MANDATORIES Flashcards
What is the VOA’s core purpose?
The public sectors property valuation experts and advisors providing the valuations needed to support local taxation and benefits, our work underpins the funding of vital public services.
What is the VOA’s vision?
To be a world-leading provider of public sector valuations
What are the VOA’s strategic objectives?
Produce trusted property valuations efficiently
Deliver an excellent customer experience
Be a great place to work
What is the importance of forming good professional relationships with clients?
Establishing strong connections with clients creates an environment of trust, loyalty and mutual understanding. This pin turn creates collaboration and attainment of shared goals.
What is the VOA’s compliant handling procedure?
Complaints go directly to the complaints team. There are two tiers in our complaints procedure. Tier 1: a complaints manager will look into the complaint and send a response
Tier 2: if still dissatisfied then review by a different complaints manager who will send a response. Aim to resolve all complaints within 20 working days. If still not happy from Tier 2 can go to Adjudicators Office who is an independent organisation who investigates complaints about the VOA and make fair unbiased recommendations. Usually 6 months after tier 2 response.
Why is it important to provide clients with complaints handling procedure?
Because it is both good customer service and helps to protect the firm in the event of an unsubstantiated or inflated claim.
Why do you include a copy of complaints handling procedure in terms of engagement?
So the client is aware of what they need to do if they want to submit a complaint.
What are the advantages and disadvantages of different methods of communication?
Written – permanent record of message, but impersonal and can be slower
Oral – quick, accurate, tone but no record
Body language – powerful tool, can be miss interpreted
When have you shown good client care
I dealt with a challenge case where the ratepayer was familiar with zoning and why the valuation had ended up at that value. I set out an email with diagrams explaining the concept of zoning and how this equalled the valuation. The ratepayer was happy with my explanation and this enabled us to reach agreement on the valuation.
Can you tell me about an ethical situation where you had a conflict of interest
When undertaking a development appraisal, it became apparent that an existing client had an interest in the property. As they were a retained client, I sought informed consent from the existing client and made the current client aware of the conflict of interest. Both parties confirmed in writing that they were happy for us to proceed. I updated the terms of engagement to reflect the conflict of interest.
Can you tell me a time you have clearly communicated or negotiated?
When dealing with Inheritance tax valuations, such as the farm buildings in Kidderminster, where I have not agreed to a returned valuation. I have set out my evidence clearly to the client in emails with explanation as to why I felt the value was different to their valuation. I have then followed this up with phone calls to discuss the matter in more detail. This has led to me negotiating on a number of inheritance tax cases and coming to agreement on valuations.
Why is health and safety important?
Being a surveyor you are exposed to a range of business activities and inspections, with this it is important to manage health and safety. If you do not then you can be in danger or put others in danger.
What does the health and safety at work act 1974 say?
Primary piece of legislation governing workplace health and safety. Duty on employers to ensure health, safety and wellbeing of employees and other affected persons is not at risk, so far as is reasonably practicable. Penalties are fine, up to 2 years imprisonment, directors disqualified for up to 15 years.
What is the VOA’s lone working policy?
Sets out thw procedures for lone working. Includes making sure your contact and emergency contact details are up to date, inputting details on your outlook calender (estimated time, end, address details, who you are meeting, hire car) carrying mobile phone, carry personal safety device, you should report all health and safety incidents and instances when your peoplesafe alarm is set off.
Why do you carry out risk assessment pre inspection?
Assess the hazards to myself and others which in turn will ensure safety.
What would you risk assessment involve before going out on inspection?
Identify hazards, who may be harmed and how, evaluate risk, record findings, regulalary review and revise risk assessment
What is a people safe device?
Personal safety device that links to a incident management centre. GPS technology to track.
Why is people safe important?
Will raise alarms if you need help and therefore help keep you safe.
What are the generally accepted accounting principles?
Financial reporting framework adopted by some companies in the UK. Set of accounting rules, standards and procedures. Ensure financial statements are complete, consistent and comparable. Seven financial reporting standard. Provides guidance on the way financial reports are set out. FRS 102- covers how property included in accounts is to be valued.
What is the international financial reporting standards?
A report prepared by an auditor as an independent party confirms that the financial accounts of a company are fair and true. Reports must be prepared for all public limited companies unless they are dormant or where companies articles of association or shareholders require them. Small companies and micro entities may bee xmpat from need for audits because of reduced size and risk. Parameters of size of companies found on Gov website.
What is the difference between GAAP and IFRS?
GAAP is rules based, more detailed and prescriptive, focused on historical cost of assets, inventory valued at the lower of cost or market value, no inventory write downs
IFRS is principles based, more high level and flexible, more flexibility in valuation of asses, inventory valued at the lower of cost or net realisable value, allows inventory write downs.
What is profit and loss?
Shows income and expenditure of the company over a specific period resulting in the net profit or loss made. Can be used to calculate the company’s profit margin (how efficient they are at converting revenue to profit)
