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RICS APC > Summary of Exp questions > Flashcards

Summary of Exp questions Flashcards

1
Q

What are the 5 rules of Conduct?

A
  1. Members and firms must be honest, act with integrity, comply with their professional obligations and obligations to the RICS.
  2. Members and firms must maintain their professional competence, and ensure work is undertaken by competent individuals.
  3. Members and firms must provide good quality and diligent service.
  4. Members and firms must treat others with respect and encourage inclusivity and diversity.
  5. Members and firms must act in the public interest, take accountability for their actions, and prevent harm and promote trust in the profession.
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2
Q

What are the mandatory requirements for RICS-regulated firms?

A

Firms must register with the RICS if they provide surveying services and 50% or more of the principles are RICS members.

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3
Q

What are the mandatory requirements for members and firms under the RICS Guideline, Countering Bribery, Corruption, Money Laundering & Terrorist Financing 2019?

A
  1. Members and firms must not offer, accept anything that constitutes a bribe.
  2. have appropriate plans in place to comply with applicable laws.
  3. reporting any suspicious activity.
  4. undertake appropriate due diligence
  5. undertake periodic reviews of existing business relationships.
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4
Q

What laws are there that governs bribery and corruption?

A

Bribery Act 2010

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5
Q

What laws govern money laundering and terrorist financing?

A

The money laundering, terrorist financing and transfer of funds regulation 2017

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6
Q

What is your employers gift policy?

A

As set out in my company’s gift policy, I cannot accept a gift, and instead kindly request they make a donation to a charity of their choice.

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7
Q

What are common building defects?

A

There are 3 most common building defects:
1. Water
2. Movement
3. defect material

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8
Q

What is your complaints handling procedure?

A

My complaints handling officer is the managing director.

Should I receive a complaint I would kindly ask they inform the CHO in writing.

Within 7 days the CHO will write back acknowledging the statement, and within 21 days the CHO will advise the outcome of the complaint.

They have the right to appeal.

Businesses would appeal to the RICS dispute regulatory service.

Individuals would appeal to the Property ombudsman.

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9
Q

What is MEES regulations?

A

It is a set of regulations that came in 2018 that requires let buildings are subject to a minimum EPC.

It also sets out future regulations for EPC ratings to abide by, in an effort to improve building efficiency.

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10
Q

What is included in heads of terms?

A
  1. It sets out details of the property
  2. details of parties involved
  3. respective solicitors
  4. length of proposed term
  5. whether it’s inside or outside the act.
  6. key lease clauses
  7. rent free periods
  8. who responsible for respective costs.
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11
Q

What is the Surveying Safely Standard 2018?

A

It’s a professional standard that sets out good practise for Health and Safety for members and firms.

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12
Q

What is your health and safety policy?

A

it sets out the potential risks and hazards in the workplace and how to mitigate or handle the risks.

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13
Q

It says you have taken CPD on Asbestos Awareness, can you tell me a key piece of legislation?

A

Yes, so the Asbestos Regulation 2012 is a framework that aims to control the exposure to asbestos and the management of asbestos that is present in buildings.

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14
Q

What is your company checklist to inspect a property?

A

It is my company’s lone working policy that is there to ensure you undertake appropriate due diligence and procedures to ensure safety when lone working.

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15
Q

Can you tell me what annual financial statement there are that you can review to test a tenant’s financial strength?

A
  1. Balance Sheet
  2. Profit and Loss account
  3. Cash flow statement
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16
Q

You’ve said you are aware of the RICS Money Handling 2019 statement. Can you tell me what this sets out?

A

It sets out mandatory requirements that RICS registered firms must follow when handling client money.

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17
Q

Can you list what requirements there are for RICS firms to follow under the RICS Client Money Handling 2019?

A
  1. Client accounts must have the name client in the account
  2. firms must inform the client how the money is held
  3. account must be kept in credit
  4. must be available on demand.
  5. how interest is accrued must be pre agreed
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18
Q

You said that you are aware of rent recovery methods. Please can you list some?

