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APC Revision Cards > Main Docs > Flashcards

Main Docs Flashcards

1
Q

RICS Valuation - Global Standards, 2021

A

Professional Standard
Published Nov 2021
Effective Jan 2022

Effective Jan 2025

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2
Q

RICS Code of Conduct, 2021

A

Professional Standard
Published Oct 2021
Effective Feb 2022

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3
Q

RICS Global Professional Standard: Conflict of interest, 2017

A

Effective Jan 2018

References:
-Informed consent
-Members mustn’t advise clients when conflicts are present unless all parties have provided informed consent

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4
Q

RICS Professional Standard: Client Money Handling, 2019
+ 6 main areas of good practice

A

Holding client Money
Providing information to clients
Receipts of clients
Accounting records
Payments from clients
Compliance

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5
Q

Bribery Act 2010 + six principles

A

Applies to all UK businesses - aims to prevent bribery using the UK and Abroad.

Bribes - giving, offering, promising or receiving of an advantage such as payment or gift for an action which is illegal.

-Proportionality
-Top level commitment
-Risk Assessment
-Due diligence
-Communication
-Monitoring and review

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6
Q

Terrorist Financing and and transfer of Funds Regulations, 2017 + DD checks

A

When proceeds of criminal activities are disguised then realised as legitimate assets

Typically do Customer Due Diligence checks… occasionally do enhanced Due Diligence checks for politically exposed people (PEP) which require further examination of background and purpose behind transaction

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7
Q

When considering accepting cash, gifts and hospitality consider…

A

Bribery Act 2010
RICS Professional standards
Organisations procedure
Transparency
Proportionality
Tax

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8
Q

When considering anti money laundering…

A

Money Laundering, terrorist Financing and transfer of funds Regulations, 2017
RICS Professional Standard
Due Diligence procedures
Red flags (not providing identity docs, parties changing, unusual transaction and exchange in unusual currency)

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9
Q

RICS Professional Standard: Countering bribery, corruption, money laundering and terrorist financing, 2019

A

Mandatory global requirements for RICS Members and firms in regards to bribes, corruption, money laundering and terrorist financing

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10
Q

RICS Professional Standard: Surveying Safely, Health and Safety principles for property professionals, Second edition, 2018

A

Effective Feb 2019
Sets out basic, good practice principles for the management of health and safety for RICS regulated firms and members

Outlines
-Personal responsibility for members and firms;
-Assessing hazards and risks;
-Workplace health and safety;
-Visiting sites

Key areas-
-Competent staff;
-PPE;
-Safe working environment;
-Safe person concept.

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11
Q

Health and Safety at Work, 1974

A

Focuses on an employers duty to ensure to the best of their ability the health, safety and welfare of employees at work

Policed by Health and Safety Executive

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12
Q

Types of Health and Safety measures

A

Display Screen Equipment
PPE
Manual Handling Operations
Workplace Health, Safety and Welfare

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13
Q

Data Protection Act, 2018 + General Data Protection Regulation (GDPR)

A

Utilised the GDPR regs from the former EU doc and inputted into the Data Protection Act 2018.

It aims to create a single data protection regime affecting businesses and individuals to ensure they take control of how their data is used.

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14
Q

Equality Act, 2010

A
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15
Q

The Red Book UK National Supplement, 2023

A

Sets out specific requirements for members on the Reb Book Global Standards undertaken subject to the UK.

Introduced following independent review from Pereira Grey.

Same Layout as red book but VPGA’s are 1-17

VPGA1 - Financial reporting (Fair Value)
VPGA10 - Secured Lending (incorporates new ESG principles)

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16
Q

What to do in a data breach?

A

-Contact firms Data Protection Officer (Data controller)
-Must be reported to the Information Commissioner Office within 72 hours of breach
-Failure to do so can lead to fines up to 17.5 million or 4% of global turnover

17
Q

Diversity, Equity and Inclusion, 2024

A

Provides clear definitions of DEI
Provides advice to firms and individuals on how they could change their format (recruitment bias, staff training…)

18
Q

RICS Professional Standard: Sustainability and ESG Guidance in Commercial Property Valuation and Strategic Advice, 2021

A
19
Q

RICS Professional Standard: Environmental risks and global real estate, 2018

A
20
Q

Minimum Energy Efficiency Standards, 2015

A
21
Q

RICS Professional Standard:RICS Property Measurement (2nd Edition), 2018

A

Professional Standard as of June 2024

Incorporates aspects of the IPMS suite of guidance. With IPMS on offices and resi being applied under professional standard from that point onwards

Following IPMS: All Buildings, this document is in the process of being updated

22
Q

RICS Code of Measuring Practice, 2015

A

Still a best practice document for all measurement exercises (except office and resi)

23
Q

RICS Practice Information: DCF valuations, November 2023

A

Growth explicit investment method of valuation. Form of income approach. Aims to establish a value by examining its projected cash flow, followed by discounting the cash flow to arrive at an estimated current value.

-Estimate the cash flow
-Estimate the Exit value at the end of holding
-Select a discount rate
-Discount the cash flow selected rate
-Value in the sum of completed discounted cash flow to get the NPV

24
Q

Profits methods

A
  1. Annual turnover - Purcahsers costs = Gross Profit
  2. Minus reasonable operating expenses = unadjusted net profit
  3. Minus operators remuneration = Adjusted net profit (Fair Maintainable Value Operating Profit)
    4.Capitalise at an appropriate yield to acquire MV
    5.Cross check
25
Q

RICS Valuation - Global Standards, 2021 Layout

A

PS1 - Compliance with standards
PS2 - Ethics, competence, objectivity and disclosure

VPS1 - TofE
VPS2 - Inspection and Investigation
VPS3 - Valuation Reports
VPS4 - Bases of Value
VPS5 - Approaches and Methods

VPGA 1-10

VPGA 1 - Valuation for inclusion in final accounts (Fair Value)
VPGA 2 - Valuation for Secured Lending
VPGA 8 - Valuation of Real Property Interests (Specific ESG mention)
VPGA 10 - Matters that may give rise to material valuation uncertainty (market explanation notes - big during Covid)

International Valuation Standards 2017 - provides further guidance on valuation and TofE

APC Revision Cards (6 decks)

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