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RICS Planning And Development 2020 > Valuation > Flashcards

Valuation Flashcards

1
Q
  1. What should you consider if you are instructed to value a property ?
A

Competence
Independence
Terms of engagement

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2
Q
  1. Who is a registered valuer ?
A

A registered valuer is a valuer who:
• adheres to the Red Book valuation standards
• is committed to openness and transparency
• are experts in their field, delivering credible and high-quality reports.

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3
Q
  1. What is a valuation registration scheme ?
A

Valuer Registration is a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book.

RICS Valuer Registration is an independent system of regulatory monitoring, which includes a register of valuers. Monitoring by RICS Regulation begins as soon as members sign up to Valuer Registration.

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4
Q
  1. What are the aims of the valuation scheme
A

A- To improve the quality of valuation and ensure the highest possible professional standards.
B- To meet the RICS requirements to self regulate effectively
C- To protect and raise the status of the valuation profession as the leading expertise in valuation.

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5
Q
  1. How do you become a registered valuer ?
A

Application form, which sets out how you met the competency requirements for Valuer Registration.

A period of valuation-based experience (maximum of 100 days), signed off by a Registered Valuer.

A single case study submission using work-based evidence.

CPD record.

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6
Q
  1. What is yield
A

Yield is a return measure for an investment over a set period of time, expressed as a percentage.

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7
Q
  1. How do you calculate using term and reversion
A

Term: (1) PV= 1/(1-i)^N (2) Term Rental value x PV

Reversion: (1) YP= 1/yield (2) YP 2 year=1/(1+i)^n (3)
Deferred YP: YP x Yp 2 year

(4) Capital value: Deferred YP x rental value

Generally used when asked to value an interest with rent renewals and under rented properties.

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8
Q
  1. Define all risk yield
A

The rate used on fully let out building at market rent reflecting all the prospects and risks to a particular investment

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9
Q
  1. What are the main changes to the new Red book ?
A

PS1- written means paper, electronic or digital means or Automated Valuation Model

PS2- Reinforces independence and objectivity. Professional scepticism

VPS3- Reinforces the need for valuation reports to state clearly/ understandably what the valuation approach was and the relevant reasoning. Include details on sustainability

VPGA1- Sets out that performance standards are required when valuing for financial statements

IVS410- apply a minimum of two approaches and recognized methods to value development property

VPGA 8- Only where existing market evidence would support this, or where in the valuer’s judgement market participants would expressly reflect such matters in their bids, should sustainability characteristics directly influence value(s) reported.

AVM considered written valuation

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10
Q
  1. Please explain the structure of the red book ?
A

1, Introduction
2, Glossary
3, Professional standards
4, Valuation technical performance standards
5 Valuation practice guidance applications
5 International valuation standards

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11
Q
  1. When inspecting the site in Kingston did you have regard for any guidance
A

VPS 2 and PS2

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12
Q
  1. What is effective date of the most up to date Red book ?
A

January 2020

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13
Q
  1. What is the difference between a red book valuation and a non red book ?
A

One has more liability than the other.

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14
Q
  1. Can a desktop valuation be a red book valuation ?
A

Yes
For revaluation without re-inspection. Valuer to make sure there isn’t a material change.
If agreed with the Client and set out within the terms of engagement and valuation report.

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15
Q
  1. What due diligence do you need to undertake when carrying out a valuation ?
A

a. Asbestos register
b. Business rates
c. Contamination
d. Equality act compliance
e. Environmental matters
f. EPC rating
g. Flooding
h. Fire safety compliance
i. Health and safety compliance
j. Highways
k. Legal title and tenure
l. Public rights of way
m. Planning history

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16
Q
  1. In what circumstance shall a red book not be used ?
A

In all circumstances except for the exceptions

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17
Q
  1. What are the exceptions of the Red book ?
A

a. Advice provided in preparation for and during negotiations or litigation
b. Valuer performing a statutory function except for the provision of a valuation for inclusion in a statutory return to a tax authority.
c. Valuation is provided for internal purposes without liability and not communicated to 3rd party
d. Valuation is provided as part of agency or brokerage in anticipation for receiving instructions.
e. Valuation advice is provided in anticipation of giving evidence as an expert witness

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18
Q
  1. Please define Investment value
A

The value of an asset to a particular owner for individual investment or operational objectives

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19
Q
  1. Please define market value
A

The estimated amount of which an asset or liability should exchange for on a valuation date between

Willing buyer and seller

In an arms length transaction

After proper marketing

Both parties have acted knowledgeably, prudently and without compulsion.