A
  1. Draw down on deposit
  2. Guarantor / AGA
  3. Payment plan
  4. Stat demand
  5. forfeiture / surrender
  6. CRAR
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19
Q

You said that you are aware of the RICS Global Professional Standard on Conflicts of Interest 2023. Please can you advise that this sets out?

A

It sets out how Members and Firms should identify conflicts of interest and manage. Such as informed consent.

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20
Q

You’ve said you are aware of Dispute Resolution Procedures for determining a rent review. Please can you advise what the are?

A

Yes, so it is dependant on the lease, but there are options such as arbitrator and independent expert.

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21
Q

Can you tell me what the difference is between an independent expert and arbitrator?

A

An independent expert assesses the rent review via their on experience and speciality to come to a conclusion. The outcome is called a determination.

An Arbitrator uses the evidence provided by both parties to come to a conclusion. This is called an award.

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22
Q

You’ve said you are familiar with PACT. Can you tell me what this is?

A

Professional Arbitration on Court Terms. It is an form of alternative dispute resolution for lease renewals, where the parties agree to delegate the determination to a third party.

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23
Q

What legislation is there for data management?

A

Data Protection Act UK

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24
Q

What rights does the Data Protection Act UK 2018 provide?

A
  1. The Right to Erasure
  2. The Right to Access
  3. The Right to Object
  4. The Right to request
  5. The Right to rectify
  6. Right to portability
  7. Right to restrict processing
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25
Q

Why was the DPA UK 2018 created?

A

UK’s implementation of GDPR

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26
Q

What is GDPR and the 3 principles?

A

General Data Protection Regulation, created by the EU.

3 Principles:
1. Lawfulness, Fairness & Transparency
2. Purpose Limitation
3. Data Minimisation

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27
Q

What legislation is there that governs Diversity, Inclusivity and Teamworking?

A

Equality Act 2010

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28
Q

What is the Equality Act 2010?

A

It protects against the discrimination of characteristics

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29
Q

What characteristics are protected by the Equality Act 2010?

A
  1. Age
  2. Disability
  3. Race
  4. Sex
  5. Sexual orientation
  6. Transgender
  7. Gender
  8. Religion
    9 Ethnicity
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30
Q

What is unconscious Bias?

A

It refers to attitudes or stereotypes that people hold deep in their unconscious mind

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31
Q

How do you ensure effective teamwork?

A

By conducting regular team meetings to understand everyone’s views, and that everyone has the confidence to express their views.

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32
Q

What are factors that affect an EPC rating?

A
  1. amount of energy used per square meter
  2. carbon emissions
  3. type of construction
  4. M&E equipment
  5. lighting
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33
Q

What is the difference between a Risk and Hazard?

A

Hazard is a potential source of harm .

Risk is the likeliness and severity of the harm

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34
Q

What is asbestos?

A

material that was used for insulation prior to 1980 for buildings.

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35
Q

What are the different types of asbestos?

A
  1. Chrysotile - White
  2. Amosite - Brown
  3. Chrocidilite - Blue
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36
Q

What are the different types of Asbestos survey?

A

Management Survey

Demolition Survey

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37
Q

What types of roof defects are there?

A
  • Poor design
  • Damp penetration
  • Drainage issues
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38
Q

What are the five different methods of valuation?

A
  • Investment
  • Comparable
  • Residual
  • Profit
  • Contractor
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39
Q

What is the RICS Valuation Global Standards 2022 - Red Book

A

It is the red book designed to ensure consistency, objectivity and transparency to sustain public confidence and trust in valuation.

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40
Q

What is the Hierarchy of Evidence?

A

It is where you attach weight to different types of evidence.

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41
Q

What is the list of the Hierarchy of evidence?

A
  1. Open Market Letting
  2. Lease Renewal
  3. Rent Review
  4. Independent Expert
  5. Arbitrator
  6. Court determination
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42
Q

What other RICS publication is there that supports the Red Book?

A

The UK National Supplement

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43
Q

When is a Red Book Valuation necessary?

A
  1. Internal Purposes
  2. Pre acquisition, or disposal
  3. pre negotiation or litigation
  4. acting as a witness
  5. statutory function
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44
Q

What is a residual valuation?

