Mandatory Q's Flashcards
What is an EPC and are you aware of any changes to minimum energy efficiency standards going forward?
EPC is an Energy Performance Certificate which measures the energy efficient of a property.
Currently the minimum EPC for domestic rental properties is an E but this is expected to increase to a C rating or above from this year onwards.
What is a green mortgage?
A mortgage that rewards someone for buying or owning an energy efficient home by offering favourable terms. Lower interest rates.
What is urban greening factor?
Tool that evaluates and measures the amount of urban greening round buildings.
What is sustainability?
Sustainability - meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Three pillars of sustainability - Social, Economic and Environmental
What procedures does your firm implement to promote sustainability?
Recycling
Company cars EV
Cycle to work scheme
Reduced printing by using cloud based systems
Investing in lower energy buildings
What sustainable initiatives are you aware of that are implemented by RICS?
Value the plant campaign - committed to forming a client change expert panel to implement UN’s sustainable development goals.
What things do you implement to promote sustainability?
Print only when necessary
Car sharing
Only necessary journeys by car
Recycling
Cloud based systems
Data management - What are the benefits of cloud based storage systems?
More convenient to share online files instead of sending via emails.
Multiple users can access the same document at same time.
Better for the environment.
Cloud system cheaper than cost of physically storing and managing files
Accessibility can be managed via online settings.
Information is backed up securely on encrypted servers.
What is a NDA?
A Non disclosure agreement are used to protect against the disclosure or sharing of any confidential data. Often to prevent confidential/sensitive/innovative info being used by competitors.
Who are the key persons outlined with GDPR?
Controller - The controller is the natural person or legal entity that determines the purposes and means of processing of personal data.
Processor - A natural person or legal entity that processes personal data on behalf of the controller.
Data Protection Officer (DPO) - Leadership role required by EU GDPR. Overseeing the data protection approach, strategy and it’s implementation.
What are the 8 individual rights under GDPR?
The right to be informed
The right of access
The right of rectification
The right to erasure (right to be forgotten)
The right to restrict processing
The right to data portability (retain and reuse
What things must companies put in place to ensure GDPR compliance?
Raise awareness across your business
Audit all personal data
Update privacy notice
Review your procedures supporting individuals rights
Document legal basis for processing data under GDPR
Review how you seek, obtain and record consent
What is workplace diversity & why is it important?
Diversity in the workplace that relates to the acceptance and inclusion of employees of all backgrounds.
Ensuring diversity in the workplace is an important asset of an organisation as it acknowledges the individual strengths of each employee and the potential they bring.
Advantages of a diverse team?
Increased productivity
Broader range of skills
Creativity
Cultural awareness - within global markets
Positive reputation
Different background knowledge
Perspective
Please explain your understanding of inclusion within the workplace?
Creating an environment and culture that all company employees feel like they belong within the organisation. Results in every employee being comfortable to voice opinions and no person feels excluded on the basis of their identify.
What is the term unconscious bias?
Refers to the associations and assumptions that a person may have about someone solely because of their race, gender or disability. These judgements are made without conscious awareness.
What is HSE?
Health and Safety Executive which is the UK National authority for managing work related health, safety and illness issues.
Act in the public interest to reduce work related injuries and incidents.
Aim is to protect peoples H&S by ensuring that risks are properly managed.
If a client was prepared to pay you in advance for services you were providing, how would you ensure this was dealt with?
Set up a separate client account and ensure this is properly named and clearly identifiable.
Provide the client with a statement of account.
Inform and agree and drawdowns going forward.
Prior to drawing monies we would need to send statement of how much is to be withdrawn and any fees associated.
Once complete show a final statement of account.
What is the difference between ethics and integrity?
Ethics - Moral values that affect a persons behaviour or the conducting of an activity.
Integrity - the quality of being honest and having strong moral principals.
How can professional practices look to encourage ethical environments with high standards of integrity?
