QUESTION 1: Summarise the provisions and purpose of the RICS Valuation-Professional  Standards (the Red Book) and briefly discuss the benefits and difficulties you consider it gives rise to. You may illustrate your answer with examples, but the identity of the parties concerned should not be disclosed or readily identifiable (600-800 words).

QUESTION 2: Write an executive summary for the managing director of a small private investment company, describing the office property market in the nearest town to the area where you work (600-800 words).

QUESTION 3: Your client has recently inherited a small portfolio comprising three shops with flats above, a multi-let office building and an industrial unit. She has been looking at reports from the previous managing agent and is concerned about the basis of measurement applicable to each for letting and insurance purposes.

a. Explain the rationale for the use of the Code of Measuring Practice when carrying our valuations for rental and insurance purposes (250-300 words).

b. Explain the principles involved in calculating the floor area of a retail shop unit for rent review purposes (250-300 words).

QUESTION 4: A valuation is only as good as the comparable evidence used. Therefore, rigorous analysis and consistent validation of the comparable data collected is as important as the mathematical formula used in any valuation. Discuss this statement (600-800 words).