Valuation (L2) Flashcards

Question

What is the definition of market rent?

Answer 1

The estimated amount for which an interest in property should be leased on the valuation date between a willing lessor and a willing lessee in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Answer 2

An additional element of value created by the combination of two or more assets or interests where the combined value is more than the sum of the separate values.

Answer 3

The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties

Answer 4

* If the property has been reinstated * Valuing as a cleared site with development permission for the existing use * Refurbishment or redevelopment for a different use

Answer 5

- A bases of valuation is a statement of the fundamental measurement assumptions of a valuation. - A method of valuation is the technique employed. E.g Comparable, Investment, Residual etc

Answer 6

An assumption that assumes facts that differ from those existing at the valuation date or that would not be made by a typical market participant in a transaction on that valuation date. Effectively - Something that you assume to be true but you know to be untrue at the valuation date

Answer 7

The value of an asset to the owner or a prospective owner for individual investment or operational objectives.

Answer 8

- All assumptions and special assumptions must be agreed with the client before reporting - the Report must make reference to the higher degree of uncertainty

Answer 9

VPS 3 = Valuation approaches and methods Usually classified into the market approach, income approach, or cost approach

Answer 10

The term forced sale value must not be used. - It was abolished some time ago but where a valuation may need to reflect an actual or anticipated marketing constraint, details of the constraint e.g. short period of marketing must be agreed and set out in the terms of engagement.

Answer 11

- NEW IN 2025 - IVS defines a valuation model as ‘a quantitative implementation of a method in whole or in part that converts inputs into outputs used in the development of a value’. - This is distinct from a valuation method, defined as ‘within a valuation approach, a specific technique to conclude a value’.

Answer 12

VPS 5 = Valuation Models.

Answer 13

Automated Valuation Models (AVMs) are more common in residential property - an AVM is a software programme that uses mathematical and statistical modelling to value property (without inspecting etc) - if you are declaring Residential Valuations in your APC submissions you are advised to have a view on the advantages and disadvantages of AVMs **However this is more for Residential Valuations – don’t need to know in depth

Answer 14

Valuation Reports

Answer 15

- A Valuation Report issued in the UK and stated as being in accordance with the RICS Red Book - Information on Report Content - Will be taken to mean in accordance with the Red Book Global Standards plus this UK national supplement.

Answer 16

- The instructions (client, purpose, asset, interest, basis, and valuation date) ToE and Valuation report must align - The assumptions and approach used - The opinion of value and supporting reasoning - Any limitations, uncertainty, or compliance statements

Answer 17

- Client name - Valuation purpose - Valuation subject - Property info - Basis of value - Date of valuation report - Status of valuer - Currency - Assumptions / special assumptions - Departures - Source of info - Valuation approach - Competency - Restrictions on publications

Answer 18

- Conflict of interest checks - Terms of Engagement - Inspection note etc - Planning, rating and environmental searches - Comparables and analysis - Valuation calculation with rationale - Report (stating opinion of value) **EFFECTIVELY VALUATION REPORT IS WITHIN VALUATION FILES

Answer 19

- A draft valuation can be discussed with the client but the valuer is not to be influenced by the client in any way in respect of the final valuation figure stated in the report. - Any additional information supplied by the client as a result of the discussion regarding the draft report must be stated in the report.

Answer 20

General duty to treat information relating to a client as confidential, where it is not in the public domain. Limitation & Non Publication

Answer 21

Valuations relied on by 3rd parties or there is a public interest who have not commissioned the valuation - Carried out for certain statutory or regulatory purposes, where there is a higher risk of conflict of interest and therefore extra safeguards are required by the Red Book. E.g for Financial statements, Stock Exchange listing, Takeovers & mergers

Answer 22

This is where the public has an interest, or where third parties may rely. - Financial statements, - Stock Exchange listing, - Takeovers & mergers - Collective investment schemes, - Unregulated property unit trust.

Answer 23

(a) one or more of the properties have been acquired with the last 12 months; and (b) the valuer or firm has received an introductory fee or negotiated the purchase

Answer 24

1. Existing Use Value (EVU) – UK only - often used in UK public sector accounts 2. Fair Value – Global - equivalent to Market Value (Red Book definition) 3. Depreciated Replacement Cost (DRC) - for specialised assets with no active market (e.g., hospitals, schools)

Answer 25

(a) IFRS and (b) UK and Ireland Generally Accepted Accounting Practice (UK GAAP) Publicly listed companies in the UK are required to apply IFRS - others have a choice between the two The valuer’s role will be usually to provide Fair Value

Answer 26

If the property is operational – Value of site or property in its existing use – different to market value on the expectation to gain planning permission to develop. (Also include that this basis may be used if it possible to get planning permission on the land)

Answer 27

To value specialised properties rarely sold on the open market – DRC is current cost to replacing an asset with its modern equivalent asset, less deductions for physical deterioration and all relevant forms of obsolescence and optimisation.

Answer 28

When direct market evidence is limited or unavailable (SPECIALISED PROPS E.G. LIGHTHOUSES, SCHOOLS) - Used for owner-occupier - Accounts purposes for specialised prop - Rating valuations for specialised prop

Answer 29

- Used to value specialised properties rarely sold on open market. A method of valuation used when there is no market evidence because the property is specialised.

Answer 30

A property that is rarely, if ever, sold in the market, except through a sale of the business or entity of which it is part, due specialised nature and design, its configuration, size, location, or otherwise. E.g a football stadium

Answer 31

The current cost of replacing an asset with its modern equivalent asset, less deductions for physical deterioration and all relevant forms of obsolescence and optimisation.

Answer 32

All valuations are professional opinions - on a stated basis with assumptions or special assumptions - ……. a valuation is not a fact. A failure to draw attention to material uncertainty could give the impression that - greater weight could be attached to the opinion than was warranted The report would be misleading.

