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.
What are the different types of asbestos?
Blue (amosite)
Brown (Crocidolite)
White (Chrysolite)
Would you accept cash
No never
If there was a high risk of AML who would you report to internally
MLRO
If there was a high risk of AML who would you report to externally
NCA - National Crime Association
What is client money?
Any money which RICS regulated firms hold or receive on behalf of another person i.e. rent, service charge, client money held
but due to be paid to a contractor
What is included in the RICS professional Statement on Client Money Handling 2019
- Keep client money safe
- client money accounts are used for appropriate purposes only
- RICS regulated firms have the appropriate controls and procedures to safeguard client money
What is the difference between UK GAAP and IFRS?
In UK GAAP you exclude purchaser costs
What does the Health and Safety Act 1974 cover?
There is a duty to every employer, so far as reasonably practicable, the health and safety and welfare at work of all employers. it includes factors such as:
- Must report injuries and dangerous occurrences
- Must undertake, record and regularly review a risk assessment
- Probability and likelihood that someone will be harmed it called a risk
What health and safety/risk assessment’s did you carry out prior to the inspection at Wembley?
Carried out a risk assessment prior to the inspection
Confirmed that I didn’t need PPE with the manager
Adhered to my company’s lone working policies
What are the key areas of advice from the RICS around safety for firms?
RICS regulated firms must ensure they provide:
- a safe working environment
- Safe working equipment
- Safe systems at work
- Competent staff
How is the Health & Safety at work 1974 policed?
Health and Safety Executive
It is a criminal offence if you do not comply with the legislation.
How do you carry out a risk assessment?
- Identify the hazards at present
- Identify the people at risk from the hazard
- Evaluate the risk, considering likelihood of an accident
- Record the findings on a suitable form
- Review the risk assessment regularly
What does the RICS Guidance Note on Surveying Safely (2018)
Basic, good practice principles for the management of health and safety for RICS regulated firms and RICS members. Structure of the document included:
- Personal responsibilities
- Assessing hazards and risks
- Visiting premises and sites
- Fire Safety
- Residential property surveying
- Procurement and management of contractors
What kind of hazards might you come up against?
Anything could be a risk:
Slips and trips
If it’s an industrial unit there operation might pose a risk
What is a RIDDOR?
Reporting of injuries, diseases and dangerous occurrences regulations
All injuries must be recorded in an accident book
What Act relates to fire safety?
The Fire Safety Act 2021
- Following the Hackitt review (2018) - relates to all multi-let residential buildings:
The act requires all responsible persons to assess, manage and reduce the fire risk posed by the structure, external walls and any common areas
What’s included in the RICS Global Professional Statement of Conflicts of Interest?
Different types of conflicts.
Provides commentary on information barriers
What’s the difference between management and statutory accounts?
Statutory accounts provide and overview of a company’s financial actions but management accounts look at financial accounts in detail.
Statutory accounts present the financial position for a year just passed and are used to calculate corporation tax and can be viewed as historic information. Management accounts show current performance allowing management to make decisions and future planning.
What does the Bribery Act 2010?
Aims to reduce bribery
The four offences of the bribery act 2010?
Bribing
Receiving a bribe
Bribing a foreign public official
Failing to prevent bribery
What are the UK Equality Act 2010 protected characteristics?
Gender reassignment
Sex
Sexual Orientation
Age
Disability
Race
Religion
Marriage and Partnership
Pregnancy and maternity
What is Fg’s policy for gifts?
Gifts are allowed if proportionate and properly recorded.
Gifts above £50 must be notified to the divisional partner and recorded on the register.
May give and receive reasonable hospitality
Other than PI cover what other insurance might you have in place?
Public Liability
Employers Liability Insurance
What is a cashflow statement?
Shows all the actual receipts and expenditure to include VAT. Your liqudity
Balance sheet - what is the shareholders equity?
Shareholders’ equity is a company’s total assets minus its total liabilities.
