Submission Questions Flashcards

Question

How should a complaint be made?

Answer 1

In writing and include details of the complaint included who, why, when, what.

Answer 2

Acknowledged within 7 days. Respond within 28 days.

Answer 3

Client has the opportunity to take complaint to an independent redress provider who will undertake an impartial review. - The Property Ombudsman (TPO) - The Ombudsman Services: Property - The Centre for Effective Dispute Resolution (CEDR)

Answer 4

Providing good quality service by understanding client's expectations and objectives. Good record keeping. Good communication. Adhere to RICS Guidance and Standards. Maintain professional competence.

Answer 5

125,000 sq ft Steel portal frame and metal cladding 10.6m eaves height 40% site cover 11 dock level doors 3 level access doors 1980s build

Answer 6

New enquiries - including size, tenant's operations, tenant's agent details, when they require occupation, any update.

Answer 7

Verified details with agent.

Answer 8

Building client trust and confidence Preventing misunderstandings and disputes Demonstrates professionalism

Answer 9

Written - email, letter etc. Verbal - calls, teams, in person

Answer 10

Can lead to misinterpretation. Lacks tone - can come across cold and rude. Lack of personal connection. Time delay. Difficulty in conveying complex ideas.

Answer 11

Permanent record and documentation. Ability to review before providing advice/response. Professional and formal tone.

Answer 12

Lack of permanent record. Limited time for reflection before responding. Lack of complexity and detail

Answer 13

Immediate clarification and feedback Personal connection and rapport Enhanced negotiation opportunities Efficient in time sensitive situations.

Answer 14

50,000 sq ft Steel portal frame and metal cladding 6m eaves height 1980s build - 2018 full refurb. 30% site cover 8 level access doors and 2 dock level doors

Answer 15

1. Ensured I was competent to inspect the building. 2. Obtained lease docs and property details. 3. Contacted site manager to request access and confirm PPE requirements. 4. Informed colleague of my whereabouts. 5. Checked in with site manager on site. 6. Completed an internal and external inspection of the building. 7. To the rear of the yard, I noticed lots of scaffolding. I asked the tenant who informed me they had sublet part of the yard to a local scaffolding company. 8. Took photos and noted location. 9. On return to my desk, I asked the tenant to provide the agreement in place and checked the lease. 10. Informed the tenant that subletting without prior landlord's consent was a breach of the lease. 11. Informed the landlord and recommended a solicitor should issue a statutory notice informing of the breach and a method of rectification. 12. Solicitors were then instructed to document the sublease.

Answer 16

30,000 sq ft Steel portal frame - brick elevation and metal cladding 7m eaves 2003 build 2 level access doors 50% site cover

Answer 17

1. Checked I was competent. 2. Requested legal pack, including lease, license for alterations etc. 3. Read lease and check if time is not of the essence, look at rent review clause, assumptions / disregards. 4. Set up meeting with client to understand objectives. 5. Undertake inspection and measurement 6. Get comparables. 7. Provide written recommendation to LL. 8. Service notice on tenant 9. Negotiated. 10. Agreement - signed rent review memo £7.40 per sq ft.

Answer 18

Provides essential advice and guidelines to ensure the health and safety of RICS members and firms when undertaking surveying activities.

Answer 19

Risk Management PPE Surveyor Responsibilities and Duty of Care Legal and Regulatory Compliance - Health & Safety at Work, 1974 Safe Use of Equipment Mental Health and Wellbeing Emergency Procedures and Incident Reporting Training and Competence

Answer 20

Hard hat Steel cap toe boots Hi-Vis Safety glasses Ear defenders

Answer 21

200,000 sq ft 6m eaves height 1990s build 12 roller shutter doors 65% site cover Steel portal frame with metal cladding.

