Communication and Negotiation

Question 1

3. What is the negotiation process?

Answer 1

a. Confirm with the client the what result they require
b. Understand reasoning behind the deal
c. Prepare any pre-calculations
d. Review current position
e. Speak to the tenant and understand their position.
f. Continue dialogue until a deal is agreed
g. Update client throughout
h. Confirm final deal

Question 2

4. What is the hierarchy of evidence?

Answer 2

a. Cat A – direct comparable
b. Cat B – general market data
c. Cat C – other locations

Question 3

4. What is the document for comparables?

Answer 3

a. Professional Standard Comparable evidence in real estate2019

Question 4

5. What is comparable evidence

Answer 4

a. It can be defined as verified information that can be used to assist as evidence with the valuation of a similar item

Question 5

6. What are the principles of comparable evidence in real estate

Answer 5

a. Compehensive (more than one item of evidence)
b. Similar
c. Recent
d. Result of an arm’s length transaction
e. Verifiable
f. Consistent with the local market

Question 6

8. What information would you find in the comparable evidence in real estate 2019?

Answer 6

a. The hierarchy of interest
b. Recording comparable evidence – with suggested headings list
c. Descriptions of sources for comps
d. Approaches of valuation
e. Comparable evidence in specific circumstances