RICS Documents and Legislation Flashcards
(50 cards)
1
Q
What are the principles of Surveying Safely 2018?
A
- best practice for surveyors relating to health and safety.
- Introduces the ‘safe person concept’ where each individual assumes responsibility for their own health and safety at work and how their actions impact others safety.
- Guidance to provide a safe working environment and equipment.
2
Q
Tell me something about The Health and Safety at Work Act 1974.
A
Places a duty on employers to ensure that the health and safety of employees is not put at risk when at work.
Non-compliance is a criminal act and can be subject to an unlimited fine.
3
Q
What legislation details PPE regulations?
A
PPE at Work Regulations 2022
4
Q
What are the requirements of RICS Property Measurement 2018?
A
- Provide a date when the measurements are undertaken
- State the measuring methodology adopted
- Provide the reference and scale of any plans used.
- Conversion factor (metric/imperial) and any rounding.
- Measurement and calculations must be clearly documented
- Detail RICS member responsible.
- IPMS IS MANDATORY FOR OFFICE AND RESIDENTIAL (unless Client requests departure).
5
Q
RICS Code of Measuring Practice 2015
A
Best practice for all measurement exercises excluding offices and residential properties.
(Includes GIA, GEA and NIA guidance)
6
Q
What are main principles of RICS Professional Standard ‘ Comparable Evidence in Real Estate Valuation’ 2019?
A
- provides advice in dealing with situations where there is limited availability of evidence.
- Sets out a non-prescriptive hierarchy of evidence.
- assesses the relative importance of evidence on a case-by-case basis.
7
Q
What section of the red book covers Loan Security valuation?
A
VGPA2 - Additional reporting requirements
8
Q
What is the purpose of the Landlord and Tenant Act 1954?
A
- Provides security of tenure
- Business Tenancies
- Right to renew their lease.
9
Q
What are some of the principles of the Real Estate Management 2016 Professional Statement?
A
- Honest, fair, transparent, professional manner,
- Skill, care and diligence
- PII
- Client money held separately
- ensure absence of Conflicts
10
Q
What does the Commercial Property Management in England and Wales Guidance Note (2011) do?
A
- Sets out best practice
- Sets out how a property manager can be efficient, effective and accountable to their client and comply with statute law.
- Duty of care to the landlord (client).
- Key areas: Rent collection, service charge, managing budgets, H&S, procurement of third party suppliers.
- Relevant Statute and model terms of engagement.
11
Q
What does the the Landlord and Tenant Act 1988 do?
A
- ensures that a statutory duty exists on the landlord to deal with consents diligently and not be unreasonably withheld or delayed.
- Failure to do so can result in claim for damages.
12
Q
What did the Landlord and Tenant (Covenants) Act 1995 do?
A
- Relating to Assignment of Leases
- Abolished Privity of Contract for new leases.
- More scope for setting conditions regarding approval of an assignee.
- Authorised Guarantee Agreements (AGA) introduced.
13
Q
What are the aims and objectives of the Professional Standard- Service Charges in Commercial Property 2018? (Reissued in 2023 as PS)
A
- Improve standards and promote best practice, uniformity, fairness and transparency in the management of service charges.
- Relates to the timing and issuing of budgets and year-end certificates.
- Reduce the causes of disputes, guidance for resolution.
14
Q
What are the 9 principles of the Professional Statement - Service Charges in Commercial Property 2018?
A
- Expenditure recovery must be in accordance with the terms of the leases.
- Seek to recover no more than 100% of the proper and actual costs of services.
- Budgets are issued annually to all tenants.
- Actual expenditure is issued annually to all tenants.
- Apportionment matrix is provided annually to all tenants.
- Monies must be held in one or more discrete bank accounts.
- Interest earned on service charge accounts must be credited to the service charge account after appropriate deductions.
- When acting for tenant in SC dispute, advise tenant that payment withheld should reflect only the actual sums in dispute.
- When acting for Landlord, advise client that following resolution of dispute, any SC raised incorrectly should be adjusted to reflect the error without undue delay.
15
Q
Tell me about the Estate Agents Act 1979?
A
- Regulates that work of an estate agent.
- Ensures agents act in the best interest of clients, sellers and buyers.
- Treating all fairly and honestly.
16
Q
Tell me about the Code for Leasing Business Premises 2020 (RICS Pro Statement).
A
- Improved quality and fairness of negotiations on lease terms (constructive and collaborative).
- new set of Heads of Terms to make legal drafting more efficient.
- Advises for non-represented parties to be given the Code and to obtain professional advice.
17
Q
Tell me about the Town & Country Planning (Control of Advertisement) Regulations 2007.
A
- Regulations relating to Marketing Boards.
18
Q
Tell me about the Misrepresentation Act 1967?
A
- Providing false/fraudulent statements during the pre-contractual enquiries by the vendor or their agent to the proposed purchaser. - - - For both FH & LH.
- Put in a disclaimer for marketing particulars
19
Q
Consumer protection from unfair trading Regulations 2008?
A
- Protect consumers from unfair, misleading and aggressive selling and letting practices.
- Governs offences in mis-marketing
20
Q
What is included in the Code for Leasing business premises?
A
- Mandatory Requirements
- Lease negotiation best practice
- Template Heads of Terms
- Guide for Landlords and Tenants
21
Q
What are the mandatory requirements in the Code for Leasing Business Premises?
A
- Negotiations over a lease must be approached in a constructive collaborative manner
- Must recommend that unrepresented parties obtain professional advice.
- Agreement of terms must be in written Heads of Terms , marked STC.
- lease renewals - Terms stated to follow existing lease, subject to modernisation
- Heads of Terms , a fair balance between parties.
22
Q
What are the six principles of the Estate Agents Act 1979?
