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JB APC > Property Management > Flashcards

Property Management Flashcards

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1
Q

How did you make sure the Service Charge budget was correct?

A

I checked it against the previous 3 years and benchmarked my SC against an industry database.
Checked againts industry use index.

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2
Q

Sinking fund

A

Upgrading an asset, Money set aside for a wasting asset.

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3
Q

Reserve fund

A

Fund formed to meet anticipated future costs and major repairs.

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4
Q

What is CRAR

A

Commercial rental arrears recovery

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5
Q

What are the 3 steps of CRAR

A
  1. Serve notice of enforcement procedures.
  2. Instructing of enforcement agents
  3. Recovery of rental arrears
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6
Q

Is there a Service charge provision for rental arrears recovery?

A

Service Charge Arrears Recovery

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7
Q

What can landlord use to repair something under tenants obligation

A
  • Do the works themself and reclaim back.
  • Service notice to repaid S.146
  • Interim schedule of dilaps
  • Forfeiture, must be in lease and s.146 must have been served.
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8
Q

What is the case law related to repairing obligation?

A

Jervis vs harris.

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9
Q

What guidance by RICS is there for Service Charges?

A

Service charges in commercial property 2018 (April 2019)

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10
Q

What principles must a property manager act in accordance with relating to Service Charges?

A

All expenditure must be in accordance with the terms of the lease
Owners and managers must seek to recover no more than 100% of the actual costs
Must ensure service charge budgets are issued annually
Must ensure service charge accounts are issued annually
Must ensure service charge apportionment matrix is issued annually
SC monies must be held in a discrete account.
Interest on SC’s must be credited to SC accounts
When acting on behalf of landlord practitioners must advise clients that following dispute resolution, incorrect SC’s that have been raised must be adjusted.

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11
Q

How can you apportion service charge

A

Sq ft
Rateable value
fixed percentage
weighted floor area

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12
Q

What remedies are there for rent default?

A

Court proceedings
rent deposit
pursue former tenants/guarantors
serve statutory demand
CRAR
forfeit the lease
negotiate payment plan
another mutually acceptable arrangement.

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13
Q

Are you aware of any case law that relates to assignment?

A

Dong bang minerva vs Davina

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14
Q

Define dilapidation?

A

Condition of a property being in a state of disrepair and deterioration

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15
Q

What are the Landlords remedies for breach of repairs?

A
  1. Do the works and charge the tenant.
  2. Serve a notice to repair. (S.146)
  3. Interim schedule of dilaps
  4. Forfeiture
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16
Q

How do you carry out an assignment?

A
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17
Q

What does the L+T act cover.

A

Tenant undertake improvements or alterations without prior consent.

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18
Q

What is a hypothetical term?

A

Assumed duration of the lease to determine the new market rent, which may differ from the actual term.

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19
Q

When did asbestos stop being used?

A

1999

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20
Q

What would you advise your client to do if a property was constructed in the early 2000’s

Study These Flashcards
A

Instruct an asbestos survey.

21
Q

What is a risk assessment?

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A

An examination of potential hazards in workplace that can cause harm to people.

22
Q

What is subsidence?

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A

Downward movement of the foundations of a building

23
Q

What is an inherent defect

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A

A defect in the design or material which has always been present

24
Q

What are the 3 common causes of defect?

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A

Water
movement
defective or deterioration of building materials

25
What's the difference between standing orders and direct debits
Direct debit - easiest rent collection method is by bank direct debit where any amount of money can be taken from the account. Standing order - only a previous agreed amount of money can be taken.
26
What does formal CPD include
Includes all forms of structured learning that has clear objectives and outcomes
27
What are the benefits of becoming an RICS member
Status - Provides clients with confidence Recognition - Promotion of professional excellence Market advantage Knowledge Network
28
What is a notice to repair served under.
Section 146 of the Law and Property Act 1925
29
When looking at buildings how would you assess any defects?
Start looking at roof and work down. 1. Take photographs on site 2. Try to establish cause of damage 3. Inform client of investigations 4. Recommend advice
30
How do you base your fees for management work?
Set fixed fee based on time spent managing the properties.
31
What are some of the Tenants usual obligations in a lease?
payment of rent payment of service charge keep internal or whole in good repair do not sublet or assign without permission Adhere to lease terms Only use for specified lease Only do maintenance and alterations allowed by lease and/or landlord
32
What are some of the landlords usual obligations in a lease?
Insurance Quiet enjoyment Certain repairs and maintenance Health and safety Energy performance Provide SC budgets, apportionments and breakdowns of the works
33
Did you have consideration for any GDPR when dealing with the parking issue at Walmley?
ANPR has CCTV, which I considered. I had to conduct a Data Protection Impact Assessment.
34
Why would you have to conduct a Data Protection Impact Assessment?
A DPIA is required as the ANPR system is monitoring a publicly accessible place on a large scale and tracking peoples behaviour (in this case parking behaviours)
35
How do you conduct a DPIA?
1. As outline in Article a DPIA must contain: A systematic description of the envisaged processing operations and the purposes of the processing. 2. An assessment of the necessity and proportionality of the operations in relation to the purposes. 3. An assessment of the risks to the rights and freedoms of data subjects
36
What Case Law relates to a Landlord imposing a S/C?
O May vs City of London
37
As a property manager how often are you expected to inspect the property?
Twice a year
38
Are there any telltale signs you are aware of to determine if damp is in a property
If you can smell damp. You can see areas of damp on the wall, some areas feel damp to the touch Condensation on the windows Mould Peeling wallpaper
39
How do you know if you can serve a S.146 notice
40
What are the procedures for client money handling
Client accounts must be kept separately Client is stated on bank account Client can access their monies on demand Payment of interest agreed with client, accounts must always be kept in credit Accurate records kept Annual audit and repair obligations met by RICS certified accountant Money can only be withdrawn from client account if properly required
41
What are some of the statutory obligations of a commercial property owner?
Asbestos management Contamination Equality Act compliance EPC Fire Safety Building Safety Health and Safety Legionnaires disease Occupiers liability PAT testing Waste Management
42
What are some principles of the RICS property management guidance note 2011?
Guide to best practice for commercial property managers Focuses on how pm can be efficient and effective Primary duty of care is to landlord Gives advice on specific areas relating to PM Due to be replaced by Global property agency and management prof standard UK Property management professional standard
43
What legislation relates to Alienation?
Landlord and Tenant Act 1995
44
What is the first thing you would do as a property manager before providing advice on alienation?
Read the alienation clause in the lease.
45
What remedies does a landlord have for illegal alienation?
Forfeiture Damages Injunction
46
What is the timeline for CRAR
7-7-2-7 Minimum of 7 days unpaid rent Minimum 7 clear days warning Enforcement agents visit 2 clear days to follow Re-entry to seize goods 7 days before sale of goods
47
Are you aware of any professional standards relating to client money handling?
RICS Professional Standard: Client Money Handling 2019
48
What are the six main areas of good practice as set out in RICS Professional Standard: Client Money Handling 2019?
1. Holding client money 2. Providing information to clients 3. Receipts of client money 4. Payments from client accounts 5. Accounting records and controls 6. Compliance
49

JB APC (19 decks)

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