RICS Documents

Question 1

What RICS Documents do you need to be aware of?

Answer 1

1. RICS Real Estate Agency and Brokerage
2. RICS UK Commercial Real Estate Agency
3. RICS Code for Leasing Business Premises in England and Wales

Question 2

What is the aim for the Code for Leasing Business Premises in England and Wales?

Answer 2

1. To agree comprehensive heads of terms to assist with the legal drafting of the lease
2. To improve the quality and fairness of negotiations on lease terms.

Question 3

What are the mandatory requirements for the Code for Leasing Business Premises in England and Wales?

Answer 3

1. Agree comprehensive heads of terms with the tenant

2. Advise unrepresented parties that the code exists and recommend they seek professional advice

Question 4

What are some of the things that must be covered in the heads of terms?

Answer 4

1. Identity of the premises and a LR compliant plan
2. Length of term
3. Rent and frequency of payment
4. Rent free periods
5. Break options
6. Alienation
7. Repairing responsibilities
8. Service charges

Question 5

What is the RICS Real Estate Agency and Brokerage?

Answer 5

A professional statement with 12 mandatory principles that promotes fairness and transparency in the agency process.

Question 6

What is in RICS Global Real Estate Agency and Brokerage?

Answer 6

1. 12 principles that shape fairness and transparency

2. 8 short chapters covering agency activities

Question 7

What are some of the principles?

Answer 7

1. Conduct business in a fair, honest and transparent manner
2. Do not discriminate
3. Agree fair terms of engagement with client
4. Ensure advertising is truthful
5. Have adequate PII
6. Ensure communication with client is clear and transparent