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APC Questions > Mandatory Competencies > Flashcards

Mandatory Competencies Flashcards

1
Q

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

A

*Professional competence – knowledge, skill sufficient
*Conflicts of interest
*AML checks
*Sufficient PII cover
*Formalise engagement through ToE

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2
Q

New practice, what procedures would you put in place to ensure good client care provided?

A

*ToE and clear communication with client, timescales, resourcing adjustment and obtaining information required
*Complaints Handling Procedure available
*Business development activities
*Client information confidential – non-disclosure agreements

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3
Q

Why client care is so important?

A

*Surveying practice likely to retain existing clients and develop new business leads
*Negligence claims mitigated – avoidance

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4
Q

On receipt of formal complaint from a client in writing what would you do?

A
  • Arrange a call with the client as soon as possible to notify them complaint received and working to rectify issues
  • Issue complaints handling procedure
  • Report to senior appointed person
  • Notify PII insurers inline with policy requirements
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5
Q

On receipt of formal complaint from a client in writing what would you do?

A
  • Arrange a call with the client as soon as possible to notify them complaint received and working to rectify issues
  • Issue complaints handling procedure
  • Report to senior appointed person
  • Notify PII insurers inline with policy requirements
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6
Q

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

A
  • Complaint = statement that situation is unsatisfactory or unacceptable to the client
  • Formally in writing or verbally
  • RICS require handled in-line with CHP
  • Notify PII insurers
  • Loss of clients, reputational
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7
Q

What is a Duty of Care?

A

ensure that another party does not suffer harm of loss that can arise from a breach of contractual obligations

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8
Q

Difference between client and customer?

A
  • Customer purchases goods and services from a company – one time
  • Client – long term relationship
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9
Q

Soft Landings

A

strategy designed transition from construction stage to occupation of project.

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10
Q

What is quality management procedures?

A

peer review process, format documentation (Templafy), authorisation / signature to release of documentation

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11
Q

What are KPIs?

A

Key Performance Indicator – measurable value that demonstrates key business objectives. Success at reaching targets. Business performance.

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12
Q

What is meant by the term client money?

A
  • Money of currency in form of cash, cheques, draft or electronic transfers
  • RICS regulated firm hold or receives on behalf of another person or company
  • Client money excludes fees paid in advance
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13
Q

What is an investment appraisal?

A
  • Used to determine whether a business or project would generate the required levels of return and be considered financially viable
  • Rate of return, payback period, net present value
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14
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 (Political, Economic, Social and Technological)
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15
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
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16
Q

What is a business model?

A
  • Strategy implemented by organisation to generate revenue and make a profit
  • Products or services offered to client
  • Business niche or sector being operated in
  • Target clients / customers
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17
Q

Business strategy

A

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

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18
Q

Explain your understanding of the term tax depreciation?

A
  • Where the declining value of an asset is offset against a companies taxable profit
  • Depreciation in value can be recorded as an expense in order to reduce the amount of taxable income
  • Applied to things such as plant, tools, vehicles, computers, furniture and buildings
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19
Q

What are overheads?

A
  • Operating costs of a business that are incurred on an ongoing basis
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20
Q

Escrow account

A

contractual agreements used as financial instruments within a transaction. Held by intermediary third party

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21
Q

What are the 3 types of accounting ratios?

A
  • Liquidity ratios – ability to pay debt obligations and assess margin of safety by looking at a number of metric including operating cash against short term debts
  • Profitability ratios – ability to generate profits from sales operations and shareholding equity. Efficient company is in generating profit.
  • Gearing ratios – compare capital with debts.
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22
Q

What is financial leverage?

A

concept of using borrowed funds to enhance business operations and increase profitability

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23
Q

What are capital allowances?

A

allow tax payers to gain tax relief by using expenditure to be deducted from their taxable income

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24
Q

What are the differences between current and fixed assets?

A

Fixed = vehicles, buildings etc.
Current = money owed

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25
Q

Identify possible restrictions in a title register.

A

covenants restricting use, ROW, right of light

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26
Q

What is privity of contract?

A

contracts not give rights or obligations to entities other than those who are parties to the contract

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27
Q

What procedures can you adopt to avoid disputes?

A
  • Clear contract documents and terms of engagement
  • Effective communication and record keeping
  • Following RICS guidance and professional statements
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28
Q

In your experience what are some common causes of disputes?

