Valuation Flashcards
1
Q
Why is the Red Book important?
A
Promotes high standards set by RICS.
It underpins the financial market
Can provides formal bank valuations to influence the property market.
2
Q
Are your void periods in the Office accommodation, Guildford, explicit or implicit?
A
Depends, when they is a short time until expiry they are explicit as they are specifically inputted in. When lease term is longer, they are implicit as they are reflected in the yield.
3
Q
What rate do you apply on a basement/first floor?
A
A/20 for basements and first floor depends on how usable the space is but A/10 potentially.
4
Q
How would you zone a return frontage unit? And zone a L shaped unit?
A
Add a percentage to the overall ITZA calculation (based on comparable evidence) for return frontage. For L shaped unit, apply zone B1 to the ‘hidden’ part of shop and apply A/3 rate.
5
Q
How do you zone a retail unit? What would you do if there was a wall when you were halving back?
A
Zoning is a valuation technique used to compare retail units that are different sizes. To zone a shop, you need to take measurements every 6.1m deep to create zones and multiply each zone by its width. You then need to take a halving back approach based on the concept that the space becomes less valuable the further away from the frontage it is, and half each zone.
If there was a wall when halving back – check whether structural or cavity. If cavity, disregard it as new tenant may remove it.”
6
Q
What is considered a good eaves height in an industrial building
A
8m minimum
7
Q
What is considered a good site coverage?
A
40%
8
Q
Why did you put a higher yield on the top slice in regards to the Office in the City of London
A
Because the top slice has smaller rental growth potential and a higher risk due to only getting that income at the beginning. You only apply a higher yield to the part of the passing rent which is over rented.
9
Q
How do you work out the WAULT? (Weighted Average Unexpired Lease Term)
A
Add up the total contracted income between now and the expiry dates and divide by the total annual income
10
Q
Why did you use the hardcore method for the office in the City of London and not the term and reversion approach?
A
I determined that the unit was overrented. The term and reversion method could not be used as I was applying a yield to the market rent and a yield to the overrented portion of the passing rent whereas the term and reversion method applied a yield to the passing rent and to the market rent. A higher froth rate was applied as the over rented portion had a higher risk due to only getting that income until lease expiry.
11
Q
Did you value each unit separately or did you use a blended yield for Office in Guildford?
A
I valued each unit separately as there were significantly different tenant strengths that would not be reflected by a blended yield. Some of the units were arranged differently over multiple floors, for example, and therefore valuing them individually could reflect these varying levels of attractiveness more effectively. Valuing it separately also allowed for the scenario where an individual unit was sold off on a long leasehold.
12
Q
What use class is a gym?
A
E class
13
Q
How do you exercise professional scepticism?
A
Having a questioning mind that critically assesses all evidence that is used in a valuation to ensure it is accurate. Taking a step back and making sure the information you are provided with makes sense and can be relied upon.
14
Q
What is a litigation purpose valuation?
A
When there is a legal dispute involving a property, a registered valuer may have to submit a report on the MV or MR of the property involved.
15
Q
If your comparables are dated but there are no others, what would you do?
A
I could use modelling to bring the comparables up to date. I could use historic prices, forecasts and other research showing market movement to bring it up to date.
16
Q
Why do you use a gross yield for residential properties?
A
As you do not know what the non-recoverable costs will be – so just looking at a gross income (not net).
17
Q
What is the difference between a term of engagement and a terms of business?
A
A terms of engagement is specific to the instruction setting out scope, fee, timescale etc whereas the terms of business set out the overall business relationship between two parties and how to terminate it etc
18
Q
What are permitted development rights?
A
The right to conversion of a property (e.g. office to residential) without full planning permission. Would review the regulations and planning permissions to ensure property is eligible for the rights and ensure they do not have an article 4 condition against it (pd restricted)
19
Q
What is included within the RICS Valuation- Global Standards 2022?
A
The 2022 version includes
-Alignment with international valuation standards (IVS)
-Mandatory professional standards
-Valuation reporting
-Ethical requirements
-Risk management
-Compliance with local laws
-Digital and tech integration, and sustainability.
The most up-to-date version is the 2023 version, which took effect on 31.01.2024. Key features include alignment with IVS 2024, enhanced guidance on sustainability and ESG, updates on tech integration, and managing valuation risk.
