Additional Questions

Question 1

Why do you want to join the RICS?

Answer 1

1. Status
2. Recognition
3. Market advantage
4. Knowledge
5. Network

Question 2

Who is the current President of the RICS?

Answer 2

Ann Gray FRICS

Question 3

What is the name of the review which discusses the future of the RICS?

Answer 3

Bichard Review

Question 4

What is sustainability?

Answer 4

Meeting the needs of today without harming the ability of future generations to meet their own needs

Question 5

What is the basic difference between and lease renewal and a rent review?

Answer 5

A lease renewal is a statutory procedure laid down by the Landlord and Tenant Act 1954

A rent review is a contractual procedure contained within the lease

Question 6

What is a section 25 notice?

Answer 6

Landlord notice served to terminate the business tenancy

Question 7

What is Personal Protective Equipment (PPE) ?

Answer 7

Protective clothing, helmets, goggles, or other garments or equipment designed to protect the wearers body from injury or infection

Question 8

What is asbestos?

Answer 8

Asbestos is a hazardous material popular in the 1960’s due to its insulation and fire resistant properties

Question 9

What is GDPR?

Answer 9

General Data Protection Regulation

Question 10

When would you use NIA as a measurement basis?

Answer 10

1. Estate Agency and Valuation: Shops, supermarkets, offices, business use
2. Rating: Rating of shops, supermarkets, offices
3. Property management; calculation of service charge apportionment

Question 11

What needs to be contained in a valuation report?

Answer 11

1. Terms of engagement
2. Calculations
3. Comparibles
4. Inspection notes
5. Documents - photographs, site plans etc.
6. Property name
7. Purpose of the valuation

Question 12

What is the role of the RICS?

Answer 12

1. To maintain the highest standards
2. To protect consumers through strict regulation of professional standards
3. To be the leading source of information and independent advice.

Question 13

What is a by-law?

Answer 13

It is a regulation made by a local authority or corporation

Question 14

What do you understand about the 5 principles of better regulation?

Answer 14

TPACT

1. Transparent
2. Proportional
3. Accountable
4. Consistent
5. Targeted

Question 15

When were the RICS by-laws updated?

Answer 15

February 2020

Question 16

Why were the Rules of Conduct updated?

Answer 16

1. Simplicity
2. Examples
3. More focus on diversity and inclusion
4. Understand evolving technology
5. Tackling global challenges

Question 17

What is the difference between an invoice and an application for payment?

Answer 17

Application for payment - VAT is payable at a later date

Invoice - VAT is payable as soon as its raised

Question 18

What is the difference between a balance sheet and a profit and loss?

Answer 18

Balance sheet (live) - includes assets and liabilities

P&L statement - summary of income and expenditure

Question 19

What is VPS 2?

Answer 19

This is for inspections and investigations and must be carried out to provide an adequate report

Question 20

What does VPS stand for?

Answer 20

Valuation technical and performance standards

Question 21

When does a MEES not apply?

Answer 21

1. Listed buildings
2. Leases of 6 months or less
3. Leases of 99 years or more

Question 22

What is the fine is a let building requires and EPC but does not have one?

Answer 22

Up to £5,000 or 10% RV (up to a maximum of £50,000 whichever is greater)

Question 23

Sustainability - What is a DEC?

Answer 23

Display Energy Certificate

£500 is not displayed

Question 24

What is a cavity?

Answer 24

Two layers of brick with a gap in between

Question 25

What is the brand name of a laser measuring device?

Answer 25

Disto

Question 26

What are the ethical principles?

Answer 26

1. Honesty 2. Integrity 3. Competency 4. Service 5. Respect 6. Responsibility

Question 27

What is the full title of the Red Book?

Answer 27

RICS Valuation - Global Standards

Question 28

What is the current edition of the Red Book and when did it come into force?

Answer 28

Effective 31st January 2022

Question 29

What building characteristics would you look for when inspecting a property?

Answer 29

1. Compliance with lease obligations 2. Defects - leaks, damp, structural movement 3. Hazardous materials 4. Building construction - age, specification

Question 30

What are the key dates for MEES?

Answer 30

1st April 2018 - Landlord cannot let or renew a lease with EPC below E 1st April 2023 - Landlord cannot continue letting a building with EPC below E 1st April 2027 - Minimum EPC C required 1st April 2030 - Minimum EPC B required

Question 31

What is the Occupiers Liability Act 1984?

Answer 31

Confers a duty on the occupier of a premises to any persons other than visitors

Question 32

What is alienation?

Answer 32

The right granted in a lease to assign, sublet or share occupation of the premises

Question 33

How do you mitigate hazards?

Answer 33

By carrying out risk assessments and ensuring sufficient warnings / measures are in place to reduce risk

Question 34

What is the legal framework for equality and diversity?

Answer 34

Equality Act 2010

Question 35

What is a bribe?

Answer 35

The offer, promise, giving , demanding or receiving of an advantage or an inducement for an action that is illegal, unethical, or a breach of trust

Question 36

What is professional indemnity insurance?

Answer 36

A commercial policy designed to protect business owners, freelancers and self-employed if clients claim service is inadequate

Question 37

What is the Landlord & Tenant Act 1988?

Answer 37

landlord to deal with contents diligently and not be unreasonably withheld or delayed

Question 38

When did the Landlord & Tenant (Covenants) Act 1995 come into force?

Answer 38

1st January 1996

Question 39

What are the three forms of Dilapidations?

Answer 39

1. Interim Schedule 2. Terminal Schedule 3. Final Schedule

Question 40

What are the three reasons why a AGA would not need to be in place.

Answer 40

1. Tenants strong financial position 2. Pays an appropriate rent deposit 3. Provides a suitable guarantor

Question 41

What does AGA stand for?

Answer 41

Authorised Guarantee Agreements

Question 42

What is the difference between a lease and a licence?

Answer 42

Lease - gives the tenant exclusive right of possession in exchange for rent or periodic payment Licence - gives tenant permission to do something on landlord land that would otherwise constitute a trespass

Question 43

What does PII stand for?

Answer 43

Professional indemnity insurance

Question 44

What is a CVA?

Answer 44

Company Voluntary Agreement

Question 45

RICS Professional Statement - Real Estate Management what year?

Answer 45

2016

Question 46

What did the Landlord and Tenant (Covenant) Act 1995 bring?

Answer 46

1. AGA - Authorised Guarantee Agreement 2. Relates to the assignment of leases 3. Gives the landlord more scope for approval of an assignee