MANDATORY QUESTIONS- Incorporated Into Submission Flashcards
(204 cards)
1
Q
You say you were a member of a diversity board, what was that and how did it encourage diversity & inclusion?
A
The Property Diversity Board (PDB) is an initiative within the UK real estate industry aimed at promoting greater diversity and inclusion across all sectors of the property market. It was established to address the lack of representation of minority groups, including women, ethnic minorities, LGBTQ+ individuals, and those with disabilities, in the property industry.
2
Q
What is an inclusive environment?
A
Gender neutral toilets
Worship rooms
Accessibility
Ramps
3
Q
What data is required in your office and what electronic data is held in your office?
A
4
Q
What is the definition of Security of Data?
A
Refers to measures and practices used to protect data from unauthorised access.
5
Q
How can you ensure data security?
A
Confidentiality: ensuring that data is only accessible to authorised individuals.
Integrity: safeguarding the accuracy and completeness of data by preventing unauthorised modification.
Availability: ensuring that data is accessible when needed by authorised users, without disruption.
6
Q
What are the personal data principles of GDPR?
A
- Processed lawfully, fairly and in a transparent manner
- Accurate, and when necessary, kept up to date
- Kept in form that permits identification of data, for no longer than necessary
- Processed in a manner that ensures appropriate security of the personal data
7
Q
What legislation relates to the disposal of old files?
A
The Limitation Act 1980
8
Q
How much a request be made by a member if the public under the FOI ACT 2000?
A
In writing.
Public bodies have 20 days to respond.
9
Q
What legislation specifically relates to data held by public bodies?
A
The Freedom of Information Act 2000.
10
Q
What individual rights exist under GDPR?
A
Right to be Informed
Right of Access
Right to Rectification
Right to Erasure
Right to Restrict Processing
Right to Data Portability
Right to Object
11
Q
What data is affected by GDPR?
A
Personal data, including identifiers such as an IP address
Sensitive personal data, including genetic data
Electronic data
Manual data, including business cards or written records
12
Q
Tell me more about the RICS Guidance Note on Sustainability and ESG.
A
Provides guidance on integrating sustainable and ESG principles into real estate and built environment practices.
The guidance aims to help professionals in the property, land and construction sectors address growing expectations around sustainability and ESG factors.
13
Q
Can you explain your experience of conflict avoidance?
A
I was allocated a rating case for a nursery which was located in my hometown. I noted that the nursery was owned by my cousin and I immediately stopped working on the case and advised a senior colleague that there was a COI so the case should be reallocated.
14
Q
Would you advise a client in regard to a financial status of a company?
A
Provide expertise related to real estate assets, liabilities and market conditions.
15
Q
What is the difference between a hazard and a risk? Can you name any examples?
A
Hazard - potential dangers
Risk - assess the chance and consequence of those dangers
Examples: poor structure, presence of asbestos, faulty electricity, moving vehicles, inspecting from height, poor wiring, steep or unstable terrain.
16
Q
What is the RICS Conflict Avoidance Pledge?
A
An initiative developed by RICS to promote best practices in avoiding and managing disputes
The pledge encourages members and firms to commit to proactive conflict management, with the aim to reducing the likelihood of disputes
17
Q
What is the Equality Act 2010?
A
A comprehensive legal framework aimed at creating a more equal society by protecting individuals from discrimination, advancing equal opportunities, and fostering positive relations across all sectors of society
18
Q
What is the approved Document M?
A
The document is broken down into three sections
M1 – Access and use of buildings other than dwellings
M2 – Access to extensions to buildings other than dwellings
M3 – Sanitary conveniences in extensions to buildings other than dwellings.
19
Q
How do you incorporate sustainability considerations into your valuations?
A
By assessing energy efficiency, regulatory compliance, market demand, operating costs, and environmental risks
20
Q
How do you approach market rent valuations in a fluctuating market?
A
DCF
21
Q
What is rule 1 and can you give an example?
A
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Example – i have remained firm in sticking to the correct valuation process when asked to deviate by a ratepayer requesting a reduction
22
Q
what is rule 2 and can you give an example?