A
  • Errors and conflicting information within tender documentation
  • Poorly defined change control procedures
  • Lack of knowledge / understanding of contractual obligations
  • Contract errors
  • Poor contract administration
  • Poor quality of workmanship
  • Delays to payments / non-payment of claims
29
Q

Name 4 types of Alternative Dispute Resolution?

A

Expert witness – expert in particular field, opinion in legal cases for ADR
Mediation – form of dispute resolution – consent from both parties.
Conciliation – negotiations where conciliator will prepare recommendation for resolution
Adjudication – third party independent adjudicator selected by the parties in dispute. Investigate evidence. Not supported by statute.

30
Q

Define communication

A

imparting or exchanging of information by speaking, writing or using some other medium

31
Q

What is negotiation?

A
  • Discussions held to reach a compromise or agreement
  • Parties through an informal or facilitated negotiation process agree to settle a dispute
  • Concessions and non negotiable items of each party discussed
  • Finalised either in line by line detail or at a high level
32
Q

What is COP26 and what was agreed?

A
  • Most recent annual UN climate change conference. COP stands for Conference of the Parties.
  • Explicit plan to reduce us of coal responsible for 40% of annual CO2 emissions
  • Trillion dollar a year fund from 2025
33
Q

How does it relate to the Paris Agreement?

A
  • COP21 meeting in Paris 2015 – agreed to pursue efforts to prevent temperatures rising more than 1.5C above pre-industrial levels to avoid most dangerous impacts of global warming.
  • Came into affect in 2016
34
Q

Any impending change to minimum energy efficiency standards?

A

By 2025 minimum rating increases to C from E

35
Q

Name regulations that affect sustainability in construction

A

Energy Act 2011, Climate Change Act 2008, Environmental Protection Act

36
Q

What is the definition of carbon neutral?

A

balance between carbon emitted and carbon absorbed. Impact businesses and projects have on environment and global warming.

37
Q

What does BREEAM stand for and what are the benefits?

A

Building Research Establishment Environmental Assessment Method - lowering running costs of assets and minimising impact on the environment through consideration at planning, design, construction and operation phases.

38
Q

What is an EPC and what is included?

A
  • Energy Performance Certificate introduced in 2007 and legal requirement for a building to be sold, let or constructed
  • Rated on a scale of A-G
  • Potential rating provided
39
Q

Name and RICS sustainable initiative?

A

SKA ratings - environmental assessment method

40
Q

What are the benefits of cloud based storage systems

A

backed up securely on encrypted servers, online settings, environmentally friendly, easily accessible.

41
Q

What are NDA’s?

A

Non-disclosure agreement – protect against disclosure or sharing of any confidential data.

42
Q

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

A
  • Make client aware of risks
  • Conflict of interest
  • Letter of instruction to continue
  • Exclusivity of staff
  • Non-disclosure agreements
  • Single communication lines into client
  • Separate working locations
  • Secure storage
    Information Barrier
43
Q

Who are key persons outlined within GDPR?

A
  1. Controller – natural person or legal entity that determines the purposes and means of processing personal data
  2. Processor – natural person or legal entity that processes personal data on behalf of controller
  3. Data Protection Officer – leadership role required by EU GDPR – responsible for overseeing the data protection approach, strategy and its implementation.
44
Q

What are 8 individual rights under GDPR?

A
  • Right to be/of:
  • Informed, access, rectification, erasure, restrict processing, data portability, object, automated decision making and profiling
45
Q

What are the procedures companies put in place to ensure GDPR compliance?

A
  • Raise awareness across your business
  • Audit all personal data
  • Update your privacy notice
  • Review procedures supporting individuals rights
  • Legal basis for processing data under GDPR
  • Review how you seek, obtain and record consent
46
Q

What is workplace diversity?

A
  • Acceptance and inclusion of employees of all backgrounds
  • Important asset – acknowledges individual strengths of each employee and the potential they bring
47
Q

What are the advantages of a diverse team?

A
  • Increased productivity and creativity – different talents and skills from different individuals
  • Improved cultural awareness – effective with companies operating within a global market place – access to someone who speaks a different language
  • Positive reputation for company
48
Q

What is the understanding of inclusion within the workplace?

A
  • Creating environment and culture where all company employees feel they belong in the organisation
  • Comfortable to voice opinions – no one person feels excluded
49
Q

What is unconscious bias?

A

refers to associations and assumptions that a person have about someone solely because or their race, gender or disability. Judgement made without conscious awareness. Major contributor to a lack of workplace diversity.

50
Q

Explain your understanding of the term HSE?

