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APC 2024 > SOE technical run through > Flashcards

SOE technical run through Flashcards

1
Q

What is a RICS registered valuer and how do you become one

A

RICS valuers are registered with the valuer registration scheme which is a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book.

If successful having done valuation to level 3 i will be able to apply to join the VRS

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2
Q

Full name of the red book

A

RICS Valuation Global Standards - January 2022

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3
Q

full name of the uk supplement

A

RICS Valuation -Global Standards UK national supplement - 2024

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4
Q

PII levels and why is it important

A

RICS-regulated firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover.

Firm’s turnover in the preceding year Minimum limit of indemnity
£100,000 or less £250,000
£100,001 to £200,000 £500,000
£200,001 and above £1,000,000

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5
Q

Comparable Method

A

The comparable method can be used where there is a good body of recent, reliable comparable rental, yield or sales evidence

The evidence is collated, analysed and adjusted comparable evidence to reflect differences with their subject property.

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6
Q

Investment method

A

Used to capitalize a income stream with a appropriate yield.

A yield can be defined as the annual return on investment expressed as a percentage of capital value.

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7
Q

Depreciated Replacement Cost

A

The writing down of the cost of a modern equivalent to reflect the assets age and condition

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8
Q

Difference between market appraisal and red book

A

Red Book valuation is a formal opinion of value and can be relied upon by the instructing party.

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9
Q

VPS1

A

Terms of engagement

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10
Q

difference between TOE and general terms of business

A

GTB sets out the general terms and conditions of work we carry out for clients.

TOE set out the written record of the agreement between the client and firm

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11
Q

Why were i undertaking vals in scotland

A

I undertook this valuation with a registered valuer who had experience with Scottish valuations and working with them allowed me to experience a Scottish valuation

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12
Q

VPGA2

A

Secured lending.

impact of sustainbility and esg affecting market influence

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13
Q

Market Rent

A

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.’

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14
Q

Market Val

A

The estimated amount for which an asset or liabiliity should exchange on the valuation date between a willing buyer and sellor on the valuation date in a arms length transaction with both parties acting prudently knowledgably and without compulsion

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15
Q

special assumption 90 day forced sale

A

We were asked to value the assets if any sale was subject to a restricted marketing period

A percentage reduction was drawn from mine and the RV’s opion drawn from market condition at the time

incompatable with RICS defination of Market Value and has been provided as purely hypothetical.

(depends on market conditions, asset type

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16
Q

VPS 3

A

VPS 3 - valuation report

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17
Q

Building reinstatement costs

A

Required for insurance purposes we gatherd this information from BCIS on a per m2 basis.

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18
Q

B&B what did we recommend for the poor level of watertightness

A

We drew attention to it to the lender and recommended they seek further structural surveys

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19
Q

did i act in accordance with any guidance

A
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19
Q

basics about the valuation of a solar farm

A
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20
Q

Easement and Wayleaves

A
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21
Q

Water industry act 1991 - notices

A
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22
Q

water industries act - acquisition process

A
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23
Q

Heads of Claim

A
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24
Q

My land referencing project

A
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25
Q

General data protection regulations

A
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26
Q

Clients annual claim

A
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27
Q

Schedule of works for soil compation

A
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28
Q

How to choose the type of diversification

A
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29
Q

Local plan

A
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30
Q

Nova Scotia - what was my recommendation for diversification

A

Working with a planning consultant to achive redevelopment of the farmhouse and holiday homes/AST for the farm buildings that suited development (cluster development)

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31
Q

infromed consent - renewables

A
32
Q

diffrent types of sales

A
33
Q

What is in a exclusivity agreement

A
34
Q

Money laundering etc 2017

A
35
Q

proceeds of crime act 2002

A
36
Q

estate agency act 1976

A
37
Q

consumer protection from unfair trading regulations 2008

A
38
Q

Heads of Terms for sale

A
39
Q

Vet center

A

sold for development - with a covenet not to be used for vet so as not to compete with clients new practice

40
Q

Conditional sale

A
41
Q

How did you find who to put on the developer list

A
42
Q

Data room

A
43
Q

Abnormal Costs

A
44
Q

Open Market Value - development

A
45
Q

Joint Venture - design and build contract

A
46
Q

Local agriculutral systems

A
47
Q

RPA

A
48
Q

Defra

A
49
Q

Diffrence selling finished to store

A
50
Q

Weeds act 1959

A
51
Q

Why not go for grants for boundary

A
52
Q

What is GIS

A
53
Q

What is in a deed plan

A
54
Q

GIS attribute table

A
55
Q

Commercial rent coronavirus act 2022

A
56
Q

diffrence between aha and fbt

A
57
Q

Tennancy deposit scheme

A
58
Q

How did i calculate the benifits of offering rent free periods

A
58
Q

AST

A
58
Q

Initial rubbish left lying out - what breech of tenancy

A

It was a breach of their tenency agreement which stated they must keep the yard of the property. I went over with a view of talking to them to see if this could be remidied

59
Q

Section 8 (ground 12) housing act 1988

A

We served a section 8 notice as the tenant had broken the terms of the tenancy by subletting.

