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APC Residential Scotland > Mandatories > Flashcards

Mandatories Flashcards

1
Q

Describe and explain the required complaint handling procedures and alternative dispute resolutions.

A

Complaints handling procedures - required by RICS. Must consist of: information for the designated contact; a request for a written complaint; expected turnaround time / communication time; and details of our alternative dispute resolution options and contacts.

Mitigation - where a neutral party is appointed with the view for the parties involved to come to a mutual agreement.

Arbitration - where an independent party is appointment. They can take evidence and call upon documents to inform their decision. The decision is enforceable as if it was a court decision, and they are not liable for their decision. The decision can be ignored if negligence can be proven.

Independent Expert - A mutual party, who is an expert, is appointment to give their opinion. Their decision is not enforceable but they are liable.

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2
Q

Discuss requirements for insurance

A

Professional Indemnity Insurance - must have, cover and excess determined by turn over.
0-100k 250k insurance, 100-200k 500k, over 200k need 1mil min. Excess is paid 2.5% of sum insured or 10k min in under 500k turnover, above 500k turnover then 2.5% of cover.
Must be suitable underwritten, retroactive, on an each and every claim basis.

Run-off insurance - for 6 years min for prev employees.

Employee insurance etc

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3
Q

What are the Codes of Conduct?

A

Five rules that govern how we act and perform our business.

  1. Act with honest and integrity and comply with the RICS guidance and requirements.
  2. RICS members must have an appropriate level of competency.
  3. Provide good service and client care.
  4. Inclusivity ad diversity (including sustainability).
  5. Act in the public interest and do not bring the profession into disrepute.
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4
Q

Discuss H&S legislation and the requirements of the RICS.

A

RICS Surveying Safely 2018 (implemented 2019) gives guidance on health and safety requirements for firms and individuals. Concept on safe person, each and every individual is responsible for there own and others’ health and safety. Firms must provide safe environments, equipment, processes and people must be competent.

Health and Safety in the work place (1974) - specifies that it is the duty of the employer to comply with the H&S regulations and this is enforceable. They must provide training, procedures to prevent and monitor risks.

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5
Q

What are the 5 steps to a Risk Assessment?

A

Identification of Hazards
Assess the risks
Control the risks
Record findings
Review Controls

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6
Q

Discuss the G+S H&S Policy and RAs

A

G+S Docs

H&S Policy - other than the legal requirement, the intention of our health and safety policy is to formalise and clarify our approach to health and safety, leading to improved standards and safe working practices.

Display Screen Equipment

Driving Self Declaration

Loan Working Policy

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7
Q

What is outlines in the H&S at work 1974?

A

Sets out the general duties which:- employers have towards employees and members of the public
- employees have to themselves and each other
certain self-employed staff have towards themselves and others

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8
Q

What is the Freedom of Information Act (Scotland) 2002?

A

FOISA is a law that gives everyone the right to ask any information held by Scottish public authorities. These requests and replies to the requests must be published on a platform dedicated to FOIs.

Differences to UK act:
- UK act only has to specify if it has the information, Scotland the information has to be provided
- Exemptions must be exercised within 20 days in Scotland, no deadline in UK

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9
Q

Discuss GDPR

A

General Data Protection Regulation, EU regulation on information privacy and security.
Aims to enhance people’s control and rights over their personal information.
Must have controls and procedures in place for securely storing information and must report if GDPR is beached.
Only store information required.
Fines up to 4% annual turnover of 20 mil euros (whichever greater) for non-compliance.

Fair and lawful, Specific for its purpose, Be adequate and only for what is needed, Accurate and up to date,
Not kept longer than needed, Consider people’s rights, Kept safe and secure, Not be transferred outside
the European Economic Area (the EEA).

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10
Q

What are the key points in the Equality Act (2010)?

A

The Equality Act prohibits discrimination (whether direct or indirect) against people who possess one of the protected characteristics listed below:
- age
- disability
- gender reassignment
- race
- religion or belief
- sex
- sexual orientation
- marriage and civil partnership
- pregnancy and maternity

The act extends some protections to characteristics that were not previously covered, and also strengthens particular aspects of equity law.

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11
Q

What are the key points of the Bribery Act (2010)?