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20
Q
  1. Please define fair value
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

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21
Q
  1. Please define market rent ?
A

The estimated amount in which an interest in a property should lease for between
A- a willing lessee or lessor
B- On appropriate lease terms
C- In an arms length transaction
D- After proper marketing
E- Both parties have acted knowledgeably, prudently and without compulsion.

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22
Q
  1. What method would you use to value a cinema ?
A

Profits method

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23
Q
  1. What are the key headings within a valuation report ?
A

a Identification and status of the valuer
b Identification of the client and any other intended users
c Purpose of the valuation
d Identification of the asset(s) or liability(ies) valued
e Basis(es) of value adopted
f Valuation date
g Extent of investigation
h Nature and source(s) of the information relied upon
i Assumptions and special assumptions
j Restrictions on use, distribution and publication of the report
k Confirmation that the valuation has been undertaken in accordance with the IVS
l Valuation approach and reasoning
m Amount of the valuation or valuations
n Date of the valuation report
o Commentary on any material uncertainty in relation to the valuation where it is es-sential to ensure clarity on the part of the valuation user. A statement setting out any limitations on liability that have been agreed.

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24
Q
  1. What are the key headings with terms
A

a Identification and status of the valuer
b Identification of the client(s)
c Identification of any other intended users
d Identification of the asset(s) or liability(ies) being valued
e Valuation (financial) currency
f Purpose of the valuation
g Basis(es) of value adopted
h Valuation date
i Nature and extent of the valuer’s work – including investigations – and any
limitations thereon
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.

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25
Q
  1. What part of the RED book relates to terms of engagement ?
A

VPS1

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26
Q
  1. What part of the red book relates to market uncertainty ?
A

VPGA10

Material uncertainty must be explicitly stated.

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27
Q
  1. What does VPS stand for ?
A

Valuation Technical Performance standards

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28
Q
  1. What does VPGA
A

Valuation Practice Guidance Applications

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29
Q
  1. What methods did you utilise in Kington ?
A

Comparative and Residual

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30
Q
  1. How do you calculate a residual valuation ?
A

GDV-TDC-Profit= site value using market inputs

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31
Q
  1. How do you come to a capital value using the Investment method ?
A

Work out the year purchase and then multiply this with the rental value

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32
Q
  1. How did you carry out a valuation ?
A

a. Receive instructions from the client
b. Check competence. Skills, understanding and knowledge
c. Check independence
d. Issue terms- Competence, Independence, Terms
e. Receive signed terms of engagement
f. Gather due diligence info and carry it out. Check no matters that could adversely impact
g. Inspect and measure
h. Research market and assemble, verify and analyse comparable
i. Undertake valuation
j. Draft report
k. Get senior surveyor to review
l. Finalise and sign report
m. Send report to client
n. Issue invoice

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33
Q
  1. If I was selling a bowling alley what method would you use ?
A

Profits

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34
Q
  1. What dictates the amount of profit you put on a scheme?
A

It depends on the level of risk

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35
Q
  1. How do you value affordable housing units?*
A

Using a discounted cashflow factoring rental value, a discount rate and management costs

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36
Q
  1. What makes a valuation Red Book?*
A

Compliance with the Professional Standards and the Valuation Technical Performance Standards

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37
Q
  1. What does VPS 1 contain in the Red Book ?
A

Terms of Engagement

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38
Q
  1. How do you define true yield ?
A

Assumes rent is paid in advance in advance and not in arrears

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39
Q
  1. How do you define gross yield
A

The yield not adjusted for purchasers cost (Such as an auction result)

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40
Q
  1. How do you define net yield ?
A

The resulting yield adjusted for purchaser costs

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41
Q
  1. How do you define equivalent yield
A

Average weighted yield when a reversionary property is valued using an initial and reversionary yield.

