Important Questions Flashcards
Who are the SCSI?
The SCSI are the Irish professional body representing construction, land and property professionals in Ireland.
What is the role of the SCSI
The role of the SCSI is to regulate the profession and is accountable for both its members and the public. The three key roles they state are:
o Set the highest standards
o Regulate its members
o Develop and produce leading edge research and knowledge
SCSI – Rules of Conduct
o Ethic and Professional Behaviour
Act with integrity & avoid conflicts of interest
o Conduct
Members are expected to conduct themselves in accordance with the
rules
o Competence
Members shall carry out their professional work with due skill, care &
diligence and with proper regard for standards.
o Service
Members shall carry out their work in a timely manner & with property
regard for standards of service & customer care.
o Continuing Professional Development (CPD)
Members shall plan, undertake,
record & evaluate appropriate CPD.
o Solvency
Members shall ensure that their personal & professional finances are
managed appropriately.
o Duty of Confidentiality
Shall keep all client information confidential. Information can only be disclosed with client consent of if required by law or court.
o Co-operation
Shall co-operate fully with staff of the society
Why do the SCSI have Rules of Conduct
To establish trust in the society and its members
To protect the public
To uphold the reputation of the profession
SCSI Conduct of Business
o Training
Member firms shall have procedures in place to ensure staff are properly
trained and competent
o Complaints Handling
Member firms shall have an internal complaints procedure
set up.
o Client Money
Members shall preserve the security of client money in an account
separate to the company account
o Professional Indemnity Insurance
Member firms shall ensure that all previous & current work is covered by adequate & appropriate professional indemnity
insurance.
o Advertising
Members shall advertise or promote their services only in a truthful, tasteful and appropriate manner.
o Incapacity
Member firms which only has a sole principal shall have in place appropriate arrangements in the event that sole principal’s death, incapacity or extended absence.
What are the 5 standards of the RICS
o Act with Integrity
o Always provide a higher Standard of Service
o Act in a way that promotes Trust in the profession
o Treat others with Respect
o Take Responsibility
Who are the PSRA
The PSRA are the Property Services Regulatory Authority and were formed in April 2012 with the aim to achieve uniformity and transparency in licencing, regulation and provision of information to the public.
What are the functions of the PSRA
The functions of the PSRA are as follows:
o To control and regulate property companies
o Establish complaints and redress system for customers
o Set and enforce standards
What sort of information do registered firms have to send to the RICS annually
o Type of business and staffing.
o Nature of clients.
o Training provision.
o Complaints handling procedures details and records.
o PI insurance details.
o Whether the firm holds clients’ money.
What do you need to set up your own business?
o Obtain a company and individual PSRA Licence
o Do up a business plan
o Obtain finance
o Inform revenue of the company
o Register the company for VAT
o Get ISO approval
o Inform the SCSI of the new company
o Adhere to the rules of conduct of the SCSI / RICS
o Set up a client account for rent, services charges and deposits
o Organise professional indemnity insurance
o Have a copy of the red book
o Anti money laundering procedures
o Complaints procedure
o Data Protection and copyright licence.
What must a complaints handling procedure include?
- Must include Redress mechanism
Details to the client should be issued with the TOE - Clear / Quick / Transparent / Impartial and free of charge
- Names and contact details of nominated complaints handler should be provided
- 28 days to investigate
- All complaints, progress and outcomes must be recorded
- Must note the need to advise PI insurance of a complaint immediately
2 stages at minimum
1 - Consideration of the complaint from a senior member of staff and complaints handling officer.
2 - If issue is not resolved it is forwarded to third party. Complainant may need to contribute to costs at this stage
Minimum Indemnity
Turnover
100k or less - 250,000
100k - 200k - 500,000
200k + - 1,000,000
What are the main elements in a fee proposal
- Intro - Firm / Qualifications / Understanding of project and client
- Scope of Services
- Methodology - Approach you will take / Task involved and resources
- Fees and payment schedule - Fixed or variable or mix
- Qualifications and experience
- TOC
- Conclusion
What are the mains principles of the Bribery Act
Making a bribe
Receiving a bribe
Bribing a foreign public official
Failure of a corporate entity to prevent bribers on it’s behalf
(AML) What legislation is covering it
Criminal Justice (Money Laundering and Terrorist Financing Act) 2010
Criminal Justice Act 2014
What are the 4 requirements of anti- money laundering
Identify and carry out due diligence
Report suspicious behavior
Maintain records
Provide staff training
AML What policy do you carry out
Know your client
Conduct a risk assessment
Conduct client due diligence: (Photo ID /
Proof of address / Memo & Art of company)
Maintain records
Apply ongoing monitoring to relationship
Report suspicious activity
Training
What should you consider when inspecting the internal?
Layout / Spec / Flexibility / Obsolescence
Repair and maintenance
Defects
Services - Age + condition
Statutory compliance - Asbestos / building regulations / health and safety / fire safety / planning
Fixtures and fittings / improvements
Compliance with lease obligations
If inspecting for valuations purposes, what should you be looking out for?
Location
Tenure
Aspect
Form of construction
Defects
Current condition
Occupation Details
What’s the TOE for valuations (No Redbook)
Identify the client
Purpose of valuation
Subject of valuation
Interest to be valued
Type of property and it’s current use
Bases of valuation
Valuers status and disclose any previous involvement
List of assumptions
Extent of valuers investigations
Nature and source of information to be relied upon
State limits and exclusions of liability
Confirm whether valuation will be compliant with Redbook
Basis of fee calculation
Complaints handling
Redbook Report
Identification and status of the valuer
Identification of the client and any other intended users
Identification of the asset(s) or liability(ies) valued
Purpose of the valuation
Basis(es) of value adopted
Valuation date
Extent of investigation
Nature and source(s) of the information relied upon
Assumptions and special assumptions
Restrictions on use, distribution and publication of the report
Confirmation that the valuation has been undertaken in accordance with the IVS
Valuation approach and reasoning
Amount of the valuation or valuations
Date of the valuation report
Commentary on any material uncertainty in relation to the valuation where it is
essential to ensure clarity on the part of the valuation user
A statement setting out any limitations on liability that have been agreed.