A

RICS - Must not facilitate any financial crime including money laundering, tax evasion, bribery or corruption.

Act - Must not accept or offer a bribe
Must have appropriate procedures and controls to ensure this isn’t happening such as a ‘gifts & hospitality’ list

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12
Q

What are the key points of inclusive environments and how does it relate to Building Standards?

A

Buildings (Scotland) Regulations 2004

An inclusive environment is one which can be accessed and used by everyone, irrespective of their age, ability or gender. In order to achieve this designers need to be aware of people’s differing abilities and widen the user group they design for.

Inclusive environments include open spaces and facilities.

This Act outlines the need for this and specifies that houses will be designed in a way that will either allow someone to live in the house if their needs change or will allow minor modifications to be caried out without major disruption.

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13
Q

What are the key financial statements that all companies must provide?

A

Profit and loss accounts, balance sheets and cash flow.

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14
Q

What is the difference between management and financial accounts?

A

Management accounts are for the use of the management team and financial accounts are the company accounts required by law.

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15
Q

What are the key points of the Climate Change Act (Scotland) 2019?

A

Net Zero by 2045
Requires rapid transformation across all sectors
Prev legislation allowed for enforcements on public and private bodies
Actions - reduce GHGs, support decarbonisation, low carbon living,

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16
Q

What are the different types of measurement standards and apply them to Resi/HRs?

A

As specified in the codes of measuring practice (6th edit)

GIA - Gross Internal Floor Area - resi

NIA - Net Internal Area -commercial, agency

GEA - Gross Effective Area - Same as GIA but without areas under 1.5m

GIA is a departure from IPMS 3B as it includes spaces under 1.5m

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17
Q

What is the HR legislation?

A

Housing (Scotland) Act 2006 - specifying the need for the sellers to provide the report. Updated Regs in 2008 giving details of what should be in the report - SS, EPC and PQ

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18
Q

What are the RICS Bye-Laws/Regulations?

A

1 - Application and Definitions
2 - Membership & Registration
3 - Designations
4 - Contributions to Funds
5 - Conduct
6 - Governing Council, Officers & Staff
7 - Subordinate Boards, Committees & Groups
8 - Procedure for General Meetings
9 - Accounts & Audits
10 - General

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19
Q

Useful Phrases / rules

A

B5.2.1 Every member shall conduct themselves in a manner befitting membership of the RICs

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20
Q

What is the role and function of the RICS?

A

Standardise the industry to ensure a high level of service and promote trust in the profession

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21
Q

What are the 5 Global Standards?

A

1 - Act with Integrity
2 - Provide a high standard of service
3 - Act in a way that promotes the profession
4 - Treat others with respect
5 - Take Responsibility

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22
Q

Why does the RICS regulate?

A

Our development and enforcement of international standards protects clients by ensuring a high level of
professionalism is employed across the built environment. By working to our standards, professional
members and RICS regulated firms deliver confidence and transparency.

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23
Q

What would you need to start a business?

A

▪ Disclose business name
▪ Notify RICS
▪ Arrange for suitable PI Insurance
▪ Implement a complaint handling procedure
▪ Implement staff development & training
▪ Sign up to be regulated by RICS is sole practitioner or have more than 50% RICS staff

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24
Q

Hierarchy of Comparables?

A

Confirmed and Recorded Sales
Current Stock on Market
Hearsay

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25
Q

What are the 5 principles of better regulation?

A

Transparency
Accountability
Proportionality
Consistency
Targeted

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26
Q

Japanese Knotweed 2022

A

Changes from 7m to 3m for inspection.

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27
Q

Prior to working with a new client, what pre-appointment checks would you undertake?

A

Ensuring that I am sufficiently knowledgeable skilled and competent to carry out the work required.

Checking for conflicts of interest in line with the RICS professional guidance.

Anti-money laundering checks, in line with the Anti-Money Laundering Directive and RICS professional statement Countering Bribery and Corruption, Money Laundering and Terrorist Financing.

Ensuring that the firm has sufficient PII insurance to cover the value of the instruction.

Formalising the engagement in written terms of engagement.

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28
Q

When setting up a practice, what procedures would you put in place to ensure good client care was being provided?

