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RICS APC Commercial Real Estate S2 2022 > Valuation > Flashcards

Valuation Flashcards

1
Q

What are the THREE steps you should undertake prior to commencing a valuation?

A

CCT:

  1. Competence - check you have the correct level of skills, understanding and knowledge
  2. Conflict of Interest - check you are able to act independently on the instruction
  3. Terms of engagement - issue to the client and receive written confirmation
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2
Q

Why do you undertake statutory due diligence for valuations?

A

Confirm that there are no material matters which could impact on the valuation

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3
Q

A B C EEE FF HH L PP

What types of statutory due diligence checks would you undertake when valuing a property?

A
  1. Asbestos register
  2. Business rates / Council tax
  3. Contamination
  4. Equality Act Compliance
  5. Environmental matters (high voltage power lines, electricity sub-stations, telecoms masts etc.)
  6. EPC rating if available
  7. Flooding
  8. Fire safety compliance
  9. Health and safety compliance
  10. Highways (check roads adopted with the local highways agency)
  11. Legal title and tenure (check boundaries, ownership, any deeds of covenant, easements, rights of way, restrictive covenants, wayleaves)
  12. Public rights of way (from an OS sheet)
  13. Planning history and compliance (check any onerous planning conditions, whether the property is in a conservation area / listed and subject to a s. 106 agreement or CIL)
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4
Q

How do you calculate WAULT? (weighted average unexpired lease term)

A

Adding up all the contracted rental income on the portfolio between now and the time the leases expire, and dividing it by the sum of the contracted annual rent.

It is expressed in number of years

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5
Q

Describe the timeline to a typical valuation instruction?

A

Preamble:

  • Receive instruction from the client
  • Check competence
  • Check independence
  • Issue terms of engagement (inc. Scope of works, fee, PII, CHP)
  • Receive Countersigned terms

Due Diligence:

  • Gather information – leases, title, planning doc, OS plans etc.
  • Undertake statutory due diligence (listed previously)
  • Inspect and measure
  • Research market / analyse comps

Valuation & Reporting

  • Undertake the Valuation
  • Draft Report
  • Have another Surveyor review your work
  • Finalise and sign report
  • Report your valuation to the client

Completion

  • Issue invoice
  • Ensure filing in good order for audit.
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6
Q

What are the FIVE main methods of valuation?

A
  1. Comparable method
  2. Investment method
  3. Profits method
  4. Residual method
  5. Depreciated replacement cost method
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7
Q

What are the Three Valuation Approaches and Methods According to International Valuation Standards (IVS) 105 (Published by the International Valuation Standards Council, not RICS)

A
  1. Income approach - converting current and future cash flows into a capital value
  2. Cost approach - a reference to the cost of the asset whether by purchase or construction
  3. Market approach - using available comparable evidence
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8
Q

What are the SIX steps used when collecting comparable evidence?

A
  1. Search and select comparables (agent’s boards, online databases)
  2. Confirm/verify information with a party directly involved in the transaction
  3. Assemble comparables in a schedule
  4. Interpret comparables using a hierarchy of evidence
  5. Analyse comparables to form an opinion of value
  6. Report value and prepare file note
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9
Q

What guidance did the RICS recently release on using comparable evidence?

A

RICS guidance note Comparable evidence in real estate valuation, 2019

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10
Q

What is the Hierarchy of Evidence when Considering Leasing Deals?

A
  1. Open Market Lettings
  2. Lease Renewals
  3. Rent Reviews
  4. Third Party Determinations
  5. Sale and Leasebacks
  6. Inter-company transactions.
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11
Q

Why is lease renewal better?

A

RR often upwards only, and the tenant has no ability to leave so less negotiation, also other terms not negotiable within RR.

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12
Q

Describe the Traditional Investment Method of Valuation

A

A rent capitalised at a yield (or multiplied by a year’s purchase). Growth is implicit

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13
Q

What is a term and reversion valuation, when is it used, and can you draw it?

A

Term and reversion methodology is used for reversionary assets (ERV>Passing).

The term is valued until break/review at the initial yield, the reversion capitalised into perp at the reversionary yield.

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14
Q

What method of valuation do you use when a property is over-rented?

A

You use the Layer / Hardcore Method. Apply a froth rate to the over-rented section.

