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1st part - APC Prep > Mandatory Competencies > Flashcards

Mandatory Competencies Flashcards

1
Q

Have you been involved in a conflict avoidance situation? If not how would you deal with it?

A

No but if I had a conflict management situation I would advise both parties in writing of the conflict.

If I believed I could carry out the work I would obtain informed consent and proceed. If this is not possible I will decline the instruction.

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2
Q

How does the VO’s conflict of interest procedure work?

A
  • Upon receiving instructions I complete a conflict check to check if both the VO and myself can proceed. This is recorded and stored electronically.
  • if a conflict is identified this is flagged to my line manager and client is informed.
  • if I can undertake instruction impartially I will advise client and request informed consent
  • if this is received I will proceed.
  • if I cannot carry out instruction or informed consent is not received I will decline the instruction.
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3
Q

What is the RICS recommendations regarding conflict? Name at least 3

A

There is a professional statement on conflicts of interest effective January 2018 (released late 2017). 5 key recommendations are:

  • The Conflict of Interest professional statement prohibits you from proceeding if there is a Conflict of Interest or a significant risk of one unless you obtain prior Informed Consent from all affected parties.
  • Where a Conflict of Interest or a significant risk of one exists, you should only consider proceeding with the work (and seek Informed Consent in order to proceed) if you are satisfied that all of the relevant clients/parties interests will be served by you doing the work (as opposed to another firm doing it).
  • You should not seek Informed Consent in order to proceed because your firm’s interests are served by doing so.
  • Conflict of interest (2018) professional statement must be considered and applied not only when new work assignments are being considered, but also as work assignments progress further.
  • Every RICS member must identifty and manage conflicts of interest and keep records of all decisions made.
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4
Q

What is a professional statement?

A

Mandatory requirements for RICS members and RICS regulated firms

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5
Q

What are the three types of conflict and what do they involve?

A

Party conflict- relating to work on the same or related instruction for two different parties
Own interest conflict- relating to a personal interest
Confidential Information conflict- relating to work between two parties which is confidential

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6
Q

What is an information barrier?

A

Physical and or electronic separation of individuals within the same firm that prevents confidential information passing between them.

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7
Q

How do you communicate effectively in a report relating to a complex issue?

A

This is dependent on the client and there level of knowledge. I would detail all of the information using plain English without jargon in an concise manner to avoid confusion, using visual aids if suitable.

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8
Q

What is informed consent?

A

Consent given willingly by a party who may be affected by a conflict of interest.

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9
Q

What method of communication do you use when negotiating with an opposing party?

A

I mostly use email but have regularly communicate via phone calls, and face-face meetings when needed.

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10
Q

Tell me about a negotiation you have done?

A

I negotiated a valuation for a residential property in Birmingham

For inheritance tax purposes I negotiated with the clients surveyor overseen by the clients solicitor

I completed a desktop value, questioned the value supplied by client and requested to inspect

Using this information, I updated my valuation and contacted client via email

Immediately the surveyor tried to strike a deal but I held firm at my value explaining the comps that supported my valuation of £160,000.

After not hearing back for over a week I called the surveyor and reaffirmed my stance, who explained he was looking into further comparables.

When these were presented this changed my view and I was happy to negotiate down and agree a value of £155,000.

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11
Q

What communication method do you use with a new client?

A

This is dependent on the client and the method of communication required. I prefer to have an audit trail (as I’m sure the client does also) and therefore would start with written communication i.e email or letter, unless client informs me otherwise.

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12
Q

How do you ensure you communicate effectively?

A

I adjust my language based on the person I am communicating with. Visual aids such as plans and tables can also be effective communication. I listen and carry out research beforehand.

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13
Q

What is a statement of profit and loss?

A

A financial statement that summarises income and expenditure over a specified period telling you how much profit or loss a business is making.

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14
Q

What is IAS 1

A

Presentation of financial statements
Sets the overall requirements for the structure and contents.

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15
Q

how does the accruals concept work?

A
  • Income is recorded when earned not when received.
  • Expenses are recorded when incurred not when paid.
  • Taxes payable on all earned revenue.
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16
Q

why adopt accrual accounting? List at least 3 advantages

A
  • More accurate picture of business performance
  • Must be used for regulatory filing that requires GAAP.
  • Suited for most businesses - Cash account generally for small businesses paying tax via owner personal tax returns.
    -Most investors and lenders require GAAP financial statements.
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17
Q

what is GAAP

A

Generally accepted accounting principles.

  • Set standards on the details and legalities of business and corporate accounting.
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18
Q

what is a balance sheet sometimes referred to as?

