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MRICS > Level 1s > Flashcards

Level 1s Flashcards

1
Q

What is a balance sheet?

A

The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time.

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2
Q

What is a profit and loss income statement?

A

The profit and loss (P&L) statement is a financial statement that summarises the revenues, costs, and expenses incurred during a specified period.

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3
Q

What is the difference between a profit and loss income statement and a balance sheet?

A

The Profit and Loss (Income) Statement shows a company’s profitability over a period by detailing revenues and expenses, while the Balance Sheet provides a snapshot of its financial position at a specific point in time, showing assets, liabilities, and equity.

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4
Q

What financial documents do companies have to submit annually?

A
  1. Income Statement (Profit and Loss Statement)
  2. Balance Sheet
  3. Cash Flow Statement
  4. Statement of Changes in Equity
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5
Q

What have you learned from the RICS professionalism module?

A

The module reinforced my responsibility as a quantity surveyor.

I learned about the Rules of Conduct and the ethical principles required to be an RICS professional.

Honesty, integrity, competence, service, respect, and responsibility.

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6
Q

What are the various types of conflict of interest?

A
  1. Own Interest Conflict.
  2. Party Interest Conflict.
  3. Confidential Information Conflict.
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7
Q

What do you see as good client care?

A

I understand that client care is about providing a good quality and diligent service that meets the clients’ requirements regarding time, cost, quality, and risk.

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8
Q

How would you manage a complaint?

A

Although I have not received a complaint, I am familiar with the LS complaint handling procedure.

Two Stages:

  1. Report to responsible person in Lancer Scott who speaks with complaints.
  2. If not addressed refer to independent redress mechanism.
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9
Q

How has the RICS qualification package module supplemented your communication skills?

A

The module taught me the importance of communicating effectively across the various communication methods.

Additionally, I understand how communication is an essential part of professional conduct and reflects directly on myself, my employer, and my profession

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10
Q

What Health and Safety Legislation are you aware of?

A
  1. Health and Safety at Work Act 1974.
  2. Construction Design and Management Regulations 2015 - HSE.
  3. RIDDOR – Reporting of Injuries, Diseases and Dangerous Occurrences Regulations.
  4. COSHH.
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11
Q

What is Surveying Safely published by the RICS?

A

It sets out principles for built environment professionals and includes health and safety responsibilities.

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12
Q

What financial documents must a business submit annually?

A
  1. Balance Sheet:

Shows the value of everything the company owns, owes, and is owed on the last day of the financial year.

  1. Profit and Loss Account:

Displays the company’s sales, running costs, and the profit or loss made during the financial year.

  1. Notes About the Accounts:

Additional details or explanations related to the accounts.

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13
Q

Why do you undertake credit checks?

A

I conduct credit checks to check the supplier’s financial stability.

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14
Q

What have you learned about business pans?

A

I have learned business plans involve defining business objectives and outlining the necessary steps to achieve them through short, medium, and long-term strategic planning.

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15
Q

What are Lancer Scott’s Business Plan objectives?

A

LS objectives included securing new clients and maintaining existing ones, improving our presence in our current sectors, targeting new markets, developing budgets and goals, and retaining and employing new staff.

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16
Q

What is negotiation and mediation?

A

Less formal options for resolving contractual disagreements between parties.

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17
Q

What is adjudication and arbitration ?

A

More formal, legally binding dispute resolution procedures.

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18
Q

What is litigation?

A

Litigation is the process of legal action in court to resolve a dispute.

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19
Q

What is the HGCRA?

A

Provides a process for dealing with payments and disputes under a construction contract, including retention money provisions to protect subcontractors.

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20
Q

What is a mechanism of the HGCRA?

A

A mechanism allowing parties to adjudicate at any time to encourage uninterrupted cash flow.

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21
Q

How do you avoid conflict on your projects?

A

By regularly reporting progress, maintaining accurate records, and implementing effective management practices.

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22
Q

How is confidential company and project information stored within my organisation?

A
  1. We use lockable storage cabinets and secure locations for physical documents.
  2. Digitally, we have encrypted secure cloud storage.
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23
Q

What are the data protection principles?

A

The UK GDPR sets out seven key principles:

LAPSAMI

  • Lawfulness
  • Accountability
  • Purpose
  • Storage
  • Accuracy
  • Minimisation
  • Integrity
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24
Q

What is the freedom Freedom of Information Act 2000?

A

It establishes a right of access to public information held by public authorities.

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25
Q

What did you learn about data management through the RICS qualification package?

A

How to store and use personal data.

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26
Q

What did you learn about the BCIS in university?

A

How to use BCIS to create a cost plan. How to adjust indices for location, time, quality and access.

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27
Q

What is Rule 4 of the RICS Rules of Conduct?

A

Members and firms must treat others with respect and encourage diversity and inclusion.

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28
Q

What is the guidance developed to supplement rule 4.