A

It is a specific valuation of a property holding to determine the value of a site based on market inputs.

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45
Q

What is the difference between NIA and IPMS 3?

A

IPMS 3 includes the following:
- All internal walls and columns
- measure to the internal dominant facing perimeter
- include all eaves height less than 1.5m
- include balconies that are exclusive but stated separately

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46
Q

What is the basic calculation of a residual valuation?

A

Gross Development Value - Total development costs including profit = residual land value

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47
Q

What’s included in a terms of engagement?

A
  1. Description of property
  2. Client
  3. Valuer
  4. Type of valuation
  5. method
  6. valuation date
  7. date of valuation
  8. valuation basis
  9. limitation
  10. assumptions and special assumptions
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48
Q

What is a Dun and Bradstreet report?

A

It is a credit report to determine a company’s financial standing.

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49
Q

What legislation governs Arbitrators?

A

Arbitration Act 1996

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50
Q

Is there any RICS Guidance on Expert Witnesses?

A

Practise Statement: Surveyors acting as expert witnesses 2014

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51
Q

What is an advocate?

A

Where a surveyor represent their client at a judicial hearing.

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52
Q

What is a bribe?

A

As defined by the Bribery Act 2010, a bribe is the advantage given to influence a person in the carrying out of their work.

53
Q

What is an inclusive environment?

A

It is an environment that is designed and managed to allow people with a diverse range of needs and abilities to access and use it.

54
Q

Is there any RICS papers on sustainability?

A

Advancing Responsible Business in land, Construction, Real Estate Use and Investment 2018.

Published with UN Global Compact

55
Q

How often is the Carbon Budget set?

A

Every 5 years.

56
Q

What is an equivalent yield?

A

It is the average weighted yield when a reversionary property is valued using an initial and reversionary yield.

57
Q

What is an initial yield?

A

It is a simple yield for current income divided by current price.

58
Q

What is a reversionary yield?

A

It is the market rent divided by current price on an investment property that is let below market rent.

59
Q

What is a Specific Performance, in the context of dilapidations?

A

A specific order compelling the tenant to carry out repairs.

60
Q

What assessment methods have been prepared by RICS?

A

IBOS - International Building Operation Standards - it is a tool to measure the performance of an asset.

61
Q

What is Goodwill?

A

It is an intangible asset generally describing a benefit or advantage that has been provided.

62
Q

How to value a property without sufficient comparable?

A

Look further afield. Assess indirect evidence such as local or national statistics but ensure that the valuers not uncertainty in the valuation report.

63
Q

What is a DCF?

A

It is a valuation method that estimates the value of an investment based on its expected future cash flows.

64
Q

How to reflect defects in valuation?

A

Note the defect in the report and raise it to the client, recommending a specialist assesses the defect.

65
Q

What does the case law, Merrett v Babb reflect?

A

Employees can be personally liable for providing expert advice.

66
Q

What is a measured survey?

A

Where you provide accurate drawings to scale

67
Q

What is the size of a brick?

A

250mm x 66mm x 102.5mm

68
Q

How to spot Japanese knotweed?

A

Red / purple stem, cluster of white flowers and green leaves

69
Q

Can you name any invasive species?

A

Giant Hogweed and Japanese knotweed

70
Q

What is the Environmental Protection Act 1990

A

Aims to protect and enhance the UK’s natural environment for future generations.

71
Q

What is section 23 of the L&T Act 1954?

A

States that to gain protection under the act, there must be a business tenancy with 6 basic elements.

72
Q

What are the 6 basic elements of section 23 of the L&T act 1954?

A
  1. it is a tenancy
  2. premises is used for a business
  3. occupation of at least part of the premises by a tenant
  4. in occupation for at least 6 months
  5. not an exempted or excluded tenancy
  6. competent landlord in place - more than 14 months left to run.
73
Q

What are the 4 requirements of a lease?

A
  1. Exclusive occupation
  2. payment of rent
  3. duration for a specified term
  4. if more than 3 years, term must be in writing and signed and registered as a deed.
74
Q

What are the 3 main differences between a lease and a licence?