A
  • HSE = Health and Safety Executive
  • UK national authority for managing work related health, safety and illness
  • Act in public interest to reduce work related injuries and incidents
  • Protect people’s H&S – risks properly managed
51
Q

What date did the new Rules of Conduct effective by?

A

2nd February 2022

52
Q

What are the 5 rules of conduct?

A
  • Honest, act with integrity and comply with their professional obligations, including obligations to RICS
  • Professional competence – services provided by competent individuals with necessary expertise
  • Good quality and diligent service
  • Treat others with respect and encourage diversity and inclusion
  • Act in public interest, take responsibility for actions and act to prevent harm and maintain public confidence in the profession
53
Q

What are the RICS Global Professional and Ethical Standards?

A

integrity, always provide a high standard of service, act in a way that promotes trust in the profession, treat others with respect and take responsibility in role.

54
Q

RICS Professional Statement on Countering Bribery and Corruption, Money Laundering, Terrorist Financing and Transfer of Funds

A

– 1st edition, February 2019 – effective 1st September 2019 – not offer, accept, directly or indirectly, anything that could constitute a bribe – report activity of breaches applicable to anti-bribery and corruption to relevant authorities. Not facilitate or be complicit in money laundering and terrorist financing activities. Report suspicions AML officer. Provide gift register – employees declare items.

55
Q

RICS Global Professional Statement on Conflicts of Interest

A

effective from 1st January 2018 – must not advice or represent a client where doing so would involve a CoT other than where people provided prior Informed Consent. Maintain confidentiality of Confidential Information provided to client all information material to client’s professional assignment. Effective systems and controls appropriate to manage compliance. Party, Own Interest and Confidential Information Conflicts

56
Q

What is the RICS guidance on Complaints Handling Procedure?

A

GN effective 7 July 2016 – Firm operates a CHP and maintain a complaints log – must include Alternative Dispute Resolution approved by Regulatory Board. ToE reduces complaints. CHP – fit for purpose (based on size and structure of business), available to staff and clients, regularly reviewed at senior level, agreed with PII.

57
Q

What is SW’s Complaints Handling Procedure?

A

Finance Director in first instance (Chris Sutcliffe) pass on to respective partner within the division. Made in writing explaining circumstance. Dealt within 7 days from receipt. Letter of conclusion within 30 days.

58
Q

What are the 9 characteristics the Equality Act 2010 protects from discrimination?

A

age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation.

59
Q

RICS Sustainability and ESG in commercial property valuation and strategic advice

A

GN, December 2021, effective 31 January 2022 – 3 dimensions (ESG) global UN Sustainable Development Goals. VPGA 8 section 2.6 (c) sustainability features and implications. Basis of value (MV Pre-Covid-19 Pandemic)

60
Q

Sustainability and ESG factors that could affect value?

A

EPC compliance, cost of living crisis, Ukraine war impacts, interest rates

61
Q

RICS GN, Surveying Safely (2nd edition, November 2018)

A
  1. Personal responsibilities for RICS member and corporate responsibilities for RICS-regulated firms
  2. Relevance to RICS professional groups
  3. Assessing hazards and risks
  4. RICS members’ places of work
  5. Occupational hygiene and health
  6. Visiting premises or sites
  7. Fire Safety
  8. Residential Property Surveying
  9. General procurement and management of contractors
62
Q

3 offences under Misrepresentation Act 1967

A

Fraudulent, Innocent and Negligent

63
Q

IFRS 16 what do you understand by that?

A
  1. Faithfully represents lease transactions
  2. Provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases
64
Q

What does 5A1 stand for?

A

Dun & Bradstreet assessment of net worth - 5A1 best rating (above £35M net worth) number 1 relates to minimal risk

65
Q

What are the key legilsations for sustainability?

A

Energy Act 2011, Environmental Protection Act 1990, Climate Change Act 2008

66
Q

What is a Dunn and Bradstreet report?

A

Business credit report showing company’s payment behaviour and how that affects its contractural obligations and future health.

67
Q

Companies complaint handling procedure - talk me through it?

A

Nominateed complaints handling officer - complaints should be acknowledged within 7 days and dealt with within 28 days. PII should be notified when complaint made.

68
Q

Tell me some of the International Ethical Standards?

A

International Ethical Standards were published in December 2016 and revised in May 2021; they include:
Accountability, Confidentiality, Conflict of Interest, Diversity, Financial Reporting, Integrity, Lawfulness, Reflection, Respect, Standard of Service, Transparency and Trust

APC Questions (4 decks)

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