A

Diversity, equity and inclusion (DEI)

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29
Q

What is the guidance developed to supplement rule 4 about?

A

Guidance developed with the help of RICS members and DEI experts to reflect good practice in encouraging diversity and inclusion.

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30
Q

What is the Inclusive Employer Quality Mark (IEQM)?

A

It was created by the RICS to help the built environment become more diverse and inclusive.

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31
Q

What is section 20 of the UK Equality Act 2010?

A

It sets out the duty to provide adjustments to remove obstacles for people with disabilities.

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32
Q

How can unconscious bias affect decisions?

A

It can influence key decisions in the workplace and can contribute to inequality.

33
Q

What are the the workplace biases that may apply to construction.

A
  1. Gender Bias

Construction is a male-dominated field, leading to potential biases against women.

  1. Age Bias

Older workers may face ageism, with assumptions that they are less adaptable to new technologies or work practices, or that they are less physically capable. Conversely, younger workers might be stereotyped as inexperienced or lacking commitment.

34
Q

What are Building Regulations?

A

They set out the minimum standards for building in the UK.

35
Q

What is approved document M?

A

Approved Document M provides guidance on the access to, and use of buildings.

36
Q

Can you tell me about some environmental assessment methods?

A

BREEAM

37
Q

What is BREEAM?

A

BREEAM is a sustainability assessment method that measures the performance of buildings and infrastructure.

38
Q

What is sustainable development?

A

It aims to meet the needs of the present without compromising the needs of future generations.

39
Q

What is the Well-being of Future Generations Act 2015?

A

To ensure public bodies in Wales are working towards the same goal.

40
Q

What is the SuDS Approval Body in Wales?

A

The SUDS Approval Body or SAB is an organisation established to deal with the design, approval and adoption of sustainable urban drainage systems (SUDS) within any new development.

41
Q

What does a commercial manager do?

A

The commercial manager oversees internal processes, manages external relationships, and monitors financial performance.

42
Q

What is the purpose of a CVR?

A

CVRs compare project costs with value to demonstrate the month’s profit or loss.

Additionally, CVRs forecast cost and value at completion.

43
Q

How do you establish positive cashflow on your projects?

A

I set up subcontractor payment schedules that differ from the main contract valuation date to establish a positive project cash flow.

44
Q

What are the different types of foundations commonly used in construction?

A

Trench, pile, strip, raft, and pad.

45
Q

What must be present for a legally binding agreement to be formed?

A

Certain elements must be present, including an offer, acceptance, consideration, lawfulness, capacity, and genuine consent.

46
Q

What is acceptance?

A

The unqualified agreement to the terms of an offer, which creates a binding contract between the parties involved.

47
Q

What is lawfulness?

A

Contract must be for a legal purpose and not involve illegal activities to be valid and enforceable.

48
Q

What is Capacity?

A

In contract law, capacity refers to a person’s legal ability to enter into a binding contract, meaning they must be of sound mind, of legal age, and not disqualified by law.

49
Q

What is genuine consent?

A

All parties involved agree to the contract terms freely, without being misled or under influence.

50
Q

What are the two types of construction contracts commonly used in the UK?

A

Joint Contracts Tribunal (JCT) and the New Engineering Contract (NEC), which come in standard form or can be amended.

51
Q

What are the sections under JCT contracts?

A

Recitals

Section 1 - Definitions and Interpretation.

Section 2 - Carrying Out the Works.

Section 3 - Control of the Works.

Section 4 - Payment.

Section 5 - Changes.

Section 6 - Injury, Damage and Insurance.

Section 7 - Assignment, Third Party Rights and Collateral Warranties.

Section 8 - Termination

Section - Disputes

52
Q

What is the RICS guidance note on tendering strategies about?

A

This guidance note summarises what tendering is and how tendering processes are used to establish a contract price.

53
Q

What is procurement?

A

I understand that procurement involves obtaining goods and services, and tendering is the process of bidding and appointing contractors.

54
Q

What are the various forms of procurement formally known in construction?

A

Traditional, design-and-build, management contracting, and construction management.

55
Q

What is a procurement route typically chosen based on?

A

I understand that a procurement route is typically chosen based on several characteristics, including, but not limited to, time, cost, quality, project complexity, and risk.

56
Q

What are the tendering stages available?

A

I recognise that the tendering process can be single-stage, two-stage, or negotiated and should be fair and transparent.

57
Q

What is the RICS guidance note on cost reporting about?

A

This guidance note sets out the principles of cost reporting from the perspective of the quantity surveyor to the client during construction.

58
Q

What does a cost report include?

A

I recognise that cost reports offer a detailed summary of a project’s financial position, including the actual costs incurred to date and any estimated future costs based on information available when the report is made.

59
Q

Why is a cashflow forecast used in construction?

A

A cash flow forecast in construction is used to predict the inflows and outflows of cash over a specific period.

60
Q

What is change control?

A

Change control is the process that can lead to the alteration of the timescale, the cost or scope of the project.

