compulsion.’
30
Why is there a valuation registration scheme (VRS) and when did it come into place?
2011
1. Improve quality
2. RICS requirements TO SELF REGULATE
3. Raised the status of RICS Valuer
31
How would you value a lighthouse?
NOT COMPITENT
32
Whats FG PII Limit?
20 million
33
Where is Tina Palliet from?
Paris
34
Who's is FGs AML officer?
Alister Dune
35
Whats the two bits of legation for AML?
- Anti Money Laundering, terrorist funding and transfer of fund regulation 2017
- Proceeds of crime act 2002
36
What are the limits of liability and where are they found?
In TOB
- 3 options
- depends on what's agreed
37
Who regulated Bribery?
Serious Fraud Office
38
If Unknown money comes into an account, how long do you hold it? where do you dispute if after?
3 years
Charity or police
39
Who gets the interest on Clients money?
Client
Unless arranged specified
40
What's a Signatory?
Someone that approves clients spending
41
6 areas of good practise in Client Handling money? (HPPRRC)
1. Holding
2. Providing Info
3. Receipts
4. Payments
5. Records and controls
6. Compliance
42
Protected characteristics under the Equality act 2010? (9) (MADSRRPPG)
-Gender
- Sex
- Prefers
- Age
- Disability
- Race
- Religion
- Marriage
- Pregnancy
43
74 Woodside, why did you advice a T@W?
Landlord wanted to conduct maintenance work but tenants wanted to take occupancy
44
Tenats pros to tenancy at will?
Flexibly, less ownerous
45
What if you are suspicion about money laundering half way through an instruction?
- Report to Serious Fraud office
- Carry on
46
How did you inspected the caves?
- Risk Assesment
- Didn't go internally
47
Whats Agency selling rights?
Agent gets fee regardless if the vendor finds purchaser
48
Sole agency rights?
Agent gets fee if they find the purchaser
49
'Caveat emptor' ?
'Let a buyer beaware'
50
What is rule 5 of the Code of conduct?
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
51
Where do you get accurate company accounts?
- Accountant
52
What's the limitation of companies house?
- Accounts can be 18 months out of date.
53
What do you do if someone senior is bullying a colleague?
- Have a word
- Report to a more senior member
54
Why do we have a CHP?
Gives a fair review to submit a complaint.
55
Name your company's ADR for valuation?
Centre for Effective Dispute Resolution (CEDR)
56
Minimum formal CPD required? whats the CPD requirements for students?
50%
48 hours annually
57
Name some characteristics a Client account?
- Client has to be in the name
- Can't go overdrawn
- Kept separate
- Interest has to be agreed with the client
- Client can get money on demand.
58
How long after a negligence claim can a claim arise? guidance?
Risk, Liability and insurance 2021
- 6 years under contract
- 12 years under a Deed
59
Why do you want to be a member?
'Meet a minimum level of standard to progress from'
60
Why do we do CPD?
- Keep us updated to the ever changing world and regulations
- Ensure we keep the high standard of quality.
61
Want controls are in place for client receipts?
have to keep records and accurte accounts
62
What's an Locum agreement? why do we have it? and when is it used?
Plan of succession if you were to discontinue
- Death and for clients money and care
- Solo practitioner
63
Hugh bullying molly, what do you do?
- speak to Hugh in private.
- raise to HR or Senior member.
64
Client has a gun on the table what do you do?
- Leave and rearrange on the inspection.
65
What's the regulation for Asbestos?
- Control of asbestos regulations, 2012
66
What is asbestos? why was it used?
- natural mineral
- Cheap, waterproof and good insulator.
67
Hoo mill lane, How much was the claim for? how much were the stables? how was your fee calculated?
£34,000
£14,000
Agreed Hourly rate
68
15 Landaff drive, how much was the claim for? how much was your fee?
£7,000
Fee: £1,400
69
Whats an ROCS and why?
checks the condation before the tenant moves in.
70
Woodside business park, can you describe one of the property's?
Think of unit 74
71
What are marketability factors for Woodside?
Location near Liverpool
local amities
industrial units
near residential areas and industrial units
72
Vine House, what did you note on the inspection?
position
location
elevations
land scape
access
72
Vine House, whats the impact of an enforcement notice?