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42
Q
  1. How would you define reversionary yield ?
A

Market rent divided by current price on an investment let at a rent below market rent

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43
Q
  1. How do you define initial yield
A

Simple income yield for current income and current price

44
Q
  1. How do you define running yield ?
A

The yield at a moment in time

45
Q
  1. How would you value an affordable rent unit ?
A

The capitalised net annual rents (for a given time period at a given discount rate) from the social rented, affordable rented and intermediate rent, and the rental element of the shared ownership units

46
Q
  1. What is the timeline of a valuation
A 
Receive Instructions
Check Competence
Check that there are no conflicts of interest
Issue terms of engagement
Receive signed terms of engagement
Gather information
Undertake due diligence 
Inspect and measure
Research market and assemble, verify and analyse information. 
Undertake valuation
Draft report
Check by another surveyor
Finalise and sign report
Report to client 
Issue invoice
Archive file.
47
Q
  1. What method of valuation would you use to establish rents and yields ?
A

Comparable

48
Q
  1. Why was the valuation scheme was brought in ?
A

Brought in as a result as the 2008 crash and brought in more accountability.

49
Q
  1. Why would you use profits to sell a bowling alley ?
A

It is used when the physical buildings are normally only sold as part of a business.

50
Q
  1. What are the different purposes of valuation?*
A

Internal and secured lending

51
Q
  1. How do you calculate using the hardcore method ?
A

Calculate Hardcore- (1) Years purchase x Existing rent

Calculate incremental rent= (1) work out deferred YP (2)Difference in existing rent and market rent (3) Deferred YP x difference in rent

Capital value= Hardcore + incremental

52
Q
  1. How do you evaluate your comparable evidence? [Hierarchy of evidence]
A

Category A- Direct comparable- completed transactions of identical properties
Category B- general market data than can provide guidance- Databases
Category C- other sources

53
Q
  1. What are the five methods of valuation ?
A 
Residual 
Investment 
Depreciated replacement costs 
Profits 
Comparison
54
Q
  1. What is a residual method of valuation ?
A

Is a method of valuation used to establish a market value of a site based on market inputs at a particular moment in time and on a valuation date.

GDV-TDC-Profit = Site value

55
Q
  1. What is a DRC method of valuation
A

Method used to value public and specialist buildings. i.e. school, churches, town halls, airports, oil refinery, town centers etc.

Modern equivalent - obsolescence + value of site = value.

DO not guess the percentage on Obsolescence and this comes with experience.

56
Q
  1. What is the profits method of valuation
A

Not competent etc

Profits method is based on the profit produced by the business operating in a premises.

Gross earnings- Expenses = profit

Profit @ 50% = Annual rental value

Annual rental value x yield = Capital value

Stand back and look.

Need to have knowledge of particular property.

57
Q
  1. Is there a UK Variant of the red book
A

RICS Valuation - Global Standards 2017: UK national supplement effective 14 January 2019

58
Q
  1. What does the UK supplemental to the red book include if so what does it include ?
A

a. Introduction
b. Professional standards
c. Valuation Technical Performance Standards
d. Valuation practice Guidance Applications
e. Summary of changes

59
Q
  1. When would you use the profits method:
A

Used for income-producing properties that, due to location or some other factor, enjoy a monopoly. It is used when the physical buildings are normally only sold as part of a business.
Examples would be:
• hotels;
• golf courses and other purpose-built sport and leisure centers;
• petrol stations; and
• some restaurants.

60
Q
  1. What are the three valuation approaches ?
A

a. Income (Investment, profits and DCF)
b. Cost approach (DRC and residual)
c. Market approach (Comparable)

61
Q
  1. What is the full name of the Red book
A

RICS professional standards and guidance, global

RICS Valuation – Global Standards

Effective from 31 January 2020

62
Q
  1. What is PS1
A

Compliance with standards where a written valuation is provided

63
Q
  1. What is PS2
A

Ethics, competency, objectivity and disclosures

64
Q

Where do you source evidence of comparable land sales, what would you do if these could not be sourced?

A

Land regsitry, agents or our internal land team. Planning portal to identify developers.

65
Q

When was the VRS scheme implemented?

A

30 April 2011

66
Q

How do you allow for material uncentainty

A

VPGA 10 - Matters that may give rise to material valuation uncertainty.

Normally provided in qualtitative terms. Planning, market, socio economic factors etc.

67
Q

What are the most sensitive inputs to a residual valuation?

