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APC TH > Mandatories > Flashcards

Mandatories Flashcards

1
Q
  1. Why is it important to understand a client’s objectives?
A

Can have a more tailored service resulting in a more trusting relationship

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2
Q
  1. What is the Professional Standard which provides advice on Complaints?
A

RICS Professional Standard: Complaints Handling 2016

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3
Q
  1. When should details of CHP be issued to a client?
A

At the same time as the Terms of Business

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4
Q
  1. How should complaints be tracked?
A

In a complaints log

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5
Q
  1. What should you do when you receive a complaint?
A

Notify PII insurers and undertake CHP

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6
Q
  1. What are the minimum procedures for handling complaint?
A

Stage 1) IN HOUSE: Ensure the complainee has the Complaints Handling Officer details so they can contact them, must be acknowledged in 7 days, and investigated in 28 days
Stage 2) Alternative dispute resolution (3rd party): If not happy with Stage 1, uses independent redress scheme such as The Property Redress Scheme and the RICS Dispute Resolution Service (DSR)

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7
Q
  1. What are CBRE’s policies for CHP?
A

Must be acknowledged in 5 days and 20 days investigated, then respond with an action
Use the Property Redress Scheme for ADR

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8
Q
  1. What do good negotiation skills include?
A
  • Agree objectives and strategy before beginning negotiations
  • Always maintain communication
  • Walk away if needed
  • Active listening – responding and reflecting on what they say whilst retaining info
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9
Q
  1. What are the different forms of communication?
A

Verbal, non-verbal, written, Phone, email, meeting, zoom/teams, listening

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10
Q
  1. What is included in a set of public limited company accounts?
A

Chairman’s statement, independent auditor’s report, income statement (P&L), balance sheet, corporate governance report, remuneration report

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11
Q
  1. What is a balance sheet?
A

State of business’s financial position showing its assets and liabilities at a given date

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12
Q
  1. What is an example of an asset?
A

Cash, property, debtors

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13
Q
  1. What is an example of a liability?
A

Borrowing, overdrafts, loans, rent

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14
Q
  1. What is a profit and loss account?
A

Summary of business’s income and expenditure transactions on annual basis

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15
Q
  1. What are management accounts?
A

Internal use and not audited

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16
Q
  1. What are audited accounts?
A

Prepared by accountant

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17
Q

What is a cash flows statement?

A

A company’s cash inflows and outflows over a specific period of time including VAT

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18
Q
  1. What must all companies comply with when using International Financial Reporting Standards?
A

IFRS16 – Leasing Accounting Standard

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19
Q
  1. What needs to be included within the IFRS16 – Leasing Accounting Standard?
A

Full cost of leases need to be included in the balance sheet, such as rent, however, service charge payments are accounted separately

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20
Q
  1. When may an exemption to include leases on IFRS16 exist?
A

For leases of 12 months or shorter

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21
Q
  1. What is the Fair value Measurement?
A

IFRS13 – the amount at which an asset or liability would exchange between two market participants in an orderly transaction at the measurement date

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22
Q
  1. Why should you undertake financial background checks on prospective tenants?
A

Ensure they are reliable and responsible, pay rent on time, which provides less risk to client

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23
Q
  1. What is an Experian report?
A

Gives an indication to the strength of the covenant by giving a credit score, in other words how risky and what their credit limit is

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24
Q
  1. What is the UK GAAP?
A

The Generally Accepted Accounting Practice – set of accounting standards that businesses in the UK use to prepare financial documents

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25
Q
  1. Who publishes the UK GAAP?
A

Financial Reporting Council (FRC)

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26
Q
  1. What are the 5 general principles of Accounting?
A
  1. The accrual principle – income should be recognised when its earned not received
  2. The matching principle - expenditure should be recognised against revenues.
  3. The historic cost principle - actual cost is typically reported as opposed to current value (property depreciates, record what you bought it for)
  4. Conservatism principle - accountants should choose the approach that produces the lowest net income
  5. Substance over form principle - leasehold assets can be recorded as assets as long as their price is incorporated.
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27
Q
  1. What are statutory accounts?
A

Show a company’s financial performance over the previous year, used to calculate corporation tax

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28
Q
  1. What do statutory accounts include?
A

Balance sheet, P&L, Cash flow statements

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29
Q
  1. Who are statutory accounts shared with?
A

Shareholders and companies house

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30
Q
  1. What are some differences between statutory and management accounts?
A

Statutory accounts are required by law for companies house for limited companies, produces a statement of overall spending, whilst management are used for internal decision making

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31
Q
  1. What is CBRE’s business plan?
A

Short term: Increase attachment rates across the business
Long Term: increase DE&I initiatives

32
Q
  1. What are used to plan future business activities?
A

Fee forecasts

33
Q
  1. What are different forms of business vehicles?
A

PLC, LLP, Limited Company, Sole Practitioner

34
Q
  1. What is a PLC?
A

Publicly listed company - Shares offered to the public, limited liability, listed on stock exchange

35
Q
  1. What is a LLP?
A

Limited liability partnership – Partners liability is limited and not responsible for others negligence