Answer 22

Identify type of inspection - e.g. agency inspection Potential hazards - heavy machinery, forklifts, weather etc. Risk level - likelihood & impact Control measures - PPE, access Emergency measures - e.g. emergency contact and first aid

Answer 23

100,000 sqft 10m eaves 1980s build 13 dock level doors and 4 level access doors 40% site cover Steel portal frame

Answer 24

During roof replacement, following the Control of Asbestos Act 2012, the contractors undertook a refurbishment asbestos survey and samples were taken. Asbestos was identified and a management plan was produced. The appropriately qualified contractors safely disposed of the asbestos roof and air monitoring reports were done on a weekly basis to ensure the roof void was safe for construction workers.

Answer 25

Chairman's statement Independent auditor's statement Income statement / P&L Balance sheet Corporate Governance Report Remuneration Report

Answer 26

P&L - shows a company's profitability on an annual basis. Revenue, expenses, profit. Balance sheet - shows what a company owns and owes on a certain date. Assets + Liabilities = Equity

Answer 27

Shows if a company is financial stable and the risk factor associated. Provides an understanding of the reliability of a tenant in meeting their obligations under a lease agreement

Answer 28

Split into 2 - 5A and 1 N-5A = Financial Strength 1-4 = Risk Factor

Answer 29

A tenant is to provide 3 consecutive years of accounts. The profit, for each set of accounts, must be three times the annual rent, SC and insurance + VAT.

Answer 30

Potential to agree a rent deposit - e.g. 6-12 months.

Answer 31

1. Sets clear objectives & goals. 2. Helps managers make informed and strategic decisions. 3. Enhances risk management

Answer 32

Business description Market analysis Competition analysis Detail of company structure Objective & goals Strategy

Answer 33

Short term - complete outstanding AM. Long term - realise value in the completion of AM. (turn short term income into long term income)

Answer 34

Strengths, Weaknesses, Opportunities, and Threats. It helps organisations understand internal and external factors that can impact success and make informed decisions.

Answer 35

Replaced Data Protection Act 1988 Incorporates GDPR into UK law, ensuring data protection rules align with EU regulation. Provides a framework for processing personal data in the UK. Provides people the right to be informed about how their information is used.

Answer 36

Explicit Consent must be freely given and informed. Ensure that you only collect the minimum amount of personal data required for the purpose you are processing it. Ensure data is kept secure - include using encryption, strong passwords and two factor authentications.

Answer 37

1. To be informed 2. Access 3. Rectification 4. Erasure / forgotten 5. Restrict processing 6. Data portability 7. Object

Answer 38

Personal data – info that can identify an individual Relates to sensitive personal data – racial/ethnic origin, political/religious beliefs, sexual orientation.

Answer 39

Global data platform for commercial real estate information, analytics and news.

Answer 40

Records and maintains information about land and property ownership. e.g. title register, title plan, and leases.

Answer 41

Lawfulness, fairness & transparency Purpose limitation Data minimisation Accuracy Storage Limitation Integrity & Confidentiality Accountability

Answer 42

A more diverse team is more likely to be a success. Why? Different experiences, thoughts and ideas result in good decision making. Innovation, creativity, employee engagement & retention.

Answer 43

Direct – treating less favourably because of a protected characteristic. Indirect – application of a provision/practice that disadvantages a protected characteristics – unless it can be justified. Harassment – unwanted conduct that violates someone’s dignity or creates an intimidating / offensive environment. Victimisation – treating someone badly because they have made/supported a complaint under the Equality Act.

Answer 44

Raise awareness through training Implement structured and standardised hiring processes. Promote flexible work and accessibility

Answer 45

Relates to associations that are deeply ingrained and outside of our conscious awareness/control.

Answer 46

Aims to protect individuals from unfair treatment and promote a fair and equal society. Simplify framework to understand and enforce equality rights and protection.

Answer 47

1. Age 2. Disability 3. Gender 4. Marriage / civil 5. Pregnancy 6. Race 7. Religion / belief 8. Sex 9. Sexual orientation

Answer 48

An environment that is designed and managed to allow people with a diverse range of needs and abilities to access & use it. THROUGHOUT THE PROPERTY LIFE-CYCLE.

