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1
Q

What is the conflict of interest process?

A
  • Notify the partner in charge
  • PIC will then run this through workmans internal conflict of interest database
  • Whilst the check is being undertaken, step back from the instruction
  • if not conflict arises/ is reported, you can accept the instruction as long as you are competent
  • If there is a conflict the PIC will inform both parties of the conflict.
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2
Q

AML Check Process

A

Request organisational and personal information
Check for any criminal affiliation
Check the source of the funds
Check against the sanctions list

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2
Q

What is the client onboarding process?

A

Request organisational and billing information
Conflict of interest check
AML check
competence check
Draft terms of engagement
Agree PMA

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3
Q

Setting up a RICS firm process.

A

Notify the RICS of your intention
Appoint a lead communicator
Provide all information in line with the RICS
Have the appropriate PII in place
Set up CHP, anti bribe and money laundering process
Set up a locum
Add regulated by RICS to business literature.

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4
Q

Bribery Act 6 Principles

A

Proportionality
top level commitment
Risk assessment
Due diligence
Communication
Monitoring and review

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5
Q

5 RICS Rules of Conduct

A
  • Honesty and Integrity
  • Competence
  • Service
  • Respect
  • Responsibility - act in the public interest
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6
Q

6 Ethics Principles

A

Honesty
Integrity
Competence
Service
Respect
Responsibility

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7
Q

Requirements for handling clients money?

A

Data is to be secured and protected
Money is to be held in a seperate bank account that is labelled client and clients name
Account is always to be in credit
Money must always be able to be available to the client on request
Agreement on interest to be made
3 monthly reconciliation

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8
Q

Firms obligations to the RICS?

A

To have PII cover
To have a locum
To have a CHP
To coorperate with the RICS
To provide any information reasonably requested by the standard and regulations board.
To display RICS Regulated on all business literature
To provide all information requested under RICS registration process

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9
Q

Members obligations to the RICS?

A

To cooperate with RICS
To provide all information reasonably requested by the RICS
To comply with CPD requirements.

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10
Q

What is your firms complaints handling procedure?

A

If someone wants to complain, do not discourage them
Refer them to your complaints handling officer and step back
Complaint to be sent in writing and added to the complaints log.
Officer to acknowledge within 7 days, to respond within 28 days
if agreement cannot be reached, refer to RICS Dispute Resolution service (workman use property redress scheme)

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11
Q

How to close down an RICS firm?

A

Notify RICS you intend to close down
Notify all clients and handover to suitable
Return all client funds you are holding
Set up 6+ years run off cover
Keep records for 6 years

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12
Q

What is included in a PMA?

A

Identification of both parties and properties to be managed
Terms of engagement
CHP and Dispute Resolution
MGMT Fee and Basis
Service to be provided - budget, services, rent collection
KPI’s and Reporting Requirements

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13
Q

Talk me through a rent review?

A

Receive instruction
Check competence, COI check
Agree terms of engagement
Request full legal pack
Review lease
Inspect and measure
gather comparables, calculate market rent
inform client and get approval
serve a trigger notice on the tenant for the new rent proposal
agreement - instruct solicitors
disagreement - dispute resolution procedures in lease or calderbank offer

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14
Q

Talk me through the lease renewal process

A

Receive instruction
Competence check, COI check
discuss with the client their intention
Inspect and measure
determine market rent by gathering comparables
propose terms to be included in the friendly section 25
instruct solicitor to issue notice
negotiate
agreement - instruct solicitors
disagreement -court proceedings - PACT

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15
Q

Assumptions and disregards in a lease?

A

Assumptions
- fit for immediate occupation
- assume in good repair
- can be let at market rent
- assume it has all essential utilities and services connected
- Vacant possession

Disregards
- Goodwill
- Previous occupation
- Improvements
- Any liquor licence

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16
Q

Landlord grounds for opposing a new tenancy?

A

persistent non payment of rent
breach in repairing obligations
breach of lease terms
landlord provide suitable alternative accommodation
landlord wishes to redevelop
landlord wishes to occupy
Uneconomic sublet

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17
Q

What are the PII requirements?

A

under £100,000 turnover - £200,000 cover
£100,000 to £200,000 - £500,000 cover
over £200,000 - at least £1million

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18
Q

What are the 7 GDPR Principles?

A
  • Lawfulness, Fairness and Transparency
  • Data minimisation
  • Storage Limitation
  • Purpose Limitation
  • Accountability
  • Integrity and confidentiality
  • Accuracy
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18
Q

What are the 8 rights under GDPR?

A
  • To be informed
  • To access
  • To rectify
  • To erasure
  • To restrict
  • To data portability
  • To object
  • rights related to automated decision making and profiling
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19
Q

Measurement Process?

A
  • Receive instruction
  • Competency check and coi check
  • Agree on basis of measurement and reporting requirements
  • Desktop assessment, review plans and previous measurement.
  • Arrange access and assess any risks
  • attend with necessary measurement equipment
  • undertake the measurement - horizontally to IDF
  • check measurement against unit plans
  • provide report to client
20
Q

What is included in the measurement report?

A

ID of property
ID of measurer
Basis of measurement
Unit of measurement
Method of measurement and tools
Date of measurement

21
Q

What are the rules for a measurement report?

A
  • Measured on a floor by floor basis
  • Reconciliation of dual reporting
  • Limitations to be stated
  • If unit conversion required, conversion rate to be stated
21
Q

What’s included and excluded from NIA?