Set up confidential whistleblowing procedures.
Raise awareness and provide CPD on ethical matters
Become and RICS accredited practice
Establish monitoring of ethical performance amongst staff members.
Can you give me an overview of the RICS Sustainability Report
Detailed analysis of the current state of sustainability within the sector.
-Increase in market demand for green buildings however the adoption of sustainable practices remains limited.
What is MEES and what are the proposed changes?
Minimum Energy Efficiency Standards. Regulations in the UK that set minimum standards for buildings, specifically private rented properties.
Minimum is an E rating to be rented out.
Changes are proposed to have a minimum rating of C.
Explain RICS policies on DE & I
Remains a huge priority for RICS.
Surveying is an industry that has typically lagged behind others when attracting and retaining talent from different backgrounds.
Within the RICS policy doc D, E & I it sets out action plans to support firms in attracting and retaining talent regardless of gender, age, race etc.
Ensuring speaking panels are diverse/training for staff on inclusive practices/removing bias from recruitment
Explain the understanding of the terms Diversity, Equity and Inclusion.
Diversity - makes up who we are as humans and what makes us different. In relation to background/education/religion.
Equity- all employees may not have been afforded the same opportunities - looks to address these imbalances.
Inclusion - ensuring employees feel supported, included and comfortable to perform the best at work.
Are you aware of any guidance that applies to RICS members when using social media?
Refer to the RICS guidance note ‘use of social media’.
How do you ensure you operate inline with RICS guidance on the use of social media?
Use social media in a responsible and professional way in the same way I communicate via face to face or other written forms of communication.
Respectful language.
No dishonest or offensive posts - could undermine the public confidence of RICS.
Responsibility in representing RICS.
Explain your understanding of the Inclusive Employer Quality Mark?
RICS launching a scheme to improve diversity and inclusion with the industry.
Scheme requires employers to pledge commitment to:
Leadership & vision
Recruitment
Staff development & retention
Bi-annual assessment will be required by.
What is the RICS doing to improve diversity & inclusion?
Diversity & inclusion leadership hub which allows RICS to share ideas on how and why D&I is so important.
Initiatives:
International Women’s day support
What are the main benefits of diversity & inclusion?
Attract skills professionals from diverse backgrounds
Sense of belonging among employees
employees feel more connected
increases productivity
feel valued & accepted
Pro’s & Con’s of hybrid working
Work-life balance
greater focus with fewer distractions
commuting time and cost
saving on office space
Diss
Loss of social connection
reduced collaboration
productivity can be dependent of quality of work space
Less recognition
What is the Birchard Review?
Independent review commissioned by RICS governing board Dec 2021 into the purpose, governance and strategy of RICS.
Aimed to create a new sence of purpose and direction for RICS.
Recommendations such as giving RICS younger members a stronger voice.
Improvement of technology within RICS.
How do RICS define professional standards vs practice information?
Professional standards sets up requirements or expectations for members and regulated firms on competence and ethical behaviour. Mandatory and best practice guidance.
Practice information sets out supporting guidance to advise surveyors in delivering specific services. Not mandatory and can refer to - processes, toolkits, checklists, insights and research.
What is your understanding around the use of the RICS logo?
Rules on conduct for firms and personal guidelines for use of the logo. As a qualified RICS member you have the right to use the logo for personal use for example on business cards/ email signatures.
Specific rules on how the RICS master logo is presented in terms of font and colour.
What is IPMS?
The international property measurement standards.
Industry specific sections - office/resi/retai
Recent updates - IPMS all buildings from Jan 2023 supersedes all previous standards.
Key updates - shorter and more concise format.
What are the new RICS professional indemnity insurance requirements for 2022?
Change to the maximum uninsured excess of PII
For large companies with a turnover in excess of £10M there is no max limit of uninsured excess. Turnover is based on the previous year. For firms with turnover of less than £10M the greater of 2.5% or £10,000.