Answer 33

(a) The asset or liability may have characteristics that make it difficult to value - it may be unusual or even unique - potential planning permission (b) Limited or restricted information (c) Disrupted markets - unforeseen financial, macro-economic, legal, political or natural events

Answer 34

1. Comparative 2. Investment 3. Residual 4. Profits / Accounts 5. Contractor’s / Depreciated Replacement Cost

Answer 35

Rent received OR market rent x YP @ chosen yield = Market value Get rent and yield from comparables

Answer 36

- Local letting agents - In house data bases - External data bases e.g. Costar, EGI

Answer 37

- the capital and rental valuation of residential property, and - the rental valuation of retail, office and industrial premises - the capital value of owner-occupied retail, office and industrial premises (when the market is dominated by owner-occupiers)

Answer 38

(a) physical characteristics (b) location (c) use (d) tenure (and lease terms if appropriate) (e) time scale (f) Comparables may be analysed- unit of comparison i.e. rental price or capital price per square metre

Answer 39

- Features other than hierarchy i.e. use, size, location, tenure, condition etc - Attaching more weight to the evidence most similar to the subject property

Answer 40

- Depends on the state of the market and the location i.e. declining market no comps. - Industry norm is 6 – 12 months

Answer 41

1) Search and select comparables 2) Verify details and analyse headline rent to give a net effective rent

Answer 42

Enough comparable to establish a trend – As many as can be obtained

Answer 43

- the seller or lessor not being willing - the transaction not being at arm’s length - the property not being subject to proper marketing - a purchaser or tenant having a special interest - one or both parties not acting knowledgeably, prudently and without compulsion **There is no ‘set’ number of comparables required. Need enough comparables to establish a trend

Answer 44

- non-transactional evidence (properties on the market) - transactional evidence (sold properties)

Answer 45

- Own / office records - For Sale and To Let boards - Agents / Valuers (must get the right contacts and ask the right questions) - Land Registry - various free web-sites for residential transactions - Estates Gazette Interactive (EGI) - Focus / Co-Star

Answer 46

Valuation: Principles into Practice (6th Edition, 2008) - in the Chapter on Lease Renewals and Rent Reviews of Commercial Propertysuggests the following hierarchy of evidence: (a) open market lettings (b) lease renewals (c) rent reviews (d) independent expert’s determination (e) arbitrator’s awards OML is more favourable as with a lease renewal, a tenant can walk. Third Party determination can be uncertain

Answer 47

Adjustments made to comparable evidence to value a property may be referred to as interpolation and extrapolation - Extrapolation acceptable when interpolation not possible

Answer 48

Calculating a value that lies between two extreme points E.g. Calculation a rent in-between £25 and £29 per sqft

Answer 49

Zoning is NOT a method of measurement. This is a common mistake that candidates make, so make sure you do not mention it in the Measurement competency. - It is a valuation technique.

Answer 50

Based on the principle that the retail frontage is worth more than the ancillary areas. This is applied through the principle of ‘halving back’, meaning that each subsequent zone is worth half of the zone before.  For example: Zone A = A/1 Zone B = A/2, i.e. Zone B is half of Zone A Zone C = A/4, i.e. Zone C is a quarter of Zone A (or half of Zone B) Zone D (or remainder) = A/8, i.e. Zone D is 1/8 of Zone A (or half of Zone C)

Answer 51

As the market uses zoning, it allows easier comparison. - It is not required for department stores or very large units - Can be measured on an overall basis once ground level exceeds 10k sqft

Answer 52

- Zoning is usually optional. - Retail units are often simple, open-plan spaces. - If all comparables use NIA without zoning, it is acceptable not to zone, provided the methodology is transparent.

Answer 53

To place a value on a shop frontage which is the most valuable – ITZA (in terms of zone A) OR To analyse retail space for different frontage to depth ratios

Answer 54

Return frontage is the length of a shop's window display or exposure along the side street (perpendicular to the main street), usually in addition to the main street frontage.

Answer 55

1. Increased visibility: Return frontage gives a shop dual exposure, often increasing footfall and visibility. 2. Display space: More window display area may improve a retailer's trading potential. 3. Rental impact: Shops with return frontage often command higher rents per square metre than similar shops without one.

Answer 56

1. A percentage uplift for the depth of the return. Units must have a higher value with a return frontage. It would depends how far the zone is but 5% is a normal uplift as an addition 2. All of a unit becoming Zone A if both frontages have equal pedestrian flow (could have a reduction for excessive Zone A) 3. A percentage reduction for lack of internal space for shelving and display racks

Answer 57

Refers to a property that faces a road or street on two different sides, allowing for customer access and visibility from both streets Can result in: halving-back from both frontages at the same or different Zone A rate(s)

Answer 58

When the property zones reflect physical changes in the property i.e. steps.

Answer 59

It is used when there is an income stream to value. The rental income is capitalised to give you the capital value.

Answer 60

Used when there is an income stream to value. Used to value shops, offices, industrial and warehouse properties that are; 1. Let as investments 2. Owner occupied 3. Vacant Where the majority of comparables are 4. rents (lettings, rent reviews, lease renewals), and 5. investment transactions

Answer 61

Market Rent (Net of Outgoings) x Years Purchase (YP) = Market Value

Answer 62

- The tenant is responsible for all repairs and insurance Therefore, no outgoings need to be deducted *usually prime property let to single tenant is let on FRI terms

Answer 63

Outgoings will need to be deducted to achieve the overall market rent This is usually: - repairs - insurance - management In some cases, additional outgoings may have to be deducted when services are provided inclusive of the rent (sometimes with fully serviced office suites and furnished residential lettings) - internal decorations - water charge - electricity - gas

Answer 64

Market rent (net of outgoings e.g. external repairs, insurance) X YP = Market Value

Answer 65

Included within the all-risk yield calculation

Answer 66

The Years Purchase (YP) in perpetuity is calculated as 100/Yield E.g 100/6% = 16.6667 YP in Perpetuity In other words - investment sold at 16.6667 times the market rent - the investor will recoup the capital invested in 16.6667 years

Answer 67

- YP in Perp - A capitalisation factor used in property valuation to convert a constant annual income into a capital value, on the assumption that the income continues forever (i.e., in perpetuity). This is the yield applied to the reversionary value, which is assumed to continue indefinitely after the lease expires.

Answer 68

A yield is the rate of return on an investment property, expressed as a percentage of capital value.