Answer 49

Prayer room Lifts Disabled access Breakout/therapy rooms

Answer 50

Sustainability is meeting the needs of the present without compromising the ability for future generations to meet their own needs. Involves careful resource management and minimising environmental harm

Answer 51

Minimum Energy Efficiency Standards All leases from: 1st April 2023 – minimum E rating 1st April 2028 – minimum C rating. 1st April 2030 – minimum B rating

Answer 52

Under 3 months - £5,000 or 10% of RV (up to 50k) Over 3 months - £10,000 or 20% of RV (up to £150k)

Answer 53

Valuation Property Management Agency

Answer 54

Factors that influence value - Location Tenure Construction Defects Current condition Occupation details.

Answer 55

Factors that influence marketability: Current condition Repair/maintenance issues Services Presentation & flexibility

Answer 56

Policing the lease: Lease compliance Statutory compliance State of building, requirement for repair/decoration Use & details of occupier If vacant - any maintenance, safety & security issues.

Answer 57

Method of construction Repair/condition. Car parking, access, loading arrangements. Defects/structural movement Site boundary

Answer 58

Layout / specification Repair and maintenance. Defects Services – age & condition Stat compliance – asbestos, building regs, H&S, Equality Act 2010,fire safety. Fixtures, fittings & improvements. Compliance with lease obligations.

Answer 59

Location, aspect, local facilities, public transport. Contamination, environmental hazards, flooding etc. Comparable evidence – local market conditions and marketing boards.

Answer 60

1. Consider personal safety – firm’s H&S procedures. 2. Inspection of local area. 3. External inspection 4. Internal inspection

Answer 61

1. Checked I was competent to undertake inspection. 2. Pre-inspection assessment - location, contact, PPE, risk assessment. 3. Informed team of whereabouts. 4. Met with site manager and checked in. 5. Firstly undertook an external inspection, making note of building condition, access arrangements, site boundary. 6. Then undertook an internal inspection, making note of layout, specification, services, defects etc. 7. Measured unit on a GIA basis. 8. Then drove around estate, making note of available units nearby and their agents details.

Answer 62

The vacant industrial unit was 300,000 sq ft. During a routine monthly vacant property inspection, I noticed part of the flashing on the roof was missing. Most likely due to high winds experienced over the weeks leading up to the inspection. I took photos of the damage and made note of the location. Once back at my office, I contacted three roofing contractors to obtain a quote to fix a new section of flashing. A local company, who knew the site well and provided a competitive quote, were recommended to the client.

Answer 63

A thin, waterproof material, often metal, used to seal joints and areas where the roof meets the vertical.

Answer 64

40,000 sqft Built in 2021 40m yard depth 8m eaves height 2 level access doors

Answer 65

1. Checked I was competent to carry out inspection for agency purposes. 2. Obtained floorplans of the building and completed a desktop investigation of the site and location. 3. Arranged access with the landlord and checked PPE requirements. 4. As part of the lone working policy, I went with a senior colleague. 5. Firstly, made note of any lettings board nearby and also made note of neighbouring tenants. 6. On arrival, I undertook an external inspection of the building - making note of the condition, access, specification and any areas that could be improved for marketability. 7. Then undertook an internal inspection, including measuring the unit on a GIA basis, and made note of the condition, facilities and tenant's fit out. 8. After, I contacted local agents to understand of any recent deals. 9. Prepared a marketing report, including recommendations of how to improve marketability of building, any current competition, any requirements we were aware of and my view on market rent.

Answer 66

300,000 sq ft. 8m eaves 19 level access doors and 2 dock level doors 50 kN/m2 floor loading 500KVA power 1980s build

Answer 67

Following advancement in IPMS (International Property Measurement Standards), the RICS updated the Property Measurement standard to reflect the adoption of IPMS for office and residential buildings.