What are the general requirements regarding PII set by RICS?
Policy cover must be made on an ‘each and every’ claim basis.
Minimum levels of indemnity
Policy much be fully retroactive
Sets out maximum levels of uninsured excess
Run off cover must be in place
Policy should cover past, present employees, directors and partners.
What are the minimum limits of PII cover?
Turnover:
£100,000 or less PII £250,000
£100,001 to £200,000 PII £500,000
£200,001 and above £1,000,000
What level of PI Insurance does your firm hold?
£20 Million
What is the RICS futures report?
In 2015 the futures report was launched and highlighted key trends such as urbanisation, disruption of big data and climate crisis.
RICS are analysing these trends.
What is the RICS Levitt report?
Commissioned by RICS following a treasury management audit in 2018.
Prior to the audit RICS had to extend overdraft facility due to inaccurate cashflow forecasting.
Conclusion of this report - internal power struggle due to it’s two board structure (management board & executive board).
The RICS govering council to oversee internal dealings/executive management bonuses
greater transparency.
What are the new 5 rules of conduct and when did they come into force?
February 2022
1- Members and firms must be honest, act with integrity and comply with professional obligations including obligations to RICS.
2-Members and firms must maintain their professional competence and that services are provided by competent individuals who have the necessary expertise.
3-Members and firms must provide good-quality and diligent service.
4-Members and firms must treat others with respect and encourage diversity and inclusion.
5-Members and firms must act in the public interest, take responsibility of their actions and act to prevent harm and maintain public confidence in the profession.
Why did the previous rules change?
Previous rules had been in place since 2007.
Following research and consultation with RICS & public the majority voted in favour of replacing them.
Single document to enable greater clarity for RICS members and firms.
Greater focus on clearer behaviours/understanding/technology and climate change
Explain your understanding of Rule 1?
Having reviewed example behaviours - members and firms should not allow themselves to be influenced improperly through the acceptance of work referrals, gifts or hospitality.
Identify conflicts of interest and not provide services or advise where these conflicts occur.
Explain your understanding of Rule 1?
Ensuring keeping up to date with CPD
Only acting for clients where they have the necessary knowledge, skills and resources to carry out the work.
Explain your understanding of Rule 1?
Understanding client specific requirements before acting on their behalf. Scope of services etc. should be agreed.
Explain your understanding of Rule 4?
Treating members with respect.
Making sure that everyone is treated fairling and eliminating any instances of discrimination -age, disability, gender etc.
Explain your understanding of Rule 5?
Members and firms are required to question practices and decisions they suspect are not right and raise concerns with colleagues, senior management, clients of RICS.
When making public statements we need to ensure these do not undermine public confidence in the profession.
When receiving and processing complaints we need to ensure these are dealt with promptly, openly and professionally.
What are the professional obligations of members?
CDP - Min 20 hours - 10 formal / 10 informal
Members must cooperate with RICS.
Members must promptly provide all information reasonably requested by the Standards and regulation board or those exercising delegated authority on it’s behalf.
What are the professional obligations of firms?
Firms must publish CHP which includes an alternative dispute resolution provider approved by RICS and maintain a complaints log.
All previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
Firms must make appropriate arrangements for their professional work to continue in the event of their incapacity, death or absence or inability to work.
Firms must cooperate with RICS.
Firms must promptly provide all info reasonably requested.
Firms must display on their business literature in accordance with RICS published policy on designations, a designation to denote that they are regulated by RICS.
Firms must report to RICS any matter that they are required to report under the rules for the registration of firms.
What is COP?
Conference of the parties - summit was attended by the countries that signed the UN framework convention on climate change.
Conference takes place every year where member countries come together to discuss progress on previous agreements and put in place future initiatives to tackle climate change.
How does COP relate to the Paris agreement?
At the 2021 COP meeting in Paris the Paris agreement was formed.