61
Q

What is a risk allowance?

A

A sum of money set aside in a project’s budget to cover unforeseen costs or potential risks that may arise during the construction process.

62
Q

What are provisional Sums?

A

Provisional sums in construction are budget allowances included in a contract for specific works or items that are not fully defined or detailed at the time of tendering or signing the contract.

63
Q

How should they be reported during the construction stage?

A

I report on PS monthly during my formal progress meeting to the client and also during my CVR meeting.

I report on PS expended, PS remaining, and where we are in the design process for any PS reliant on design.

64
Q

What are the NRM documents?

A

NRM 1: Order of Cost Estimating and Cost Planning for Capital Building Works

NRM 1 provides guidance on the preparation of early-stage cost estimates and cost plans for building projects.

NRM 2: Detailed Measurement for Building Works

NRM 2 focuses on the preparation of bills of quantities, which provide descriptions of the work required for a construction project.

NRM 3: Order of Cost Estimating and Cost Planning for Building Maintenance Works.

65
Q

What are the IPMS documents?

A

The IPMS (International Property Measurement Standards) documents are designed to ensure consistency and transparency in property measurement across different sectors.

For example - Office includes:

IPMS 1: Measures the external area of a building, including external walls.

IPMS 2: Measures the internal area of a building.

IPMS 3: Measures the net usable space.

66
Q

What modern modern measurement software are you aware of?

A

Cost X, Blue Beam, and BIM and Procore.

67
Q

What is the role Contract Administrator (CA)?

A

Contract Administrator (CA) is a person or company selected by the client to impartially manage the contract between the client and the contractor. The role involves preparing contracts for signing, chairing meetings, coordinating the design and project team, issuing instructions, certifying interim payments, determining variations, and issuing practical completion.

68
Q

What is the role of the EA?

A

(EA) is an extension of the employer regarding all matters unless the employer explicitly specifies and includes tasks such as applications, consents, instructions, notices, requests, or statements.

69
Q

What are the JCT contracts used in construction?

A

JCT Minor Works Building Contract (for projects up to £250,000).

JCT Intermediate Building Contract (for projects up to £1 million).

JCT Standard Building Contract (for projects over £1 million).

JCT Design and Build Contract.

JCT Construction Management Contract.

70
Q

What is a risk?

A

Risk is an uncertain event or circumstance that can affect the outcome of a project.

71
Q

What are the various risk responses?

A

Risk avoidance.
Risk reduction.
Risk transfer.
Risk sharing.
Risk retention.

72
Q

How can risk be identified?

A

I understand that risk can be identified using workshops, where project team members use their professional judgment and experience to identify risks and assess their impact on the project.

73
Q

How can risk be quantified?

A

Risks can be quantified using techniques such as:

  1. Expected Monetary Value (EMV).
  2. Central limit theory.
  3. Monte Carlo.
74
Q

What is Expected Monetary Value (EMV)?

A

Expected Monetary Value (EMV) is used to quantify the potential impact of uncertain events on project objectives, particularly concerning project costs and revenues.

Multiply probability by impact.

(Probability) x (Impact) = Cost or Risk

75
Q

What is the central limit theory?

A

The Central Limit Theorem says that when you have a large enough sample size, the averages of those samples will form a bell-shaped distribution, even if the original data is not normally distributed.

76
Q

What is the Monte Carlo technique?

A

The Monte Carlo technique is a method of using random sampling and statistical modelling to estimate complex mathematical outcomes and solve problems.

77
Q

What is the RICS black book?

A

The RICS black book is a suite of technical practice documents which covers all process throughout the project life cycle.

78
Q

How do you communicate effectively?

A

Be Clear and Concise: Use simple, direct language. Avoid jargon or overly complex words. Keep your message short and to the point.

Know Your Audience: Understand who you’re talking to and adjust your message to suit them. Speak differently to a friend, a child, or a colleague.

Listen Actively: Pay attention when others speak. Show interest by nodding, asking questions, and summarizing what they’ve said to confirm understanding.

Use Non-Verbal Cues: Body language, eye contact, and facial expressions can reinforce what you’re saying. Be mindful of these cues, as they can convey confidence and sincerity.

Be Open and Empathetic: Be open to feedback and show empathy by considering others’ feelings and perspectives. It helps build trust and understanding.

Ask Questions: Clarify if you’re unsure about something. Asking questions shows you’re engaged and helps avoid misunderstandings.

Give and Receive Feedback: Offer constructive feedback and be open to receiving it. This helps improve communication and relationships.

79
Q

What are the seven sections of MMC?

A
  1. 3D primary structural systems)
  2. 2D primary structural systems)
  3. Pre-manufacturing components (non-systemized primary structure)
  4. Additive manufacturing (structural elements)
  5. Pre-manufactured sub-assemblies and components
  6. Site productivity improvements
  7. Site process-led improvements

MRICS (2 decks)

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