Answer 68

International Property Measurement Standards. Introduced to address the lack of consistency and transparency in property measurements worldwide. It ensures measurements are consistent, reliable and transparent globally.

Answer 69

Most similar to gross external area. Includes: - External walls and projections. - Integral garages and conservatories. - All floors, including basements, mezzanines, and plant rooms. Excludes: - Open balconies and terraces. - External areas like parking and gardens.

Answer 70

Most similar to gross internal area. Includes: - Internal structural elements (e.g., columns and walls). - Staircases, lifts, and internal balconies. - Service areas (e.g., plant rooms, maintenance zones). Excludes: - External balconies and roof terraces. - Areas not accessible for use (e.g., voids or unmeasurable spaces).

Answer 71

Most similar to NIA Includes: - Offices, meeting rooms, kitchens, and break areas. - Internal corridors and usable walkways. - Storage areas that are part of the office. Excludes: - Toilets, staircases, lifts, and service areas. - Structural columns, walls, and common areas.

Answer 72

Includes: - Warehousing and storage areas, production and workshop areas. - Loading bays and integral garages. - Mezzanine floors (if permanent and accessible). - Plant rooms and service areas within the main building. - Staircases, corridors, and internal structural walls. Excludes: - External canopies and loading docks not fully enclosed. - External areas such as yards and parking.

Answer 73

1. Checked I was competent. 2. Obtained floorplans 3. Visual inspection to understand layout. 4. Used a laser disto to measure to the Internal Dominant Face of the internal perimeter walls, starting at a fixed point. 5. Measured the warehouse and ancillary offices on a GIA basis. 6. Included columns, stairwells, plant rooms and mezzanines. 7. Excluded external walls, canopies, external fire escapes, car parking, yard. 8. Also recorded the internal clear eaves height. 9. Clearly labelled dimensions on the floorplans. 10. Added all measured areas together - although split office & warehouse. 11. DOUBLE CHECK 12. Measurement report - building address, description, purpose of measurement, method, date and surveyor details, plans, table of measurements. 13. Peer review

Answer 74

RICS guidance for measuring for industrial & retail. Ensures comparability & consistency in property measurement.

Answer 75

Warehouse - 100,000 sq ft Offices - 25,000 sqft 10m eaves Built in 1980s 40% site cover 11 dock level and 5 level access doors. Yard depth - 60m

Answer 76

80,000 sqft - 10% offices. 2001 build 60m yard depth 8m eaves 5 level access doors and 1 dock level door 40% site cover

Answer 77

1:50 - Room Plan 1:100 - Building Plan 1:1250 - Street / Location Plan 1:2500 - Location Plan 1:50000 - Road Map

Answer 78

I have limited experience in measuring offices buildings but I would measure on a IPMS 3 basis / NIA. Used to measure the net usable area occupied by the tenant. Includes: Private offices and workstations, meeting rooms and conference areas, kitchens, break rooms, and private toilets and internal circulation areas exclusive to the occupier. Excludes: Shared areas like lobbies, staircases, and communal corridors and service areas (plant rooms, maintenance spaces).

Answer 79

I don't have experience in measuring retail, but I know it is usually measured on a NIA basis for agency purposes and the zoning back principle is included for valuation purposes. Includes: Sales floors and customer areas, fitting rooms, internal offices, checkout areas, ad back-of-house storage directly linked to retail use. Excludes: toilets, corridors, plant rooms, stairwells and areas not directly used for retail functions.

Answer 80

Commonly known as the 'Red Book', the standard establishes mandatory practices and guidance for RICS members/firms conducting valuations worldwide. It provides consistency, transparency and professionalism in valuation practice.

Answer 81

Alignment with International Valuation Standards Integration of ESG factors in valuation Addresses advancements in data management and technology - including valuation modelling.