Answer 69

Accounts for all risks of the investment Also known as the market yield or capitalisation rate

Answer 70

All Risks Yield – Rate at which market capitalises the income

Answer 71

Constructing a yield – looking at gilts and adding a risk premium (look at market/property risks and deduct growth)

Answer 72

Annual rent / prop value X 100 = Yield

Answer 73

Higher risk = higher yield e.g. use of prop, lease terms, voids, quality of location or covenant

Answer 74

Gross yield capitalisation = Market value Net yield capitalisation = Gross acquisition price

Answer 75

The Residual method is used to value land and properties with development, redevelopment and refurbishment potential - We would use it when it is not possible to value by comparison

Answer 76

Value of completed development Less development costs (E.g Demolition, construction costs, construction, finance, contingency) Less developers’ profit = Land Value

Answer 77

The basic form of a Residual valuation is as follows: Market Value of Completed Development LESS Developers Costs (Demolition, Construction Construction Fees Cost of Finance Contingency Agent’s / Legal Fees – (1.8%) Acquisition Costs ) LESS Developer’s Profit (15-20& GDV) Market Value (Residual Site Value) £

Answer 78

- Site purchase - Compound interest - Total construction costs - interest taken at half of costs over length of the build programme - Holding costs to cover voids until disposal - compound interest on a straight line basis

Answer 79

10% of market rent

Answer 80

10% approx. of building costs - Got this from a chartered surveyor

Answer 81

- An allowance for any changes that may occur in the any of the building costs and interest. - For a new development or a redevelopment, 1% to 5% can be used. - For refurbishment / conversion, there is more risk and a contingency of 5% to 10% is usual

Answer 82

Can be calculated by: 1) a percentage of total cost (22% to 25%*) 2) a percentage of gross development value (15% to 17%). - Depends upon risk; not set in stone.

Answer 83

From 17th March 2016 for Commercial property this is: - 0% on First £150,000 - 2% on Next £100,000 = - 5% above £250,000

Answer 84

A valuation approach used to assess the value of trading properties where: 1. There is no open market rental evidence, AND 2. The value is linked to the ability of the business to generate profit

Answer 85

Multipled the market rent by YP perpetuity at 5% which is 100/yield (5%)

Answer 86

An accurate way to estimate the interest is calculate it for the whole debt incurred over the total development period and then half it. E.g if Finance will be at 7%. - It is assumed that the costs are incurred in equal monthly tranches (straight line) over the pre-construction and construction periods & interest is paid monthly at the effective rate of 7% p.a.

Answer 87

1/3 of the increase in value of the development land resulting from the access given - This is the industry standard - Leading case: Stokes v Cambridge ruled that 1/3 of the uplift in value the ransom strip adds to the development

Answer 88

Land that gives access to development land - can’t access development without using that land - It has ransom value (value attributed to the ransom strip)

Answer 89

If you cannot; 1. Value by direct capital comparison if possible, or, 2. Use the investment method Always try to use COMPARABLE, or then INVESTMENT before Used to measure LEISURE properties

Answer 90

Turnover (net of VAT) Less Costs of generating the Turnover (purchases, wages, heating/lighting, repairs & decorations, insurance, rates and general expenses). = Net Operating Profit (Which is capitalised at appropriate YP rate (chosen by comparables))

Answer 91

- Amusement arcades - Amusement and theme parks - Bingo clubs - Bowling centres - Casinos - Cinemas - Golf courses Etc.............

Answer 92

Value of property depends on the profit generated from the business (NOT THE BUILDING/LOCATION)

Answer 93

The analysis of accounts (profits method)

Answer 94

Accurate and audited accounts (last 3 years if poss) - Use estimates (business plan) if new business - Adjust for maturity for business + any exceptional items of expenditure

Answer 95

Value of land in its existing use PLUS current cost of replacing building PLUS fees LESS discount for depreciation and obsolescence (use BCIS and judgement) = Value as existing

Answer 96

Upper floors and basements may be taken as a fraction of X or, - as a spot figure per square metre, depending upon the particular property and the comparable evidence. - X / 10 is commonly used for first floor accommodation be it retail space or storage

Answer 97

Compound interest is when: - interest is added to invested cash, and - interest is also added to any interest previously paid. E.g Example 1 If £1 is invested for 5 years at 3% per annum interest: (1 + 0.03)5 = 1.035 = 1.1593 = £1.16

Answer 98

1. Demolition 2. Shoring up and weather-protection of adjoining buildings 3. Rebuilding in accordance with current Building Regulations 4. Professional Fees

Answer 99

Initial yield assuming rent is paid in arrears (quarterly in advance gives a higher yield) * The stated (headline) annual interest rate. * Does not take compounding into account

Answer 100

* The true annual rate once compounding effects are included. * Shows the actual growth in one year. When interest is paid over a period of less than a year - the effective rate is the annual percentage rate (APR)

Answer 101

Money has a Time Value in that: - invested cash sums will increase, and - rental and capital values of property can grow If follows that if a known cash sum is to be received at a specific time in the future - if that sum were available today, it could be invested and thus provide a larger amount of cash on the future date - The same applies to the future value of a property

Answer 102

Present value - Current value of a future sum of money or stream of cash flows given a specified rate of return - The correct worth of money (or income) you will receive in the future, adjusting for the fact that money avalaible now is worth more than same amount in the future

Answer 103

- It tells us the present value of £1 to be received each year, for a given number of years - Tells us present value of annual series of incomes – further in future = lower sum as it is against today’s terms - £1 in future = not worth £1 today because you can invest it

Answer 104

Gross present value - GPV worth to investor

Answer 105

Net present value - Sum of discounted cash flows of the project - Used to determine if an investment gives a positive return against target rate - If positive, investment exceeds target and vice versa

Answer 106

A placement of capital in expectation of deriving income or profit from its use.

Answer 107

Investment can be for - income - capital growth - or both Different investment opportunities have different levels of risk and difficulties

Answer 108

Liquidity, transfer costs and management required

Answer 109

Gilts, equities, properties

Answer 110

Can improve performance through proactive property management

Answer 111

Fixed capital, fixed return for a fixed period Can be govt or corporate

Answer 112

Gilt is short for Gilt Edged Security - UK Government bonds (long-term debt instruments) - Considered “risk-free” investments - Offer a fixed annual return (coupon) – E.g 3% - Traded in the open market — their yield reflects market sentiment and economic expectations

Answer 113

- Gilts are considered to be the ideal risk free premium - Is usually between 2½% and 4% depending upon economic conditions - Gilts (risk-free premium) + risk premium = yield - Since 2022, inflation + BoE base rates have risen sharply, leading to Higher gilt yields (to attract investors), and therefore, higher “risk-free” rates, so it is around 4.5%, reflecting current economic conditions rather than long-term equilibrium.