- house can be demolished
- have to reinstate to previous condition
73
Winwick, What did you do before going on site?
Risk assessment
Called farmer
74
Redhall, what were the hazard? how did you mitigate them?
Bull in fields & Dilapidated building
- Avoided them
75
1 Meadow View, what was the impact of your advise? how much was it?
- It devalued the property due to additional risk
- approx. 10% less
76
Whats the main legations for compensation code?
LCA 1961 & 1973
CPA 1965
77
What's GVD?
Formal Procedures to accruing land
78
How did you assess the level of compensation for the Part 1?
Comparables evidence
Other agreed schemes
Property sold before and after
79
When would you not prioritise a Landlord goals?
when its illegal
not ethical
80
Meave House, what was the area? what was the rental figure? what was the quantum rent?
£6 sqft PA
15,000 sqft
£90,000
81
74 Woodside business Park, What was the rent? what was it per Sqft?
1,000 sqft
£12/sqft
£12,000 pa
82
19 Crosby road, What was in the heads of terms?
Tenat
Vendor
Solitor details
Rent
Term
Break Options
Condition
in or out the act
83
What the difference between Misrepresentation act 1967 at the Consumer protection regulations 2008
Misrepratation is for misleading infoamtion
consumer protaction is a dutdy of care to all parties
84
Whats the RICS Statements for selling Commercial property
RICS Global Estate agency and Brokerage Professional Statement, 2016
RICS UK Commerical Agency and brockage statement,2016
85
What are the parts of the Code of leasing business premises?
Part 2 - Mandatory requirements
Part 3 - Lease Negotiation
Part 4 - Appendix
86
What factors drive your clients goals?
ROI
Tenant strength
maintaining value
little management costs
87
What section within the red book are the exemptions?
PS 1
88
PS 1 & 2
PS 1 compliance with standards
PS 2 Ethics, competency
89
what does BCIS stand for?
Building Cost Information Service
90
Finical products that effect value?
Interest rates
income
Pontietial income
Associated costs
Changing markets
91
VPGA 8?
Valuation of real property interest
92
What's the Bichard review? and when was it published?
It was an external review that took a look at the RICS purpose, governance and overall strategy
- June 2022
93
Whats are the 7 key areas of the bichard review?
1. Renewing and increasing the focus on public interest
2. Maintained self regulation
3. Focus on diversity and inclusion
4. Empower members, focusing of the younger ages
5. Independent review of the governance and effectiveness
6. Simplified governance structure
7. Great leadership on public matters, such a sustainability.
94
When can a Net Yield be 0%?
when vacant
95
What's the professional standard for Loan Security?
Bank lending valuations and mortgage lending value, 2018
96
Fair value definition?
'The price that would be received to sell an asset, or paid to
transfer a liability, in an orderly transaction between market
participants at the measurement date.’ (This definition derives
from IFRS 13.)
97
Whats the difference between market value and fair value?
Fair value considered a negative liabilities being transferred
MV doesn't
98
Can you name some inclusions and exclusions in BCIS Costings?
Includes
- Contractors overheads
- Contractors profits
Excludes
- External works
- contingency
- Design fees
99
Bribery Act Key Principles? (Prime Minister Took Coke During a Reccission)
1. Proportionality
2. Top Level Commitment
3. Risk assessment
4. Due Diligence
5. Communication
6. Monitoring and review
100
In Surveying Safely a guidance or a standard?
Standard
101
What's is a royal charter?
Form of Governant regulation
Status reconising further regualtion
102
What are management accounts?
Set of Internal accounts that are usually more update
103
Why would you use a GVD?
Larger schemes
Less flexible
More clean cut
104
Whats the Loss Payments on a Claim?
Basic Loss
Occupiers loss
105
whats not included in a Part 1 Claim?
Visibility of the Scheme
106
Longleasehold, at what year does the value start to depreciate?
Under 100.
Banks stop leading at certain points.
107
Pros of an auction?
- Fast
- sale on fall of the gavel
- Used for unusual property
- Strong levels of interest
- Consumers can bid more as caught in the moment
108
Whats the procedure for starting up a firm?