A

Statement of financial position

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19
Q

what is a balance sheet?

A

a financial statement that reports a companies assets and liabilities at a specific point in time.

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20
Q

Tell us what you know about VPGA 1 (3)

A

Valuation for inclusion in financial statements

  • Where the entity has adopted IFRS the basis of value will be fair value.
  • Leases must be shown in balance sheet (IFRS 16).
  • States that it is the valuer’s responsibility to provide full details of the accounting standards to be adopted in the valuation.
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21
Q

Why are financial statements produced? Give at least 3 reasons

A
  • So investors can measure business performance
  • So management can review performance
  • Help companies make informed decisions
  • Legal requirement for public and private limited companies
  • Compare performance with others
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22
Q

summarise the difference between the financial statements

A
  • Balance sheet is about the assets and liabilities the business has at a specific time.
  • Profit and loss account looks at the actual income and outgoings within the business
  • Cash flow statement looks at the actual cash that passes hands within the business.
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23
Q

why is diversity in a team important?

A

Range of cultures and backgrounds can influence the ideas that can be shared, assist in communicating across different languages, and promotes inclusivity, to inspire future generations to join the industry

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24
Q

how does the structure in the VOA work?

A

Within my team we have:
Unit head
Team Leader
Lead Valuers
Valuer – my current level
Assistant valuers

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25
Q

How does partnering and collaborative working affect a team?

A

Can facilitate new ideas
Increase efficiency
Spread work load
Increase teamwork and unity within team
Can increase quality of work

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26
Q

what different roles does the agency have?

A

Mixture of Technical (valuers) and non-technical roles (admin)

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27
Q

What is your role in training new staff

A

Share knowledge, best practice tips, offer advice, make myself available for shadowing, open door policy

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28
Q

What Internal diversity and inclusion polices do the VO adopt?

A

The Agency has senior diversity champions, who have an expert partner alongside them from the business representing the 10 different areas of Diversity and Inclusion.

Includes age, ethnicity, gender, gender identity, language, nationality, marital status, religion, disability

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29
Q

what is Supply chain management?

A

The handling of the entire production flow of a good or service.

30
Q

Define what communication is

A

Exchanging of information by speaking, writing or other medium.

31
Q

Views on emails

A

Need to take care when sending and opening emails
Can easily send sensitive information to incorrect party
Need to double check recipients
Have the ability to create contracts and form written agreements

32
Q

Tell me about what MEES are? What are upcoming changes?

A

The Domestic Minimum Energy Efficiency Standard (MEES) Regulations set a minimum energy efficiency level for domestic private rented properties.

The Regulations apply to all domestic private rented properties that are:

let on specific types of tenancy agreement
legally required to have an Energy Performance Certificate (EPC)

Since 1 April 2020, landlords can no longer let or continue to let properties covered by the MEES Regulations if they have an EPC rating below E, unless they have a valid exemption in place.

If you are currently planning to let a property with an EPC rating of F or G, you need to improve the property’s rating to E, or register an exemption, before you enter into a new tenancy.

future trajectory for the non-domestic minimum energy efficiency standards (MEES) will be EPC B by 2030.

33
Q

what guidance notes are there on sustainability?

A

Sustainability and ESG in commercial property valuation and strategic advice (effective 31 Jan 2022) 3rd edition

34
Q

what do you know about EPC’s

A

Energy performance certificate
Required whenever property is built, sold or rented.

Contains info on:
Property’s energy use and typical costs
Recommendation of how to reduce energy use and save money

gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.

Buildings that do not need an EPC include: places of worship, listed buildings, temp buildings used for less than 2 years, stand-alone buildings with total useful floor space of less than 50 square metres, industrial sites, workshops and non-residential agricultural buildings that do not use a lot of energy.

from 1 April 2018, may not grant a lease to new or existing leaseholders if their commercial property has an EPC rating of band F or G

from 1 April 2023, may not continue letting a commercial property with an EPC rating of band F or G. unless: an exemption applies, or property is not required to have EPC.

35
Q

what is BREEAM

A

A sustainability assessment method used to masterplan projects, infrastructure and buildings.

Launched in 1990, by the Building Research Establishment (BRE) it sets standards for the environmental performance of buildings through the design, specification, construction and operation phases and can be applied to new developments or refurbishment schemes.

BREEAM assessment evaluates the procurement, design, construction and operation of a development against a range of targets based on performance benchmarks.

It allows clients, project teams and facilities managers to be certain that the required standard of environmental best practice is being adopted on their project. It can also be used as a marketing tool for potential purchasers or tenants.

Focuses on energy, land use, water, pollution, transport, materials and waste.