20
Q
What is included within the Red Book UK National Supplement 2023? (NEW?)
A
Provides UK specific guidance to complement the RICS Global Standards:
-UK Legislation and Regulations
-Property-specific guidance e.g. office, resi…
-Regulatory framework- alines with UK financial regulations
-UK valuation Practice Guidance- covers Loan security values, investment values
-Ethical and professional standards
21
Q
What is included in the Independent Review of Real Estate Investment Valuation 2022?
A
Key components in the report commissioned by RICS and led by Peter Pereira Gray:
- Industry challenges and contact: market uncertainty, liquidity, and transparency issues.
- Stakeholder expectations: investor confidence, regulatory scrutiny.
- Recommendations for improved practices: valuer independence, valuation frequency and rotation, transparency and reporting: standardized reporting, disclosure of assumptions, scenario analysis.
- Use of tech and data: data and digital innovation, valuation automation.
- Training and competency of valuers: skills and training, enhanced qualifications.
- Governance and oversight: strengthening RICS oversight, independent regulatory function.
- Long-term trends in real estate: ESG and sustainability, market disruptions.
22
Q
What are the five methods of valuations?
A
Investment, profits, DCF, Comparable, Residual
23
Q
If you undertook a valuation for accounting purposes with an office accommodation, Guildford was it a Red Book Valuation?
A
This one was not a Red Book valuation. You are not required to provided a red book valuation for accounting purposes, but if the client required to provided one you can.
24
Q
What are main points within a Terms of Engagement?
A
- Valuer’s identification and status
- Client’s identification
- Intended users’ identification
- Asset to be valued
- Currency
- Purpose of valuation
- Basis of value
- Valuation date
- Extent of investigation
- Nature and source of information to be relied upon
- Assumptions and special assumptions
- Report format
- Restrictions for use
- Confirmation of Red Book Global/ IVS compliance
- Fee basis
- Complaints handling procedure
- Statement that the valuation may be subject to compliance by RICS
- Limitation on liability agreed
25
What do you do when you commence a valuation instruction?/ When undertaking a valuation what do you check?
Competence- are you competent to undertake work, correct skills, understanding and knowledge (SUK).
Independence- Think first and then check any conflicts or personal interests.
ToE- set out in writing your full confirmation of instruction to the client. conform the competence of valuer, extent and limitations of the valuer's inspection must be stated.
26
Talk me though how you undertake an investment valuation?
Used when there is an income stream to value.
Rental income is capitalised to produce a capital value.
Conventional method assumes growth implicit valuation approach. Implied growth rate is derived from market approach. An implied gorwth rate is derived from the market capitalisation rate (Yeild).
27
Define MV?
-The valuation date
-Between a willing buyer and a willing seller
-In an arm's length transaction
-After proper marketing
-When the parties had each acted knowledgeably, prudently and without compulsion
28
What is the difference between a Term and Reversion approach and a Hardcore approach?
Term and reversion- used for reversionary investment (market rent more than passing) e.g. underrented. Term capitalised until next review/ lease expiry at an internal yield. Reversion to market rent valued in perpetuity at a reversionary yield.
Layer/hardcore method- used for over-rented investments (passing rent more than market rent). income flow divided horizontally. Bottom slice= market rent. Top Slice= Rent passing less market rent until lease event. higher yield applied to top slice to reflect additional risk. different yields used depending on comparable investment evidence and relative risk.
29
When undertaking the valuation for a Secondary School, Tring, how did you determine the MV was correct?
I undertook comparable research to determine my MV. This was from a range of achieved sales within the surrounding area of the school. To sense check my valuation I determined the residential value of the school
30
What steps do you have to take when completing a valuation for a loan security purposes?
Further to a standard property valuation you have to:
-**Understand lender's requirements**- clarify loan type, loan-to-value ration, security considerations
- **Review legal and title docs**- title review and leases and tenancy agreements
-**Assess planning and zoning compliance**- Planning permissions and development potential
-**Evaluate the property liquidity**
-**Perform a risk assessment**- market risk, sector-specific risk, environmental risk
- **Submit to lender and state whether property is a secure loan?**
31
Talk me though the comparable method of valuation
Search and select comparables
Confirm details and analyse headline rent to give a net effective rent as appropriate
Assemble comparables in schedule
Adjust comparables in schedule
Adjust comparables using the hierarchy of evidence (RICS PS: Comparable evidence in real estate valuation 2019)
Analyse comparables to form option of value
Report value and prepare title note.