Answer 114

Gilts (risk-free rate) + risk premium = yield

Answer 115

In valuation theory, the yield (or required rate of return) that an investor demands for a property investment is made up of: - Gilts (risk-free rate): the baseline return you’d get by investing in a safe UK government bond. E/g 3% - Risk premium (comprises market and specific risks): the extra return you need to justify taking on the risks of property (tenant default, vacancy, obsolescence, illiquidity). Example: o UK 10-year gilt yield = 3% (risk-free). o Property risk premium = 3% (dependant for location, covenant, lease risk, etc.). o Property yield = 6%.

Answer 116

- It is the rate of return investors can earn with no risk of losing money - Typically represented by the yield on UK government bonds (gilts) particularly the 10-year gilt yield. As of October 2025, the data indicates: - The UK 10-year gilt yield is approximately 4.55%

Answer 117

A risk premium is the extra return (yield or profit) an investor requires to compensate for taking on additional risk, compared with a “risk-free” or lower-risk investment.

Answer 118

- When the BoE raises the base rate, gilt yields usually rise, because investors demand more return to hold gilts instead of cash. - When the base rate falls, gilt yields often fall too

Answer 119

- Illiquidity of sale - Lack of rental growth - Yield shift - Locational, economic, physical and functional depreciation through structural change - Legislative change

Answer 120

- Covenant risk - Void risk - Cost of ownership and management - Differing lease structures (e.g. rent review structure, lease breaks)

Answer 121

Check if it was over/underrented - If it was underrented/below MV --> the new tenant may be willing to pay a premium. - If the rent is above market, premium is unlikely. - Capitalise profit rent (difference between passing and market rent) and YP (dual/dual-tax adjusted/single) rate

Answer 122

Sum paid by the landlord to the assignee to induce the tenant to enter into the lease

Answer 123

gilt yield + risk premium – growth rate otherwise Annual Rent/Capital Value ×100

Answer 124

The gross yield is the rent expressed as a percentage of the purchase price (Market Value)

Answer 125

The net yield is the rent expressed as a percentage of the gross acquisition price - i.e. purchase price plus purchaser’s costs

Answer 126

* Purpose: To report the value of the property after accounting for the costs a purchaser would incur. * You’re deducting fees because you want the “amount the seller effectively receives” or the value net of transactional costs. Calculation is Net MV = Gross MV (GAP) - Purchasers Costs

Answer 127

- term and reversion - hardcore / layer

Answer 128

Term and reversion Hardcore / layer PREDOMINANTLY TERM AND REVERSION

Answer 129

Calculate market rent using comparable evidence Then: 1) Determine Market rent 2) Term - Capitalise passing rent until review (reversion) – PASSING RENT X YP @ X ARY% 3) Reversion - Take MR to be received at reversion and then capitalise into perpetuity @ higher ARY% 4) Defer this further at a PV of £1, for the period of the term 5) Add the term & reversion together to get MV NOTE: Reversion gets capitalised at market rented rate (HIGHER) – term gets capitalised at a lower % due to lower risk

Answer 130

Used to value reversionary investments (over-rented)

Answer 131

- the term is capitalised a rate slightly lower than this to reflect the reduced risk as it is more secure income, and term rent is contractually guaranteed - the rent at review / reversion should arguably be an increased risk as it is not yet agreed

Answer 132

For over rented properties: ○ Core = The core income, the market rent - Capitalise into perp @ ARY ○ The top slice / froth = The profit rent - Capitalise to unexpired term @ higher yield - This reflects the uncertainty

Answer 133

- Overage / Profit / Froth rent The additional income received either after review/ reversion (under rented), or the overage before reversion (over rented) or your profit from a leasehold interest.

Answer 134

Hardcore / Layer method

Answer 135

DCF = useful for multi-let props with changing rental income Term and reversion = simplified DCF (only two time windows are considered (term and reversion))

Answer 136

(Used for reversionary investments when the Market Rent is less than the Passing Rent) 1) The Term is capitalised until next review / lease expiry. This is where the risk lies as the property is over rented. E.g YP for X years @ (X)Yield% 2) Reversion to market rent is valued in perpetuity at an all-risks yield (ARY) and PV backed by the number of years till the next review/renewal ARY is lower in the reversion as less risk with receiving it

Answer 137

The term income is capitalised at a higher rate than the reversionary income - to reflect the additional risk The percentage uplift from the market-rented rate is a function of - the amount of over-renting - the time period until reversion to the market rent - the quality of the tenant’s covenant

Answer 138

If the tenant is of first-class covenant there would be no additional risk attached the receipt of the term rent - E.g therefore, capitalize both term and reversion at the market rent rate of 7%

Answer 139

Hardcore and Layer is Used for predominantly over rented investments (Passing rent more than market rent)

Answer 140

To value a leasehold interest with value - e.g. when lease has profit rent and unexpired term of 1 year - Remunerative is rent for year - Accumulative is appreciation in prop value - Concept: comparing leasehold to freehold investments and need to recoup investment capital at end of leasehold investment period through use of sinking fund

Answer 141

A leasehold interest has a value when there is: - a Profit Rent (Market Rent less rent paid), and - an unexpired term of at least one year If a property is let at market rent, then leasehold interest has no value

Answer 142

Residual land valuation

Answer 143

- the remunerative rate and - the accumulative rate

Answer 144

Accumulative rate applies to future capital appreciation (increase in prop value over time) - This is basically the nominal interest rate (headline rate). It’s the rate that, if you just add up the instalments across the year, gives the stated % return. It does not account for compounding

Answer 145

- Market rent – rent passing = profit rent - Capitalise the profit rent to the end of the term. Must have 12 months left on the term otherwise there is no point subletting for less than 12 months.

Answer 146

A valuation method that estimates the present value of future cash flows generated by an asset e.g property, using a discount rate to reflect the time value of money and investment risk.

Answer 147

1) Estimate cash flow (income - expenditure) 2) Estimated the exit value at end of holding period 3) Select discount rate 4) Discount cash flow at discount rate 5) Value is sum of completed discounted cash flow - Providing the NPV

Answer 148

A discount rate can also refer to the interest rate used in discounted cash flow (DCF) analysis to determine the present value of future cash flow

Answer 149

For a complex property: - Large-multi let props - Phased development projects - Properties with income voids or complex tenures

Answer 150

- Sum of discounted cash flows of the project - Used to determine if an investment gives a positive return against target rate - If positive, investment exceeds target and vice versa

Answer 151

the Equated Yield

Answer 152

- to value multi-let properties with frequently changing rental income - e.g. where there are different lease start dates, different review dates, some rent-free periods, stepped rents and under-rented and, over-rented units Growth can implicit - or be made explicit

Answer 153

A risk premium is the extra return an investor requires above the risk-free rate (e.g. government gilts) to compensate for the risks of property investment. E.g illiquidity, void risk, market risk, management burden.