A

Processes for formalising terms of engagement and clear communication lines with the client, including confirming timescales, resourcing adjustments and obtaining any information required from the client.

Set up procedures for obtaining regular client feedback, ensuring it is acted upon.

Developing strategies for taking part in business development activities in order to retain existing clients and also generate new business.

Procedures to keep client information confidential and using non-disclosure agreements to protect client confidentiality if required.

Reporting to clients using agreed and consistently formatted documentation that has been tailored ot meet the client’s requirements.

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29
Q

Why is client care so important?

A

Surveying practices that provide excellent client care are likely to retain existing clients and develop new business leads by receiving positive testimonials.

A failure to provide good client care is likely to lead to client dissatisfaction, complaints and in the worst-case scenario, PII claims for professional negligence.

Formal complaints and insurance claims can be costly and result in a stressful working environment, reduced staff performance and be time consuming.

Complaints and claims can and should be avoided with diligence, manageable workloads and resource planning and well developed procedures for obtaining and acting on customer feedback.

30
Q

On receipt of a formal written complaint from the client, what would you do?

A

Arrange a call with the client as soon as possible to notify them that you have received the complaint and are working to rectify the issues they are experiencing.

Issue the client a copy of my firms complaints handling procedure for reference.

report the complaint with all relevant details to a senior person within the firm or designated complaints hander.

Notify my firms PII insurers inline with our policy requirements.

Arrange a meeting with the client to take on board their feedback and address any areas of concern by introducing appropriate procedures if required.

If unable to resolve the complaint, this would need to be referred to the RICS independent redress mechanism.

31
Q

What is a complaint and why is this a serious topic area for surveyors?

A

A complaint is a statement that a situation is unsatisfactory or unacceptable to the client

These can either be made formally either in writing or verbally

It is important to take complaints seriously as the RICS require these to be handled inline with their complaints handling procedure

Practices also have an obligation to notify PII insurers

In the worst case they can result in loss of client, reputational damage and PII claims against the firm

32
Q

What is the difference between a client and a customer?

A

Customers are best defined as an individual who is purchasing goods and services from the company. They are typically one time transactions where as a client refers to a person who looks for professional service from the business.

A customer engaging in a transaction with a company will not have the same relationship as a client who engages in a fiduciary relationship with the company.

This means both sides work on long-term goals and a long-lasting relationship. Plus, the business has a focus on creating a strong bond with the client in order to retain them as a client.

33
Q

How do you conduct yourself with a new client?

A

be friendly, engaging and enthusiastic
Inquisitive about key challenges they may be facing
Ensure you are, well presented, polite, conscientious and respectful

34
Q

What is client money?

A

An RICS regulated firm hold or receives money on behalf of another person or company that is not immediately due or payable on demand tot he RICS regulated firm for its own account.

Client money excludes feed paid in advance for professional work.

34
Q

What issues would a company experience with a high staff turnover?

A

Increased recruitment costs, training costs, inconsistent production / performance, poor staff moral, lower customer satisfaction, loss of repeat business, higher operating expenditure, reduced profitability.

35
Q

What components would you identify within a business plan?

A

Executive summary
Marketing strategy
Vision & Mission Statements
Products & services
Management Team & Organisational Structure
Financial forecasts
Responsibilities & targets
SWOT analysis
Pest Analysis

36
Q

How can a business plan help a company remain profitable?

A

Assist with securing new funding and investment
To grow existing client base and projects
Highlight key business objectives
Assist with responding to change
Grow market share
Supports accurate forecasting and budgeting
Allow for resource planning

37
Q

What is a business model?

A

A business model is the strategy implemented by an organisation to generate revenue and make a profit from its operations.

The business model may detail the following components:
- The products or services being offered to the client base
- The business niche or sector being operated in
- Target clients / customers
- The route to market entry including costs associated with bringing the product or service to the target market

38
Q

What is meant by the term business stratey?

A

A business strategy outlines the actions and decisions a company plans to take to reach its business goals and objectives

The strategy will guide top level executives as well as departments and what activities should not be undertaken in order to execute the business goals and objectives

39
Q

Explain you understanding of the term tax depreciation?