Answer 82

Following review by Peter Pereira Gray - raised concerns around reliability, independence and market dynamics. Valuer rotation policy: Single 'responsible valuer' must rotate after 5 years. Firm must rotate after 10 years. 3 year min before re-engagement. Preventing client's influence in valuation: must keep note of discussions with client on draft valuations - e.g. information provided by client, how the information was used to change/not change valuation, reasons why the valuation changed/didn't change.

Answer 83

Comparable Investment Profits Depreciated Replacement Cost Residual

Answer 84

Often used to establish market rent for agency purposes. To establish market rent and yields for investment method.

Answer 85

When there is an income stream to value. Rental income is capitalised to produce a capital value.

Answer 86

Term & Reversion - used for under rented properties. Hardcore - used for over rented properties.

Answer 87

Used where a value of property depends on profitability of the tenant - e.g. pubs, petrol stations, hotels.

Answer 88

Where direct market evidence is limited/unavailable - e.g. for lighthouses, sewage works.

Answer 89

To establish the land value on a valuation date using current market assumptions.

Answer 90

Lease terms (term remaining, restrictive covenants, breaks, rent review provisions) Market conditions - supply demand, market trends, economic factors, market sentiment. Tenant covenant strength Location Spec & condition

Answer 91

1. Existing mandate with client 2. Checked I was competent 3. Obtained property docs - lease, title, planning etc. 4. Inspected land. 5. Market research & assessed comps - had been valued 6 months prior and little market activity since. 6. Undertook valuation - rack rented - capitalised income into perp with a suitable yield. 7. Passing rent - £4.25 per sqft, NIY 5.25% PC 6.8% Valuation £6.9 million. 8. Assisted drafting report 9. Reviewed by senior colleague 10. Finalised and report signed by registered valuer. 11. Issued report to client.

Answer 92

91,000 sqft / 2 acres frontage to the River Thames Concrete yard Used for open storage and processing of aggregates (raw materials)

Answer 93

30,000 sqft 40% site cover 1990s build 5m eaves 5 level access doors

Answer 94

1. Existing mandate with client 2. Checked I was competent 3. Obtained property docs - lease, title, planning etc. 4. Inspected land. 5. Market research & assessed comps. 6. Undertook valuation - under rented - used T&R method. 6% for term % 7% for reversion 7. Market rent - £7.25 per sq ft. Passing rent - £6.25 per sqft. NIY 6% RY 7% Valuation £2.65 million. 8. Assisted drafting report including a SWOT anaylsis. 9. Reviewed by senior colleague 10. Finalised and report signed by registered valuer. 11. Issued report to client.

Answer 95

Secured lending - focuses on the value of the asset as a security. Requires SWOT analysis and whether it is suitable for lending. Accounts purposes - reflect fair value for financial reporting - asset can be exchanged between knowledgeable, willing parties in an arm's-length transaction.

Answer 96

The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction

Answer 97

VPS 2 -- Basis of Value

Answer 98

The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date.

Answer 99

The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s-length transaction.

Answer 100

Provides security of tenure to commercial tenants. Allowing them the right to remain in occupation of the premises after the lease expires and to renew their lease, subject to certain conditions.

Answer 101

a. breach of repair obligation b. persistent delay in paying rent c. breach of lease obligations d. alternative accommodation e. uneconomic subdivision f. demolition/reconstruction g. owner occupation (own for 5 years +)

Answer 102

Yes - e to g. 1x RV if in occupation for under 14 years 2 x RV if in occupation for over 14 years.

Answer 103

S Franses Ltd v Cavendish Hotel (London) Ltd in 2018 LL served s25 hostile notice with s30 ground f (redevelopment). Found in tenant's favour as LL admitted proposed works would not have been undertaken if tenant left voluntarily. Key principle INTENTION.

Answer 104

Serve a non-hostile S25 notice - at least 6 months before but no more than 12 months before. Notice to include - they would like to renew and proposed new lease terms. Negotiate terms Solicitors then draft new lease agreement.

Answer 105

Serving a s26 notice - at least 6 months before but no more than 12 months before.