Answer 154

Conventional Investment Valuation = Based on market yields and rental income. Two common methods: Term & reversion, and Hardcore & top-slice. - growth is implicit in the yield (NOT SEPERATE) DCF= - Forecasts all expected cash flows: rent, voids, rent reviews, costs, disposal value. - Rental and Capital growth are made explicit, NOT HIDDEN IN YIELD.

Answer 155

A leasehold interest can have value (a premium) if the passing rent under the lease is below the market rent (i.e. the tenant is paying less than the open market). A leasehold interest is valued by capitalising the Profit Rent by either: - the YP dual rate - the YP dual rate, tax adjusted, or - the YP single rate

Answer 156

Profit / Loss account - Audited accounts - Need to see turnover and net operating profit (turnover LESS expenses)

Answer 157

Asbestos register Business rates / council tax Contamination EPC rating Flooding Planning history and compliance Environmental matters Equality act compliance

Answer 158

The yield at one moment in time (present income from a property expressed as % of market value)

Answer 159

Net income at date of purchase expressed as a percentage of the purchase price (START OF INVESTMENT THIS IS WHAT YOU TAKE THE YIELD TO BE)

Answer 160

Market rent expressed as a percentage of the purchase price or market value (If not already let at the market rent)

Answer 161

- The weighted average of initial yield/running yield (present income from property) and the reversionary yield - ALSO Expressed as the same yield throughout term and reversion - Says that the property is one investment, so both incomes are capitalised at one rate.

Answer 162

The internal rate of return taking into account future growth (growth in future income) - Not applicable to reversionary situations

Answer 163

The rent expressed as a percentage of the purchase price (effectively same as gross yield)

Answer 164

The estimated rental value (ERV) of a property expressed as a percentage of the purchase price (before costs).

Answer 165

Rent expressed as a percentage of the gross acquisition price ➢ i.e. purchase price plus purchaser’s cost (effectively the same as the net yield)

Answer 166

Estimated rental value (ERV) of a property expressed as a percentage of the gross purchase price i.e. purchase price plus purchaser’s cost

Answer 167

Assumes rent is paid in advance not in arrears (traditional valuation practice assumes rent is paid in arrears) (money produced by an investment considering effect of time value of money)

Answer 168

Stamp duty land tax (bands 0%/2%/5%) Agents fees (1%) Legal fees (0.5%) Non-recoverable VAT on fees (0.3% or 20% of total)

Answer 169

Community Infrastructure Levy - Charge that can be set by local authorities on new developments to raise funds for infrastructure and services in the community

Answer 170

Difference between annual rent and rent achieved between lessee and lessor

Answer 171

- Costs of planning consultant - Cost of planning application and building reg fees - Community infrastructure levy - Section 106 of town and country planning act 1990 payment

Answer 172

Scheme that regulates and monitors valuations (Gives RICS registered valuer tag) - Meets RICS self regulation requirements - Raises status of valuation profession - Improves quality of vals and ensures high standards

Answer 173

Actual rent cost with deductions related to incentives and concessions

Answer 174

Valuation subject to restricted info -> pre-agreed and written into ToE and report

Answer 175

- Number of tenants - Location, tenure, lease terms - Physical prop attributes - Market conditions

Answer 176

- Condition, - Specification (Grade A/B/C), - Look at the fit out, if tenants are in occupation (largely irrelevant in rent reviews/lease renewals).

Answer 177

Agreement between developer and local planning authority about the measures the developer must take to reduce impact on community

Answer 178

- Client/owner of prop - Buyer of prop – For conflict-of-interest check - Know what the property is and its location - If I am competent to undertake

Answer 179

- Rent reviews – Actual definitions of rent and assumptions/disregards as per the lease have to be used. - Specialised properties - Statutory Valuations

Answer 180

Amount to be shared between tenant and landlord (tenant as gross profit and remaining as rental value to the landlord) - Gross profit LESS working expenses = divisible balance (OR NET PROFIT)

Answer 181

Gross acquisition price LESS agents fees, legal fees, SDLT

Answer 182

Rent payable after short-term incentive/rent free period has expired (inflated rent as ignores rent free)

Answer 183

The value arising from any expectation that future circumstances affecting the property may change e.g. realising marriage value, future prospect of securing planning permission

Answer 184

A % of the net operating profit to arrive at market rent - Usually 50%

Answer 185

Difference between market and passing rent (overrage)

Answer 186

RICS recommend every 7 years due to quality control measures

Answer 187

Costs to demolish building, shore up and weatherproof adjoining buildings, cost to rebuild to buildings regs + any fees

Answer 188

Currently 4.00% as at 18 September, next review is November

Answer 189

ITZA - Red Book as it relates to valuations Zoning - From the code of measuring practice

Answer 190

ITZA/10 or spot figure

Answer 191

A model that shows the impacts that different inputs of independent variables have on a dependent variable

Answer 192

Costar EGI Speaking with agents Land registry Own PM databases

Answer 193

Exceptions: Circumstances where the Red Book does not apply at all. E.g internal valuations, agency/brokerage services etc Departure: Situations where the Red Book does apply, but you are permitted to deviate from a specific requirement. ✅ In short: • Exceptions = outside Red Book (not covered at all). • Departures = within Red Book but flexed with disclosure.

Answer 194

for mid-2025 were approximately - 3.75% in the West End - 5.25% in the City

Answer 195

Around 4.75-5%

Answer 196

- Opinion of value - Valuation Approach

Answer 197

1) Profit as a % of GDV Used when: The project is speculative (open market sale, not pre-let/sold). There is greater market and sales risk. **We Chose 15% of GDV 2) Profit as a % of Total Cost. Used when: The scheme is lower risk, e.g. pre-let, forward-sold, or owner-occupied.

