SOE technical run through Flashcards
What is a RICS registered valuer and how do you become one
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
Full name of the red book
RICS Valuation Global Standards - January 2022
full name of the uk supplement
RICS Valuation -Global Standards UK national supplement - 2024
PII levels and why is it important
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
Comparable Method
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.
Investment method
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.
Depreciated Replacement Cost
The writing down of the cost of a modern equivalent to reflect the assets age and condition
Difference between market appraisal and red book
Red Book valuation is a formal opinion of value and can be relied upon by the instructing party.
VPS1
Terms of engagement
difference between TOE and general terms of business
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
Why were i undertaking vals in scotland
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
VPGA2
Secured lending.
impact of sustainbility and esg affecting market influence
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.’
Market Val
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
special assumption 90 day forced sale
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
VPS 3
VPS 3 - valuation report
Building reinstatement costs
Required for insurance purposes we gatherd this information from BCIS on a per m2 basis.
B&B what did we recommend for the poor level of watertightness
We drew attention to it to the lender and recommended they seek further structural surveys
did i act in accordance with any guidance
basics about the valuation of a solar farm
Easement and Wayleaves
Water industry act 1991 - notices
water industries act - acquisition process
Heads of Claim
My land referencing project
General data protection regulations
Clients annual claim
Schedule of works for soil compation
How to choose the type of diversification
Local plan
Nova Scotia - what was my recommendation for diversification
Working with a planning consultant to achive redevelopment of the farmhouse and holiday homes/AST for the farm buildings that suited development (cluster development)
infromed consent - renewables
diffrent types of sales
What is in a exclusivity agreement
Money laundering etc 2017
proceeds of crime act 2002
estate agency act 1976
consumer protection from unfair trading regulations 2008
Heads of Terms for sale
Vet center
sold for development - with a covenet not to be used for vet so as not to compete with clients new practice
Conditional sale
How did you find who to put on the developer list
Data room
Abnormal Costs
Open Market Value - development
Joint Venture - design and build contract
Local agriculutral systems
RPA
Defra
Diffrence selling finished to store
Weeds act 1959
Why not go for grants for boundary
What is GIS
What is in a deed plan
GIS attribute table
Commercial rent coronavirus act 2022
diffrence between aha and fbt
Tennancy deposit scheme
How did i calculate the benifits of offering rent free periods
AST
Initial rubbish left lying out - what breech of tenancy
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
Section 8 (ground 12) housing act 1988
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.
Retaining a proportion of the deposit
How did i identify the wires belong to openreach
We were able to identify that they belonged to openreach as they had openreach markings on them
Why should old wires and cabling be removed
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
OFCOM stat notice 39(1)
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
Negotiated up to date wayleave payments and removel of obselte equipment
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
risk assesemnt for estate team
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
difference between market appraisal and red book
Red book is a formal opinion of value that can be relied upon by third parties
Dealing with asbebstos
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.
Market app for crumbling cottages, current state and demolished
I undertook a appraisal using the comparable method of the buildings value in its current state and as bare land
Issues with non standerd construction
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
DCF
(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.
original red book publishing date
1976
Residential EPC exemptions
‘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,
RICS measuring standards
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
CPD i undertook for diversification
CAAV notes for planning policy changes
planning changes for greenbelt land
Why should i be passed
If you see fit to pass me I aspire to be a asset for the profession carrying out competent and reliable services for clients
