Inspection - Level 2

Question 1

What was the purpose of your inspection of the shopping centre in Stafford?

Answer 1

For valuation purposes

Question 2

What kind of notes did you make on the vacancy, footfall, and conditions of and around the property you were valuing?

Answer 2

• Most of the units were occupied and the property has a 6% vacancy rate
• Footfall was high in comparison to the town centre, which had low footfall
• Condition of the property: relatively new property in very good condition with steel frames. It was part-covered part opened with 13 shops of retail & food and beverage

Question 3

How did you take photographs of the property?

Answer 3

I used my phone to take photographs of the property. I took a picture of the external area of each unit and inspected the internal as I didn’t need to take photographs of the internal areas.

Question 4

What was the purpose of inspecting the retail park in Dartford?

Answer 4

For Valuation purposes

Question 5

What do you look for when inspecting a property for valuation purposes?

Answer 5

Factors that impact value, such as:
- Location
- Condition
- Tenure
- Defects

Question 6

What did you do when you noticed that one of the tenants on the tenancy schedule provided was not in occupation?

Answer 6

I notified the borrower of the unit that was actually vacant, which was different to the tenancy schedule. This impacted the vacancy rate and the passing rent at the property.

Question 7

How did you document any changes in the tenancy schedule and valuation?

Answer 7

I changed my valuation model by marking the unit as void. This changed the vacancy rate of the property and impacted passing rent at the property.

Question 8

What notes on the condition and surrounding area did you make?

Answer 8

Condition: Fair to good condition

Surrounding area: Lots of local transport links with the nearest train station being less than a 5 minute walk, lots of national retailers within the park, nearest town centre was 10 minutes away, lots of footfall - main retail park in the area

Question 9

What challenges did you face while undertaking the inspections and applying the information?

Answer 9

I inspected the retail park in Dartford alone, so I had to apply my firm’s lone working policy and follow the necessary steps to ensure that I was safe according to the RICS Surveying Safely guidance note

Question 10

Can you explain your role in inspecting the shopping centre in Stafford for valuation purposes? What specific tasks did you undertake during the inspection process?

Question 11

How did you utilize the floor plan provided to you during the site inspection? Can you explain how it helped to ensure the accuracy of the tenancy schedule?

Question 12

How did you use the photographs and notes you took during the inspection in the final report to the client? Can you explain how these visual and written records helped to support your valuation conclusions?

Question 12

Describe how you assessed the surrounding area of the shopping centre during the inspection. What aspects did you focus on, such as vacancy, footfall, and the condition of the property and its surroundings, and how did you record your observations?

Question 13

In your role, how did you maintain professionalism and adhere to ethical standards during the inspection process? Can you provide examples of specific actions you took to ensure the accuracy, integrity, and confidentiality of the information gathered during the inspection?

Question 14

Can you explain your role in inspecting the retail park in Dartford for valuation purposes? What specific tasks did you undertake during the inspection process?

Question 15

How did you verify the accuracy of the tenancy schedule during the inspection? Can you explain how you crosschecked the tenants to ensure they were in occupation at the property?

Question 16

Describe the steps you took upon discovering that one of the tenants listed on the tenancy schedule was not in occupation and the unit was vacant. How did you communicate this to the client and how did it impact the tenancy schedule and valuation?

Question 17

Explain why taking photographs of the property during the inspection is important in the valuation process. How did you use these photographs to support your evaluation of the property’s condition?

Question 18

How did you ensure professionalism and ethical conduct when reflecting the vacancy in the tenancy schedule and valuation? Can you provide examples of specific actions you took to maintain the accuracy and integrity of the information provided to the client?