A
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Example – not acting beyond my competence, seek specialists where required. HMRC Tax example
23
Q
what is rule 2 and can you give an example?
A
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Example – not acting beyond my competence, seek specialists where required. HMRC Tax example
24
Q
what is rule 3 and can you give an example?
A
Members and firms must provide good-quality and diligent service.
Example – use terms of engagement to clearly meet the needs of the client. Timeliness
25
What is rule 4 and can you give an example?
Members and firms must treat each other with respect and encourage diversity and inclusion.
Example – respectful in IHT negs - Q&A after training
26
What is rule 4 and can you give an example?
Members and firms must treat each other with respect and encourage diversity and inclusion.
Example – respectful in IHT negs - Q&A after training
27
what is rule 5 and can you give an example?
Member and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
Example – questioning any suspectable behaviour and be a whistle blower if required.
28
what is rule 5 and can you give an example?
Member and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
Example – questioning any suspectable behaviour and be a whistle blower if required.
29
What would you do if you felt you were not competent to handle a particular instruction?
Decline the instruction
Refer the client to a colleague who is competent
30
Can you give an example of a situation where you faced an ethical dilemma and how you handled it?
agreeing an extension with the client beyond that agreed in the TOE
31
A client offers to take you to a game/event prior to an inspection. What would you do?
Timing - prior to the instruction
Proportionality
I would kindly decline the invitation and register it within the gift register.
32
What is the PII cover for VOA?
Insured by the crown.
We don’t have our own PII, we are covered by the VOA PII.
33
What are the difference’s between negotiation, mediation, expert determination, and arbitration?
Negotiation - informal and controlled entirely by the parties.
Meditation - involves a neutral third party who helps facilitate a solution but does not impose one.
Expert determination - relies on a specialist to resolve technical disputes with a binding decision.
Arbitration - a formal process where a third party makes a binding decision, much like a court ruling.
34
What is the importance of the Data Protection Act 2018?
Safeguards the privacy of individuals, giving them control over their professional information and holds firms accountable for the responsible use and protection of personal data
35
What is the international financial reporting standards, UK?
Most UK companies use UK GAAP (Generally Accepted Accounting Principles) & Financial Reporting Standard 1002 (wider international group choose IFS to ensure consistency across the board)
36
What is the RICS Valuation Practice Guidance Applications?
Provides guidance on how to apply valuation standard to different types of assets and situations
Ensures RICS values Carey out their duties in a consistent, professional and ethical manner
37
Why can’t you provide advice to a family member?
COI
PII
38
Why do you want to be a RICS Surveyor?
39
When did the Bribery Act come into effect?
July 2011
40
Are the VT panel property professionals?
No
41
Name leading people in RICS.
Tina Paillet - RICS president
Justin Sullivan - president elect
Nicholas Maclean - Senior vice president
42
What is a conflict of interest and how does it affect your instruction?
A conflict of interest occurs s when an individual or an organisation has competing interested that could influence their ability to make impartial and objective decisions
43
What’s the appendix at the back of the Rules of Conduct?
Rules for members and firms
3 for members
7 for firms
44
What are the types of things you would consider when receiving a gift from a client?
1. Timing
2. Proportionality
45
Does the Freedom of Information Act apply to private and/or public bodies?
Only public bodies (TBC)
46
What are the 9 characteristics of the Equality Act 2010?
1. Age
2. Disability
3. Gender reassignment
4. Marriage and civil partnership
5. Pregnancy and maternity
6. Race
7. Religion or belief
8. Sex
9. Sexual orientation
47
What is the VOA stance on diversity & inclusion?
- Values diversity in teams
- Invests in its people
- Tackles bullying, harassment and discrimination
48
What legislation do you consider when setting up a business?
Companies Act 2006
Equality Act 2019
Health & Safety Act 1974
Data Protection Act 2018
Anti Money Laundering Regulations 2017
Bribery Act 2010
49
How do the VOA RoC compare to the VOA RoC?