A

Declining value of an asset is offset against a companies taxable profit

The depreciation in value can be recorded as an expense in order to reduce the amount of taxable income

This can be applied on things such as plant, tools, vehicles, computers, furniture and buildings

40
Q

What are overheads?

A

operating costs of the business that are incurred on an ongoing basis

Overheads can be both fixed or variable

Fixed - rent or buildings insurance that do not charge each month.

Variable - fluctuate depending on the activity of the business, ex delivery or utility charges

41
Q

What is an escrow account?

A

Contractual agreements that are used as financial instruments within a transaction

The asset or currency being transferred between two primary parties is held by an intermediary third party

The currency being exchanged is held securely by the third party until each of the two parties have met their contractual obligations allowing the money to then be transferred

This is often used by mortgage lenders when completing on the buying or selling of the real estate being exchanged

42
Q

Name three different types of accounting ratios ?

A

Liquidity ratios - organisations ability to pay their debt obligations and assess its margin of safety by looking at a number of metrics including their operating cash against short term debt

Profitability ratios - ability to generate profits from its sales operations and shareholding equity. The ratio indicates how efficiently a company is in generating its profit

Gearing ratios - compare capital again debts. Measure of companies financial leverage and sets out what proportion of the firms activities are funded by shareholders vs its creditor funds

43
Q

Why does a business keep company accounts?

A

Record and measure a companies profitability

Tax calculation including tac calculating taxable deductions

Legislation requires companies to keep accurate records

Business Growth is encouraged by identifying profitable operations whilst also allowing management to minimise any loss making activities

44
Q

What is financial leverage?

A

Using borrowed funds in the form of debt to enhance business operations and increase the companies profitability and rates of return

In the event that the rate of return invested via borrowed funds is higher than the interest on those funds then more profit can be generated

45
Q

What are capital allowances?

A

Allow tax payers to gain tax relief by using their expenditure to deduct from their taxable income

The expenditure used to lower taxable income is only allowed within certain categories for example:
- Plant & machinery
- Integral parts of structure and buildings (lifts)
- Research & Development costs
- Patents

46
Q

What is the difference between a current asset v a fixed asset?

A

Current - converted into cash within one finanaical year and are regarded as assets that allow day to day operation of the business. Ex, money owed to company, inventory, prepaid expenses

Fixed - typically cannot be converted into cash within one year. Recored on a companies a balance sheet as a fixed assets the company owns on a long term basis. Ex, vehicles, office furniture, machinery, buildings and land

47
Q

What procedures can you adopt to avoid disputes?

A

Clear terms of engagement
Effective communication procedures
Accurate record keeping
Issuing written correspondence to confirm actions and decisions taken
Follow company and contractual procedures
Following RICS standards and professional guidance statements

48
Q

In your experience, what are some of the common causes of disputes?

A

Errors in records
Errors in reports
Mis-understandings

49
Q

What is mediation?

A

Form of dispute resolution that is entered into by the consent of both parties

A third party mediator is appointed to resolve the dispute and assist in supported negotiation to reach an acceptable outcome

Informal process allowing parties to adopt a flexible approach in reaching the outcome allowing relationships to be maintained

Mediator has no legal authority or power to instruct either party to do anything and the process is not binding

50
Q

What is adjudication?

A

Statutory procedure provided by a third party independent adjudicator who is selected by the parties in dispute

The parties can select the expert or highlight characteristics they need to offer

The appointed expert can act in an investigative manner

There are no legal submissions or examinations of evidence

Adjudication is less expensive than litigation and arbitration procedures

outcome is not supported by stature with the experts power limited to the confines of the contract

The expert outcome must be enforced by court proceedings if appealed

51
Q

Can you please define what communication is?

A

The imparting or exchanging of information be speaking, writing or suing some other medium

52
Q

What is a negotiation?

A

Discussion which are held to reach compromise or agreement

Parties through an informal or facilitated negotiation process agree to settle a dispute

Concessions and non negotiable items of each party are discussed

Negotiations can be finalise either in line by line detail or at a high level

53
Q

What would you do following a negotiation meeting where a verbal agreement was made?

A

I would look to formalise verbal agreement as soon as possible

This would be achieved through issue of written correspondence setting out what was discussed and agreed

Request that other party confirms with written reply

If they don’t, arranged follow up call stating written response is required.

