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APC > Mandatory Competencies > Flashcards

Mandatory Competencies Flashcards

1
Q

Client care - Why is important to develop long-term client relationships?

A

Increases the trust people have in the profession, increases visibility of myself and the company. Allows the client to have a quality service as advice is consistent.

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2
Q

Client care - Why is important to set objectives?

A

So that client instructions are clear and performance can be tracked.

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3
Q

Client care - How do you set fees?

A

Agreed on an ad-hoc basis and should be market based. It should avoid undercutting the competition.
Consider the resources, expertise, time required and profit goals.

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4
Q

Client Care - Lancer Square

A

I oversaw the leasing and letting of 3 retail units.
I arranged regular bi-weekly leasing and update calls.
Discussed clients objectives.
I regularly asked for feedback.

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5
Q

Communication and Negotiation - How did you negotiate with another agent regarding the retail unit in Farringdon.

A

1 - I established my clients objectives, and understood win-win, fallback position and areas of common ground.
2 - Created a constructive environment for negotiations
3 - Discussed on phone with agent and followed up with emails.
4 - Acted with transparency and integrity - discussed interest levels and client’s objectives
5 - Made sure I was aware of client’s goals throughout.

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6
Q

Accounting principles and procedures - What is included in a set of limited company accounts?

A

Chairman’s statement
Independent auditors report
Income statement (P&L)
Statement of financial position
Remuneration report (report containing a clear and well-structured presentation of the way you deal with the compensation of your board of directors and executive management)
Other statutory information

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7
Q

Accounting principles and procedures - What is difference between balance sheet and P&L account?

A

Balance sheet = statement of business’s financial position showing its assets and liabilities at a given date.

P&L = Summary of business’s income and expenditure transactions, prepared on an annual basis

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8
Q

Accounting principles and procedures - What is a management account

A

An account for internal use by a business and not audited.

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9
Q

Business planning - what is included in a business plan?

A

Anaylsis of opportunities and risks of the business
SWOT
Fee forecasts
Budgets, cash flows
Type of business vehicle

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10
Q

Business planning - what are the types of business vehicles?

A

Sole practitioner - Someone who practices independently

Partnership - An agreement where parties to agree to cooperate to advance their mutual interests.

LLP (Limited Liability Partnership) - A partnership in which some or all partners have limited liabilities.

Limited Company - the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee.

PLC - A public limited company (PLC) is a type of public company that’s allowed to offer its shares to the public and is listed on a stock exchange.

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11
Q

Business planning - What was included in the RICS business plan?

A

Introduction, review of Levitt report, economic backdrop summary, geographic objectives, corportate objectives, finances, strategic risks.

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12
Q

Business planning - What robust goals did your team have?

A

R&A Team - Expansion of the EV tool - Thunor.
Car Showroom agency instructions - I aided the progression towards this goal as I produced a fact sheet of recent comps, market trends, industry news.

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13
Q

Conflict avoidance, management, dispute resolution procedures - What dispute resolution procedures are you aware of?

A

Arbitrator - decides a dispute in accordance with statute.

Independent expert - Appointed by the agreement of both parties. Independent expert will have specialist knowledge

RICS Dispute Resolution Service - Provides services in numerous areas.

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14
Q

Conflict avoidance, management, dispute resolution procedures - What is an independent witness?

A

A surveyor can act as an expert withness in front of a tribunal.
Must act in accordance with RICS materials.

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15
Q

Data management - What is the data protection act 2018?

A

An act that creates a single data regime affecting businesses, and empowering individuals to take control of how data is used by 3rd parties.

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16
Q

Data management - what are the key requirements of Data Protection Act 2018?

A
  • Data protection impact assessments for high risk holding of data
  • New rights for individuals to have access to what data is held and if they want it erased.
  • Data controller decides how and why personal data is processed and is responsible for GDPR.
  • Principle of ‘data accountability’
  • Data security breaches reported to ICO (Information Commissioner’s Office) within 72 hours.
  • Fines up to £17.5m or 4% companies global turnover (whichever is higher).
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17
Q

Data management - What are the principles of UK GDPR?

A

Article 5(1) - Data must be:
- Processed lawfully, fairly and in a transparent manner
- Collected for specified, explicit and legitimate purposes and not further processed in a manner that is incompatible.
- Adequate, relevant and limited to what is necessary.
- Accurate and if inaccurate it is rectified without delay
- Kept in form that permits identification for no longer than is necessary.

Article 5(2) - Controller responsible for compliance with principles.

18
Q

Data management - what are the 8 individual rights?

A
  1. Right to be informed
  2. Right to access
  3. Right to rectification.
  4. Right to erase
  5. Right to restrict processing
  6. Right to data portability
  7. Right to object
  8. Rights to automated decision making and profiling.
19
Q

Data management - Freedom of Information Act 2000?

A

Gives individuals the right to access information held by public bodies.

Exemptions:
Contrary to GDPR requirements.
It would prejudice a criminal matter under investigation.