32
What adjustments did you make when determining the MV for a secondary school in Tring
I adjusted the comparables to reflect differences in age, size, condition, location, and any other relevant factors.
33
Define MR?
-Estimated amount for which an interest in real property should be leased.
-On vals date
-Between willing lessor and willing lessee
-On appropriate lease terms
-Arm's length transaction
-After proper marketing
-When the parties had each acted knowledgeably, prudently and without compulsion
34
Define rack rented?
Refers to a property that is being rented out at its full market rent, meaning the highest possible rent that a tenant is willing to pay under current market conditions. Essentially, it reflects the fair rental value of the property in an open market, without any discounts, concessions, or reductions.
35
Why did you use a 12-month rent free period when valuing an office in Guildford
Market Comparables, lease term and size of property (lease length- longer leases ususally longer rent frees), Tenant covenant strength, other incentives/ alternatives (cash or capital contribution, blended rent)
36
What are the VPS's outlined?
VPS1- Terms of Engagement
VPS2- Inspection, investigation and records
VPS3- Valuation reports
VPS4- Bases of value
VPS5- Valuation approaches and methods
37
What does VPS stand for?
Valuation Performance Standards
38
How do you perform a DRC (Depreciated Replacement Cost Valuation)
Also known as the Contractor's Method and should only be used where direct market evidence is limited for specialised properties.
2 steps:
-value of land in existing use (assume planning permission exists)
-add current costs of replacing the building plus fees less a discount for depreciation and obsolescence/ deterioration (use BCIS and then judge level of obsolescence)
39
What are the different types of obsolescence when performing a DRC?
Physical obsolescence- result on deterioration/ wear and tear over years
Functional obsolescence- where design or specification of the asset no longer fulfils function
Economic obsolescence- due to changing market conditions for the use of the assessment
40
What is SONIA
SONIA is Sterling Over Night Indexed Average. Is an overnight rate, set in arrears and based on actual transactions in overnight indexed swaps for unsecured transactions in Sterling market. SONIA is a **risk-free rate meaning no bank credit risk is included.** (Interest rate!)
41
What is SONIA current rate
4.95% for Sep 2024
42
What are the three choices of interest rate that can be used for finance costs
Bank of England base rate plus a risk premium
Actual costs that the developer is able to borrow at
SONIA
43
What is the current Base rate?
5%
44
What are the 3 valuations approaches set out by the IVS 105
Income- Investment method, profits method, residual
Cost approach- DRC
Market approach- Comparable method
45
What is a Froth rate?
Froth rate is the level of excess or unsustainable growth in the property market. High froth rate implies a risk that property values could decline if market adjusts to more realistic levels.
46
What is the structure of the RICS Valuation- Global Standards 2022?
- Part 1- intro
- 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 (IVS)
47
Where do you go to find yield/ Rental evidence?
-Market evidence
-Agent commentary
48
Why have you got a lower yield on the reversionary for the Office Accommodation, Guildford and the Office, Guildford?
This was a typo. Typically the reversionary would have a higher yield to account for the added risk.
49
What makes a valuation report Red Book Compliant?
A valuation report is Red Book compliant when it adheres to the RICS Valuation – Global Standards and includes the following key elements:
-**Compliance with IVS**: The report must follow International Valuation Standards (IVS).
-**Clear Purpose**: The report must clearly state the purpose and intended use of the valuation.
-**Client Identification: **The client must be clearly identified.
-**Valuer Independence:** The valuer must declare their independence and any conflicts of interest.
-**Basis of Value**: The basis of value (e.g., market value, investment value) must be defined.
-**Valuation Date**: The valuation date must be stated.
-Scope of Work: The scope of the valuation, including assumptions and limitations, should be outlined.
-**Compliance Statement:** A statement that the report is prepared in accordance with the RICS Red Book standards.
These elements ensure transparency, consistency, and professionalism in the valuation process.
50
Are there other methods to value a school other than Comparable?
If it is a private school you can use the Profits method as there will be an income.
51
What challenges are facing the office market at the moment?