Couldn’t use a section 21 notice as the initial period had not ended.

We served them with the prescribed notice as the subletting was against their tenancy agreement with 2 weeks notice.

upon receipt of this notice the tenant ended their tenant and successfully arranged for the sublet tenants to leave this property which they did.

60
Q

Retaining a proportion of the deposit

A
61
Q

How did i identify the wires belong to openreach

A

We were able to identify that they belonged to openreach as they had openreach markings on them

62
Q

Why should old wires and cabling be removed

A

It made the units more astheticly pleasing meeting estate goals of potentially higher achievable rent and improving the look of the town center where they owned a subnational amount of properties

63
Q

OFCOM stat notice 39(1)

A

Allowed us to find out if Openreach had apperatus on the land and they had a right to have appertus on our land.

3 months notice

64
Q

Negotiated up to date wayleave payments and removel of obselte equipment

A

once they declared they owned the apparatus we asked for all antiquated equipment to be removed.

For all equipment that need to remain in situ we negotiated a new wayleave agreement with up to date payments - this process was still ongoing once i left the estate

65
Q

risk assesemnt for estate team

A

When instructions for work are sent to the estate team they are accompanied by a risk assessment which is constructed by the instructor. The estate team will review it and sign off if they are in agreement. If during the work they encounter additional hazards they would report back for additional guidance

66
Q

difference between market appraisal and red book

A

Red book is a formal opinion of value that can be relied upon by third parties

67
Q

Dealing with asbebstos

A

Control of Asbestos Regulations 2012

The duty to manage asbestos is part of the Control of Asbestos Regulations. It requires the person who has the duty (the ‘dutyholder’) to: assess if there are asbestos-containing materials (ACMs) present, the amount, where they are and their condition.

Find out where the asbestos is (you’ll probably need an external accredited surveyor to carry out an asbestos survey).

Have the material analysed and keep a record of what you find.

Carry out a health and safety risk assessment.

Share the information with anyone likely to come into contact with the area, such as builders.

Keep anything containing asbestos in good repair or have it sealed or removed.

68
Q

Market app for crumbling cottages, current state and demolished

A

I undertook a appraisal using the comparable method of the buildings value in its current state and as bare land

69
Q

Issues with non standerd construction

A

It was none standard due to being timber framed - Lowerd the amount of potential purchasers as it was harder for purchasers to secure a mortgage and they will likely also have to pay higher interest rates

70
Q

DCF

A

(DCF), where the cashflow is explicitly modelled incorporating a wide range of valuer-inputted assumptions. Typically the rate of return used in a DCF will reflect a risk-free rate plus a property risk premium. If a DCF is based on client data rather than market data, then it will represent investment value rather than market value.

71
Q

original red book publishing date

A

1976

72
Q

Residential EPC exemptions

A

‘All relevant improvements made’ exemption
Register this exemption if the property is still below EPC E after improvements have been made up to the cost cap (£3,500 incl VAT), or there are none that can be made.

High cost’ exemption
Register this exemption if no improvement can be made because the cost of installing even the cheapest recommended measure would exceed £3,500 (including VAT).

Third-party consent exemption
Register this exemption if the relevant improvements for your property need consent from another party, such as a tenant, superior landlord, morgagee, freeholder or planning department, and despite your best efforts that consent cannot be obtained,

73
Q

RICS measuring standards

A

RICS professional standard Property measurements 2nd ed 2018

International property measurement standards: All buildings 2023

They both provide best practice for measuring diffrent types of assets and how construction methods affect how measurements should be undertaken

74
Q

CPD i undertook for diversification

A

CAAV notes for planning policy changes
planning changes for greenbelt land

75
Q

Why should i be passed

A

If you see fit to pass me I aspire to be a asset for the profession carrying out competent and reliable services for clients

APC 2024 (19 decks)

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