A

Intrest rates

GDV

Build costs

68
Q

What are the key parts of the Red book ?

A

PS1- Complaince where written vals is provided
PS2- Ethics, competency, objectivity and disclosures
VPS 1- Terms
VPS 2- Inspection, records and investigations
VPS 3- Valuation report
VPS 4- Bases of value, assumptions and special assumptions
VPS 5- Methods of valuation and approaches
International Valuation Standards

69
Q

What are the key works wehn there is market uncertainty ?

A

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on 11 March 2020, has impacted global financial markets. Travel restrictions have been implemented by many countries.

Market activity is being impacted in many sectors. As at the valuation date, we consider that we can attach less weight to previous market evidence for comparison purposes, to inform opinions of value. Indeed, the current response to COVID-19 means that we are faced with an unprecedented set of circumstances on which to base a judgement.

Our valuation(s) is / are therefore reported on the basis of ‘material valuation uncertainty’ as per VPS 3 and VPGA 10 of the RICS Red Book Global. Consequently, less certainty – and a higher degree of caution – should be attached to our valuation than would normally be the case. Given the unknown future impact that COVID-19 might have on the real estate market, we recommend that you keep the valuation of [this property] under frequent review.

70
Q

What is obsolescence

A

the process of becoming obsolete or outdated and no longer used.

71
Q

What are the three types of obsolescence

A

Functional Obsolescence

Economic Obsolescence

Physical obsolescence

72
Q

What is a Functional Obsolescence

A

Functional obsolescence occurs when a property loses value due to its architectural design, building style, size, outdated amenities, local economic conditions and changing technology

73
Q

What is Economic Obsolescence

A

Economic obsolescence occurs when a property loses value because of external factors such as local traffic pattern changes or the construction of public nuisance type properties and utilities such as county jails and sewer treatment plants on adjoining property.

74
Q

What is Physical obsolescence

A

Physical obsolescence occurs when a property loses value due to gross mismanagement and physical neglect resulting in deferred maintenance that’s usually too costly to repair.

75
Q

What makes a good comparable

A

A property that is similar in terms of location, size, condition, tenure, incentive and covenant. A property that has the same or very similar characteristics to the property you are valuing.

In land it will be a site that was similar in terms of location, condition, (greenfield or brownfield), affordable housing, s106 requirements and similar site.

76
Q

On Kingston, you visited site and completed a checklist of key features. What were those elements and how would they influence the residual land valuation?

A

Ground conditions
EPC
Access
Restrictive covenants

77
Q

What is the name of the full name of the Red book ?

A

RICS professional standards and guidance, global
RICS Valuation – Global Standards

Effective from 31 January 2020

78
Q

What is the correct name for the red book

A

RICS Valuation – Global Standards

79
Q

Why would you use Term and Reversion ?

A

When the property is under rented

80
Q

When would you use the profits methods ?

A 
Caravan Park 
Petrol stattions 
Car Parks 
Care Homes 
Pubs 
Hotels and leisure centres
81
Q

What is the process of valuing using the profits method ?

A
  1. Establish the fair maintainable trade based upon the Reasonable efficient operator expectations
  2. Arrive at gross and net profit
  3. Establish the Fair Maintainable Operating Profit based upon the Reasonable efficient operators profit.
  4. Capitalise the Fair Maintainable Operating Profit
  5. Consider additions or deductions
  6. Arrive at a valuation
82
Q

How do you establish Gross Profit ?

A

Turnover less costs of sale

Direct costs such as food & beverage for a hotel, staff costs for a care home, petrol for a petrol filling station

83
Q

What is net profit ?

A

Gross profit less indirect costs

Indirect costs such as marketing, utilities, maintenance & property taxation

84
Q

How would you value using the profits method ?

A

Three year’s of accounts to establish fair Maintainable trade

Deducted costs such as food, wages, utilities and maintenance costs to establish an opinion of the FMOP

Research comps to establish YP and then times the FMOP by the YP to reach a cpital value.

85
Q

What should comparable evidence be ?

A 
Comprehensive – ideally several cases
• Very similar – ideally identical
• Recent – reflecting the current market
• At arm’s length in the open market
• Verifiable – as far as practicable
• Reflecting demand – i.e. an active market
86
Q

What are market Transactions ?

