Mandatory Flashcards
What is a profit and loss account?
A summary of business income and expenditure transactions prepared on an annual basis
What is a cash flow statement?
Shows actual receipts and expenditure including VAT - prepared for management purposes
What is a balance sheet?
A statement of a company’s financial position, showing its assets and liabilities at a given date (usually at the end of the year)
What is an audited account?
Accounts that have been audited by a chartered accountant on an annual basis
What is the IFRS?
International financial reporting standards.
Required for listed companies in the EU (specifically 102 for uk and Ireland - general purpose of financial statements and reporting
What is the role of the IFRS?
To bring consistency in accounting language, practice and statements to help businesses and investors to make educated financial decisions
What is GAAP?
General accepted accounting principles.
Body for accounting principles, standards and regulation.
What is GAAPs role?
Provides principles and standards to improve clarity, consistency and comparability of the communication of financial information
What is arbitration?
When is it appropriate?
Formal, private and binding process where the dispute is resolved by a 3rd party - can involve Tribunal.
Appropriate when the parties agree and abide by an arbitration decision, win-lose situations
What is mediation?
Informal process where a mediator attempts to move the parties to reach a dispute and settlement though compromise, highlighting problems and risks of each respective case.
More of a guide rather than five outcome - can be appointed as facilitators, helps preserve relationships
What is litigation?
Court proceedings where they are legally binding
Appropriate: when negotiations are unsuccessful, no dispute resolution in contract
What is an advocate?
Someone who presents a case on behalf of client who represents and promotes their case and interest however not acting as expert.
What is an expert witness?
Expert who is impartial and uninfluenced by client however duty to court overrides this.
Must give expert opinion regardless of client.
What is the health and safety work act 1974?
U.K. legislation relating to health and safety that places a duty on employees to ensure health and safety and well being of employees and others is not at risk.
Who is the H&S act policed by?
What are the penalties?
Health and safety executive
Fines, imprisonments, disqualification as director
What are the H&S refs?
- Management of health and safety at work
- display screen equipment
- Manual handling procedures
- PPE
- provision of use of work equipment
- Workplace health, safety and welfare
Risk assessment method?
Key concepts set out in health and safety executive?
- Identify
- Consider
- Evaluate
- Record
- Review
Structure of surveying safely?
- personal and corporate responsibilities
- relevance to RICS professional groups
- Assessing risks and hazards
- RICS members places at work
- occupational health and hygiene
- visiting premises or sites
- fire safety
- residential property surveying
RICS regulation firms must provide…?
Under surveying safely?
- safe working environment
- safe working equipment
- safe systems at work
- competent staff
What is Clients Money Handling oct 2019 about?
Rule 8 of rules of conduct
PS reinforces the importance and sets out mandatory requirements of ensuring RICS members and firms that deal with clients funds are appropriately protected
What section does it say in CRCA who VOA can act for?
Section 10 states who they can provide valuations for
What is the definition of sustainability?
The ability to meet our own needs without prejudicing the ability and needs of future generations
How is sustainability promoted in the built environment?
The standards and measures that are currently in place such as BREEAM, it is not mandatory however it is a desirable rating to achieve
What is EPC?
Energy performance certificate, a ranking of a property’s energy levels that is required by law on all sold and let properties when marketed
When are EPCs required?
All commercial buildings over 59sqm
Newly built, sold or let between 6 months and 99 years
Any sale, let or sublet immediately when marketing commences.
What are the exemptions of EPCs?
Listed buildings
Buildings that have no heating
Religious buildings
Buildings that are due to be demolished
Residential units that are not occupied for more than 4 months of the year
What is BREEAM?
Building Research Establishment Environmental Assessment Method
A voluntary environmental assessment tool to rate the environmental performance of both new and existing buildings
What are the 9 environmental factors considered in BREEAM?
- Health and well-being
- Energy
- Transport
- Water
- Minerals
- Waste
- Land use and energy
- Pollution
- Innovation
What are the weighting’s of BREEAM?
Unclassified Pass Good Very good Excellent Outstanding
What are the benefits of BREEAM?
Environmental benefits: co2, recycle, waste
Social benefits: productivity, corporate social responsibility, employee retention
Economic benefits: reduced costs, may increase value however this is subject to evidence
What is MEES?
Minimum Energy Efficiency Standards
Energy efficiency regulations 2015 minimum of E rating to let out
Min E from 2018, cannot grant new tenancy after
Must not continue to let property past 2023
Phasing gives landlords enough time to make changes
Exemptions of MEES?
Those that are exempt from requiring an EPC
Industrial workshops with low energy demand
Where it is not feasible to improve the EPC rating above E and where possible improvements have a payback of 7 years have been made
- 3 quotes for relevant work must be attained
- pay ack refers to energy savings covering the costs of improvement works within 7 years
What is the UKs target for sustainability?
As per the Climate Change Act 2008, zero greenhouse gases by 2050
What is the RICS Sustainable Action Agenda?
A variety of different data, reports and measures put in place such as:
World built environment forum
Training toolkit for property valuations to factor sustainability
RICS future report 2020