A higher yield reflects a greater risk on rent.

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15
Q

Define Equivalent Yield

A

The weighted average yield between the initial and reversionary yields.

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16
Q

Define Nominal Yield

A

Initial yield assuming rent is paid in arrears

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17
Q

Define True Yield

A

Assumes rent is paid in advance, most traditional valuation assumes that rent is paid in arrears.

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18
Q

What is an All Risks yield?

A

Yield which encompasses all the prospects and risks attached to a particular investment

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19
Q

What is a Gross yield?

A

Yield based on the net purchase price (i.e. not adjusted for purchasers’ costs)

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20
Q

What is a Net yield?

A

Yield based on the gross purchase price (i.e adjusted for purchasers’ costs)

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21
Q

What is an Initial yield?

A

Simple income yield for current income and current price

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22
Q

What is a Reversionary yield?

A

Market Rent divided by current price on an investment that is under rented

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23
Q

Define NPV

A

Net Present Value = sum of all the discounted cash flows of the project. Can be used to determine the viability of an investment given a certain level of desired return.

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24
Q

Define IRR

A

Internal rate of Return,

“The rate at which all future cash flows must be discounted to produce an NPV of 0”

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25
Q

When is the Profits Method of Valuation Used and How does it Work?

A

Used to value property on the basis of a business/trading potential. Used commonly for the valuation of pubs, petrol stations, hotels, and healthcare properties. Value is determined by the profitability of the operation within the asset.

It uses the EBITDA (Earnings Before Interest Tax Depreciation and Amortization).

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26
Q

How Many Years of Audited Accounts would you ideally like to see for a Profits Method Valuation?

A

3 years

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27
Q

What is the difference between a development appraisal and residual valuation?

A

A development appraisal assesses the viability of a project for a specific developer. It can assume site value or calculate it for a given developers profit requirements.

A residual valuation looks to the market for assumptions to appraise the value of a piece of development land. A residual valuation is a one moment in time valuation for a specific purpose.

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28
Q

When should you use the depreciated replacement cost method of valuation? And how is it calculated?

A

It should be used when there is limited availability of market evidence. It is calculated:

(1) Value of land, with existing use planning permission in place.

+

(2) Cost of replacing the building, with an allowance for depreciation. (BCIS)

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29
Q

What are the three types of obsolescence?

A

Functional, economic, and physical.

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29
Q

What are the three types of obsolescence?

A

Physical, Functional, Economical.

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30
Q

What does the Red Book say about the DRC Method of Valuation?

A

The Red Book says that the method should not be used for loan security valuations, but may be used for valuations to form part of a financial statement.

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31
Q

What must a valuer include when reporting a DRC valuation?

A

They must state the value for any readily identifiable alternative use if it is higher than the current use if appropriate, or if appropriate a statement that the market value would be lower on cessation of the business use.

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32
Q

What is the Red Book Called?

A

RICS Valuation Global Standards (2022)

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33
Q

What is the reason for the RICS Valuation- Global Standards 2022 update?

A

RICS have confirmed that this is only an update to the Red Book Global 2020, rather than a full new edition.

The aim of the update is to reflect changes to the International Valuation Standards 2022, as well as to clarify certain sections of the existing Red Book Global.

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34
Q

What are the key changes in the RICS Valuation- Global Standards 2022 update?

A
  • Emphasising the need to agree on clear and unambiguous terms of engagement.
  • The terms quasi, partial or non-Red Book should not be used in terms of engagement or reporting.
  • Requiring more detailed commentary on sustainability/resilience and environmental, social and governance (ESG) matters in VPGA 8 Valuation of Real Property Interests. engagement
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35
Q

What is the Structure of the Red Book (Parts 1-6)?

A

Part 1 - Introduction

Part 2 – Glossary

Part 3 – Professional Standards (PS)

Part 4 – Valuation Technical and Performance Standards (VPS)

Part 5 – Valuation Applications (VPGA)

Part 6 – The International Valuation Standards, 2020, (IVS)

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36
Q

Part 3 – Professional Standards (PS)

A

PS1 – Compliance with standards where a written valuation is required.

PS2 – Ethics, Competency, Objectivity, Disclosures.