Parties agreed to pursue efforts to prevent temperatures rising more than 1.5C to avoid the most dangerous impacts of global warming.
The following conferences discuss progress on how each party is getting on with reaching these goals from the Paris agreement.
What processes need to be in place for handling clients money?
Rule 8 from rules of conduct for firms- client money handling.
Clients always have access to funds
Clients money must be kept separate and clearly identifiable included ‘client’ in the account name.
Any interest on the account must be agreed first with the client.
Account must not be overdrawn
Controls in place to keep funds secure.
Competent and knowledgeable staff to process clients’ money with cover provided for long term absence.
Any drawdowns/reimbursements must be communicated via an account ledger
What is the ‘Clients’ money protection scheme?
Run by the RICS
Provides any member of the public to be reimbursed their direct loss of funds.
Provided through the RICS insurance policy.
What components must a complaints handling procedure include?
Clear complaints process
Acknowledgement of the complaint
Investigation of the complaint
Resolution
Why is client care so important?
Firms that provide excellent client care are likely to retain existing clients and develop new business leads by receiving positive testimonials.
Failure to provide good client care is likely to lead to dissatisfaction, complaints and in the worst case scenario PII claims for professional negligence.
Formal complaints/insurance claims can be costly and result in a stressful working environment, reduced staff performance and be time consuming.
These should be avoided with diligence, manageable workloads and resource planning and well development procedures for obtaining and acting on customer feedback.
Give me an example of when you have provided excellent client care?
Client feedback - Client required sales advice prior to Christmas holidays.
We went out the next day and issued him with the marketing report the day after.
What is client care?
Looking after the clients best interests and providing an appropriate service that satisfies the clients needs and achieves value for money. Can be done by:
Professionalism
Competence
Punctually
Trust
Reliability
Reg communication etc.
What is a complaint and why is this a serious topic for surveyors?
A complaint is a statement that a situation is unsatisfactory or unacceptable to the client.
This can be made either formally in writing or verbally.
Important to take complaints seriously as RICS require these to be handled inline with their complaints handling procedure.
Obligation to notify PII insurers.
When should you decline an instruction of new work from a client?
If there is a conflict of interest.
Not in the clients interest - you can’t resource the job.
Not competent to undertake
Illegal activity
What makes up a fee proposal/fee bid?
Executive summary - scope of works
Client needs
Risks or issues
benefits for clients
Conditions/ Terms of business
Organisation- team members
Proposed fees
How would you proceed if a client insisted that you continued to work for them despite a conflict?
Check they fully understand the conflict
Seek a signed letter to continue despite the conflict
Agree working procedures such as information barriers to manage the conflict.
Keep them updated of any risks going forward.
What is a client brief?
Firm foundation of the scope of the project.
Formal statement of objectives - functional and operational requirements of the finished project/works.
Reference point for the time.
How would you limit the risk of working with a client who may be financially unstable?
Screening process:
Credit check
Company search -companies house
References
Internet search
If the client asked us to lower fees because of their limited funding, what would you do?
Client would have to pay the required price for the level of service required or reduce the scope of works involved.
What is meant by the term Duty of Care?
A duty of care is to ensure that another party does not suffer harm or loss that can arise as a result of a breach of contractual obligations or negligence.
General forms of appointment will include contractual duties to preform services with skill and care that is to a standard expected of a competent professional.
If the appointment is made on the basis of specialist capabilities then the duty of care expected would be to the standard of a competent specialist.
What are KPI’s?
Key performance indicators - is a measurable value that demonstrates how effectively a company is achieving key business objectives.
Used to evaluate performance of the business.
E.g. Sales/ spending/timescales/ profitability/ feedback
Why is it important to maintain existing client relationships?
Improves the chances of securing repeat business
Provides firms with a competitive edge
Less expensive to retain existing clients than to acquire new ones.
Able to establish networks and connections with other clients through positive testimonials and client recommendations.
