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APc > Key Guidance & Legislation > Flashcards

Key Guidance & Legislation Flashcards

1
Q

COMPETENCIES:
Ethics, Rules of Conduct & Professionalism; ;Client Care

A

RICS Rules of Conduct 2021
Equality Act 2010
Bribery Act 2010
RICS Professional & Ethical Standards
RICS International Ethical Standards 2017

RICS Professional Statements:

Countering bribery and corruption, money laundering and terrorist financing 1st edition, 2019
Conflicts of Interest 1st Edition, 2017
Client Money Handling 1st Edition, 2019

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2
Q

COMPETENCY:
Health & Safety

A
  • Health and Safety for Residential Property Managers, 1st edition (2016)
  • Building Safety Act 2022
  • Fire Safety Act 2021
  • Health Safety at Work Act 1974
  • RICS Surveying Safely (2nd ed. - 2019)
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3
Q

COMPETENCY:
Accounting Principles & Procedures

(Think client money)

A
  • Service Charge Residential Management Code
  • Client Money Handling 1st Edition, 2019
  • Client Money Protection Scheme Rules 2019
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4
Q

COMPETENCY:
Conflict avoidance, management and dispute resolution procedures

A

RICS Complaints Handling, 1st Edition, 2016

Conflicts of Interest 1st Edition, 2017

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5
Q

COMPETENCY:
Data Management

A

Data Protection Act 1998

General Data Protection Regulation 2018

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6
Q

COMPETENCIES:
Diversity, Inclusion & Team Working
Inclusive Environments

A

RICS Rules of Conduct

Equality Act 2010

Building Regulations, Approved Document M

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7
Q

COMPETENCY:
Sustainability

A
  • Minimum Energy Efficiency Standards 2018
  • UN Global Compact
  • Environment Act 2021
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8
Q

OMPETENCY:
Valuation

A

RICS Global Valuation Standards (The Red Book) 2020
The Leasehold Reform Act 1993
RICS Guidance Notes:

Valuing residential property purpose built for renting 1st edition, 2018
Comparable evidence in real estate valuation, 1st edition, 2019

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9
Q

COMPETENCY:
Inspection

A

RICS guidance note
- ‘Surveying Safely: Health and Safety Principles for Property Professionals’ (2nd edition, November 2018).

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10
Q

COMPETENCY:
Measurement

A

Property Measurement Professional Statement, 2nd edition, 2018

IPMS (1-3)

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11
Q

COMPETENCY:
Property Management

A

Landlord & Tenant Act 1985
Landlord & Tenant Act 1987

Guidance Note
- Health and safety for residential property managers 1st edition, 2016

Professional Statement

Real estate management 3rd edition, 2016
RICS Service Charge Residential Management Code, 3rd edition, 2016

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12
Q

What are the 4 possible exemptions from compliance with the Minimum Energy Efficiency Standards (MEES) 2018?

A
  1. Consent - i.e. Landlord cant gain the adequate consents (planning) to carry out the works
  2. Devaluation - if the works would devalue the property by more than 5% (according to a surveyor)
  3. Temporary exemption - i.e. a new landlord has acquired the property - lasts for 6 months
  4. Nothing more to be done - where all reasonable works have already been completed - lasts for 5 years
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13
Q

Who governs / polices GDPR and what are the potential penalties?

A

UK - ICO (Information Commissioner’s Office)

A maximum fine of £17.5 million or 4% of annual global turnover – whichever is greater

ICO can take a range of other actions, including:

  • Issuing warnings and reprimands;
  • Imposing a temporary or permanent ban on data processing;
  • Ordering the rectification, restriction or erasure of data; and
  • Suspending data transfers to third countries.
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14
Q

Briefly describe the Social Housing Regulation Bill, announced at the opening of parliament.

A

o The Bill will increase social housing tenants’ rights to better homes and enhance their ability to hold their landlords to account by allowing the Regulator of Social Housing to intervene with landlords who are underperforming on consumer issues.

o Will implement tenant satisfaction measures which will allow tenants to measure their landlord’s performance.