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37
Q

TIVBV

What are the: Part 4 – Valuation Technical and Performance Standards (VPS)

A

VPS1 – Terms of Engagement

VPS2 – Inspections, Investigations and Records

VPS3 – Valuation Reports

VPS4 – Bases of Value, Assumptions and Special Assumptions

VPS5 – Valuation Approaches and Methods

38
Q

What are the: Part 5 - Valuation Practice Guidance Applications (VPGA)

A

IIB IPIP RIM

VPGA 1 Valuation for inclusion in financial statements

VPGA 2 Valuation of interests for secured lending

VPGA 3 Valuation of businesses and business interests

VPGA 4 Valuation of individual trade-related properties

VPGA 5 Valuation of plant and equipment

VPGA 6 Valuation of intangible assets

VPGA 7 Valuation of personal property, including arts and antiques

VPGA 8 Valuation of real property interests

VPGA 9 Identification of portfolios, collections and groups of properties

VPGA 10 Matters that may give rise to material valuation uncertainty

39
Q

Part 6 – The International Valuation Standards, 2020, (IVS)

A

General Standards – terms of engagement, approaches to/methods of valuation, reporting

Asset Standards – specific asset requirements, such as real property and development property

40
Q

What are the 2 Red Book “Professional Standards” (PS)?

A

(1) PS1 – Compliance with standards where a written valuation is required.
(2) PS2 – Ethics, Competency, Objectivity, Disclosures.

41
Q

What is the Application of PS1?

A

PS1 details when a valuation needs to be red book compliant. Makes IPMS uptake and International ethical standards mandatory.

42
Q

What are the FIVE situations in which a valuation does not have to be Red Book Compliant? According to RICS Valuation Global Standard 2022?

A

If supplied in written form, all valuation advice given by members is subject to at least some of the requirements of the Red Book Global Standards – there are no exemptions

(1) When providing an Agency or Brokerage Service (During an Instruction, in an Expectation of Instruction, or Evaluating a Bid)
(2) When Acting as An Expert Witness (Because they will have to follow the specific procedures of the Court)
(3) Performing a Statutory Function (Tax Return for example)
(4) Providing Valuation to a Client for Internal Purposes (Situation in which the valuation will be without liability outside the client)
(5) When valuation is for Negotiation or Litigation purposes (As written valuation advice may extend to matters beyond value such as tactics etc.)

(AESIN)

43
Q

What Five things that PS2 of the Red Book make Mandatory (PS2 = Ethics, Competency, Objectivity and Disclosures)

A
  1. All members are bound by the RICS Rules of Conduct
  2. Members and firms must ensure that services are provided by competent individuals who have the necessary expertise.
  3. Maintaining strict separation between advisers
  4. Members must follow the mandatory requirements in Conflicts of interest, RICS professional statemen
  5. Members must understand their client’s goals and ensure they are competent at the point of agreeing the terms of engagement. [Standards for Terms of Engagement are set out in VPS1].
44
Q

Where in the Red Book does it Talk About Rotation policy, and What is this?

A

Rotation Policy is talked about in PS2 of the Red Book, it refers to a policy of rotating the valuing firm or valuing member, in order to maintain objectivity.

RICS considers it good practice, albeit not mandatory, to rotate valuers at intervals not exceeding seven years.

45
Q

What are the 5 Valuation and Technical Performance Standards (VPS)?

A

VPS1 – Terms of Engagement

VPS2 – Inspections, Investigations and Records

VPS3 – Valuation Reports

VPS4 – Bases of Value, Assumptions and Special Assumptions

VPS5 – Valuation Approaches and Methods

46
Q

SCARFPIN BIB IIVV

According to VPS1 What are the Minimum Requirements to be Confirmed in Writing Prior to a Red Book (2017) Valuation Commencing?

A

(a) Identification and status of the valuer
(b) Identification of the client
(c) Identification of any other intended users
(d) Identification of the asset being valued
(e) Valuation currency
(f) Purpose of the valuation
(g) Basis of value adopted
(h) Valuation date
(i) Scope of work
(j) Nature and source(s) of information upon which the valuer will rely
(k) All assumptions and special assumptions to be made
(l) Format of the report
(m) Restrictions on use, distribution and publication of the report
(n) Confirmation that the valuation will be undertaken in accordance with the IVS
(o) The basis on which the fee will be calculated
(p) Where the firm is registered for regulation by RICS, reference to the firm’s complaints handling procedure, with a copy available on request
(q) A statement that compliance with these standards may be subject to monitoring under RICS’ conduct and disciplinary regulations
(r) A statement setting out any limitations on liability that have been agreed.