-Hybrid Working and Reduced Demand
-Economic Uncertainty
-Sustainability Requirements
-Changing Tenant Expectations
-Vacancy Rates in Secondary Locations
52
When valuing Secondary School, Tring, did you apply a different appointment to the land/ buildings?
Yes. I undertook comp research on land comps and resi comps.
53
How do you know if a property is suitable for a loan?
-Property Value and Loan-to-Value Ratio (LTV)
-Property Type
-Property Condition
-Location
-Legal Status and Title
-Income-Generating Potential
-Borrower Creditworthiness
54
With the office, City of London, what element did you apply 7% to?
The bottom slice (market rent).
55
You applied 8% to the overrented unit and 8.5% to the overrented section. Why was there an appropriate 0.5% yield shift?
to account for the increased risk
56
For your office, City of London, why would the unit on the lower ground floor have more vacancy due to potentially reduced attractiveness?
A lower ground floor unit is less desirable to rent for numerous reasons e.g. lack of light, damp, cold...
This would increase the vacancy rate as the unit will be harder to lease.
57
What does the New National Supplement provide supplementary Gov requirements from 01/05/2024 (rotation)
Mandatory rotation:
-Max period of 10 yrs before the rotation of val firms
-Max single engagement period of 5 yrs
-Max period of 5 yrs before rotation of an individual responsible valuer
-Min 3 yrs break after rotation off an engagement
58
How did you value the Office in Guildford if it was multi-let?
I valued each unit separately. this allowed me to apply a different rate per unit due to the different covenant strength, vacancy rate, condition
59
How did you ascertain the tenant covenant strength
Undertook a Dun and Bradstreet report. The first score assesses financial strength from N to 5A and the second score assesses risk from 1 to 4. 5A1 is best score possible.
60
Do you have any special assumptions on the valuation of the office in Guildford?
VP
Planning
no costs (e.g. Japanese Knotweed)
61
Why would the bank want you to do a Special Assumption on a VP basis?
-Assess the property's market value without lease complications.
-Understand its liquidity for a quick sale in case of default.
-Standardise valuations for easier comparison across properties.
-Minimise risks from tenant issues or lease agreements.
-Plan for a worst-case scenario, focusing on the property’s core value.
62
What are the VPGAs outlined in the RICS valuations- Global Standards 2022?
- VPGA 1- Valuation for inclusion in financial statements
- VPGA 2-Valuations of interests for secured lending
- VPGA 3-Valuation of business and business interests
- VPGA 4-Valuations of individual trade-related properties
- VPGA 5-Valuation of plant and equipment
- VPGA 6-Valuation of intangible assets
- VPGA 7-Valuations 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 valuations uncertainty
63
What is a Net Initial Yield
A Net Initial Yield is the percentage figure a property is paying in rent compared to its capital value - this can be found from comparable evidence (i.e. a property yielding £10k per annum with a capitalisation value of £100k would have a 10% yield)
64
What is an all Risks Yield?
The remunerative rate of interest used in the valuation of freehold/heritable and leasehold interests, reflecting all the prospects and risks attached to the particular investment.
65
What is a reversionary yield?
The reversionary yield is the anticipated yield to which the initial yield will rise (or fall) once the rent reaches the Open Market Value
66
What is an equivalent yield?
The average weighted return a property will produce according to the present income and estimated rental value assumptions, assuming the income is received annually in arrears. (i.e. the yield includes assumptions on growth).
67
What is the Hierarchy of Evidence?
The Hierarchy of evidence is the relative weight attached to different types of evidence as follows:
1. Open Market Lettings
2. Lease renewals
3. Rent reviews
4. Third party determinations
5. Sale and leasebacks
6. Inter-company transactions
68
How do you calculate market value using the term and reversion method?
- Used for reversionary investments (Where the Market rent is more than the passing rent)
-The Term of the Lease is capitalised until next review/lease expiry
-Reversion to market rent valued in perpetuity at an all-risks yield (ARY)
69
How do you calculate market value using the Layer/Hardcore method?
-Used for over-rented investments (Where the passing rent is more than market rent)
-The income flow is divided horizontally
-Bottom slice = market rent
-Top slice = rent passing less market rent
-A higher ARY is applied to the top slice to reflect the additional risk
-Different yields are used for different scenarios having regard to comparable investment evidence and relative risk
70
Detail how you would conduct a profits valuation?