36
Q

What minimum energy standards are there for commercial buildings?

A

EPC E and above as per MEES

from 1 April 2018, may not grant a lease to new or existing leaseholders if their commercial property has an EPC rating of band F or G

from 1 April 2023, may not continue letting a commercial property with an EPC rating of band F or G. unless: an exemption applies, or property is not required to have EPC.

37
Q

why is sustainability important to valuers?

A

VPGA 8 Valuation of real property interest states that “While valuers should reflect markets, not lead them, they should be aware of sustainability features and the implications these could have on property values in the short, medium and longer term”

VPGA 8 also states ‘Particular care should be taken when assessing or commenting on ESG factors,
as valuers may not have the specialist knowledge and experience required’

38
Q

When reporting a valuation, how would you demonstrate you have considered
sustainability and ESG in your approach, calculations and commentary?

A

If sustainability and ESG factors are identified and recognised as having an impact on value, they should be reflected in valuation and reported as per VPS 3.

In line with VPGA 8:
- assess the extent to which the subject property currently meets the sustainability and ESG criteria typically expected within the context of its market standing and arrive at an informed view on the likelihood of these impacting on value, e.g. how a well-informed purchaser would take account of them in making a decision as to offer price.

  • provide a description of the sustainability-related property characteristics.
  • provide a statement of their opinion on the relationship between sustainability factors and the resultant valuation, including a comment on the current benefits/risks.
  • provide an opinion on the potential impact of these benefits and/or risks to relative property values over time.’
39
Q

Tell me about your involvement with business planning

A

Meetings
Surveys
Contact points
My performance has an impact

40
Q

What are the corporate objectives of the VO

A

We have three strategic objectives that we aim to deliver against during 2021-22.

Deliver an excellent customer experience
Be a great place to work
Produce trusted property valuations efficiently

DBE
Deliver customer
Be a great place to work
Efficient valuations that are trusted

41
Q

How do you work towards the VO objectives?

A

By embarking on my APC journey + CPD
Vast amount of internal training and following rules of conduct
Treating others with respect and encourage inclusivity and diversity rule 4 rules of conduct.

42
Q

What is a business plan and what are some typical things you’d find in a business plan?

A

Document setting out a business’s future objectives and strategies for achieving them.

An executive summary - this is an overview of the business.

Vision and business - a short description of who you are, what you plan to sell or offer, why and to whom, your business goals and key selling points.

Marketing and sales strategy - provides details on customers, competitors, market trends and tactics (eg pricing, distribution and promotion).

Management team and personnel - credentials of senior management.

Your operations - your premises, production facilities, your management information systems and IT.

Financial forecasts - this section provides details of cash flow forecasts, profit and loss accounts and balance sheets.

43
Q

how can an up-to-date business plan help an organisation in the current economic climate?

A

It can help you identify where your business is now.

Determine in which direction you wish your business to grow.

Monitor whether you are achieving your business objectives.

44
Q

What is a SWOT / PEST analysis?

A

SWOT analysis focuses on a company’s internal strengths and weaknesses, a PESTLE analysis concentrates on the external factors.

Using both methods together produces a comprehensive evaluation of a project.

Strengths, weaknesses, opportunities and threats
Political, Economic, Social, Technological

45
Q

what is business continuity and why is it important?

A

Business continuity is about having a plan to deal with difficult situations, so your organisation can continue to function with as little disruption as possible.

Whether it’s a business, public sector organisation, or charity, you need to know how you can keep going under any circumstances.

46
Q

key objectives of the VOA business plan

A

sets out the key activities we will be undertaking over the next year to help us achieve our strategic objectives.

build capability and modernise the agency.

47
Q

Purpose of the Valuation office

A

We are the public sector’s property valuation experts and advisers, providing the valuations
needed to support local taxation and benefits. Our work underpins the funding of vital public
services.

Our vision is to be a world-leading provider of public sector valuations.

48
Q

How does the VOA business model work?

A

The VOA is fully funded by the Agency’s sponsor department HMRC.
Our business rates and council tax valuations underpin around £60 billion of local Government taxation.
3,310 Full Time Equivalent people employed across 36 locations.
VOA Board- Jonathan Russell (CEO), Alan Colston (Chief Valuer), Aneen Blakemore (CFO).

49
Q

What performance targets do the VO have?

A

2021-22 performance targets include:
Check: 90% of check cases resolved within 3 months of receipt.
Challenge: all cases resolved within 18 months of receipt unless extension agreed.
Statutory Valuations: Clear all initial appraisals for HMRC within an average of 5 working days.