47
Q

What is VPS2 of the Red Book about?

A

Inspections, Investigations and Records.

48
Q

According to VPS2 of the Red Book, what is the Main Purpose in Inspection and Investigation?

A

Verification of the adequacy of the information:

“The valuer must take reasonable steps to verify the information relied on in the preparation of the valuation and, if not already agreed, clarify with the client any necessary assumptions that will be relied on”.

49
Q

Are Desk-top Valuations (i.e. without inspection) Red Book Compliant?

A

Yes, these can be considered a Red Book compliant valuation (unless for reasons set out in PS1), however, VPS2 of the Red Book sets out the following steps which should be taken by a valuer in this situation of restricted information:

  1. The client has confirmed that no material changes to the physical attributes of the property.
  2. If this has been confirmed a revaluation without re-inspection may be undertaken. The terms of engagement must state that this assumption has been made.
  3. The Surveyor should consider whether it is reasonable to inspect for the purposes of the valuation.
  4. A desktop valuation can be undertaken even though an inspection is needed if providing the client confirms in writing that it is required solely for i_nternal management purposes only_ and that the client accepts responsibility for the associated risk.
50
Q

Can you undertake a Re-Valuation of a property without Re-Inspection?

A

In accordance with VPS2 of the Red Book, you can re-value a property without re-inspection providing you as the valuer are satisfied there has been no material change that will impact the property’s value. This should be stated in the Terms of Engagement.

51
Q

What Does VPS2 say about Record Keeping?

A

Comprehensive records of investigations and inspections must be kept in a business format.

52
Q

What does VPS3 of the Red Book (2022) say?

A

It applies International Valuation Standard (IVS) 103 Reporting

53
Q

VICARIANCE ACID PB

What does VPS3 say that a Valuation Report should Contain? (This mimics VPS1 on the Terms of Engagement).

A
  • Valuation approach and reasoning
  • Identification and status of the valuer
  • Confirmation that the valuation has been undertaken in accordance with the IVS
  • Assumptions and special assumptions
  • Restrictions on use, distribution and publication of the report
  • Identification of the client and any other intended users
  • Amount of the valuation or valuations
  • Nature and source(s) of the information relied upon
  • Confirmation that the valuation has been undertaken in accordance with the IVS
  • Extent of investigation
  • Amount of the valuation or valuations
  • Confirmation that the valuation has been undertaken in accordance with the IVS
  • Identification of the asset(s) or liability(ies) valued
  • Date of the valuation report
  • Purpose of the valuation
  • Basis(es) of value adopted
54
Q

Does a Valuer have to sign a Valuation Report?

A

Yes according to VPS3 of the Red Book, a valuer must sign a valuation report and make clear that they are objectively able to value the property. The RICS does not allow a firm to sign a valuation, it is signed off by an individual.

55
Q

What must you do and Consider when Providing Preliminary (or Draft) Valuation Advice?

A

According to VPS3 of the Red Book, when providing preliminary (or draft) advice you must:

  • Mark the report draft
  • It is not to be shared and is for internal purposes only – There is no reliance.
  • It can be discussed with the client but the valuer must not be influenced by the Client.
  • Any changes to the final report or additional information considered must be included as a note in the final report.
56
Q

What is the Red Book Definition of Market Value (as in IVS04)?

A

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.

57
Q

What is the Red Book Definition of Market Rent (as in IVS04)?

A

“The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties each acted knowledgeably, prudently and without compulsion”.

58
Q

What is the Red Book Definition of Investment Value (as in IVS04)?

A

“The value of an asset to a particular owner or prospective owner for individual investment or operational objectives”.

59
Q

What is the Red Book Definition of Fair Value (as in IFRS 13)?

A

“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”.

60
Q

What does VPS4 of the Red Book say about Special Assumptions?

A

“A special assumption is made by the valuer where an assumption either assumes facts that differ from those existing at the valuation date or that would not be made by a typical market participant in a transaction on that valuation date”.

61
Q

What is an assumption?

