- Honesty and integrity - Competence - Service - Respect - Responsibility

- Applications - Membership - Designations - Contributions to funds - Conduct - Governing council - Boards, committees - Procedure for general meetings - Accounts - General

- Regulatory - Consistency - Continuity - Sincerity - Permanence - Prudence - Periodicity - Good faith - Utmost good faith - Non compensation

- Company Voluntary Arrangement (CVA) - Compulsory liquidation - Creditor voluntary liquidation - Administration - Receivership

- Energy - Waste - Water - Pollution - Transport - Management - Materials - Land use and ecology - Health and wellbeing

Lists! Flashcards by Matt Beatty

5 Rules of Conduct

Honesty and integrity
Competence
Service
Respect
Responsibility

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6 principles of the bribery act 2010

Proportionality
Top level commitment
Due diligence
Risk assessment
Communication
Review

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RICS Bye Laws

Applications
Membership
Designations
Contributions to funds
Conduct
Governing council
Boards, committees
Procedure for general meetings
Accounts
General

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5 principles for better regulation (this is in relation to rules of conduct for members)

Transparent
Proportional
Accountable
Consistent
Targeted

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Requirements for starting a new practice

Inform RICS by completing firm details form
Appoint principle for RICS communication
Register with RICS for registration
Arrange PII and send to RICS
Setup client money handling and protection scheme
Obtain approval for complaints handling procedure
Setup complaints log and appoint handling officer
Log CPD
Complete annual RICS return
Use logo kit from RICS

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6 client money handling principles

Held in discrete bank accounts labelled client
Funds available upon request
Client has bank details
Bank understands money not to be moved or transferred
Monthly ledgers and reconciliations
Never overdrawn

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Money laundering and terrorist financing regulations 2019 principles

Requires staff training
Compliance with due diligence requirements
Have a ML risk assessment in place
Treat domestic politically exposed persons as lower risk than other PEPs

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Workman anti money laundering checks?

Source of funds
Nature of client
Registered address
Owner, passport

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3 offences in the proceeds of crime act 2002

Concealing criminal property
Arranging criminal property
Possessing criminal property

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H&S at work act 1974, 6 pack of regulations.

The Management of Health and Safety at Work Regulations:
The Manual Handling Operations Regulations:
The Display Screen Equipment Regulations:
The Workplace (Health, Safety and Welfare) Regulations:
The Provision and Use of Work Equipment Regulations:
The Personal Protective Equipment (PPE) Regulations:

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10 GAAP principles

Regulatory
Consistency
Continuity
Sincerity
Permanence
Prudence
Periodicity
Good faith
Utmost good faith
Non compensation

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Difference between GAAP and IFRS

All leases recognised on the balance sheet under IFRS 16
IFRS is mandatory for London Stock Exchange companies

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Types of insolvency

Company Voluntary Arrangement (CVA)
Compulsory liquidation
Creditor voluntary liquidation
Administration
Receivership

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MEES 2018
- current requirement
- fines
- exemptions

Unlawful to let or continue to let with EPC of F or G from 2023
Fined £5K or 10 of RV for less than 3-month breach
£10K or 20% RV for more than 3-month breach.
Exemptions – all improvements have been undertaken, improvements de value the property or if payback of improvements are more than 7 years.

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BREEAM categories

Energy
Waste
Water
Pollution
Transport
Management
Materials
Land use and ecology
Health and wellbeing

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Principles of measurement

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Item capable of being measured
Objectively verifiable
Taken horizontally except for height
Clearly documented.

What’s on a measurement report

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Date
Purpose
Measurement standard (IPMS or code of measuring)
Basis (GEA GIA NIA or IPMS)
Unit
Floor area
Supportive drawings
RICS member

8 individual rights under GDPR

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Right to information
Right to access
Right to rectification
Right to erasure
Right to restrict processing
Right to object
Right to data portability
Right to automated decision making.

6 principles of GDPR

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Lawfulness, fairness, transparency
Accuracy
Data minimisation
Storage limitation
Purpose limitation
Confidentiality and integrity

Workman rent collection KPI

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90% rent collection on day 7
95% on day 14
98% on day 28.

Equality act 2010 9 protected characteristics

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Gender
Gender reassignment
Race
Religion
Age
Disability
Marriage
Pregnancy
Sexual orientation

Red book VPS 1-5

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VPS 1, terms of engagement
VPS 2 inspections, investigations, records
VPS 3 valuation reports
VPS 4 4 basis of value
VPS 5 valuation approaches and methods.

Bases of value

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Market value
Market rent
Investment value
Fair value

5 conventional methods of valuation

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Comparative
Investment
Residual
Profits
Contractors

Term and reversion method

- Used for under rented investments - Capitalise term using initial yields up to next review - Capitalise market rent into perpetuity at a higher yield due to higher risk. - Defer income by the length of term using PV of £1

Hardcore layer method

- Used for under rented investments - Capitalise hardcore into perpetuity - Capitalise layer into perpetuity at a higher risk due to higher yield - Defer the layer by term using PV of £1

S30 grounds for refusal

- Tenant has failed to carry out repairs - Tenant has persistently paid rent late - Tenant in substantial breach of another covenant - Landlord offers suitable alternative accommodation - Building let as a whole would produce higher rent than separate lettings - Landlord plans to demolish or refurbish - Landlord intends to occupy for own purposes.

4 tests from O’May vs City of London (change terms between leases)

- Has the party demanding the change shown good reason - Will the party resisting the change be adequately compensated - With the adjustments impair the conduct of tenant’s business - Is the variation fair and reasonable between parties.

How to carry out a rent review

- Receive written instruction from client - Check competence - Check COI - Agree terms of engagement - Request legal pack - Check assumptions and disregards in the lease - Undertake inspection and measurement - Collect comparable and make recommendation to client - Negotiate or go to 3rd party.

9 principles in service chares in commercial property 2019

- In accordance with lease - No more than 100% - Issue budget annually - Issue apportionment annually - Issue reconciliation annually - Hold money in discrete bank account - Interest to be credited to service charge - Tenant to only withhold sums in dispute - Error to be rectified without delay

How to deal with a licence to alter

- Receive T application in writing - Check lease - Request undertaking from T - Review plans with building surveyor - Obtain landlord consent - Document LTA - Complete final inspection

Lists! Flashcards

(31 cards)