Submission questions Flashcards by Henry Chamberlayne

What are the five rules of conduct?

1) Members and firms must act with honesty, integrity and comply with their proffesional obligations
2) Members and firms must ensure services are carried out by competent indiviuals
3) Members and firms must ensure they provide a good quality, diligent service
4) Members and firms must encourage diversty and inclusion
4) Members and firms must act in the public interest & take responbility for their actions

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What’s in the Countering Bribery corruption and money laundering PS?

Part 1 mandatory
Procedures in place to comply with law
Must not accept bribe/complicit with ML
Report suspicious behaviour
Keep records
Part 2 guidance
Have written policy in place
Gifts register
Encourage transparency
Part 3 additional guidance
What? Why? Who?

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Key aspects of PII?

PII Requirements v9 April 22
Fully retroactive
claims made basis
6 years run off cover min £1m cover
Cover bases on turnover
Claims can be made up to 15 yrs after breack
Assigned risk pool if you can’t get cover

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How should you deal with fee negotiations?

Avoid price fixing
Must be market based
No collusion
Not undercutting other firms
Ensure high quality of service

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Where would you find asbestos?

Sprayed coatings on ceilings, walls beams etc
Asbestos cement water tanks
Ceiling tiles
Asbestos insulating board
Vinyl floor tiles
Asbestos Cement roof
Asbestos cement gutters

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As a duty holder what steps should you take about asbestos?

1) Duty holder must assess if property contains asbestos
2) Assess the risk and produce management plan. Managed or removed?
3) Produce register
4) make register available to parties who may disturb it
5) Review every 6 months

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What is the guidance note for H&S?

RICS Surveying Safely (2nd edition) 2018

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Key facts for Surveying Safely?

RICS firms must provide: SS,SE,SE,CS
Defines safe person : Individual assumes responsibility for actions and for others around them

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Structure of Surveying Safely?

PAWO VF PR

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What does Health & Safety at work 1974 state?

Responsibility of employer to look after H&S of employee. Policed HSE

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What are the Generally accepted accounting principles?

Idea to make financial reporting transparent & standardise assumptions to enable investors to make sound evidence based decisions

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IFRS 16?

Occupiers obligation to pay rent has to be listed as a liability on a balance sheet

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COI statement about agency?

CHARLIE PICKS MANGOS AVERAGELY INNIT
Conflicts of Interest: Uk Commercial Property Market Investment Agency 2017

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Principles of GDPR

LPD ASS
Limitation
Purpose
Data minimisation
accurate
Secure
Storage

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What is the employer quality mark 2015?

To encourage diversity and inclusion
Improving diversity through:
Leadership
Culture
recruitment
development

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9 protected rights under the equality act

Sexually orientation
Sex
Gender reassignment
marriage
pregnancy
Race
Religion
age
disability

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What is unconscious bias?

An association one holds outside our conscious awareness

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How do building regs help with inclusion in property sector?

With the national building standards. A series of “approved docs” that deal with access into buildings for all

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What are the minimum energy efficiency standards (MEES)?

New leases from 1st April 2018 must have min rating of E
From 1st April 2023 all existing leases must have rating of E (if not unlawful)

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MEES penalties?

Less than 3 month breach = £5K or 10%RV
More than 3 month breach= £10K or 20%RV

MEES exceptions?

Listed building
If devalues properties more than 5%
religious buildings
Buildings without heating
Payback of 7 years
less than 6 months more than 99 yrs

Potential changes to MEES?

Potentially C by 2027
and B by 2030
Listed buildings may require EPC

Whats on an EPC certificate?

Address of property
Rating
date of expiry
EPC number
techical information
benchmarking information
Estimate running costs

Are you aware of any other legislation regarding sustainability?

Climate change levy
Tax on businesses energy usage. No tax if energy is from renewable sources

What was the building construction at Sutton Rd?

cavity brick wall

What must you be weary off during an inspection of an industrial unit?

Keep an eye out for signs of contamination. Look out for chemicals, oil drums, tanks etc

Is there a GN on contamination?

GN Contamination, the environment and sustainability 2010

What is land remediation relief?

Form of tax relief if you have to carry out works to fix contamination issues

What did you do when you spotted the damp at Edgware Road?

1) Took photos 2) Tried to establish the cause of the issue (basement, lack of ventilation probably condensation issue) 3) Informed the client through our valuation report 4) Recommended seeking specialist advise

What different types of damp are there?

Wet rot (caused by damp/decaying timber) Dry rot (Fungal attack) Penetrating damp Rising damp

What causes rising damp?

Moisture that rises up from the ground by capillary action (when a buildings damp corse has failed.) Damp corse failure due to: movement of building, alteration works to the building, no damp corse put in at all!

What causes penetrating damp?

Due to building defects such as a leaky roof or poor pointing

What causes condensation?

When there is too much moisture in the air and reacts with the cold service of a wall. Lack of ventilation

Whats the purpose of licence of alteration?

1) Protect parties at a rent review 2) Protect parties at end of lease when dealing with dilaps

What can the landlord do if they wish to rentalise a tenant improvement?

Section 3 L&T 1927. If alternation likely to increase rental value, can exercise the above option to finance the works and then rentalise the additional rent

What PS would you refer to when measuring an office?

Property Measurement 2nd Edition 2018

What requirements do you need to do when measuring in accordance with PM 2nd edition 2018?

1) Date when measurements taken 2) Conversion factor 3) Measurement methodology 4) Reference to any plans used 5) Measurements & calculations clearly documented 6) Person reasonable for certify this above

Difference between NIA & IPMS 3?

IMPS 3 measures exclusive occupation NIA measures useable area IPMS 3 measures areas under 1.5m, columns, measurements taken to IDF, balconies & covered galleries are measured but stated separately

5 methods of valuation?

Comparative Investment Residual Profits DRC

What valuation method did you adopt for Statford-Upn-Avon?

Investment. it was underrented. Used a term & reversion technique. 7% on initial yield. Higher on reversion.

SWOT of Stratford-Upon - Avon?

Good building condition, water frontage. Not on main retail pitch underrented- chance for increasing rent at rent review uncertainty with market

For your val at Nine Elms what additional things did you factor in for SA of VP valuation?

Marketing period Rent free Letting costs Empty rates Higher yield to reflect risk

What rent did you adopt for Nine Elms?

Passing rent - £33 psf Market rent - £40 psf

What advice did you provide at your valuation at Muswell Hill?

I realised that there was no office demand for units of this type. I advised the client of this and sated that ERV would be low c. £25 psf. Also conversion could be possible to resi with 12-month ineffective marketing of offices

What security features where set up to keep your wayleave database secure?

Only members of the team had a login Dual authentication with password protection Cloud based system: files backed up securely on encrypted servers

What could a COI be?

If my firm was acting for two competing rival companies

What is the Equality Act 2010

Consolidates dicrimination law and provides a range of protection against discrimination

Test for reasonableness under Equality Act 2010?

- Effectiveness of the adjustment - Practically of adjustment - Cost and disruption - Financial resources available to the service provider

How to finance calcuated on a development finance?

On a rolled up basis, added to the loan over the development period