What the contents of public limited company accounts?
- Chairmen statement
- Independent auditors report
- Profit and loss accounts
- Balance Sheet
- Corporate Governance report
- Remuneration report
Who are management accounts prepared for?
For business purposes and not audited
Who prepares audited accounts?
a chartered certified accountant
Why use a SWOT analysis - business planning?
Helps you assess internal factors that might affect your business (strengths and weaknesses) and external factors (opportunities and threats).
Why are fee forecasts important?
Plan business activities
Ensure desired minimum profit margin
Why are budgets, cashflows/audit controls important
To ensure the allocation of resources and expenditure
What are different forms of business vehicles?
Sole practioner, Partnership (LLP), Limited company and PLC
Why use ADR?
Speed- takes less time than a lengthy court proceeding
Informality - outside a court
Cost - less money spent on professional fees
Quality of decision can be made by a surveyor not a judge
Can a surveyor be an arbitrator?
yes if they pass the relevant exams
What is an independent expert determination?
It is appointed by two parties or the president of the RICS
The expert has expert knowledge on the subject matter of dispute
Both parties are bound by the decision
They are appointed to investigate the dispute and receive the evidence from both parties
They can also use their own opinion as evidence
This process offers speed and specialist knowledge for the solution
Outline some key points for surveyors acting as an expert witness?
When a surveyor provides evidence to a judicial or quasi-judicial body it is an expert witness.
The expert’s witness primary and overriding duty of care is to the court or other dispute resolution panel and not to the client, even if the client is paying the fee
A surveyor should only accept the instruction if they have the knowledge, experience and qualifications to carry it out
The surveyor must provide a statement of truth and confirm they will act impartionailty and objectively
Are success related fees for expert witnesses allowed and what case confirmed this?
No - found in the case of Gardiner v Theobald
What does the Jones V Kaney case find?
expert witnesses are now not immune from civil action and they can be sued for negligence
Whats Hot tubbing?
Where experts consider cases collaboratively and ask each other questions
What is acting as an advocate?
Represents their client at a judicial hearing/tribunal - only have a duty to the client
What is the difference between expert witness and arbitrator?
Arbitration does take longer and will be more expensive but suitable for evidence that is less straightforward
An expert’s determination is quick and cheap but expert’s decisions are very useful in determining disputes where there is a single issue which a particular professional is well qualified to determine.
What is an inclusive environement?
One that is designed and managed to allow people with a diverse range of needs and abilities to access.
Ensuring that environments are inclusive throughout the property lifecycle from design and refurbishment to building occupancy.
The Equality Act 2010 identifies four types of discrimination?
Direct Discrimination
Indirect discrimination
Harassment
Victimisation
in order to ensure the teams recognise the value of D & I and incorporate them it is important to adopt?
Appropriate policies
Recruitment techniques
Communication which is inclusive
Exceeding requirements under the Equality Act 2010
Training programmes
What is unconscious bias?
relates to associations hold which are deeply ingrained and outside of our conscious awareness of control
How can unconscious bias impact you?
Can affect how we interact with colleagues, clients and suppliers- positive actions need to be taken to ensure these biases do not adversely prejudices people
What are key skills of teamworking?
Listening
Discussing
Persuading
Respect
Help
Sharing
Can you give an example of unconscious bias?
In the recruitment process - employers might favour dominant traits and personalities
Does FG have an equality policy?
Yes
The appropriate training is carried out annually by all colleagues
We have also introduced a new policies around neurodiversity, pregnancy loss and maternity/paternity leave
Fisher German personnel are required to adhere to our Equality and Diversity Policy Statement and its principles in all aspects of their working life by showing consideration and respect for colleagues, clients, visitors, suppliers and former personnel of Fisher German.
Fisher German is committed to a programme of action to make equality and diversity fully effective and require all our personnel to complete equality and diversity e-learning on an annual basis.
How are offices disability compliant?
