Data Management

Question 1

What is confidentiality?

Answer 1

Where information is provided in confidence and not shared without permission

Question 2

What is a non disclosure agreement (NDA)?

Answer 2

Used to protect against the sharing of any confidential data

Question 3

What is GDPR?

Answer 3

General Data Protection Regulation

Question 4

What are the principles of GDPR? (7)

Answer 4

LS MAPS

1. Lawfulness
2. Security
3. Minimum Data
4. Accuracy
5. Purpose Limitation
6. Storage Limitation
7. Accountability

Question 5

What is Lawfulness, Fairness, and Transparency in GDPR?

Answer 5

You must process data legally, fairly, and in a clear way.

Question 6

What is Purpose Limitation in GDPR?

Answer 6

Only collect data for specific purposes.

Question 7

What is Data Minimisation in GDPR?

Answer 7

Only collect what you need. No more, no less.

Question 8

What is Accuracy in GDPR?

Answer 8

To keep personal data accurate and up to date.

Question 9

What is Storage Limitation in GDPR?

Answer 9

Don’t keep personal data longer than necessary.

Question 10

What is Integrity and Confidentiality (Security) in GDPR?

Answer 10

Protect data from loss, damage, or unauthorised access.

Question 11

What is Accountability in GDPR?

Answer 11

You are responsible for complying — and must be able to prove it.

Question 12

What must companies put in place to comply with GDPR?

Answer 12

1. Privacy Policy & Notices
2. Legal Basis for Processing Data
3. Consent Management
4. Data Subject Rights Processes
5. Data Protection Policies
6. Data Security Measures

Question 13

Why is it important to limit access to personal data?

Answer 13

To protects individuals’ privacy

Question 14

How long does your company keep personal data?

Answer 14

For as long as reasonably necessary.

If we no longer need it, we will get rid of it.

Question 15

What are the financial penalties for a data breach?

Answer 15

Less serious - Tier 1: Up to £10 million or 2% of annual turnover, whichever is higher

Serious - Tier 2: Up to £20 million or 4% of annual turnover, whichever is higher

Question 16

What are the non-financial penalties for a data breach?

Answer 16

Warnings and bans

Question 17

How does your company ensure data is stored securely?

Answer 17

Employs a comprehensive approach in line with GDPR

24/7 Security Operations Centre

Regular security assessments

Question 18

What would you do if you left your laptop on the train?

Answer 18

Immediately report it to the data protection officer, HR and my line manager

Question 19

What is the main legislation for Data Management?

Answer 19

Data Protection Act 2018

Question 20

What are the 8 Individual Rights under GDPR?

Answer 20

1. Right to Be Informed
2. Right of Access
3. Right to Rectification
4. Right to erasure
5. Right to restrict processing
6. Right to data portability
7. Right to object
8. Right to not be subject to a decision based solely on automated processing

Question 21

How do you verify your data source for comparables?

Answer 21

By confirming the transaction by calling the agent

Question 22

What are the penalties for breaching an NDA?

Answer 22

Sued or be subject to financial damages

Question 23

Who is the Data Controller in your company?

Answer 23

Lambert Smith Hampton (LSH) acts as a controller for the personal information

Question 24

What is the Freedom of Information Act?

Answer 24

It entitles members of the public to request for information from public bodies.

Question 25

How would you request information from a public body?

Answer 25

Submit a Freedom of Information (FOI) request. You will get a response within 20 days and may be charged

Question 26

What are some ways you can you keep data secure?

Answer 26

Regular external back ups Password protection Anti-Virus Fire walls Disaster recovery

Question 27

What data sources have you used?

Answer 27

Co-star EGI EPC register Rightmove Plus Land registry

Question 28

How would you report a data breach at your company?

Answer 28

Immediately report it to the Data Protection Manager

Question 29

Who is your company's Data Protection Manager?

Answer 29

Sarah Fendt. Been in role since 2012.

Question 30

What is a data room?

Answer 30

A secure space, either physical or virtual, used to store and share confidential documents

Question 31

What property databases did you use to collate comparable evidence?

Answer 31

CoStar and EGI for commercial Rightmove Plus for Residential

Question 32

How do you do your credit checks?

Answer 32

Dun and Bradstreet

Question 33

What is data?

Answer 33

Facts and statistics collected together for reference or analysis

Question 34

What is an information system?

Answer 34

A system for collecting, storing, processing and distributing data

Question 35

What does Dun and Bradstreet score?

Answer 35

1. Financial strength 2. business size and revenue 3. Risk of failure

Question 36

What is a good Dun and Bradstreet score?

Answer 36

5A1 5 - Good financial strength A - Large business with high revenue 1 - Low risk of failure

Question 37

How else could you determine covenant strength?

Answer 37

Access most recently published accounts from Companies House

Question 38

What is BCIS?

Answer 38

Building Cost Information Service

Question 39

How did you ensure BCIS costs' accuracy?

Answer 39

Ensure it was up to date and cross-checked it with other reliable sources such as building surveying team

Question 40

How did you send your comparables for Shipleys Amusements?

Answer 40

In a password protected Excel sheet via email.

Question 41

How did you share the password for the password protected Excel Sheet for Shipleys Amusements?

Answer 41

via Phone call. I ensured I used different communication channels to prevent interception by unauthorized access.

Question 42

What is Data Management?

Answer 42

The process of collecting, storing, organizing, protecting, and utilizing data to ensure its accuracy, availability, and security

Question 43

How is Data Management effective in Commercial Real Estate?

Answer 43

It allows for informed decision-making

Question 44

What type of data do you collect in your day to day role?

Answer 44

1. Comparables 2. Credit reports 3. Build costs 4. Market data

Question 45

What steps would you take to ensure the accuracy and reliability of data collected for a commercial real estate project?

Answer 45

Source data from credible providers and cross-check it with different sources

Question 46

What is a Data Controller?

Answer 46

The entity that determines the purpose of processing personal data.

Question 47

What does a Data Controller do?

Answer 47

Ensures data privacy and compliance with GDPR.

Question 48

What is a Data Processor?

Answer 48

The entity that processes personal data on behalf of the data controller, such as an IT service provider.

Question 49

What measures should be taken to ensure the security of personal data?

Answer 49

1. Encryption 2. Strong password policies 3. Regularly update software 4. Ensure compliance with GDPR

Question 50

What tools and software can be used for managing and analyzing data?

Answer 50

Argus Enterprise - Used for financial modeling and valuation of commercial real estate investments.