1. Establish a Businesses Annual Turnover
2. Less costs/purchases
3. This equals = Gross Profit
4. Less working expenses
5. = Unadjusted net profit
6. Less tenant's remuneration/share (the divisible balance between the landlord and tenant)
7. = Adjusted net profit
8. Capitalised at an appropriate yield to achieve capital value
9. Cross check with comparable evidence if at all possible
71
What is the difference between an internal and external valuer?
Internal:
-Employed by company to value their assets
-Valuation for internal use only
-No third party reliance
External:
-no material links with the asset to be valued or the client
72
What are the THREE categories of evidence outlined in RICS Comparable evidence in real estate valuation, 2019?
Category A: direct comparables
Category B: general market data
Category C: other sources
73
What factors would you considering when determining a yield?
-Prospects for rental and capital growth
-Quality of location and covenant
-Use of the property
-Lease terms
-Obsolescence
-Voids
-Security and regularity of income
-Liquidity
74
What does VPS 1 of the Red Book Global cover?
Terms of Engagement: Minimum matters that must be confirmed in writing to the client prior to commencing a valuation, e.g.
75
What is an Assumption, as defined in the Red Book Global?
Supposition taken to be true and accepted as fact without the need for specific investigation
76
What is a Special Assumption, as defined in the Red Book Global?
Supposition taken to be true and accepted as fact, even though it is not true
77
What does VPS 2 of the Red Book Global cover?
Inspections, Investigations and Records
78
When a valuer conducts a valuation on the basis of restricted information or without a physical inspection, what FOUR factors should they do?
-**Nature of the restriction** must be agreed in writing in the Terms of Engagement
-Possible **valuation implications** of the restriction confirmed in writing before the value is reported
-Valuer should consider whether the **restriction is reasonable** with regard to the purpose of the valuation
-The restriction must be **referred to in the report**
79
What does VPS 3 of the Red Book Global cover?
Minimum requirements to be stated within a valuation report
e.g. identification and status of valuer, client and other intended users, purpose of valuation, identification of the asset to be valued, basis of value
80
What does VPS 4 of the Red Book Global cover?
Basis of Value, Assumptions and Special Assumptions
81
What does VPS 5 of the Red Book Global cover?
Valuation Approaches and Methods (IVS 105)
82
What do the VPGAs in the Red Book Global cover?
Valuation Applications (Valuation Practice Guidance Applications)
83
What does VPGA 1 of the Red Book Global cover?
Valuation for inclusion in financial accounts
84
What does VPGA 2 of the Red Book Global cover?
Valuations for secured lending
85
What does VPGA 2 state with regards to dealing with conflicts of interest for secured lending valuations?
-Any previous, current or anticipated involvement with the prospective borrower or the property to be valued must be disclosed to the lender
-“Previous involvement” is defined as normally being within the past two years but under certain circumstances it can be longer
-If the valuer or the client considers that any involvement creates a conflict that cannot be avoided, then the instruction should be declined
86
What does VPGA 8 of the Red Book Global cover?
-Valuation of real property interests
-Covers inspections and investigations, with particular emphasis on environmental constraints and sustainability issues
87
What does VPGA 10 of the Red Book Global cover?
Matters that may give rise to material valuation uncertainty
88
What does VPGA 10 state that valuation reports must not be?
Misleading
89
What is hope value?
The value arising form any expectation that future circumstances affecting the property may change
90
What must a valuer do when conducting a valuation on behalf of a charity?
-Follow guidance contained in UK VPGA 8
-Comment whether the purchase or sale is in the charity’s best interest
-State whether the terms agreed are the best that can be reasonably obtained
-Basis of valuation must be Market Value or Market Rent
Valuer must follow Section 119 of the Charities Act 2011
91
What is marriage value? How do you calculate the level of marriage value?
-Created by the merger of interest - can be physical or tenurial
-Undertake a before and after valuation and calculate the level of marriage value created
92
What are the THREE aims of the RICS Valuer Registration Scheme (VRS)?
-Improve the quality of valuation and ensure the highest possible professional standards
-To meet the RICS requirement to self-regulate effectively
-To protect and raise the status of the valuation profession as the leading expertise in valuation
93
What information must be provided under the RICS Valuer Registration Scheme (VRS)?