- Inform RICS by Firm Detail Form
- Appoint Responsible Principal
- Register with RICS for regulation
- PII
- Procedure for Client Money Handling (including protection scheme)
- RICS Valuer Registration Scheme for valuers
- CHP
- Complaints log
- Complaints handling office
- Use a logo kit from the RICS
- Plan of succession
- CPD log
- Annual completion of the RICS Annual Returns
109
What does FG do for sustainability?
ISO 14001 certification
Adopted of environmental Management system to Reduce Footprint
110
What Legislation is there within a Heads of Term?
AML, L&T 1954 and EPC
111
Whats it called if a tenant wants to do works on a unit?
License for alterations
112
Whats the Profits test?
3x Net profit over 3 years
113
What's the basis of measurement for Industry units?
GIA
114
Data Management act principles?
1. Lawfulness, fairness and transparency
2. Purpose limitation
3. Data minimisation
4. Accuracy
5. Storage limitation
6. Integrity and confidentiality (security)
7. Accountability
115
Estate agency area principles? (CCHODLT)
1. Clarity of TOB (section 18)
2. Honesty
3. Liability of costs
4. Personal interests (Section 21)
5. Discrimination
6. obligation to client
7. Clients money
116
Why is formal tender preferred?
For local authorities
117
Who policies the Consumer protection act?
Trading standards office
118
Name some key facts about the Consumer protection act?
- Apply to lettings and sales
- Have to declare all information they know
- Duty of care to all interests
- Due diligence has to be conducted on new instructions
- Can't put pressure on consumers
119
Whats the misrepresentation act do?
misrepresentation or false statements
Can be sued for this
120
Is there a standard for CPO?
Surveyors advising in respect of compulsory purchase and statutory compensation (edition 1), 2017
121
What's the time period for a GVD?
3 months (2 months from preliminary notice + 28 days)
122
How long does an advance payment take to get payed out?
2 months
123
Interest on Claims?
Statutory rate set
124
What's the Guidance on Social Media?
Use of Social Media Guidance for RICS Members 2024
125
How do you post on social media?
In a profession manor, as if I was to be speaking to a client
126
Whats the benefits of IMPS?
its used on an international scale
127
What's the Inclusive employee quality mark?
Promotes equality and diversity in the workplace
128
What's the Livvit review 2021?
Independent report on finances within the RICS.
Led to panel members stepping down
129
Whats VPGA 11?
Valuation of Residential property.
130
Are you aware of any RICS ESG guidance?
Sustainability and ESG in commercial property valuation and strategic advice
131
What's a moodus?
A journal of documents and journals produced by the RICS?
132
RICS Logo requirements for meber and firms?
Members - Can use on business cards and social media
Firms - Can only use if they have registered.
133
Benefits of Diversity and inclusion?
Sense of belonging
reduced staff turnover
more skilled personnel
134
What does the RICS do to encourage diversity?
Diversity and inclusion leadership (knowledge hub)
135
Where can you find Guidance on the RICS logo?
Rules for the use of the RICS logo 2022
136
Merit vs Bab Case Law?
Run Off cover
Allowed them to go after the individual
137
What are the forms of ADR? (4)
Mediation
Adjudication
Arbitration
Expert Determination
138
Whats a claim-made basis, in terms of PII?
Its about the policy that is in place that is in now.
E.G. Claim was from 2020 but made in 2024, it used the 2024 policy
139
Musker Street, was there a long stop date? and/or deposit for exclusivity?
Yes
12 months
10% none refundable deposit
140
Whats VPGA 11 of the UK Suppilment? and can you name some things in it?
Valuing Residential property
- SA
- Inspections
- Reporting
- Basis of value
141
What's the definition of Market Rent?
The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion (see IVS 104 paragraph 40.1).
142
What's needed for better regulation? PACTT
Proportionality
Accountability
Consistency
Targeting
Transparency
143
What unconscious bias?
Building a preconceptions thought of someone
144
RICS Content?
Standards and guidance
145
Penitles under H&S Act?
Notice of improvement
146
Susaintabily report update? whats in it?
- A review in to sustainability of the proeprty industry
- we arnt going to reach net zero by 2050
147
KPI?
Key performance indicators
148
What in a written Health and Safty Policy? (4)
1. Sets out commitment to H&S
2. Roles and structure of the firm's system
3. Risk Assessment of the workplace
4. details of control handling measures
149
Six Pack of H&S? (MDMPUW)
Management H&S at work
Display screen
Manual handling
PPE at work
Use of work equipment
Workplace H&S
150
mediation?