A
  1. lease provides exclusive occupation
  2. lease is transferable
  3. lease cannot be broken at any time
75
Q

What is CVA - Company Voluntary Arrangement?

A

It is a voluntary arrangement with creditors as to how the debt is to be settled.

76
Q

What is administration?

A

It is a rescue attempt to keep the company afloat. provides a period of protection which is called a moratorium. Administrator must send a proposal to creditors within 8 weeks to agree a strategy.

77
Q

What is receivership?

A

It is where a receiver takes control of a company to realise it’s assets to pay off a lender.

78
Q

What are the 4 types to apportion a service charge?

A
  1. Floor area
  2. Fixed percentage
  3. Rateable value
  4. Weighted percentage
79
Q

What is the Law of property act 1925?

A

Principally deals with the transfer of freehold and leasehold by deeds.

80
Q

Can you tell me a example of how you have acted in accordance with Rule 1?

A

Keep client money safe and ensure the appropriate accounting procedures are in place.

81
Q

Can you tell me a example of how you have acted in accordance with Rule 2?

A

Only undertake work that I have the knowledge and competence to carry out. For example, as mentioned in my summary of experience I was asked to carry out a rent review for a telecoms unit, however noting my experience I had to turn it down and recommend.

82
Q

Can you tell me a example of how you have acted in accordance with Rule 3?

A

Understand client’s needs and objectives before accepting any professional work.

83
Q

Can you tell me a example of how you have acted in accordance with Rule 4?

A

Treat everyone fairly and do not discriminate against anyone.

84
Q

Can you tell me a example of how you have acted in accordance with Rule 5?

A

I manage my personal finances responsibly keeping trust in the profession.

85
Q

What are the core professional obligations for members?

A
  1. Members must comply with CPD requirements set by RICS
  2. Members must cooperate with RICS
  3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board
86
Q

What is included in the RICS Professional Standard Real Estate Management 2016?

A

It sets out 12 principles:
1. Conduct business fairly, transparently and in a professional manner.
2. Due skill, care and diligence
3. fair and clear
4. Utmost to avoid conflicts of interest and where they do rise, deal with them fairly.
5. Not discriminate unfairly in any dealings
6. Clear, fair and transparent communication
7. Honest, truthful marketing
8. Client Money held separately
9. Adequate PII
10. Obligations made clear to all parties
11. Use best professional judgement
12. Ensure all meetings, inspections, viewings carried out lawfulness.

87
Q

What is Section 18 of the 1927 Act?

A

It sets out diminishing value, and that the landlord cannot claim for more than loss in value.

88
Q

What is Section 19 of the 1927 Act?

A

It sets out Landlord’s consent for applications and if all procedures have been followed, a tenant can claim for tenant improvements.

89
Q

What is an undertaking?

A

It is a legally binding promise.

90
Q

What is a section 146?

A

Under the law of property act 1925, it sets out the landlord right to re-enter or forfeit the property for breach of a lease covenant. Must state the breach, state the requirement to remedy he breach and any compensation.

91
Q

What notice must you serve on a guarantor to recover arrears and how long after arrears fell due?

A

You must serve a S.17 under the 1995 Act.

Must serve within 6-months of the arrears falling due.

92
Q

What was the latest CPD you undertook?

A

Remedies available to landlords for tenant defaults.
- Forfeiture
- Deposit
- Guarantor

93
Q

What is IPMS 4 used for?

A

It is used for selected parts of a building, for example hotel rooms.

94
Q

What is Hope value?

A

The additional value from the expectation of something coming true.

95
Q

What notice must you serve on residential tenants to carry out major works in a service charge?

A

You must serve a section 20 notice under the 1985 landlord and tenant Act. Landlord’s must consult the leaseholders before carrying out works from the SC budget.

96
Q

What is a periodic tenancy?

A

it is a tenancy that is framed by reference to a period of time until notice to quit.

97
Q

What is interim rent?

A

It is the rent paid by a tenant while the tenancy goes beyond the expiry date.