Other work may be derived from the relationship.
What are the key components of a consultant fee proposal/scope of services?
Scope of services
Terms of engagement
Basis of pricing
Fees
What is the difference between Equality and Equity?
Equality means everyone is treated the same exact way, regardless of need or any other individual difference. Equity, on the other hand, means everyone is provided with what they need to succeed.
Tell us about a time you have dealt with a Conflict of Interest?
Private sale of Millerston Farm - Signed informed consent
Who is the RICS CEO? What is their role?
Justian Young - The CEO is responsible for leading RICS in promoting highest professional standards, driving strategic initiatives, and ensuring the institution remains responsive to the evolving needs of the built and natural environments.
What is unconscious bias?
Unconscious bias refers to the automatic, unintentional prejudices and stereotypes that affect our decisions and actions without us realising it. These biases stem from our background, culture, experiences, and societal influences and can impact judgment in areas such as recruitment, promotions, and everyday interactions.
Examples - Hiring Decisions – Preferring a candidate who shares similar interests or background.
Why do you want to become and RICS registered Valuer?
Professional Recognition & Credibility - RICS is a globally recognised body, and being a Registered Valuer demonstrates my competence and adherence to high professional and ethical standards.
It enhances trust with clients, lenders, and stakeholders who rely on accurate and impartial valuations.
What is the difference between arbitration and mediation?
Both arbitration and mediation are alternative dispute resolution (ADR) methods.
Arbitration is a structured, legally binding process where an independent arbitrator makes a decision after hearing evidence. The arbitrator makes a binding decision (unless agreed otherwise). Legally binding!
Mediation is a a facilitated negotiation where a mediator helps parties reach a voluntary agreement. The mediator does not make a decision but helps the parties reach a mutually agreed settlement. More flexible!
What is ADR?
Alternative Dispute Resolution (ADR) refers to methods of resolving disputes outside of court.
What are the four types of ADR/ conflict resolution?
Mediation - A neutral mediator facilitates discussions between parties to help them reach a mutually agreed solution.
Arbitration - An independent arbitrator hears evidence from both sides and makes a final decision.
Adjudication - A specialist adjudicator reviews the case and makes a quick decision based on evidence.
Expert Determination/Witness - A specialist expert (e.g., a surveyor for property disputes) reviews the facts and makes a decision.
What do you understand by the concept of lifelong learning?
It is generally regarded that lifelong learning is self-motivated, informal, voluntary and based on personal interests.
CPD
How do you adhere to your firms lone working policy?
Keeping in touch with the team when on appointments/ dairy up to date/ location sharing when lone working.
What is the purpose of the RICS?
RICS develops and enforces professional standards
Protecting the Public Interest
Regulating Members
Providing Education and Training
RICS promotes and enforces the highest professional, ethical, and technical standards in land, property, construction, and infrastructure.
Can you tell me the difference between formal and informal CPD?
Formal - Structured learning that provides measurable professional development.
Informal - Unstructured or self-directed learning that enhances professional knowledge and skills.
What is run off cover?
Run-off cover should be arranged if the firm stops practicing, to cover potential claims that arise later.
RICS Rules of Conduct require firms to maintain PII cover for at least 6 years after ceasing trading.
How many years after an instruction has been completed can a PII (professional indemnity insurance) claim be made?
Up to 15 years on a “breach of duty”.
What information does a balance sheet show?
It provides a snapshot of what a business owns (assets), what it owes (liabilities).
What does a P & L show?
It details the revenues, costs, and expenses to determine whether a business made a profit or a loss. It shows a business’s financial performance over a specific period
How does your company adhere to RICS health and safety guidance?
Appropriate PPE/ Risk assessments
Can you name the document which outlines these H&S principles?
RICS Surveying Safely
Can you name one piece of legislation that enforces anti-money laundering?
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Can you give me an example of where you have acknowledged your limitations as a professional?