20
Q

Data management - What is an NDA?

A

Legally enforceable contract between parties relating to sensitive information.

Legal action can be taken and damages can be paid.

21
Q

Diversity, inclusion, team working

A
22
Q

Data management - How did you secure the data?

A

Password protected folder
Firewalls
Encrypted folders
Disposed of data at end of need.

23
Q

Data management - Did you cross check any of the data?

A

Gatwick - No for the revenue data. But for cost data I built my own costs model using market knowledge. I found the costs were on the low side and so we inputted our own costs in line with an REO.

PFS Valuation - Checked data against income statement taken from Companies House.

24
Q

Diversity, Inclusion and teamworking - what are the 9 protected characteristics?

A

Age
Sex
Sexual Orientation
Disability
Gender Reassignment
Race
Religion
Marital or partnership status
Pregnancy/maternity

25
Q

Diversity, inclusion, team working - what are the benefits of diversity?

A

Increased creativity, increased equality, increased culture awareness, Increased society development.

26
Q

Diversity, inclusion, team working - What are some key skills in relation to teamworking?

A

Listen
Respect
Discuss
Persuade
Help
Share
Participate
Communicate
Reflect

27
Q

Diversity, inclusion and team-working - What is an unconscious bias?

A

An association we hold which are deeply ingrained and outside of our conscious awareness or control.

28
Q

Inclusive environments - What is an inclusive environment?

A

One which is designed and managed to allow people with a diverse range of needs and abilities to access it. eg lifts, disable toilets, wellness rooms.

29
Q

Inclusive environments - What is Part M of the building regulations 2010

A

Sets out information about how to provide ease of access to disable users.

30
Q

Inclusive environments - What are the principles from the Design Council’s - ‘The principles of inclusive design’

A

Buildings should be:
Inclusive
Responsive
Flexible
Convenient
Accomodating
Welcoming
Realistic

Inclusive design:
1. Places people at heart of design process
2. Acknowledges diversity and difference
3. Offers choice where a single design solution cannot accommodate all users
4. Flexibility in use
5. Convenient and enjoyable to use for everyone.

31
Q

Inclusive environments - What is the Equality Act 2010 and how does it work with inclusive design?

A

Equality Act 2010 legally protects people from discrimination.

Identifies 4 forms of discrimination:
- Direct discrimination
- Indirect discrimination
- Harassment
- Victimization

Extends obligation to all ‘controllers of let premises’

Under act, reasonable adjustments must be made to help disabled people if they would be a significant disadvantage if work wasn’t carried out.

Act requires service provider to:
Remove or alter the feature
Provide reasonable means of avoiding the obstacle

32
Q

Sustainability - What is the definition of sustainability?

A

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

33
Q

Sustainability - What some of the key RICS documents in relation to sustainability?

A

RICS Sustainability Report, 2023
RICS - Sustainability and ESG Guidance in commercial property valuation and strategic advice.

34
Q

Sustainability - What is an EPC, what are the rules and when does it apply?

A
  • Energy Performance Certificate.
  • Applies to commercial properties with a total useable area of over 50sq m or more when it is newly build, sold or let for more than 6 months, it is refurbished and heating, air conditioning, ventilation services are altered.
    EPC also required for sub-letting or assignment of lease.
  • Must be EPC of E currently, but B by 2030.
35
Q

Sustainability - Who sets EPC standards and who penalizes for non-compliance.

A

Minimum Energy Efficieny Standards (MEES) sets standards.

Local authority policies and issues penalties for non-compliance.

36
Q

Sustainability - What is the Energy Savings Opportunity Scheme (ESOS)?

A

Mandatory companies that employ over 250 people, or has an annual turnover over £44m and annual balance sheet in excess of £38m. They mus:
- measure total energy consumption across buildings, transport, industrial activities every 4 years.
- Conduct energy audits to identify cost-effective recommendations
- Report compliance to Environment agency

37
Q

Sustainability - What is BREEAM?

A

The Building Research Establishment Environmental Assessment Method.
Rating is calculated against nine weighted categories: water use, energy consumption, transport links, waste management.
Ratings - Pass, Good, Very Good, Excellent, Outstanding

38
Q

Sustainability - What other ratings are there?

A

NABERS (Australia and UK)
WELL - Rating in respect of spaces optimising health and mental wellbeing

39
Q

Sustainability - What is the Climate Change Levy (CCL)

A

CCL is a tax on energy delivered to non-domestic users in UK. It was introduced to incentivize and increase energy efficiency within businesses.

40
Q

Sustainability - What is the RICS SKA Rating scheme?

A

Scheme aims to be the standard measure of a building fit out, in relation to sustainability, with a gold, silver, bronze awarded.

Now ownership transferred to SKA which is a not-for-profit company.

41
Q

Sustainability - What is a green lease?

A

A lease that includes clauses which are intended to help manage and improve the environmental and social performance of a building. Both landlords and occupiers can benefit from mitigating sustainability risk.

APC (7 decks)

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