Answer 106

The tenant's right to 'hold over' under the expired lease - continuation tenancy.

Answer 107

A rent review is mechanism in a lease that allows the landlord to periodically adjust the rent based on prevailing market conditions. This is usually done on a 5 yearly basis. Usually upwards only - OMR or RPI linked. Governed by the terms of the lease - rent review clause.

Answer 108

Rent review notice must be served within a specified timeframe.

Answer 109

Assumptions - ready for immediate occupation - good and substantial repair - LL & T covenants have been fully complied with - willing tenant has benefit of any rent free which would be offered in the open market. - no work has been carried out that would diminish rental value. Disregards - tenant fit out works

Answer 110

Under s38A of LTA 1954 - Landlord and tenant must consent to the exclusion and execute a contractual agreement, confirming the lease is to be outside the act prior to the lease renewal.

Answer 111

Arbitrator - governed by the Arbitration Act 1996, must use both parties submissions, cannot be sued for negligence, must provide a reasoned award (usually between both parties' proposals). Independent Expert - governed by the lease, use experience and judgement, may need to provide reasoning behind their determination, can be sued for negligence, no point of appeal.

Answer 112

1. Confirmed I was competent. 2. Obtain legal pack including lease, LTAs, planning. 3. Read lease, and look at rent review clause - checked if time is of the essence and the basis of the review, including assumptions and disregards. 4. Confirmed it was RPI linked. 5. Checked the calculation to use - multiplied current passing rent by the month's prior index figure. This was then divided by the base figure. The rent increased from £105,000 per annum to £135,000. 6. Senior colleague reviewed calculation. 7. Issued to tenant. 8. Calculation agreed - RENT REVIEW MEMO SIGNED.

Answer 113

45,000 sqft 7m eaves 2000 build 20% site cover

Answer 114

1. Met with client to understand if they wanted to renew the lease. 2. They did, so I drafted a lease proposal which was shared with the landlord for approval. 3. Once approved, a s25 non hostile notice was issued to the tenant 6 months prior to lease expiry and the lease renewal proposal attached to notice. 4. The proposal - 5 year lease to be granted within the 1954 act, £7.00 per sq ft, same terms as previous, with the addition of a green clause. 5. Tenant's surveyor disputed the rent proposed - proposed £6.10 per sqft. 6. Finally settled rent at £6.40 per sqft. 7. Solicitors were instructed to complete the lease.

Answer 115

10,000 sqft 60% site cover 1997 build 6.5m eaves 2 level access doors steel portal frame - metal cladding elevation and roof.

Answer 116

130,000 sqft 1990s build 40% site cover 10m eaves 12 dock level doors 1 level access door Steel portal frame - metal cladding elevation & roof

Answer 117

1. Confirmed I was competent. 2. Obtain legal pack including lease, LTAs, planning. 3. Read lease, and look at rent review clause - checked if time is of the essence and the basis of the review, including assumptions and disregards. 4. Confirmed it was an open market upwards only review. 5. Inspected and measured building. 6. Undertook market research - recent lettings in the area. 7. Put together a proposal which was approved by a senior colleague. 8. Issued to tenant. 9. Tenant wanted to settle at £7.30 we wanted to settle at £7.50. 10. Agreed at £7.40 per sq ft. 11. Rent review memo issued and completed.

Answer 118

Sole agency - one agent appointed to sell/let - own fee Joint agency - two agents appointed to sell/let - split fee. Multiple agency - multiple agents appointed to sell/let - agent secured deal gets fee? Sole selling rights - if a tenant/buyer is found during period of sole selling rights, owed a fee, even if not introduced by yourself. If an agent/buyer is secured that agent introduced but outside sole selling rights period, due a fee.