Insurance Reinstatement valuations / valuing development / Industrial site
What are the three types of Conflict of Interest?
Party Conflict - Surveyor’s duty to one client conflicts with their duty to another.
Own Interest Conflict - Surveyor’s personal or financial interests could influence their professional judgment.
Confidential Information Conflict -surveyor possesses confidential information that could benefit another client.
How do you ensure compliance with RICS professional and ethical standards in your work?
Describe a time when you identified a risk in a project and how you mitigated it.
What are the roles of RICS?
Global leading professional body promoting highest standards in the property industry
Gold standard of professional regulation
What are the 5 principles of better regulation?
Transparent
Proportional
Accountable
Consistent
Targeted
What is the purpose of these/who do they affect?
Govern relationship between RICS and members
When did the new Rules of Conduct for members and firms take effect?
2nd February 2022
What are the Five rules of conduct?
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and firms must provide good quality and diligent services.
- Members and firms must treat each other with respect and encourage diversity and inclusion.
- Members and firms must act in the public interest, take responsibility for their actions, and maintain public confidence in the profession.
What action can RICS take against members and firms who breach these rules?
Investigation
Disciplinary process
Regulatory compliance order
Sanctions (including fine or expulsion)
What are the Members professional obligations to RICS?
Must comply with CPD requirements set out by RICS
Must cooperate with RICS
Must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on their behalf.
What are the Firms professional obligations to RICS?
Complaints Handling Procedure
Appropriate PI cover
Sole principals must make appropriate arrangements for cover in event of death or incapacity
Must cooperate with RICS
Must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on their behalf.
Must display on their business literature a designation to denote that they are members of RICS
Must report any matter that they are required to under the rules of registrations for firms.
How much CPD are members required to complete?
20 Hours - At least 50% formal.
What constitutes formal and informal CPD?
Formal - Defined learning outcome
Informal - Personal study no defined objectives
What information is provided in CHP?
Who to address complaint to
Timeline for acknowledgement and response
How complaint will be investigated/handled
Means for further recourse if not satisfied with response
What is professional indemnity insurance?
Professional Indemnity insurance – also known as PI insurance – is intended to protect professionals and their businesses in the event of claims made by a client (or third party) suggesting that they have suffered loss as a result of non-performance, breach of contract and/or professional negligence in the services provided. In addition, the policy will cover legal and other costs and expenses incurred in the defence of any claim.
What are the minimum levels of cover?
Maximum Uninsured Excess
Firms turnover:
£100k or less - £250K
£100,001 to £200000 - £500K
£200,001 and above - £1M
Uninsured Excess - Up TO £500K 2.5% or £10,000
What level of cover does your firm maintain?
£20M
Why do they have higher level above minimum?
Firm undertakes high value and higher risk work such as valuations of multi million pound properties, therefore need to ensure that this risk is covered. Some clients, e.g. banks, require this level of cover as minimum.
How many years after an instruction has been completed can a PI claim be made?
15 Years
What is Run off cover?
Run off’ insurance is professional indemnity insurance which covers the historic liabilities of a business and its directors when the business ceases or is acquired.
How long do RICS require firms to maintain run off cover?
6 Years
If you’ve done a good job for a client and they want to thank you by offering a bottle of wine, can you accept?
Yes but it needs to be listed on the firms internal policy.
What governs your decision making process for gifts?
Bribery Act 2010
Firm’s anti bribery policy
What is a conflict of interest?
A conflict of interest is anything that impedes or might impede the ability of an individual or the firm to act impartially and in the best interests of a client. A conflict can arise where:
* We are acting for another client with a competing interest at the same time eg acting for the buyer and seller of a property
* You have other responsibilities that detract or affect your relationship with a client eg acting as an expert witness where you or the firm has an interest in the outcome of the proceedings
* We have conflicting duties to different clients eg acting for two clients who are in a competitive situation.
What would you consider in relation to potential conflict?
