Likely Q's Flashcards
Why do we physically inspect?
o sense of the surroundings such as if it is in a secondary or tertiary position
o how the property is accessed
o look for structural defects/ damp/ movement
o In the case of pubs and restaurants it also gives us a good idea of the type of customers, offering and generally the way the businesses is managed and run
Generally to look for factors which may impact value.
What are you looking for on an inspection?
State of repair and condition
Age, construction
Dimensions/ areas
Any deleterious or hazardous materials
Natural hazards such as ground instability
Site boundaries
Potential for development or redevelopment
What’s your process? What notes do you take?
I have a checklist for when I am on site which includes:
position and situation brief external description such as number of floors, construction, access to building Measurements to be taken Note of condition Note of menu, seating for how many Layout Description for each room Basement – floor to ceiling heights Disabled access WC’s
What do you do before going on site?
- Assess the risks
a. identify the hazards
b. decide who might be harmed and how
c. evaluate the risks and decide on precautions
d. record the findings and implement them
e. review the assessment and update if necessary and
f. advise all those affected of the outcome of the assessment and methods of work, or other control measures necessary, to minimise or eliminate risk.
Hierarchy of risk control:
Risks should then be reduced to the lowest reasonably practical level by taking preventive measures.
Dynamic risk assessment:
On the day risks change so is it still safe to inspect can everyone still get to a safe place in an emergency.
Key principles RICS SS?
Pre inspection check list The safe person concept Dynamic risk assessment Hierarchy of risk control Fire safety
What would you include in a pre inspection checklist?
How are you going to travel to site? Are you working alone Condition of property – PPE Is the property occupied Dangerous substances High structures Structural stability slip and trip hazards Live or unsecured service Contamination vermin
What are the Five elements regarding risk?
risk control hierarchy elimination substitution engineering admin controls PPE
Lone working best practice?
Team is aware of where you are inspecting and time scales
The team has your contact info
They know who you are meeting with
They expect a phone call when completed inspecting
Method of construction question – typically case study as only photograph?
Solid brick construction because if ‘Flemish bond’ headers and stretchers alternate in each course
Typical grade A specification of industrial, office?
Grade A office – located centrally or in key locations and are brand new or have undergone recent refurbishment
Grade B office – often around 30% cheaper than grade A and it is because it is in a less desirable location or/and hasn’t been refurbished in the last couple of years
Deleterious v hazardous
Deleterious is a material which causes structural damage such as cavity wall tie failure or high ammonia cement
Hazardous is a material which can cause health problems such as lead pipes or asbestos
What factors would you consider if the property was Listed or in a CA?
If it was listed and within a conservation area then development/ extensions would be limited and restricted. It could also be a more expensive process because of compliance with certain criteria.
Contents of RBG
Glossary Introduction Professional Standards (Mandatory) PS1 PS2 VPS (Valuation technical and performance standards) (Mandatory) VPS 1 – 5
Valuation Practice guidance applications (Advisory)
VPGA 1-10
What is the VPS 1 – terms of engagement list?
Identification and status of valuer Identification of asset to be valued Identification of the client Currency of valuation Date of valuation Purpose of valuation Basis of valuation Special assumptions Nature of the sources which the valuer is reliant upon Assumptions and special assumptions to be made Restrictions of use, distribution and publication of the report Fee
What are the 6 Bases of value?
Market Value Market Rent Synergistic Value Investment value Liquidation value Equitable value