A

An assumption is made where it is reasonable for the valuer to accept that something is true without the need for specific investigation or verification.

62
Q

When must Special Assumptions and Marketing Constraints be Agreed upon?

A

Special assumptions and marketing constraints must be agreed upon with the client prior to undertaking the valuation and the Global Red Book states that marketing constraints should be detailed in the terms of engagement.

63
Q

What does VPS 5 of the RICS Valuation Global Standards (2022) refer to?

A

Valuation Approaches and Methods. Following “IVS 105 Valuation Approaches and Methods”.

Three Approaches to Valuation:

(1) Market Approach (Compare)
(2) Income Approach (Capitalise)
(3) Cost Approach (Sum Cost)

64
Q

What Does VPGA Stand For? And How Many VPGAs are there in the Red Book?

A

Valuation Practice Guidance – Applications (VPGAs). There are 10 VPGAs in the Global Red Book (2022), and there are 18 in the UK National Supplement (2018)

65
Q

What’s VPGA1 reference to and what does the Red Book say about it?

A

VPGA1 gives guidance on valuation for inclusion in financial accounts. Noting the IFRS will adopt Fair Value for financial accounts.

66
Q

What Does VPGA 2 of the Red Book Cover?

A

Guidance surrounding valuation for the purpose of secured lending.

67
Q

According to VPGA 2 of the Red Book, when valuing for Secured Lending Purposes, for what period of time is “previous involvement” defined as being within?

A

According to VPGA 2 of the Red Book, Previous Involvement is defined as involvement within the last 2 years.

68
Q

What are Some of the Examples Listed in VPGA 2 of the Red Book of situations where an instruction should be declined on the basis of Previous Involvement?

A
  • Having a longstanding professional relationship.
  • When the valuer will gain a fee from introducing the transaction to the lender.
  • If there is a financial interest in the property holding, or prospective borrower.
  • When the valuer is retained to act in the disposal or letting of the completed development on the subject property.
69
Q

If the Valuer and Client Make Arrangements to Manage a Potential Conflict of Interest, where should these Arrangements be Recorded?

A

These should be recorded in the Terms of Engagement and in the Valuation Report

70
Q

Can you give some examples of Special Assumptions that may arise in loan Security Valuations, as highlighted in VPGA 2 of the Red Book?

A

(1) Vacant Possession
(2) New Letting on Given Terms
(3) Special Purchaser (could be the borrower)

71
Q

In Addition to those Points Listed in VPS3 (Valuation Reports), what has to be Included in a Valuation Report for Secured Lending Purposes According to VPGA 2 of the Red Book?

A
  • Disclosure of Involvement.
  • Valuation Method Adopted.
  • If there is a Recent transaction of the Property, how much reliance there is on that value?
  • Comment on the suitability for Secured Lending Purposes.
  • Comment on any factor affecting value.
  • Demand for alternative uses.
  • Disrepair (Deleterious materials etc.)
  • Environmental issues (Flood risk etc.)
  • Market Commentary.
  • Current marketing period required.
  • Details of comparable transactions relied upon.
72
Q

What does VPGA 10 of the Global Red Book cover?

A

It concerns matters that may give rise to valuation material uncertainty. COVID. GFC.

73
Q

What is the Purpose of the UK National Supplement? (RICS Valuation – Global Standards, 2017 (UK National Supplement)). How Many VPGAs are there in the UK National Supplement of the Red Book?

A

It is not a substitute, it “augments” the Red Book. It contains 18 VPGAs.

74
Q

What does VPS3 of the UK National Supplement (2017) Cover? Can you give some examples of these types of Valuation?

A

VPS3 of the UK National Supplement covers Regulated Purpose Valuations.

These are valuations that are relied upon by third parties who did not commission the valuation and they are subject to valuation monitoring. These may include valuation for:

  • Financial Reporting
  • Stock Exchange Listings
  • M&A
  • Collective Investment Schemes
  • Unregulated Property Unit Trusts
75
Q

Are Valuations for Secured Lending Purposes Regulated Purpose Valuations?

A

No these are not regulated purpose valuations as they are not relied upon by a third party.

76
Q

What does it mean to be subject to “Valuation Monitoring”?