A

Included
- All usable area
- Entrance halls
- Atria
- Notional lift lobbies
- Kitchens
- Ventilation and heating grills
- Non-structural lightweight partition walls

Excluded
- Interior walls and columns
- toilets, cleaner cupboards
- corridors and circulation areas
- areas less than 1.5m height
- permanent air conditioning
- Lift rooms and plant rooms
- Stairwells

22
What are the components of the Red Book 2024
Introdution Glossary PS1-2 VPS 1-6 VPGA 1-11 International Valuation Standards
23
What is VPS 1-6?
1 - Terms of engagement 2 - Bases of value, assumptions and special assumptions 3 -Valuation approaches and methods 4 - Inspections, investigations and records 5 - Valuation models 6 -Valuation reports
23
What is PS 1 and 2?
PS 1 - Compliance standards where a written valuation is provided PS 2 - Ethics, competency, Objectivity
24
What is in valuation terms of engagement?
Conflict of interest Name of both parties, client and valuer Property Basis of value and method Assumptions and special assumptions Limitations Valuation date Dispute resolution method
25
What is in a valuation report?
Terms of engagement Inspection notes Comparable evidence Comparable analysis Valuation calculation Determined Value Other enquiries - planning, environmental surveys
26
What due diligence do you undertake before any valuation?
- Competence check - Conflict of interest check - Check for good title (legal and clear ownership) - Inspect the property - Check for environmental matters - Check market conditions - Planning enquiries - Check for alterations/improvements - Check the EPC - Check compliance with statutory H&S - Research with agents.
27
What are the 9 mandatory service charge requirements?
- All expenditure recovered must be in accordance with the lease - only 100% of the proper costs may be recovered - Budgets provided on an annual basis - signed accurate expenditure to be provided annually - apportionment provided annually - SC money to be held in a seperate account - Interest to be credited to the account - SC consultants to ensure tenants only withold payments in relation to the disputed period - Any incorrect SC must be rectified immediately following dispute.
28
What do you do if a unit becomes vacant?
- Secure the unit - Notify the client - Notify the insurers, utility and service providers and council - Issue a key holding letter for health and safety purposes. - Ensure statutory compliance with H&S - Maintain unit - Set up client void for insurance and SC
28
Process for assignment?
Receive Instruction/ Application Undertaking for fees from tenant Review competency, COI check Review Alienation clause in lease and other relevant clauses Notify client Inspect to see any breaches Review proposed rent vs market rent - affect on investment value Review proposed assignee - covenant strength - AGA? If no grounds to refuse, authorise solicitors to document
29
Process for alteration request?
Confirm instruction with client competency check, COI check Request undertaking for costs from tenant Review lease terms Request details of works - scope of works If required, review with Building surveyor Determine if improvement or just alteration Instruct documentation of licence to alter Once undertaken, inspect with BS to ensure works are as agreed and compliant.
30
Process for handling a break?
notify client of upcoming break if tenant serves the break, check the lease Review break clause, notice period, conditions Inspect to determine compliance If not compliant - invalid break If valid, raise break fee if there is one and collect Inspect unit post vacation to ensure compliance with yielding up.
31
What is the process for an inspection? (Broad terms)
Desktop Enquiries Area Inspection External Inspection Internal Inspection
32
Name sections of surveying safely?
Personal and firms responsibilities Hazard and Risk Assessment Fire safety checks Contractor Management Residential property surveying
32
What are the purposes of inspection?
Property Management - Lease compliance - Statutory compliance - Occupational details - Defects - H&S Valuation - Age - Condition - Location - Sustainability L&T - Lease renewals - Rent Reviews
33
What factors would negatively affect value of a property?
Asbestos Contamination Flooding Invasive Species High voltage overhead cables
34
What drives the value of a retail space?
LOCATION But also: Specification Frontage ratio Masking Condition Visibility from street Fit out Floor to ceiling height
35
What are some common building defects?
Subsidence Heave Wet rot Dry rot Leaks Ponding/ slipped roof tiles Spalling / Efflorescence
36
What are the 10 GAAP Principles?
Regularity Consistency Sincerity Permanence of methods Continuity Prudence Non-compensation Periodicity Materiality Utmost good faith
37
What is the format of company accounts?
Cover page Information and Contents page Directors Report Accountants Report Statutory Profit and Loss Account Detailed Profit and Loss Account Notes to the Accounts Balance Sheet
38
What is included in an EPC?
ID of property ID of assessor Date of assessment Floor area Expiry date EPC rating Environmental impact assessment Estimated energy cost Recommendation report and potential score
39
Exemptions for failed EPC's?
Consent to undertake the works are excused by third parties A suitably qualified expert advises that the works would devalue the property by 5% of more. Or would damage the property Exemptions last for 5 years
39
What buildings are exempt for having an EPC?
Religious Buildings Listed Buildings Buildings not occupied for 4 months or less a year Buildings with no heating Buildings waiting to be demolished
40
What are the 9 BREEAM catagories?
Water Energy Transport Management Waste Management Materials Land Use Health and Wellbeing Pollution
41
What are 9 protected characteristics?
Race Sex Gender Age Disability Religion or belief Sexual Orientation Gender Reassignment Marriage or Partner Pregnancy or maternity
42
4 types of illegal discrimination?
Indirect Direct Harassment Victimisation
43
Types of ADR?
Arbitration Adjudication Independent Expert Mediation PACT

PMD - APC (17 decks)

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