50
Q

What is the definition of an inclusive environment

A

An inclusive environment is one which recognises and accommodates the differences in the way people use the built environment.

51
Q

what should an inclusive environment create?

A

Buildings/spaces that can be used safely, easily and with dignity by all.

52
Q

what should inclusive environments facilitate?

A

Dignified, equal and intuitive use by all.

53
Q

What industry guidance are you aware of?

A

British Standard BS 8300 - provides guidance relating to the accessible and inclusive design of new public spaces.

National Planning Policy Framework (NPPF) - Section 8 of the latest NPPF relates to the provision of healthy, inclusive and safe places. These should ‘promote health and well-being, with a high standard of amenity for existing and future users’. This emphasises that high quality, inclusive design is a key principle of sustainable development, going beyond just aesthetic factors.

54
Q

what legislation contributes to creating inclusive environments

A

Equality Act 2010

Section 20 states that disabled individuals should not face barriers to access premises. If a barrier is faced and the disabled individual is put at a substantial disadvantage in relation to a non-disabled individual, then the service provider is under an obligation to make reasonable adjustments to facilitate access.

This extends beyond the duty just to facilitate physical access, e.g. through ramps or lift access. It also relates to the way in which services are provided, which could include auxiliary aids such as hearing loops or visual aids.

Reasonable adjustments can be made through changing the way that things are done, changing physical features or providing additional aids or services.

55
Q

what are the protected characteristics under the Equality Act 2010 (9)

A

Age
Gender
Race
Disability
Reliegion or belief
Sexual orientation
Gender reassignment
Marriage or civil partnerships
Pregnancy and maternity

56
Q

What steps you must take when handling client’s money?

A

Clients must always have access to funds.
Client money must be kept separate and clearly identifiable.
Include ‘Client’ in account name
Interest on the account must be agreed with the client.
Maintain client ledger or running balance of any transactions.
Agree the terms and advise client on bank details.
Must not be overdrawn

57
Q

What systems and procedures do you have in place to manage client care?

A

Briefing meetings to ensure all those involved understand the clients needs and goals.
Complaints handling procedure – on ToE
Good record keeping
Communicating – obtaining feedback
Communicating – ongoing dialogue
Communicating – keep client informed
Willing to adapt to clients needs and wants

58
Q

What do we mean by the client is sovereign?

A

the economic concept that the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare.

59
Q

What behaviours are appropriate to establish good client relationships?

A

Communication
Comprehensive Terms of Engagement
Avoid inappropriate behaviour

60
Q

What is the VOA Complaints Handling Procedure?

A

VOA has its own Complaints investigation team, we publish details of it and report it so clients are aware of it.
2 stages
VOA has Tier 1 (Business Stream); Tier 2 (Agency CIT); then as a govt body certain matters can be referred to an Ombudsman

61
Q

Tell us about a time you delivered good client care

A

IHT inspection – explaining the inspection in Lay terms with good communication throughout.
They had a variety of questions, which I happily answered via email and phone.

Initial response – giving chance to listen to ratepayer again. Extensions given in festive periods and on request (Altus data breach).

62
Q

What do you do to build a relationship with clients?

A

Deliver a good service
Deliver work on time
Be courteous and show an interest to get to know them

63
Q

Tell us about a client and How did you meet their requirements?

A

Borough Council
Work was delivered on time
Viability assessment of 133 unit scheme in Newcastle under Lyme
Good quality – led to repeat business in the form of more viability work.

64
Q

How does your good client care benefit HMRC?

A

Bringing income from local authorities and public sector bodies – in DVS
We bring in 60 billion pounds in Tax.

65
Q

What is the relationship of HMRC and the VOA?

A

The VOA is an executive agency of HM Revenue & Customs and employs more than 3,600 staff.
We carry out valuations and property advice to support taxation and benefits to the government and local authorities in England, Wales and Scotland.

66
Q

Drawbacks of producing financial accounts

A

Time consuming.
Competitors viewing your financial information.

67
Q

What are the three main components of financial statements?

A

Statement of cash flows
Statement of profit and loss
Statement of financial position (balance sheet)

68
Q

What is Dun and Bradstreet?

A

Commercial database containing business records. Run credit checks, monitor credit rating, assess business risk

69
Q

what is a statement of cash flows

A

Inputs and outputs in concrete cash within a stated period. The general template of a cash flow statement is as follows:
Cash Inflow - Cash Outflow + Opening Balance = Closing Balance.

70
Q

what is a statement of profit and loss

A

Summary of a business’s income and expenditure.

Usually prepared on an annual basis, recorded on an accrual’s basis.

1st part - APC Prep (7 decks)

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