-Type of valuations
-Purpose of valuations
-Number of valuations
-Firm’s total fee income from Red Book Global valuations in the last year
-What data sources used
-Quality assurance audit procedures in place
-History of any negligence claims and notifications
94
What is a material uncertainty clause?
-Used when the degree of uncertainty falls outside any parameters that might normally be accepted
-Does not mean to suggest that the valuation cannot be relied upon
-Less certainty can be attached to the valuation that would otherwise be the case
95
What is a yield
Is a measure of investment return expressed as a percentage of capital invested.
96
What are the basis of value as defined in the red book?
Fair value
Market value
Market rent
Investment value
Existing use value
97
Please can you talk me through the advice you provided to your client with regard to Level 3: Office Guildford
I provided my client with a red book report with my opinion of the MR and MV.
I advised my client on the challenges faces in the office market.
Based on my findings the property was suitable for the loan.
98
What is the difference between a reversionary yield and a gross initial yield?
-Gross Initial Yield (GIY) is the yield based on a property's current rental income relative to its purchase price, giving a snapshot of the return an investor would receive today.
-Reversionary Yield is the potential future yield, based on the estimated market rent the property could achieve, reflecting its income potential once leases are updated to market rates.
99
What advice did you provide your client in regard to Office City of London?
-I undertook a red book report for loan secuirty purposes.
-After determining the MR and MV I considered the property was suitable for lending purposes.
-I did however highlight that expiry of the lower ground unit could have have vacancy rates.
100
How can you calculate a Net Initial Yield?
**Annual rental income of a property- costs/ property's purchase price + acquisition costs**
Annual rental income of a property - certain costs (like maintenance and management fees) / property’s purchase price (plus acquisition costs, if applicable).
This yield gives a clearer picture of the return on investment after accounting for operating expenses.
101
When would you value a property using a receipts and expenditure method of valuation (Profits Method)?
Property’s value is directly linked to its ability to generate income or profit, rather than its market value based on comparable sales. e.g. Hotel, Restaurants, Golf Club
102
What is the PS outlined in the Global standards?
PS1: Compliance with standards and practice statements where a written valuation is provided
PS2: Ethics, competency, objectivity and disclosures
103
How do you undertake the profit method?
-Annual turnover (income received)
-Less costs/ purchases= gross profit
-Less reasonable working expenses = unadjusted net profit
-Less operator's renumeration = adjusted net profit = FMOP Fair maintainable operating profit (FMOP)
-Multiply FMOP by YP multiplier = capital value
104
What is in a Grade A office space
Fully accessed raised flooring
2.75 floor to ceiling height
Good Natural Light
LED lighting
Lifts
105
What is Yield compression
Yield compression is the reduction in the return on an investment, typically caused by an increase in the asset's price, leading to a lower yield.
106
What is the current situation with First Homes?
FH are currently being phased out and there is a preference for SO. If I was carrying out an appraisal now I would confirm this with my client. Surrey Council do not use FH.
107
What is ProVal?
Proval is a software that projects the income receivable, deducting any associated costs over a fixed year period and then discounting back at an appropriate rate
108
How did you calculate your affordable housing?
ProVal forecasting an income stream and discounting it back at an appropriate rate.
109
What is Affordable Rent
Low-cost rental product that is capped at the lower of either 80% of market rent or LHA cap (Local housing allowance)
110
What is the Discounted Cash Flow Technique and how do you undertake it?
- Growth Explicit investment method for valuation
- form of income approach
- Dertermines value of property by **examining its furture net income and then discounting the cash flow to arrive at an estimated current value.**
111
What is included within the International Valuation Standards
-IVS101- Scope of works
-IVS102- Investigation and compliance
-IVS103- Reporting
-IVS104- BAsis of value
-IVS105- Valuation approaches and methods
112
What is included within Independent review of real estate investment valuations
-Valuation methodology- Standadising the use of the discounted cash flow as primary use of valuation.
-Clearer guidance of property risk analysis
-Indpendance and objectivity- mandatory rolation for firms and values
-Confidance mesurment- enhanced meturemant for assessign public confidence
113
What is a reinstatement costs
Total build costs, demo costs, fees and VAT
