Client care/Teamworking/Business Planning

Question 1

Give an example of when you have provided a good standard of client care

Question 2

Name some ways to provide good client care?

Answer 2

Communicating clearly
Seeking feedback
Developing long term relationships
Ensuring regular contact & updates

Question 3

How can you seek client feedback?

Answer 3

Project reviews
Satisfaction surveys
Meeting informally 
Discussion groups 
Quality assurance

Question 4

Why is it important to identify and know your client?

Answer 4

Tailor service to different levels of knowledge 
Limit cross sell between departments 
New business generation 
Money laundering purposes 
Understanding their business objectives

Question 5

When dealing with a typical negotiating instruction who is your general duty of care towards?

Answer 5

My client - to do the best deal for them as a negotiator (unless acting as expert witness with a duty to the court)

Question 6

How can you avoid complaints?

Answer 6

Seek feedback and ensure effective communication
Have clear and well worded TOE
Avoid misunderstanding
Act on client feedback 
Do what you say you will

Question 7

What must a firm do in relation to CHP?

Answer 7

Agree CHP with professional indemnity insurance
Operate a written CHP
Train and make CHP available to staff
Have an RICS ADR mechanism
Agree CHP with Professional Indemnity Insurance
Provide CHP if a complaint is received

Question 8

What are two types of ADR mechanism approved by RICS?

Answer 8

Consumer Redress

Business to business redress

Question 9

Which of these are examples of consumer redress ADR mechanisms?

Answer 9

Arbitration Procedure for Surveying Disputes
RICS DRS
CEDR Solve

Question 10

What is a liability cap?

Answer 10

Contractual agreement limiting damages to manage risk in survey and valuation work

Question 11

What must a liability cap be?

Answer 11

Reasonable and comply with Consumer Rights Act 2015

Question 12

What is the RICS role in CHP?

Answer 12

They can consider a complaint about service or professionalism

Question 13

What standard of service do RICS apply when considering a complaint about a member or firm?

Answer 13

Reasonable professional

Question 14

Can you appeal against an RICS decision to close a case or agree a consent order?

Answer 14

No, but you can ask for a review by Head of Regulation (their decision is final)

Question 15

Why is it important to have a business plan?

Answer 15

Seek funding 
Focus on priorities 
Respond to change 
Budgeting
Staff targets

Question 16

What might you include in a business plan?

Answer 16

Executive summary 
Description of business opportunity
Team
Operations
Forecast cash flows 
Objectives 
Marketing/advertising 
Exit strategy

Question 17

Name some UK company structures?

Answer 17

Sole trader
Partnerships
Limited company
LLP

Question 18

Is a sole trader personally responsible for their companies debts?

Answer 18

Yes

Question 19

In which of these are your personal and business finances kept seperate?

Answer 19

Limited company

LLP

Question 20

What are the two types of groups/teams?

Answer 20

Permanent (work groups, boards)

Temporary (task forces)

Question 21

What are the theoretical stages of team development?

Answer 21

Norming 
Performing 
Mourning 
Forming 
Storming

Question 22

Name some ways to promote effective team working?

Answer 22

Clear objectives
Adequate resources 
Mutual respect
Sharing knowledge 
Speaking openly 
Range of skills

Question 23

Can you name some of Belbin’s theoretical team roles?

Answer 23

Plant - creative imaginative, unorthodox 
Resource investigator - extrovert, enthusiastic
Co-ordinator - mature confident 
Shaper - dynamic has drive
Monitor evaluator - sober 
Teamworker - preceptive, mild
Implementer - disciplined, reliable 
Completer - painstaking, conscientious 
Specialist - single-minded, self

Question 24

Why can teams be beneficial to property professionals?

Answer 24

Share knowledge 
Improve performance 
Peer checking work
Social aspect
Individual empowerment

Question 25

What is unconscious bias?

Answer 25

When people favour others who look like them or share their values

Question 26

What is the latest RICS guidance in relation to Client Money Handling?

Answer 26

RICS professional statement, Client Money Handling (1st Edition, October 2019)

Question 27

What are the 5 stages of negotiation?

Answer 27

1. Preparation
2. Discussion
3. Proposals
4. Bargaining
5. Ratification

Question 28

What is EBITDA?

Answer 28

Earnings before interest, taxes, depreciation, and amortization

Question 29

What is a business plan?

Answer 29

A document setting out a business’s future objectives and strategies for achieving them.

Question 30

What should be included in a business plan?

Answer 30

➢Executive summary
➢ Owner’s background
 Products and services
➢ The market
➢ Marketing strategy
➢ Market research
➢ Competitor analysis
➢ Operations and logistics
➢ Costs and pricing strategy
➢ Financial forecasts
➢ Back-up plan

Question 31

What are the types of Alternative Dispute Resolution (ADR)

Answer 31

1. Mediation
2. Independent Expert
3. Arbitration
4. Adjudication

Question 32

What are three types of financial statements?

Answer 32

The balance sheet, income statement, and cash flow statement