36
Q
  1. What is a limited company?
A

Responsible for debt to extent of capital invested

37
Q
  1. What is a sole practitioner?
A

One exclusive earner

38
Q
  1. What is the Professional Standard regarding CoI?
A

RICS Professional Standard: Conflicts of Interest 2017

39
Q
  1. What are the three types of CoI?
A

Party conflict, Own interest conflict, Confidential Information conflict

40
Q
  1. What could be some alternative dispute resolutions (ADRs)?
A
  • Negotiation
  • Mediation - neutral mediator facilitates discussions between parties, not binding
  • Arbitration – independent arbitrator expert, assesses evidence, decision is final and legally binding
  • Independent Expert Determination - appointed by two parties, undertakes own investigations both parties bound be decision, can be binding or non-binding
41
Q
  1. What is unconscious bias?
A

Social stereotypes formed outside own conscious awareness

42
Q
  1. How might unconscious bias impact a surveyor’s work?
A

May impact recruitment

43
Q
  1. How could CBRE improve diversity in the workplace?
A

Go into more diverse schools and encourage property at young age

44
Q
  1. What benefits could be achieved with a more diverse workforce?
A

Better decision making, increased creativity, improved productivity, positive reputation

45
Q
  1. How and why is RICS addressing diversity and inclusivity?
A
  • Historically lack of diversity and Bichard Review highlighted the future of RICS requires improved diversity and inclusion
  • Has signed the Memorandum of Understanding Action Plan (MoU)
46
Q
  1. What is the main legislation regarding equality?
A

UK’s Equality Act 2010

47
Q
  1. What are the 9 protected characteristics?
A

Gender reassignment, sex, sexual orientation, age, disability, race, religion/belief, marriage/partnership, pregnancy

48
Q
  1. What types of illegal discrimination does the Equality Act 2010 identify?
A

Direct discrimination, indirect discrimination, harassment, victimisation

49
Q
  1. What does the Equality Act require a service provider do if faced with an obstacle to access for disabled persons?
A

Remove / alter feature or provide reasonable means of avoiding

50
Q
  1. Where are most requirements for inclusivity found?
A

Part M of building regulations

51
Q
  1. What is an inclusive environment?
A

An environment designed and managed to allow people with a diverse range of needs and abilities to access and use it

52
Q
  1. What is the main document regarding sustainability in valuation?
A

RICS Professional Standard: Sustainability and ESG Guidance in Commercial Property Valuation and Strategic advice

53
Q
  1. What is the UK’s net zero aim?
A

Achieved net zero by 2050, reducing emissions by 78% by 2030

54
Q
  1. When are EPCs required?
A

For all commercial buildings over 50 sq m

55
Q
  1. How long do EPCS last?
56
Q
  1. When is a building exempt from EPC requirements?
A

Listed, religious, to be demolished buildings

57
Q
  1. What penalty could you receive for failing to comply with EPC requirements?
A

12.5% of RV, or £500-£5k

58
Q
  1. Who policies EPC compliance?
A

Local Authorities

59
Q
  1. What are the Minimum Energy Efficiency Standards 2015?
A

1) New leases from April 2018 require EPC of E or above
2) From April 2023, LL cannot let commercial property with EPC lower than E without legitimate reason

60
Q
  1. What is the fine for non-compliance with MEES?
A

Up to 20% of RV, £150k max

61
Q
  1. Who polices MEES?
A

Local Authorities

62
Q
  1. When are you exempt from MEES?
A
  • If building is exempt from EPC
  • 7-year payback
  • 5% loss in value from improvements
  • Lack of consent
63
Q
  1. What is a change to the MEES regime?
A

In October 2023, scrapped requirement that rental properties need a minimum of C-rating by 2028

64
Q
  1. What is BREEAM?
A
  • Building Research Establishment Environmental Assessment Method
  • Voluntary assessment tool to rate commercial buildings
65
Q
  1. What is BREEAM based on?
A

Energy consumption, water use, transport links, waste management, wellbeing

66
Q
  1. Which valuation practice guidance applications revolves around sustainability?
A

VPGA 8 – inspection of real estate, ESG, commentary on these

67
Q
  1. How soon after marketing must an EPC be commissioned?
68
Q
  1. Who is responsible for procuring EPC?
69
Q
  1. What is the Whole Life Carbon Assessment (WLCA)?
A

Estimate the amount of carbon emitted throughout the life cycle of a constructed asset

70
Q
  1. Why is WLCA useful?
A

Gives visibility to carbon cost of different design choices, which will help manage carbon budgets

71
Q

What is Sustainability?

A

Meeting the needs of the present without compromising the ability of future generations to meet their own needs

72
Q

What are some of CBRE’s DE&I iniatives?

A
  • Cornerstone Employer
  • Career ready: 3 year programme to engage 500 young people
73
Q

What are CBRE’s sustainability goals?

A
  • Net zero by 2040
  • Encourage and advise buildings managed to be more sustainability
  • Encourage sustainability methods to office e.g. public transport passes, cycle to work scheme
74
Q

What are CBRE’s national and regional objectives?

A

National - encourage attachment & DE&I initatives
Regional - £75 million fee objective (currently c.£50m)

75
Q

What does Part M of Building regulations outline?

A

Provides information about the ease of access to, and use of, buildings, including facilities for disabled visitors or occupants, and the ability to move through a building easily
Volume 1: Dwellings, Volume 2: Other types of buildings

76
Q

What is the Equality Act 2010?

A

legally protects people from discrimination in the workplace and in wider society

77
Q

What is included within an EPC?

A

Energy rating, Expiry date, certificate number, property type, floor area, comparison to others

APC TH (15 decks)

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