Summary of Experience Flashcards
Provide an example of a Level 2 ethics competency?
Acting within competency, eg crack in concrete at Little Limes. Instructed a building surveyor to take a look
This includes ensuring that one is qualified to perform tasks and responsibilities.
What is an example of a Level 3 ethics competency?
Sandown tenders saying no to disclosure of other contractors bids.
Saying no to a bottle of wine as a gift at Christmas
This reflects the importance of confidentiality in professional settings.
What is a key aspect of client care at Level 2?
Reporting to client regularly throughout new letting. This can be verbally or via email. Received positive feedback.
Another example is including sensitive information in a Part II to ensure sensitive information isn’t made pubic
This includes handling sensitive information appropriately.
What example was used under the communication and negotiation competency?
27B Church Street - use of rear car parking area was discussed verbally. Confirmed in writing as it would demand a higher rent.
The annual investment report I drafted and I used charts and tables etc to assist the consumption of numerical data
This ensures clarity and accountability in communication.
What was the H&S competency example used?
Sandown roof works - wanted to understand what PPE requirements there were.
Personal Protective Equipment is essential for worker safety on site.
What examples were used under the level 2 inspection competency?
74 Church Street - alterations had been made to the unit without landlords consent.
27C Church Street – inspected prior to agency marketing. Damp timber shopfront. Requested a building surveyor attend
It’s important to document alterations in lease renewals.
What examples were provided under the level 3 inspection competency?
- Hersham Bowling Club - inspected for management purposes. Fire exit blocked and statutory compliance docs were missing. Electrical specifically EICR specifically.
- 1A Quadrant Courtyard – dated spec requiring upgrading. Recommended that we redecorated and upgraded the lighting to LED
- D7 Sandown – inspected the unit at lease end. Dilapidations works hadn’t been carried out. Floor tiles in services cupboard (asbestos regs 2012) and R22 banned gas (banned from 2004)
Compliance with safety regulations is crucial in property management.
What examples were used for measurement to level 2?
- 38 High Street - measured to NIA and zoned. Sketched the floor plan
- 3B Quadrant Courtyard – measured for agency purposes. Adopted IPMS3. Measured to IDF. Areas less than 1.5m in height were included but stated separately
NIA refers to Net Internal Area, a standard measurement in property.
What examples were used for valuation to Level 2?
- 88 Church Street - comparable method to establish the market rent
- 76 Church Street – current lease was IRI. Concluded on market rent for IRI and lease and adjusted down for an FRI lease. Whilst an uplift was justified, we should confirm a nil increase and instead move the tenant over to an FRI lease for consistency along the parade
- Investment portfolio valued annually to fair value at highest and best use using the comparable method and investment method. I am involved from instruction through to completion, which includes agreeing the terms of engagement, providing required information, talking valuers through the assets at regular weekly meetings, organising inspections, providing tenancy schedules. These are carried out for financial reporting and property held for investment is valued using the above methods. When the valuers provide their opinion on values and the comparable information and yields they have used, they need to be challenged where necessary. Often this involves also assessing market rents and yields and providing evidence to substantiate my view if appropriate. Clear audit trails are retained as the valuations and process is audited annually. UK VPGA 1 Valuation for financial reporting: general matters. UK VPGA 4 Valuation of local authority assets for accounting purposes. UK VPGA 9 Relationship with auditors. For 21 high street, the ERV was too low, and the yield was too high. I am familiar with the asset and location and provided evidence to show the rent should be £37,500 and the yields would be 6.5% on term and 7.5% on reversion as opposed to 7% and 8%.
This method compares similar properties to determine value.
What examples were used for Landlord and Tenant Level 2?
- Royal British Legion - rent review to RPI
- 84-86 Church Street – Mandarin Stone – received a section 26 notice. Agreed a stepped rent over a two year period as a 40% increase in current passing.
RPI refers to the Retail Price Index, a measure of inflation.
What examples were used for Landlord and Tenant to Level 3?
- 5 Bridge Street - Landlord served a section 25 notice. Tenant requested a wider alienation and user clause which was rejected
- 21 High Street – case study. Tenant served a section 25 notice. below market rent. Also wanted a Covid clause.
This highlights the complexities of lease negotiations.
What statutes and professional statements are included within Leasing and Letting Level 1?
RICS Global and Property Management
Misrepresentation Act 1967
Estate Agents Act 1979
What examples were used for the Leasing and Letting competency at Level 2?
- C3 Sandmen - subletting of 9 month lease
- 92 Church Steet – two offers. One passed the profits test (net profits surpassing 3 years rent) landlord and accountant references. 6 month rent deposit
Short-term leases require specific management and oversight.
What examples were used for the Leasing and Letting competency at Level 3?
- D5 Sandown - new letting to new tenant and they couldn’t provide 3 years of trading accounts, only 6 months of management accounts. Instead, 12 months rent deposit. Rent free spread over 6 months
- West End Pavilion – letting of pavilion to café tenant s123 LGA. Honest marketing material. Rent free of 12 months offered. Planning for change of use granted
This necessitated a 12 months rent deposit instead.
What examples were used for Property Management Level 2?
- Stoke D’Abernon Guide Hut – empty building
- Little Limes – rent monthly
What examples were used for Property Management Level 3?
- D6 Sandown – rent arrears and statutory demand
- 6A Quadrant – monthly payment plan for holding over arrears.
What examples were used for Data Management Level 3?
- Oxshott Lake FOI
- 27B Church Street – comparable evidence recorded and TF, rents, Deeds cupboard
- Annual valuations – sharing of documentation.
Proper documentation is essential for accurate property management.