A

Market transactions
– Direct transactional evidence, sale prices
– Publicly available information (Land Registry)
– Published databases
– Asking prices
– Historic evidence

87
Q

What does land registry house prices exclude

A

Sales that have not been lodged with HM Land Registry

Sales that were not for value

transfers, conveyances, assignments or leases at a premium with nominal rent, which are:
‘Right to buy’ sales at a discount
subject to an existing mortgage
to effect the sale of a share in a property, for example, a transfer between parties on divorce
by way of a gift
under a compulsory purchase order
under a court order
to Trustees appointed under Deed of appointment
Vesting Deeds Transmissions or Assents of more than one property

88
Q

What is Category A- Direct Comparable

A 
Category A: direct comparables
• Recently completed, near
identical, with full information
• Recent, similar, with
incomplete but adequate info
• Similar, under offer, but not
yet completed
• Asking prices
89
Q

Category B: general market data that can provide guidance

A

Published sources, databases
Other indirect evidence, e.g
Indices

Historic evidence

Demand/supply data for rent, occupation , investment

90
Q

What is category C ?

A
  • Evidence from other real estate types and locations

* Other background data e.g. interest rates, stock market

91
Q

What is the process of establishing comparative information ?

A

Search

Assemble comparable in schedule

Adjust using a hierarchy of evidence

Analyse comparable evidence

Report value and keep file note

92
Q

How do you record comparable evidence ?

A

Address, property type, location
• Nature of asset being compared (F/h, L/h)
• Legal details (lease liabilities, etc)
• Property description, accommodation
• Transaction type, date, financial details
• Parties involved
• Sources of information
• Comments on reliability, quality of data

93
Q

How do you analyse comparable evidence ?

A

Converts raw data into supporting evidence
• Establish points of comparison
– Measurement standards, (e.g. IPMS)
– Compare like with like
• Adjusting comparable evidence
1. Quantitative (size, condition , lease liabilities)
2. Qualitative (location, view, market dependent)
3. Use professional judgement and experience

94
Q

What happens if you have a shortage of comparable evidence ?

A

Look further afield; valuer’s expertise to the fore
• Warn clients of uncertainty – NB. Not a sign of
weakness, Red Book requires it if appropriate
• Enables valuation user to make better decisions

Required by VPS 3 and VPGA10

95
Q

How to find comparable evidence ?

A 
Drive through area to see demand- boards 
Speak to local agents 
Auction results 
Databases
Market sentiment 
Date of evidence
96
Q

What is a special purchaser

A

A particular buyer for whom a particular asset has a special value because of advantages arising from its ownership that would not be available to other buyers in a market.

97
Q

What is marriage value ?

A

An additional element of value created by the combination of two or more assets or interests where the combined value is more than the sum of the separate values.

98
Q

What is a special Assumption ?

A

An assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date.

99
Q

What is the difference between value and worth ?

A

Value is based on comparable evidence and using the 5 methods of valuation

Worth is the value of an asset to a particular owner or prospective owner for individual investment or operational objective. As per the red book

100
Q

What are the 10 VPGA’s ?

A

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

101
Q

How Covid will impact property values ?

A

Material uncertainty

RICS published wording.

102
Q

How would you value over rented property using the investment method

A

Hardcore method

Capitalise higher rent with higher yield.
Lower rent at lower yield.

103
Q

When would you use the profits method ?

A

The Profits method could be applied when no comparable rental/sale transactions are available, and it’s often used for pubs, hotels, nursing homes (typically a business property with an element of a monopoly, with results in lack of comparable variables).

104
Q

Tell me of another way that you could calculate term and reversion

A

Term- use discounted cashflow to work out term

Reversion
Deffered Yp % x years perpetuity = new yp
New YP x market rent = capital value

Used for under rented property

105
Q

Tell me if another way to calculate hardcore and layer

A

Standard calculation of investment method for the under rented part at yield low yield

Deffered yield calculation with higher cap rate due to uncertainty to calculate new YP. Then times the new YP by the difference between the under rented and market rent.

Used for overented

106
Q

What are the 5 exceptions

A

Providing an agency or brokerage service

Acting it preparing to act as an expert witness

Performing statutory functions

Valuations for internal purposes

Valuation for negotiation

RICS Planning And Development 2020 (18 decks)

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