Answer 198

1) Introduction 2) Glossary 3) UK PS 1 - Compliance with valuation standards within the UK Jurisdiction. 4) UK VPS 1 to 3 - 1) ToE and reporting: Red book compliance, 2) ToE supplementary provisions in Scotland, 3) Regulated Purpose Valuations 5) UK 18 VPGAs

Answer 199

- The UK's annual inflation rate, as measured by the Consumer Prices Index (CPI), was 3.8% in September 2025.

Answer 200

Transaction between parties with no prior relationship or connection.

Answer 201

Valuation for statutory functions such as reporting for company accounts/business rates/due diligence

Answer 202

Weighted average unexpired lease term - This is remaining to first break/expiry

Answer 203

A series of calculations to establish the value/viability of a proposed development based on clients inputs - Valuation is a possible output

Answer 204

Building Cost Information Service - Obtains monthly updates from quantity surveyors and building surveyor sources and most recent contract price tenders agreed - Paid subscription service for members - Calculated by a metre square basis - Updates made monthly, quarterly, annually

Answer 205

Deduct disposal costs from GDV (sale and letting fees)

Answer 206

- Break-even discount rate at which value of cash outflows = cash inflow - Simulated discount rate needed you need to apply to match your desired return

Answer 207

It is the rate of return (yield) applied to a leasehold interest to reflect the risk profile of that interest. - Generally taken at 1% to 2% above the freehold market rent rate to reflect that: - there is the inconvenience of having a landlord and a lease - the difficulty of assigning and sub-letting near the end of the lease

Answer 208

Remunerative rate = income producing capability of prop (rental income) Accumulative rate = applies to future capital appreciation (increase in prop value over time)

Answer 209

A reversionary freehold is an investment that is let at a rent other than the Market Rent - Traditionally, under-rented - can be over-rented

Answer 210

- Market risks (lack of rental growth - Specific risks (Cost of ownership, management)

Answer 211

- Discounting is the reverse of compounding. - Discounting is the calculation of the amount of cash that needs to be invested today to provide the future amount over the time period at the applicable rate of interest (discount rate). - Whereas compounding is calculating how much a present sum of money will grow over time when interest is added.

Answer 212

- Properties which do not usually change hands on the Market (Specialised Properties) - Inclusion in Company Accounts and other Financial Statements (Asset Valuations) - Compulsory Purchase (Rule 5) - Rating - Non-Specialised Properties when there is no direct / inconclusive comparable evidence This is why it is sometimes called the Contractor’s Test

Answer 213

1) Turnover LESS costs of generating that turnover = Net operating profit 2) Capitalise the net operating profit at the chosen yield to reach the market value Can be expressed as the EBITDA - Capitalised at appropriate yield to achieve market value - Cross check with comparables if possible

Answer 214

No, I utilised the COMPARABLE method to ascertain the market rent value, which I then capitalised this at the appropriate yield in the RESIDUAL method

Answer 215

Comparable method but if no comparables then residual

Answer 216

1. the construction (age, design, specification) 2. the quality of the tenant’s covenant strength 3. the amount of rent (i.e. market-rented, under-rented, over-rented) 4. the unexpired lease term 5. the other lease terms 6. anticipated rental growth (location)

Answer 217

A capitalisation factor used in valuation to convert a stream of income (usually annual rent) into a capital value. - YP represents the number of years' income that a purchaser is willing to pay up front to acquire the right to receive that income stream - Effectively the yield applied to the term (the lease length) of an investment. E.g £ 90,000 / 3.600 sq ft = £25.00 per sq. ft (£242.19 per sq m) £1,500,000 / £90,000 = 16.6667 YP 100 /16.6667 = 6% yield

Answer 218

This maybe when a shop has two main frontages

Answer 219

- Is calculating or, plotting on a graph, a value that lies outside two extreme points i.e. working outside 2 points of value <£5 - >£7psf. Rising market = evidence plus extra and falling market = evidence plus discount

Answer 220

Refers to the practice of dividing a building or space into distinct functional areas for measurement and reporting purposes.

Answer 221

- most reliable method of valuation - primary method of valuation and should be used whenever possible

Answer 222

1) Check competency to do so 2) Advise limited information can affect the certainty of the valuation – Note in TOE and valuation report 3) Ask for all relevant plans and documents to assist

Answer 223

- Not suitable for Red Book Compliant valuation for secured lending - Can be used to Calculate Market Rent for specialised properties in valuations for financial statements

Answer 224

Existing use value used when there is no expectation of that use changing in the forseeable future. (Is sometimes market value)

Answer 225

A valuation carried out to comply with financial reporting requirements. - The most common framework is IFRS (International Financial Reporting Standards) or UK GAAP. - It is a Regulated Purpose Valuation (RPV) under the Red Book.

Answer 226

- Check with the client or managing agent if there were any material changes to the property since the last inspection. - If there was, then definitely re-inspect, but if not then maybe not needed. Workmans best practice is to inspect the property at least once a year, for multi-tenanted properties this would typically be every 6 months.

Answer 227

- Inspections and investigations must be carried out to the extent necessary to produce a valuation that is professionally adequate for its purpose. - The valuer must take reasonable steps to verify the information relied on in the preparation of the valuation and, if not already agreed, clarify with the client any necessary assumptions that will be relied on.

Answer 228

Existing Use Value (EUV- UK VPGA 6) = The value of property for the purpose for which it is currently used, assuming that it can continue to be so used, disregarding any hope value for alternative uses Existing Use Value for Social Housing (EUV-SH) *Not relevant for us.

Answer 229

A proper record must be kept of inspections and investigations, and of other key inputs, in an appropriate business format

Answer 230

1) Title - correct title is shown and property is free from unusual issues 2) Condition of buildings- Good condition of areas covered or not shown would have material defect 3) Services – All in working order 4) Planning (Zoning)- Full planning permission for its current use, and wouldn’t be adversely affected by planning proposals 5) Contamination and hazardous substances 6) Environmental matters distinguishing between: (a) Natural environmental constraints (b) Non-natural constraints (contamination and hazardous substances). (c) Sustainability – assessing the implications for value

Answer 231

These must always have regard to - the nature of the asset (or liability) - the purpose, intended use and context of the particular assignment - any statutory or other mandatory requirements applicable in the jurisdiction concerned.

