Mandatories Flashcards
What is covered in the RICS Complaints Handling (2016)?
The value of ToE in reducing complaints (i.e. defining the scope of work expected)
Covering the importance of a complaints handling procedure
Understanding the requirement of you PII policy
How to handle a compliant
When you might you issue your firms CHP to a client?
This must be included within the ToE.
Fisher German LLP operates a Complaints Handling Procedure (CHP). Available on https://www.fishergerman.co.uk/compliance.
What is your firms compliant handling procedure?
- Within one day refer the complaint to the complaint handling officer – Sanjay Patel
- Ask for complaint to be in writing
- Must be acknowledged within 7 days
- Must be investigated within 28 days
Any firms of the RICS CHP must be approved by the RICS
Why is client care important?
To create positive client relationships and protect members of the public.
What improvement works did the tenant carry out for Godalming?
- LED lighting in and had installed a smart control system to turn off lights and appliances
What makes good negotiation?
- Agreeing the clients’ objectives from the outset
- Detailed research
- Prepare win win
- Understand the other parties position
- Consider method of communication
- Collaborative approach
- Walk away if required
Why might you detail the conversation and establish a written record?
Firstly to ensure that you have documentation of the conversation should you need to refer back to it and/or if a colleague takes over the project they have a clear understanding on what conversations were had.
Industrial unit (Park Royal) what would you have done if they became more aggressive towards you?
I would have still remained composed but would have politely removed myself from the conversation if I felt there was a threat.
I would follow-up with a phone call afterwards to the manager informing him of the situation and to reschedule the inspection making sure all the staff had knowledge of inspection.
How did you approach the negotiation with the land acquisition in Carrington?
I made sure that in fully understood my clients objectives i.e. securing the right size of land at the lowest price.
I carried out extensive research including visiting the site
I tried to understand the other party’s position i.e. for this parcel of land we needed to ensure the rest of the site wasn’t comprosied by our purchase
Tried to make it as collaborative
Walked away with a win-win scenario.
What are some of the items in the Surveying Safely RICS Guidance Note (2018)?
Sets out health and safety guidelines and responsibilities for RICS members
Latest version was updated to introduce the ‘safe person’ concept
Sets out;
1. Personal Responsibilities
2. Assessing hazards and risks
3. Occupational hygiene and health
4. Visiting sites and premises
5. Fire Safety
6. Residential property surveying
7. Managing sub-contractors and procurement
What does the Health and Safety at Work Act (1974) set out?
Sets out that ‘Duty is owed to every employer to ensure so far as reasonably predictable, the health and safety of all employees’
The act is policed and enforced by the Health and Safety Executive
What are the lone working procedures?
Ensure appointment is in the diary and notify a colleague when going and coming back. Ensure phone is fully charged and let someone know when you’re back.
What might a balance sheet also been known as?
A statement of financial position
What might a profit and loss account also be known as?
Income statements
What is a balance sheet?
Is a statement of the businesses financial position showing its assets and liabilities at a given date (usually the end of a financial year).
What does assets and liabilities include?
Assets can include cash property debts (from others and other investments held
Liability can include borrowings, overdrafts and loans
Talk through a balance sheet?
Current assets i.e. cash, inventory (anything that can be turned into cash within a year)
Non-current assets i.e. Property, plant equipment, intellecural property
Current liabilities i.e. payroll expenses, rent payment, utility payment
Noncurrent liabilites i.e long-term debt, bonds payable
Then owners’ equity (shareholders equity) is anything that belongs to the owners of a business after liabilities are accounted for
What is a profit and loss account?
Is a summary if the businesses income and expenditure, transactions, prepared usually on an annual basis. It is a measure of business performance.
What is the difference between GAAP and IFRS?
They are both sets of accounting standards that companies use to prepare their financial statements. Differences are:
UK GAAP is only used by UK companies whilst IFRS is used by companies across the word
UK GAAP is generally considered to be less complex as it has a number of exceptions and simplifications.
UK GAAP requires less disclosure than IFRS. This is because UK GAAP doesn’t require companies to provide as much information about their accounting principles.
What is the changes from Jan 2019 under IFRS 16?
IFRS is the accounting standard with which all companies have to comply when using the International Financing Reporting Standards. The full costs of leases have to be accounted for on the balance sheet.
An occupier’s obligation to pay rent has to be recognised as a liability, Service charge payment would be accounted for separately.
Exceptions exist for leases of 12 months of shorter
What is a business plan?
A formal statement of the businesses goals/objectives and plans for achieving them?
Tell me about your involvement with business planning.
I take part in monthly team meetings where we assess the team’s progress against our annual targets and the wider company targets
My individual objectives are directly linked to the wider team and business targets
What are some of the typical things you’d find in a business plan?
Objectives
Strategies
Sales
Marketing
Financial forecasts
What is a conflict?
A conflict is a state of disagreement on ideas, facts or beliefs
What is your companies conflict of interest checks?
All individuals at FG must Comply with policy and RICS professional statement COI
Responsible principle = Claire Philipson
- Carry out COI before accepting instruction
- Do COI annually for existing management client
- Monitor COI daily
- Information barriers where required
- Instruction partner must decide whether there is a conflict or not
- Can request an informed consent form
Name a time when you have had a conflict?
I saw that my colleagues were carrying out some leasing work for a property I had previously valued.
I raised the concern with the colleague and made them aware that I was familiar with the property.
We established that there was no conflict here, as the valuation had already been carried out.
What is mediation?
The involves the use of a neutral mediator who facilitates discussion between two parties to explore whether a solution can be found.
A confidential and informal process
The mediator has no decision-making authority and cannot impose a resolution upon the two parties.
What is an arbitrator?
An arbitrator is appointed in a quasi-judicial role in accordance with the Arbitration Act 1996.
They hear the evidence from both sides and renders a binding decision. The arbitrators decision is final and cannot be appealed.
Parties are bound by the decision.
They will have specialist knowledge on the subject area.
What are the three main process in resolving a dispute?
- Negotiation
- Mediation
- Adjudicative process – the outcome is determined by a third party such as an arbitrator
What is the Equality Act 2010?
The act consolidates discrimination law and provides protection against a wide range of discrimination and inequality, including the use of property as well as dealing with people.
Other than the need for workplace to be accessible for all what else does the Equality act cover?
- Lettings, sales, assignments must not be undertaken in a way which could discriminate, harass, or victimise someone
- Unlawful for anyone managing property to discriminate harass or victimise an occupier
- Reasonable adjustments must be made to help disabled people
What is an EWS form?
- External wall system
- Following a review of building safety subsequently to the Grenfell fire, many tall residential buildings external wall systems have been found to unsafe. The EWS1 form enables a qualified professional to confirm that an external wall system on resi buildings has been assessed for safety
What is asbestos?
It is an insulating material which can cause serious health problems and fatal diseases. When it is disturbued and damaged it can cause very small toxic fibres which can lodge in your throat.
