Submission questions Flashcards
What are the five rules of conduct?
1) Members and firms must act with honesty, integrity and comply with their proffesional obligations
2) Members and firms must ensure services are carried out by competent indiviuals
3) Members and firms must ensure they provide a good quality, diligent service
4) Members and firms must encourage diversty and inclusion
4) Members and firms must act in the public interest & take responbility for their actions
What’s in the Countering Bribery corruption and money laundering PS?
Part 1 mandatory
Procedures in place to comply with law
Must not accept bribe/complicit with ML
Report suspicious behaviour
Keep records
Part 2 guidance
Have written policy in place
Gifts register
Encourage transparency
Part 3 additional guidance
What? Why? Who?
Key aspects of PII?
PII Requirements v9 April 22
Fully retroactive
claims made basis
6 years run off cover min £1m cover
Cover bases on turnover
Claims can be made up to 15 yrs after breack
Assigned risk pool if you can’t get cover
How should you deal with fee negotiations?
Avoid price fixing
Must be market based
No collusion
Not undercutting other firms
Ensure high quality of service
Where would you find asbestos?
- Sprayed coatings on ceilings, walls beams etc
- Asbestos cement water tanks
- Ceiling tiles
- Asbestos insulating board
- Vinyl floor tiles
- Asbestos Cement roof
- Asbestos cement gutters
As a duty holder what steps should you take about asbestos?
1) Duty holder must assess if property contains asbestos
2) Assess the risk and produce management plan. Managed or removed?
3) Produce register
4) make register available to parties who may disturb it
5) Review every 6 months
What is the guidance note for H&S?
RICS Surveying Safely (2nd edition) 2018
Key facts for Surveying Safely?
RICS firms must provide: SS,SE,SE,CS
Defines safe person : Individual assumes responsibility for actions and for others around them
Structure of Surveying Safely?
PAWO VF PR
What does Health & Safety at work 1974 state?
Responsibility of employer to look after H&S of employee. Policed HSE
What are the Generally accepted accounting principles?
Idea to make financial reporting transparent & standardise assumptions to enable investors to make sound evidence based decisions
IFRS 16?
Occupiers obligation to pay rent has to be listed as a liability on a balance sheet
COI statement about agency?
CHARLIE PICKS MANGOS AVERAGELY INNIT
Conflicts of Interest: Uk Commercial Property Market Investment Agency 2017
Principles of GDPR
LPD ASS
Limitation
Purpose
Data minimisation
accurate
Secure
Storage
What is the employer quality mark 2015?
To encourage diversity and inclusion
Improving diversity through:
Leadership
Culture
recruitment
development
9 protected rights under the equality act
Sexually orientation
Sex
Gender reassignment
marriage
pregnancy
Race
Religion
age
disability
What is unconscious bias?
An association one holds outside our conscious awareness
How do building regs help with inclusion in property sector?
With the national building standards. A series of “approved docs” that deal with access into buildings for all
What are the minimum energy efficiency standards (MEES)?
New leases from 1st April 2018 must have min rating of E
From 1st April 2023 all existing leases must have rating of E (if not unlawful)
MEES penalties?
Less than 3 month breach = £5K or 10%RV
More than 3 month breach= £10K or 20%RV
MEES exceptions?
Listed building
If devalues properties more than 5%
religious buildings
Buildings without heating
Payback of 7 years
less than 6 months more than 99 yrs
Potential changes to MEES?
Potentially C by 2027
and B by 2030
Listed buildings may require EPC
Whats on an EPC certificate?
Address of property
Rating
date of expiry
EPC number
techical information
benchmarking information
Estimate running costs
Are you aware of any other legislation regarding sustainability?
Climate change levy
Tax on businesses energy usage. No tax if energy is from renewable sources
What was the building construction at Sutton Rd?
cavity brick wall
What must you be weary off during an inspection of an industrial unit?
Keep an eye out for signs of contamination.
Look out for chemicals, oil drums, tanks etc
Is there a GN on contamination?
GN Contamination, the environment and sustainability 2010
What is land remediation relief?
Form of tax relief if you have to carry out works to fix contamination issues
What did you do when you spotted the damp at Edgware Road?
1) Took photos
2) Tried to establish the cause of the issue (basement, lack of ventilation probably condensation issue)
3) Informed the client through our valuation report
4) Recommended seeking specialist advise
What different types of damp are there?
Wet rot (caused by damp/decaying timber)
Dry rot (Fungal attack)
Penetrating damp
Rising damp
What causes rising damp?
Moisture that rises up from the ground by capillary action (when a buildings damp corse has failed.)
Damp corse failure due to: movement of building, alteration works to the building, no damp corse put in at all!
What causes penetrating damp?
Due to building defects such as a leaky roof or poor pointing
What causes condensation?
When there is too much moisture in the air and reacts with the cold service of a wall. Lack of ventilation
Whats the purpose of licence of alteration?
1) Protect parties at a rent review
2) Protect parties at end of lease when dealing with dilaps
What can the landlord do if they wish to rentalise a tenant improvement?
Section 3 L&T 1927.
If alternation likely to increase rental value, can exercise the above option to finance the works and then rentalise the additional rent
What PS would you refer to when measuring an office?
Property Measurement 2nd Edition 2018
What requirements do you need to do when measuring in accordance with PM 2nd edition 2018?
1) Date when measurements taken
2) Conversion factor
3) Measurement methodology
4) Reference to any plans used
5) Measurements & calculations clearly documented
6) Person reasonable for certify this above
Difference between NIA & IPMS 3?
IMPS 3 measures exclusive occupation
NIA measures useable area
IPMS 3 measures areas under 1.5m, columns, measurements taken to IDF, balconies & covered galleries are measured but stated separately
5 methods of valuation?
Comparative
Investment
Residual
Profits
DRC
What valuation method did you adopt for Statford-Upn-Avon?
Investment. it was underrented. Used a term & reversion technique. 7% on initial yield. Higher on reversion.
SWOT of Stratford-Upon - Avon?
Good building condition, water frontage.
Not on main retail pitch
underrented- chance for increasing rent at rent review
uncertainty with market
For your val at Nine Elms what additional things did you factor in for SA of VP valuation?
Marketing period
Rent free
Letting costs
Empty rates
Higher yield to reflect risk
What rent did you adopt for Nine Elms?
Passing rent - £33 psf
Market rent - £40 psf
What advice did you provide at your valuation at Muswell Hill?
I realised that there was no office demand for units of this type. I advised the client of this and sated that ERV would be low c. £25 psf. Also conversion could be possible to resi with 12-month ineffective marketing of offices
What security features where set up to keep your wayleave database secure?
Only members of the team had a login
Dual authentication with password protection
Cloud based system: files backed up securely on encrypted servers
What could a COI be?
If my firm was acting for two competing rival companies
What is the Equality Act 2010
Consolidates dicrimination law and provides a range of protection against discrimination
Test for reasonableness under Equality Act 2010?
- Effectiveness of the adjustment
- Practically of adjustment
- Cost and disruption
- Financial resources available to the service provider
How to finance calcuated on a development finance?
On a rolled up basis, added to the loan over the development period