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15
Q

Briefly describe the Renters Reform Bill, announced at the opening of Parliament.

A

o Seeks to overturn the ‘no fault’ section 21 eviction notice of the 1988 Housing Act, which enables landlords to evict tenants without reason and with just two months’ notice.

o The Bill also applies the legally binding ‘Decent Homes Standard’.

o Introduces a new Ombudsman for private landlords with the aim to resolve disputes without court proceedings.

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16
Q

Why was the Levitt Review undertaken?

A

The Independent Review was commissioned by RICS to investigate articles in the press that alleged that RICS ‘tried to supress a critical internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’ (Levitt, 2021)

16
Q

Why was the Levitt Review undertaken?

A

The Independent Review was commissioned by RICS to investigate articles in the press that alleged that RICS ‘tried to supress a critical internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’ (Levitt, 2021)

16
Q

Why was the Levitt Review undertaken?

A

The Independent Review was commissioned by RICS to investigate articles in the press that alleged that RICS ‘tried to supress a critical internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’ (Levitt, 2021)

17
Q

Why was the Levitt Review undertaken?

A

The Independent Review was commissioned by RICS to investigate articles in the press that alleged that RICS ‘tried to supress a critical internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’ (Levitt, 2021)

18
Q

Name 5 recommendations made in the Levitt Review?

A

The review makes recommendations relating to governance, Executive remuneration, whistle blowing and legal advice. Including:

  1. Greater oversight for the governing council
  2. More meetings for the Management Board
    (who have sole operational responsibility)
  3. Review of executive bonuses
  4. Overhaul whistleblowing procedures
  5. Legal advice should always be given with RICS as the client, not individuals
19
Q

What RICS Professional Statement should be referenced when completing market report work?

A

Real Estate Agency and Brokerage 3rd edition (2016)

20
Q

Which Sections of Real Estate Agency and Brokerage 3rd edition (2016) apply to market reports?

A

Sections 3.1 - 3.3

They relate to advice for marketing purposes, market advice, and reporting this advice to clients.

They are more relevant to estate agency work, but should still be referenced - e.g. states that this advice is not a formal valuation, but must always be made in good faith.

21
Q

What might the impact be of the Renter Reform Bill on the BtR sector?

A

The bill favours BtR landlords - they are not concerned about repossession, and security of tenure is a positive - provided the lease contains a mechanism for adjusting the rent. I.e. not agreeing to a rent review term equals a breach of lease - and allows for S8 Notice.

It is likely to negatively impact the private landlord market.

22
Q

Which piece of UK legislation enforces the implementation of the EU General Data Protection Regulations (GDPR)?

A

Data Protection Act 2018

23
Q

What are a person’s rights under the Data Protection Act 2018?

A

People have the right to:
* To be informed about how their data is being used.
* The right to access their data.
* The right to have incorrect information updated.
* To have their data erased.
* To stop or restrict the processing of their data.
* The right of portability.
* To object to the use of their data.

24
Q

What sustainable initiatives are you aware of that are implemented by the RICS?

A

RICS has launched the Value the Planet campaign and committed to forming a climate change expert panel to implement the UN’s sustainable development goals.

RICS has also launched a Responsible Business Report filled with solutions for companies to operate in a greener capacity, regardless of the firm’s size. This includes introducing higher recycling rates and reducing energy, transport and water use where possible.

UN Global Compact

25
Q

What are the offences under the Bribery Act 2010?

A
  1. Making a bribe
  2. Receiving a bribe
  3. Bribing a foreign public official
  4. Failure of a corporate entity to prevent bribery on its behalf
26
Q

Under what circumstances is it allowable to make a facilitation payment under the Bribery Act 2010?

A

Only under duress (i.e. immediate risk to you or a colleague)

27
Q

What form of Dispute Resolution is the Property Tribunal system?

A

Arbitration

APc (17 decks)

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