54
Q

What makes a successful negotiation?

A

Goof preparation and discussion prior to meeting with the client about the concessions and no negotiable items

Good record keeping and presentation of written instructions

Meeting should be held in a calm environment where both parties are given the opportunity to speak

Take regular comfort breaks and time to review discussions in private with client

Follow the agreements within the meeting, formalise in writing

55
Q

What are the benefits of cloud based storage systems?

A

Information is backed up securely on encrypted servers
Accessibility can be managed via online settings
Cloud systems are often cheaper than physically storing and managing files
It is convenient to send and share files online instead of mailing
Cloud systems are environmentally friendly
Multiple users can access the same documents
Document and folder systems can be synchronised

56
Q

What is the meaning of a non disclosure agreement?

A

Non disclosure agreements are used to protect against the disclosure or sharing of any confidential data

Prior to the confidential data being shared with a recipient, clients will typically requires that the recipient signs up to an NDA

They are often used when confidential, sensitive, innovative or intellectual property information is being shared to prevent this information being used by competitors

57
Q

If two separate departments within you firm were working for two rival companies, howe would you ensure client sensitive data was managed?

A

Make client aware of risk
Conflict of interest
Letter of instruction to continue
Exclusivity of staff
NDAs
Single communication lines to client
Separate working locations
Secure storage

58
Q

What things must companies put in place to ensure GDPR compliance?

A

Raise awareness across your business
Audit all personal data
Update your privacy notice
Identify and document your legal basis for processing personal data under GDPR
Review how you seek, obtain and record consent

59
Q

What is workplace diversity?

A

Diversity in the workplace relates to the acceptance and inclusion of employees of all backgrounds

Ensuring diversity in the workplace is an important asset of an organisation as it acknowledges the individual strengths of each employee and the potential they bring to the business

60
Q

What are some advantages of a diverse team?

A

Increased productivity - gives broader range of skills

Increased creativity - different skill sets and perspectives increase problem solving

Improved cultural awareness - can operate more efficiently in a global market.

Positive reputation - better employers

61
Q

Please explain your understanding of inclusion in the workplace?

A

Creating an environment and culture where all company employees feel like they belong in the organisation

Results in every employee being comfortable to voice their opinions and that no one person feels excluded on the basis of their identity

62
Q

What is meany by unconscious bias?

A

Associations and assumptions that a person may have about someone solely because of their race, gender or disability

These judgements are made without conscious awareness

Automatic assumptions and stereotypes are a major contributor to a lack of diversity

63
Q

What are the GAP Principles for data privacy?

A
  1. Management
  2. Notice
  3. Choice and consent
  4. Collection
  5. Use, retention and disposal
  6. Access
  7. Disclosure to third parties
  8. Security for privacy
  9. Quality
  10. Monitoring and enforcement
64
Q

What do you do when data privacy has been breached?

A

Report to the Scottish Information Commissioner’s Office (ICO) within 72 hours.

65
Q

What are the 8 rights you have under GDPR?

A
  1. The right to be informed
  2. The right to access
  3. The right to rectification
  4. The right to erasure
  5. The right to portability
  6. The right to restrict processing
  7. The right to withdraw consent
  8. The right to object
66
Q

What is the data reform act? Data Protection and Digital Information Bill

A

Streamline previous data acts.

Remove the obligation to complete a record of processing activities unless likely to result in a high risk to the rights and freedoms of individuals.

Replaces need to appoint a DPO with a requirement for a ‘senior responsible individual’.

67
Q

What are the 4 principles of the Data Protection Act?

A
  1. Accuracy
  2. Storage Limitation
  3. Integrity and confidentiality (security)
  4. Accountability
68
Q

What are the lawful basis of processing information?

A

Must have a valid lawful basis in order to process personal data.

  1. Consent
  2. Performance of a contract
  3. A legitimate interset
  4. A vital interest
  5. A legal requirement
  6. A public interest
69
Q

What are the 7 principles of GDPR?

A
  1. Lawfulness, fairness and transparency
  2. Purpose limitation
  3. Data minimisation
  4. Accuracy
  5. Storage limitation
  6. Integrity and confidentiality
  7. Accountability

APC Residential Scotland (8 decks)

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