Answer 232

An amount that reflects particular attributes of an asset that are only of value to a special purchaser

Answer 233

- The property has been reinstated - Valuing as a cleared site with development permission for the existing use - Refurbishment or redevelopment for a different use

Answer 234

- Market Value - Market Rent - Investment Value (or worth) - Fair Value (under International Financial Reporting Standards)

Answer 235

The overall valuation approach is usually classified into one of three main categories: 1. the market approach (comparable method) 2. the income approach (investment method / DCF) 3. the cost approach (contractors method / DRC)

Answer 236

The highest and best use of an asset - that is possible, legally permissible and financially feasible (can take development potential into account if so) - Market Value Ignores price distortions caused by special value or synergistic value (marriage value

Answer 237

An assumption is made where it is reasonable for the valuer to accept that something is true without the need for specific investigation or verification. - Any such assumption must be reasonable and relevant…….

Answer 238

1. Planning consent has or will be granted 2. Proposed development has/will been completed in accordance with a defined plan and specification 3. The property has been changed in defined way 4. The property is vacant (when occupied at the valuation date) 5. The property is let on defined terms (when vacant at the valuation date) 6. That synergistic value is created where one or more parties has as a special interest

Answer 239

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. - Usually no difference in the reported figure between Fair Value and Market Value

Answer 240

- Existing use value, - Existing value for social housing

Answer 241

Market value is what the market would pay and worth is individual value to an investor

Answer 242

PS 2: Ethics, competency, objectivity and disclosures Fundamental to the integrity of the valuation process, members practising as valuers must have appropriate experience, skill and judgment for the task & must act in a professional manner free from any influence, bias or conflict of interest Members must have: - market knowledge - the valuation skills to undertake the valuation competently - And comply with the RICS Valuer Registration Scheme (VRS) requirements

Answer 243

- Must be carried out by/under the supervision of a RICS Registered Valuer who accepts responsibility for it. This valuer must also sign off the document. - Valuer must have sufficient knowledge and skill to carry of the valuation of that specific market and location. Needs to be competent. The valuer must act independently, objectivity, confidentiality and the identification and management of conflict of interest.

Answer 244

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, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

Answer 245

PS 1 = Compliance with standards where a written valuation is provided - All members, whether practising individually or within an RICS-regulated, who provide a written valuation are required to comply with the international standards and RICS global standards. - Members must also comply with the requirements of RICS Valuer Registration Scheme (VRS) - Departure – If for any reason compliance is not possible, this must be clearly disclosed/justified in the report. - Exceptions - Sets out all valuations by RICS members must comply with IVS and the Red Book, unless an exception applies.

Answer 246

No you do not need to comply, however compliance with PS1 and PS2, and VPS 1-6 is advised and should comply for BEST PRACTICE

Answer 247

Property exposed to market in most appropriate way at the most appropriate time.

Answer 248

- Mandatory Application - Compliance with PS 1, PS 2 within these global standards is mandatory for RICS members/ firm involved in undertaking or supervising valuation services by the provision of written valuation advice - Notwithstanding the exceptions to the VPSs covered at PS 1 section 5

Answer 249

1. A short time timescale - for reporting may result in not all of the facts being established 2. A client may require a drive-by, desk-top or pavement valuation. 3. Restrictions to value - Instructions may be accepted if the restriction is considered reasonable. 4. The instruction should be declined if the valuer considers that it is not possible to provide a valuation on the basis of restricted information. 5. It must be made clear when confirming instructions that the restriction, any resulting assumptions and the impact on the accuracy of the valuation will be referred to in the Report.

Answer 250

Compliance with VPS are mandatory, compliance with VPGA are advisory

Answer 251

Part5 - Valuation Applications (VPGA)

Answer 252

- Part 1: Introduction - Part 2: Glossary - Part 3: Professional Standards (PS) - mandatory - Part 4: Valuation Technical and Performance Standards (VPS) - mandatory - Part 5: Valuation Applications (VPGA) – advisory NOT mandatory - Part 6: International Valuation Standards (IVS)

Answer 253

PS 1 and PS 2 are mandatory and apply in all cases when members are providing valuation advice, however if there are special circumstances where it is considered inappropriate to comply with VPS 1 to VPS 6 these must be confirmed and agreed with the client as a departure with a clear statement in: - the Terms of Engagement - the Report - any published reference to the Report The reasons for departure must be justified.

Answer 254

UK VPS 1 = Terms of engagement (scope of work) and reporting: Red Book compliance A Valuation Report issued in the UK and stated as being in accordance with the RICS Red Book - All material matters must be brought to the clients attention prior to the issue of the report and documented. *There are 18 matters that must be stated in Terms of Engagement

Answer 255

Investment value is also known as ‘worth’. - The value of an asset to the owner, or prospective owner. - For individual investment or ownership purposes. - It may differ from Market Value. If worth is more than Market Value- invest If worth is less than Market Value- disinvest

Answer 256

Assists with the application of global standards within a local context

Answer 257

- To align with the new International Valuation Standards (IVS) effective from 31st January 2025: - The Valuation Technical and Performance Standards (VPS) in Section/part 4 are rearranged - new VPS 5 - New content relating to valuation modelling and methods is added - Incorporate the growing influence of technology and AI in valuations, and strengthen the focus on ESG

Answer 258

Mandatory requirements and guidance for RICS members and Regulated firms

Answer 259

The mandatory application of VPS 1 to 6 may be unsuitable or inappropriate some purposes: - Internal Purposes - Expert witness, agency/brokerage, - Statutory purposes ( business rates, tax), - Negotiation/ litigation

Answer 260

An accurate way to estimate the interest is calculate it for the whole debt incurred over the total development period and then half it. E.g if Finance will be at 7%. - Assumed that the costs are incurred in equal monthly tranches (straight line) over the pre-construction and construction periods & interest is paid monthly at the effective rate of 7% p.a.

Answer 261

I first familiarised myself when i started working at Workman LLP, I was told to read through it by my line manager to begin to understand the red book and its principles etc. I got more familiar with the RICS Valuation – Global Standards during my APC preparation and valuation training.

Answer 262

- Provides mandatory standards for all RICS members undertaking valuations. - Ensures consistency, transparency, and professionalism across the industry. - Protects clients, end users, and the public by ensuring valuations are objective, ethical, and well-documented.

Answer 263

The basis of value sets the assumptions on which a valuation is prepared. Common bases include: - Market Value (MV): The price between a willing buyer and seller in an arm’s-length transaction. Market Rent: - Fair Value (FV): Used for financial reporting under IFRS. - Investment Value: Value to a particular investor, based on their objectives.