A
- Clarity of terms of engagement (Section 18)
- Honesty and accuracy when describing the property.
- Openness regarding personal interests (Section 21)
- Absence of discrimination
- Legal obligation to tell the client about offers received
- Keep clients money separate.
23
Q
What is the Royal Charter?
A
a. Granted by the monarchy and advised by the Privy Council (originally in 1881)
b. This defines its objectives
c. And enables the RICS to govern its own affairs
24
Q
Tell me about the RICS Professional Standard - Conflicts of interest 2017.
A
- Guidance on how to identify conflicts and to manage them
- 3 Parts: Mandatory guidance, two parts on how to apply the standards and meet obligations
25
What is the Equality Act 2010?
Cohesive legal framework to protect individuals from discrimination.
26
What is the Data Protection Act 2018?
Everyone responsible for using personal data has to follow strict rules called ‘data protection principles’
27
What is the legislation regarding money laundering?
- Proceeds of Crime Act 2002
- Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
28
What is the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2019?
- Obligations for private sector firms where money laundering is a risk.
- Aim to stop criminals using professional services to launder money.
29
What is the proceeds of crime act 2002?
- sets out the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.
30
What is IMPS all buildings?
- Emerging property measurement standards.
- IPMS All Buildings is applicable to all types of Buildings independent of their use or their occupation.
31
What are the principles of the Equality Act 2010?
- consolidates discrimination law and provides protection against a wide range of discrimination.
- Includes 9 protected characteristics
- 4 types of discrimination (Direct, indirect, harassment and victimisation)
32
What did the Climate Change Act 2008 do?
- It requires that emissions of carbon dioxide and other greenhouse gases are reduced and that climate change risks are adapted to.
- Amended in 2019 to require 'net zero carbon' by 2050.
33
What year was MEES? and what did it do?
- 2015
- Minimum EPC of an E from April 2018 for new leases
- Min E for existing leases from April 2023.
34
What is the regulation regarding asbestos?
The Control of Asbestos Regulations 2012
- Regs relating to working with asbestos
- Asbestos management plan
- Information and location of asbestos
- To presume all materials contain asbestos unless strong evidence to say otherwise.
35
What is CDM and when was it introduced?
- Construction (Design and Management) Regulations 2015
- Aim to improve and manage H&S through all stages of construction.
- Duty holders are - Client, Principal Designer and Principal Contractor
- Construction Phase Plan in place
- HSE to be notified if a project is longer than 30 construction days with 20 or more workers on site simultaneously. (500 person days) or demo involved.
36
What are the statutory obligations for commercial property owners?
- Asbestos Management
- Health and Safety
- Occupiers liability
- EPC
- Equality Act Compliance
- Legionnaires disease
37
What are the principles for the Commercial Real Estate Agency 2016?
(Professional Statement)
- responsibilities of commercial property agents to ensure they are working to the highest ethical and professional standards.
- Includes: Standards and Ethics, Securing Instructions, Marketing, Acquisitions and Ending Instructions
38
What is the legislation surrounding occupiers liability?
- Occupiers Liability Act 1957
Regarding duty of care for lawful visitors
- Occupiers Liability Act 1984
Duty of care on trespassers.
39
What is the ADR mechanism for your department?
Centre for Effective Dispute Resolution (CEDR)
40
What are the 4 stages of inspection?
- Personal Safety
- Local Area
- External Inspection
- Internal Inspection
41
What is a TORT notice and what should it include?
- Torts (Interference with Goods) Act 1977, where goods have been left behind at lease expiry (commonly following forfeiture). It imposes an obligation on a former tenant to collect the goods and allows the landlord to sell the goods, if the tenant fails to do so.
- List of the goods
- Where the goods are being kept
- How long until goods are sold/remove (usual 14 days)
- If sale, where the sale will take place and when.
- If the items are to be sold, the storage and selling fees will be deducted from the proceeds of the sale
42
What's the difference between a sinking fund and a reserve fund?
- Sinking Fund - Wasting Assets - Air Con, Lifts and Plant Equipment
- Reserve Fund - to meet anticipated future costs of maintenance and upkeep.
43
What RICS document details conflicts of interest?
Conflict of Interest Global Professional Standard 2017.
- identification and management of conflicts of interest
- Upgraded in July 2023 to PS.
44
What is the RICS document on Client Money?
- Client Money Handling UK Professional Standard 2019
45
What is the Bribery legislation and the offense within it?
- Bribery Act 2010
- Giving, receiving, failing to prevent and bribing public official.
46
What's the process of drafting a service charge budget?
- should be prepared in a timely manner
- Review all leases for SC caps, when and how much.
- Check for voids and new leases.
- Review expenditure and anticipated expenditure (circa 8/9 months into SC year)
- Assess for any discrepancies/misallocations
- Assess anticipated cost increases
- Check apportionment
- Draft Budget with reasoning for any changes
- Send to client
- Send to Accounts
- Accounts send pre-list
- Issued to Tenants (at least 1 months prior to SCY commencement)
47
What's included in a risk assessment?
- Author
- Site details
- Who might be affected
- Risk rating
- Hazards and risk rating
- Control measures
48
What is the hierarchy of risk control?
- Elimination
- Substitution
- Engineering Controls
- Administrative Controls
- PPE
49
What is the name of the RICS doc on complaints handling?
Complaints Handling 1st Edition 2016 Professional Standard
Reissued in October 2023 as a professional standard.
Details how to prevent complaints and how to write a CHP.
50
What are the 7 sections of the Commercial Real Estate Agency 2016 , professional statement?
1. Scope
2. Standards and Ethics
3. Securing Instructions
4. Disposals: Marketing the Property
5. Implementing the disposal
6. Acquisitions
7. Ending the Instruction