Third party neutral mediator that comes to an agreement
151
Arbitration?
Expect from that relies on info supplied to them
152
What is a residual and what approach is it?
Its a hybrid approach depending on the GDV appraoch
153
What’s is the red book guidance for Financial reporting?
VPGA 1
154
Can you name a standard that RIC had for sustainability? And what does it do?
Whole life carbon assessment for the built environment 2nd edition 2023
Allows surveyors to assess a property’s carbons emission through its life span
155
What’s BREEAM? And what’s does it do?
Building Research Establishment Environmental Assessment Method
Rates buildings
156
Can you sublease or assign a licence?
NO
157
What's CPSEs?
CPSE 1 – General pre-contract enquiries for all commercial property transactions;
CPSE 2 – Supplemental pre-contract enquiries for properties subject to tenancies for commercial use;
CPSE 3 – Supplemental pre-contract enquiries for commercial property on the grant of a new lease;
CPSE 4 – Supplemental pre-contract enquiries for commercial leasehold property on the assignment of a lease;
CPSE 5 – Enquiries before the surrender of a rack rent commercial lease;
CPSE 6 – Supplemental pre-contract enquiries for properties subject to residential tenancies;
CPSE 7 – General short form pre-contract enquiries for all property transactions.
158
Whats alienation?
Subletting or assigning
158
Liverpool office market overview?
Limited Grade A office space with headline rents at £25-28/sqft.
Q2 2024 is down to 30,000 sqft leased
159
What RICS guidance did yo use in your case study?
Surveying safely
Red Book
UK supplement
160
Whats the minimum amounts for run-off cover?
One off job - 1 million
Business - An adequate and appropriate amount
161
What's the difference between informal and formal CPD?
Formal needs to have a learning objective
162
When do employers have to have a written H&S policy? same for fire safety
5 or more employers
163
What types of declarations at there for contracting out? and what's the difference?
Simple & Statutory
Simple is after 14 days of the start of the lease
164
Is a rent review a timely matter?
No
165
19 Crosby Road, How did you assess the leak?
In house building surveyor
166
what's the date that succional AHAs may not be granted after?
12th July 1984
167
What do you do if there is a data breach?
Report to Data protection officer
168
Is an ADR legally binding?
Depends on the methods
Mediation - No
Adjudication - Yes
Arbitration - Yes
Expert Determination - This can be either
169
Can you serve a blight notice on HS2 now?
No
Safeguarding has been lifted
170
Dog Kennel, what was the yield? Rent? Market rent? Size?
2,000 sqft
Current rent: £4/sqft
Market Rent: £5/sqft
8%
171
What are you firms objectives?
Diversity and sustainability
172
Hazard vs risk
Hazard is the problem
risk is the chance of it occurring
173
Whats the types of Asbestos?
White, Brown, Blue
174
AML Provisions? (PRRAMDSIS)
Risk Assessment
System in place
Internal Controls
Staff Training
DD Checks
PEP
Records
AML Checks
High risk Factors
175
AML Provisions? (PRRAMDSIS)
Risk Assessment
System in place
Internal Controls
Staff Training
DD Checks
PEP
Records
AML Checks
High risk Factors
176
What acts do you consider with cash?
Terrorism act 2000
177
Do you Duel in measurement report?
Prefer to.
But it goes of the clients demands
178
What do you know about the L&T act?
I have a brief understanding of the key complements that I deal with.
179
What do you advise to improve an EPC?
Suspended ceiling
Storage heaters
Heat pumps
180
Quarter days?
March 25th
June 24th
September 29th
Christmas day
181
Did you have an favoured comparable in your case study?
Land at Whitegate Road
182
Whats Money Laundering?
The act of concealing money obtained by criminal manners
183
What IMPS is used in all buildings for resi and offices?
IMPS 3
184
Who do you report a data breach to? and the government official? within how long?
Clare Phillipson
ICO
72 hours
185
10% for the reservation price?
Over or under
186
Exchange vs completion date?
Exchange date - contactors change hands on paper (legal commitment)
Competition - Title changes and you move in