Before taking on a new client or a new instruction you should ask yourself whether your ability to act in the best interests of the client might be impaired by:
Any financial interest eg will the advice you give entitle you to a larger fee and not necessarily be in the best interests of the client ?
Any personal relationship you have with a third party eg which might impair your professional judgement
Any relationship which affects your ability to provide objective advice
The firm’s interests conflicting with the interests of the client
If you believe that your impartiality could be compromised in any way then it is likely that there will be a conflict of interest.
How can you manage a conflict of interest?
Information barrier
Informed consent in writing, signed by both parties
What is the difference between an RICS Guidance Note and a Professional Statement?
Professional statement – mandatory requirement for RICS regulated members and firms
Guidance Note – provides users with recommendations or approach for accepted good practice followed by competent and conscientious practitioners
What is an example of each?
Professional Statement - Surveying Safely
Guidance Note -VPGA - Specific valuations
What are the three different types of bank account we can operate for clients?
Client’s own that we are mandated to operate (either as a signatory and/or online) – this is a non-discrete account
Discrete account that we operate exclusively on behalf of the client - client and firm must be named on account and must state word client in name
Pooled/general account that we operate on behalf of several clients
If a client doesn’t have a client account with your firm, and they ask you to hold funds for them in your firm’s own account can you do this?
No – cannot mix client and firm money
If a client wants to pay their fee in cash can you accept?
Firm has its own policy not to accept cash payments, but under anti money laundering regulations legally you could accept cash payments up to value of 10,000 euros
What is Money Laundering?
What anti money laundering legislation is currently in force in UK?
What are penalties for failing to comply with these acts?
Proceeds of Crime Act and Terrorism Act – up to 14 years prison sentence and/or fine
Money laundering/terrorist financing etc regulations – unlimited fine and/or imprisonment up to 2 years
What is a Regulated Business under the 2017 regulations?
What does your firm do to comply with the regulations?
Client due diligence and monitoring – identify clients and purchasers and verify their identity
Where applicable identify the beneficial owner and verify their identity
Complete risk assessments in relation to the purpose and nature of business relationship with the firm
What is a beneficial owner?
Company or partnership – any individual who owns or controls more than 25 % of the voting rights/shares/profits etc
Executory – executors
Trusts – individual who has 25% or more share of interest in the capital of the trust, or who exercises control over the trust, or the class of individuals who the trust was set up for
What is the difference between primary and secondary ID?
Primary ID – photographic and personal details – name /DOB etc
Secondary – utility bill or bank statement confirming address
Who should suspicious activity be reported to?
Internally – firm CEO
Externally – National Crime Agency and /or HMRC
What regulations govern data protection?
GDPR Act 2018
Why is data protection important?
Privacy, Confidentiality,
What are the key points/steps towards better regulation?
What is Redlion and what does your firm do to support it?
What is Negligence?
Failure to provide duty of care
What are the two types of meditation?
Facilitative - guides
Evaluative
How do you conduct a risk assessment?
Hazards
Identify risks
How you mitigate these to prevent it
What checks could you carry out on a client?
Purpose and nature
AML
Credit
What authorisation/ approval should be in place to protect client money?
Clear audit trail
Approval before a payment/withdrawal
What is the RICS Matrix?
Young professionals
What are the RICS Bilaws?
Rules that regulate RICS as a professional body
Name a time that you acted with Integrity?
What is Underhand and
Underdeed?
Underhand - Signature
Underdeed - Witnessed document - Legally stamped 12 years
How did you calculation? Rental/property val =
Return of capital
Return on investment
What is a beneficial owner?
Redress scheme?
CDM
20 or more workers - working on the same site
500 person days
Involves demoltiaon
30 days
F10 - Notifiable projects
CDM Flowchart
Whistleblowing?
AML Q’S
SAR - report to national crime agency- AML
AML - Records must be kept for 5 years