A

Valuations for Regulated Purposes are subject to valuation monitoring by the RICS. This means:

  • Inspections by the RICS’s professional regulation team take place
  • Annual declaration from the member valuing detailing the length of time that they have been valuing for that client.
  • Whether that client accounts for more or less than 5% of their income.
  • Is there a rotation policy in place? RICS recommends 7 years.
77
Q

If your firm introduces the property or receives an acquisition fee for the purchase of the property, According to VPS3 of the UK National Supplement (2017), how many months have to pass before you can value it for regulated purposes?

A

12 months.

78
Q

What do you have to consider when Valuing for a Charity in the UK?

A

You must follow the requirements of the 2011 Charities Act. Guidance from the RICS is provided in VPGA 8 of the UK National Supplement 2017.

A surveyor would comment as to whether it would be in the best interests of the charity to buy/sell.

79
Q

What must you consider when valuing a leasehold property?

A
  • To capitalise the net rent (after ground rent deductions).
  • Make appropriate adjustments to the yield for any increased risk associated with leasehold.
  • You can use a dual rate table to value as a depreciating asset, however in reality a DCF would more commonly be used.
80
Q

What is a Ransom Strip and How Might the Valuation of a Ransom Strip be Approached?

A

A ransom strip is a piece of land that enables access to a development site . Typical valuation could be 15% to 50% of the development value unlocked (i.e. the uplift).

81
Q

How do you calculate SDLT for Commercial Property?

A

There is a banded system with the following rates:

£0 - £150,000 ——— 0%

£150,001 - £250,000 ——— 2%

Over £250,001 ——— 5%

82
Q

SDLT is also payable on the grant of new leases, how is it calculated for commercial property?

A

It is calculated by taking the NPV of the lease, and applying the following bands:

Up to £150,000 ——— 0%

£150,001 - £5,000,000 ——— 1%

Over £5,000,000 ——— 2%

Break clauses are excluded from the valuation.

83
Q

What is Unique About the Valuation Technique Used for a High Street Retail Unit?

A

You use the method of zoning and halving back and record the rent in terms of Zone A, when it is appropriate to do this depends on the market (i.e. are your comparables Zone A?)

84
Q

After How many Years Does a Right to Light arise?

A

After 20 years of enjoying uninterrupted natural light.

85
Q

What are the 3 Aims of the RICS Valuer Registration Scheme?

A

1) Improve the quality of Valuations and professional standards.
2) Meet the RICS’s requirements to self-regulate.
3) To protect and raise the status of the valuation profession.

86
Q

When did the RICS Valuer Registration Scheme start and who is it for?

A

The scheme was started in 2011, for valuers who regularly undertake red book valuations.

87
Q

Please can you tell me about the RICS response to the Material Uncertainty clause in regard to COVID-19?

A

(1) The Material Uncertainty Clause is detailed in VPGA 10 of the Global Valuation Standards (“The Red Book”)
(2) The RICS setup the Material Valuation Uncertainty Leaders Forum which is made up of a group of expert valuers covering a range of asset classes and specialisms.
(3) The Leaders Forum provides regular advice updates via the RICS website.
(4) As of September 2020, the advice is a general lifting of material valuation uncertainty on all UK real estate, excluding some specialist trading assets – e.g. some leisure and hospitality assets.
(5) The RICS also makes clear that the inclusion of the material uncertainty clause is at the discretion of the valuer on a case-by-case basis.

88
Q

What is amount of £1 per annum?

A

This is the amount to which £1 per annum invested at the end of each year will accumulate at compound interest.

89
Q

What is amount of £1?

A

This is the amount to which £1 invested now will accumulate at compound interest.

(1+i)^n

90
Q

What is present value of £1?

A

This is the amount receivable at the expiration of a specified number of years and at a specified interest rate.

91
Q

What is the annual sinking fund calculation?

A

Annual sinking fund is a calculation of the annual sum required to be invested to amount to £1 in a specified number of years.

92
Q

What is years purchase?

A

Years Purchase (YP), single rate or the Present Value (PV) of £1 per annum receivable at the end of each year after accounting for a sinking fund to accumulate at the same rate of interest as that which is required on the invested capital and ignoring the effect of income tax on that part of the income used to provide the annual sinking fund instalment.

RICS APC Commercial Real Estate S2 2022 (21 decks)

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