Answer 119

Lease - exclusive possession between landlord and tenant for a fixed term. Assignment - transfer of the current tenants' interest to a new tenant. AGA. Sublease - Between existing tenant and subtenant. License - LL grants tenant permission to use property/land for a specific purpose - right to occupy

Answer 120

Introduced to promote honesty, accuracy, clarity in TofE, client money handling. Came into effect 1982.

Answer 121

When economy is poorly performing, tenants are less willing to take risks. Demand can fall, meaning rental growth may be stunted. Less willing to take longer leases - increased demand for break options.

Answer 122

Mandatory standard for RICS members and regulated firms involved in the leasing of commercial property in the UK. It aims to promote fairness, transparency, and professionalism in lease negotiations. Example requirements - HOTs must be agreed and documented prior to issuing lease. Clearly communicate Disclose relevant facts and documents to allow for informed decisions Tenants should be advised to obtain independent professional advice.

Answer 123

UK regulations aimed at protecting consumers from unfair or misleading business practices. Prohibits misleading information and actions - all about informed decisions. Ensure details in marketing brochures are true to the best of your knowledge.

Answer 124

225,000 sqft 18m eaves 5 level access doors 5 dock level doors 1250 KVA power 20% office content EPC C Location When it was available

Answer 125

Newly refurbished - EPC B 115,000 sqft 1989 build 40% site cover Steel portal frame - metal clad elevations and roof. PV array - 50kwh 8m clear eaves.

Answer 126

Description of the property and location. Measurement Market commentary - quoting rents of new builds in area at £15 per sqft for midbox Macro economic market commentary Availability in the area Pipeline availability Competition Recent deals done Recommendations View on market rent, expected incentives and void period. Fees - 10% sole agency, 15% joint agency.

Answer 127

20 year lease - no break options 5 yearly rent review - OMV £11.50 per sqft 5A2 covenant 24 months RF - RF 1st year, half rent for following two years.

Answer 128

Minimum void period Acknowledged the unit was at a disadvantaged due to the layout, location and condition. Willing to agree a short-term letting whilst they decided their long term objectives with the assets. Agreeing a rent at the same or higher than previous tenant, who went into administration.

Answer 129

Sets of mandatory requirements and best practice guidelines for real estate management professionals - property managers and asset managers.

Answer 130

Act with integrity Provide a high standard of service Ensure client money is accounted for separately Comply with health and safety regulations.

Answer 131

Sets out mandatory requirements and best practices for managing service charges in commercial properties.

Answer 132

Service charges must be transparent and clearly communication to tenants - budgets & reconciliations. Service charge budgets should be issued annually and on time. Reconciliations should be completed and issued within four months of SC year end. Tenant should only be recharged for relevant and appropriate costs. Clearly explain the basis of apportionment - fair and reasonable.

Answer 133

Formal, legal document that grants a tenant permission from the landlord to make alterations or improvements to a leased property. Usually states the alterations should be remedied at lease expiry unless landlord states otherwise.

Answer 134

Auction Informal Tender Formal Tender Private Treaty

Answer 135

If the client needed to dispose of the asset in a short timeframe. The property was unusual and difficult to accurately value.

Answer 136

Advantages: Quick and transparent. Certainty of sale - assuming a reserve figure. Disadvantages: Cost of promotion and publicity Lack of confidentiality over price achieved. Can't choose purchaser. Intensive nature of short marketing period.

Answer 137

Most transactions - ability to freely negotiate.

Answer 138

Advantages: Flexibility Parties can control the process Vendor not under any obligation to sell Confidential Disadvantages: Late decisions not to buy. Abortive costs Gazumping/gazundering

Answer 139

'best offers' - used when there is good interest and to bring negotiations to a conclusion. Not legally binding

Answer 140

Required date / time of receipt of written offer. Confirmation of finance arrangements Any conditions Name of company Name and details of solicitor

Answer 141

Sealed bids - similar to informal but legally binding once offer is accepted. Contracts immediately exchanged once offer accepted. No further negotiations can take place. Relatively uncommon - primarily used by public bodies to demonstrate accountability.