Recorded Webinar: Back-to-Basics: Part 2

Back-to-Basics: Part 2 – Income Cap, Insurance Method & MPRA Section 8

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Income Capitalization Method
– Presented by Malusi Mthuli

Reinstatement Cost for Insurance Purposes
– Presented by Trevor Richardson

MPRA Section 8 Shake-up: New MPRA requirements for valuers and property owners
– Presented by Janet Channing

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Back-to-Basics: Part 2 - Income Cap, Insurance Method & MPRA Section 8

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1 / 10

1. What are the consequences, in the event of a claim, of a property that is undervalued?

a) If the property is undervalued the Insurer will apply “averaging” and the owner will not be paid 100% of its claim.

b) If the property is undervalued the insurer will pay 100% of the claim

c) None of the above

2 / 10

2. True or False:
The preferred method of valuation is an “Elemental” estimate as it is more detailed and takes into account a greater basket of building costs/components.

a) True

b) False

3 / 10

3. Which significant factor(s) should you take into account when using published building cost data?

a) Date of the publication versus the date of valuation

b) Regional variance

c) All of the above

4 / 10

4. Should the calculation of the reinstatement cost include professional fees?

a) Yes

b) No

5 / 10

5. What is true about the BER Building Cost Index?

a) It determines the cost increase in tender prices pre and post the insured event.

b) It determines the inflationary cost of building materials during the construction period.

c) None of the above

6 / 10

6. What category of property are SASSA offices allocated to?

a) State owned property

b) Public Service Purpose property

c) Commercial property

7 / 10

7. What category would you allocate ‘un-used agricultural land’ to?

a) Agricultural property

b) Vacant land

c) Other

8 / 10

8. What defines section 8 compliance?

a) The categories of property are defined in the rates policy;

b) The criteria for rates relief for categories of owners of property are defined in the rates policy;

c) The valuation roll reflects the correct category of property;

d) The advertisement for the levying of rates reflects the correct category of property and the rates relief per category of owner of property;

e) The rates account reflects the correct category of property and the rates relief for the category of owner if the owner’s rates relief application is approved.

a) a, c, d

b) a, b, e

c) a, b, c, d & e

9 / 10

9. True or False:
“Vacant land” means any undeveloped land as listed in the valuation roll and includes bulk land identified by the municipality and where there is an approved Surveyor General Plan, Township Layout or approved general diagram.

a) True

b) False

10 / 10

10. True or False:
Under Section 15(2) (f), a municipality may not grant rates relief in respect of categories of owners of properties, such may include ‘owners of agricultural properties who are bona fide farmers.

a) True

b) False

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