Answer 264

- Provides local application guidance to the Red Book in the UK context. - Reinforces requirements around compliance with UK legislation (e.g., Landlord & Tenant Act, planning law, MEES). - Financial reporting valuations in line with UK GAAP. - Helps defineUK-specific definitions of bases of value. - Helps me ensure terms of engagement reference both global and UK guidance.

Answer 265

PS 1 and PS 2 are mandatory for all written valuations, regardless of exceptions The mandatory application of VPS 1 to 6 may be unsuitable or inappropriate some purposes: - Internal Purposes - Expert witness, agency/brokerage, - Statutory purposes ( business rates, tax), - Negotiation/ litigation

Answer 266

Sets out all valuations by RICS members must comply with IVS and the Red Book, unless an exception applies. Exceptions include agency/brokerage advice, internal valuations not for third-party use, or where law requires a different approach.

Answer 267

- APC Training and JFPC (Workman Funded) - External sessions on everything valuation - RICS Red Book Updates - Internal Training - Internal CPD sessions

Answer 268

- Passing Rent - Size (GIA) - Date of transaction - Transaction Type - Condition - EPC - Location - Repairing terms - Layout

Answer 269

- Clearly set out the basis, purpose, and assumptions of the valuation – even for internal use. - This gave clarity and protection to both client and valuer, reducing scope for dispute or misinterpretation. - Even though internal valuations may be exempt, I still followed Red Book principles for transparency and audit trail.

Answer 270

- Identification and Status of the valuer - Client & other users - Property to be valued - Purpose of valuation - Basis of value - Valuation date - Special Assumptions - Assumptions and limitations - Complaints - RICS monitoring

Answer 271

Although internal valuations are technically exempt, - Prepared Terms of Engagement referencing the exemption. - Followed the Red Book framework (PS, VPS, VPGA) where possible. - Clearly stated assumptions, basis of value, and limitations.

Answer 272

The total outlay by the purchaser to buy the property. It includes: - The Market Value (net price) (i.e. what the property itself is worth) - All acquisition costs borne by the purchaser (Stamp Duty Land Tax, agent’s fees, legal fees, VAT if applicable, etc.)

Answer 273

NIY = Net Rent Passing / Gross Acquisition Price X 100 (rent expressed a percentage of GAP) Here: £780,000 ÷ £15,600,000 = 5.00%. Same as the ARY

Answer 274

NIY = return on current passing rent against GAP (entry yield). ARY = the yield applied to Market Rent to reflect all risks of ownership (long-term). IN THIS CASE SAME AS MARKET RENTED

Answer 275

- It is a real cost to a purchaser. - Must be deducted to ensure the Market Value reflects what a buyer would actually pay to acquire the property

Answer 276

To reflect uncertainty or marketability risk if the property cannot be sold immediately.

Answer 277

- Calculate MV of completed development - Deduct developers costs and developers profit - This gives the land value

Answer 278

- Covers unexpected costs (e.g., ground conditions, delays). - Standard market allowance (typically 5–10% depending on scheme risk). - Ensures the residual value isn’t overstated

Answer 279

- Highly sensitive to assumptions (GDV, build cost, profit). - Small input changes cause large output swings. - Best used as a cross-check alongside market land comparables.

Answer 280

- Competence check - COI check - Check for good title - Inspect property - Check for environmental matters i.e contamination - Check the surrounding area (market conditions) - Planning enquiries - Check for alterations / improvements - Check the EPC - Check compliance with statutory H&S Research with agents

Answer 281

-B1, B2, and B8 refer to specific planning use classes in England and Wales - B1 (Business) being for offices, research, and light industrial processes - B2 (General Industrial) for more significant industrial processes, - B8 (Storage or Distribution) for storage and distribution Since 1 September 2020, most B1 uses are now included in the new combined Class E (Commercial, Business and Service)

Answer 282

- Purchase or Sale - Leasing and letting - Rent review/ lease renewal - Internal purposes - Statutory purposes ETC

Answer 283

- term and reversion - Term capitalise until next review and then reversion to market value valued in perpetuity at reversionary yield

Answer 284

- Layer/hardcore, - Income flow divided into top slice (market rent) and bottom slice being passing, - higher yield on top slice to reflect risk, based on comps.

Answer 285

- You would just include an office within an industrial building in the GIA, - You measure its internal floor area from the inner face of the perimeter walls, including internal walls, columns, and partitions. The GIA calculation should encompass all enclosed spaces within the building's main perimeter,

Answer 286

- To measure the two floors for Gross Internal Area (GIA), calculate the area of each floor separately by measuring to the internal face of the perimeter walls and adding all enclosed spaces on each level. - For irregularly shaped floors, divide them into smaller rectangles, calculate the area of each, and add them together. Ensure each floor's area is measured independently before summing them for the final total GIA.

Answer 287

- Owned by LDC, a private equity firm, which acquired it in 2022. - Originally, BCIS was established by the Royal Institution of Chartered Surveyors (RICS) in 1961, and it still

Answer 288

- Assumption – accept something as true without need for investigation or verification - Special assumption – accept as supposition but not true and needs investigation

Answer 289

If it has permanent access then it should be measured separately from the main ground floor of the industrial unit, but its full area is included in the total building area.

Answer 290

Cost of modern building - depreciation = net depreciation cost Net depreciation cost + site value = Current value (DRC)

Answer 291

- The profits method calculates a business's profit as a result of it's trade at the subject property. It then uses the profits to determine it's value. Turnover (net of VAT) - Cost of generating turnover = net operating profit Net operating profit is then capitalised to determine the value.

Answer 292

NO -The client informed us that they already had got planning consent for a warehouse and office redevelopment - Redevelopment was staying within the same use class - Added into our contingency amount in case planning was required along the way. - For projects creating floorspace between 1,000-3,750sq m, the fee is £635 for each 75 square metres (or part thereof). Calculation: 3,345sq m / 75 = 44.6 units. The fee would be for 45 units (rounded up). 45 x £635 = £28,575.

Answer 293

It is best practice to follow the Standards to ensure consistency, quality, and transparency, even when exceptions arise. Examples where I would still adhere: - Internal valuations for a client – even if exempt, applying Red Book principles gives confidence in accuracy.

Valuation (L2) Flashcards

(317 cards)