98
Q

How many professional Groups are there in the RICS?

A

18 Professional Groups

99
Q

What is a bye-law?

A

a set of rules that are enforceable

100
Q

What is an example bye-law?

A
  1. application and definition
  2. Membership and Registration
101
Q

What are the 6 ethical principles that the rules of conduct are based on?

A

Honest
Integrity
Competence
Service
Respect
Responsibility

102
Q

What is sustainability?

A

it is meeting the needs of the present, without compromising the future.

103
Q

What is an asset and liability?

A

An asset is income producing and a liability is debt producing.

104
Q

What is alternative dispute resolution?

A

The act of resolving a dispute without going to court.

105
Q

What is a carbon budget?

A

It sets out the total carbon emissions limit over a set period to stay within temperature limits.

106
Q

What 3rd party determination methods are there for a lease renewal?

A
  • County Court
  • PACT
107
Q

What 3rd party determination methods are there for rent reviews?

A
  • Independent Expert
  • Arbitrator
108
Q

What are the limitation of IPMS?

A

NIA is used frequently in practise for agency and so it isn’t possible to benchmark IPMS against NIA valuations.

109
Q

Explain how you measure GEA?

A

The sum of the areas of each floor level, measured to the outer perimeter of the building

110
Q

Explain how you measure GIA?

A

The sum of the areas of each floor level, measured to the internal face of the perimeter wall.

111
Q

Explain how you measure NIA?

A

The sum of the usable area on an exclusive basis to an occupier, excluding shared facilities and common areas.

112
Q

What are the 3 disciplinary procedures?

A
  1. Head of Regulation
  2. Disciplinary Panel
  3. Appeal Panel
113
Q

What are the major challenges currently facing RICS?

A
  1. Market uncertainty
  2. Technology
  3. Sustainability
  4. Diversity
114
Q

Name 3 property ombudsman services?

A
  1. The property ombudsman services
  2. RICS Dispute Resolution Service
  3. Ombudsman Services: Property
115
Q

If you were acting on behalf of the landlord, would you prefer a arbitrator or independent expert in a falling market?

A

Arbitrator

116
Q

Under Section 23, what are the 6 principles of a business tenancy?

A
  1. Tenancy in place
  2. used for business purposes
  3. occupation of at least part of the premises
  4. occupation longer than 6 months
  5. not exempted or excluded
  6. competent landlord
117
Q

Explain Interim rent procedure?

A

Set out in S.24A
- Either party can apply
- latest date is 6-months from expiry
- Assumes an annual tenancy until new rent starts - S.Franses v Cavendish Hotel

118
Q

What is PACT?

A

Professional Arbitration on Court Terms
- should not be made if either party has applied to court
- both parties agree and decide what is to be agreed by 3rd party.
- Nominated by RICS
- Legally Binding

119
Q

What keywording do you put in Calderbank offer?

A

Without Prejudice and Save as to cost
3- weeks notice

120
Q

Can you appeal an arbitrator?

A

Yes, you can appeal to the High Court on 3 grounds:
- Tribunal Jurisdiction
- Points of law
- Serious irregularity

121
Q

What defines an alteration?

A

Any physical changes made to the property.

122
Q

What does the 1954 act not apply to?

A

Agricultural tenancies & licences

123
Q

What is a competent landlord?

A

Set out in S.44

124
Q

What ways can a lease be terminated?

A
  • Forfeiture
  • Surrender
  • Negotiation
  • Break Option
  • Lease expiry
125
Q

What was the procedure before Landlord & Tenant (Covenants) Act 1995?

A

1st tenant remained liable for the duration of lease, irrespective of transfer of lease.

126
Q

What is an Easement?

A

Permanent right over land, can be registered at land registry.

127
Q

What is Adverse Possession?

A

The process of someone with no legal interest in acquiring legal interest through occupation over a certain number of years. 10 years post registration act 2003.

128
Q

What parts of the Red Book are mandatory?

A

PS 1 - 2
VPS 1-5

129
Q

What part in the red book highlights terms of engagement?

A

VPS 1

RICS APC (8 decks)

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