1. Honesty - same as rule 1
2. Integrity - same as rule 1
3. Objectivity - same as rule 1 (providing advice and opinion) and rule 3 (due diligent by doing research to arrive at opinion)
4. Impartially- same as rule 1 (do not accept bribes or gifts which could be perceived as a bribe) and rule 5 (acting impartially ensures public confidence)
50
What is the RICS Use of Social Media Guidance, with effect from 1st Sept 2024.
51
Provide an overview of the Control of Asbestos Regulations 2012?
Reg 10 - training
Reg 4 - duty to manage
Reg 5 - duty to employer to identify and put control
52
Who are HSE? What do they do?
They are the national authority who act in the public interest to reduce work related injuries and incidents
53
Why do we have to ensure that a building is accessible?
We have got to be seen to be inclusive because of the Equality Act.
54
What is the H&S Act?
- employer duty to ensure health, safety and welfare of all employees at work
- criminal offence if act is breached (unlimited fine or imprisonment for 2 years)
- must report injuries and near misses
- must undertake, record and regularly review risk assessments
- detailed H&S information must be on site
55
Explain the steps you take prior to a negotiation.
strengths and weaknesses of their case
acceptable range
56
Explain the steps you take prior to a negotiation.
strengths and weaknesses of their case
acceptable range
57
What is climate change?
Increase level of greenhouse gases (trap earths heat and prevent it from escaping into space)
CO2 is released from burning fossil fuels which creates an insulating blanket around the earth, trapping more of the suns heat within the atmosphere
58
What is the difference between EPC and MEES?
EPC - provides a certificate
MEES - grade they should be
- sept 23, scrapped plans to MEES - has there been changes?
59
What causes a dispute?
Lease renewals
Rent reviews
Dilapidations
60
How would you advise a new colleague dealing with FORs?
CRCA ACT - only share rental informion - proportionate to assist with case
GDPR - rental information that fits the purpose of the task - minimise the data sharing
61
What is your opinion about the levitt report?
The Levitt Report on RICS was a necessary intervention.
The report exposed significant flaws and provided comprehensive recommendations to restore trust and improve governance.
It was seen as constructive, offering clear steps to enhance governance and communication.
Independent reviews like this are vital for organizations like RICS, where public trust and integrity are paramount.
Implementing the recommended reforms will be crucial to restoring confidence in the institution.
62
What is your opinion about the Government changes?
Impartial view
63
What is the difference between arbitration and mitigation?
Arbitration results in a binding decision imposed by the arbitrator, while mediation focuses on helping parties reach a voluntary agreement.
64
What is the VOAs complaints handling procedure?
- business
- Central
- Delegated 3rd party
65
Can you provide valuation advice to a family friend?
Check PII
If you have adequate PII, state within TOE the reduced impartiality
66
What is an ethical tree?
Used to help members make informed decisions about best course of action in respect of situations which are potentially unethical
Asks a series of questions - leads you to outcomes of whether to act or not to act.
Test - would you want decision to be made public?
67
Who is the RICS CEO?
Justin Young
68
What are the 6 principles of ethics?
honesty, integrity, competence, service, respect, and responsibility.
69
What do you do in receipt of a gift?
Consider proportionality - is it proportional to the work?
Log in gift register
VOA is strict, “mission statement” is above approach
70
What is proportionality?m
Refers to the principle that the value and nature of any gift received should be appropriate and reasonable in relation to the instruction.
71
Name two rules of conduct and when you would use them.
Example 2: competence - I undertake regular CPD which comprises of formal and informal learning.
Example 4: treat others with respect - a new graduate joined the office. I introduced myself and made them feel welcome. I spent time to understand where they were in their APC journey and let them know I was always there to help and spent time going through systems with them.
72
It’s now 2028 and landlord wanted to let property, what would they consider?
1st Apr 2027 - non domestic rented properties required to have a minimum EPC rating of C.
1st Apr 2030 - minimum EPC rating of B.
1st Apr 2025 - domestic rented properties required to have a minimum EPC rating of C.
1st Apr 2030 - minimum EPC ratings of B.
SEPTEMBER 23 - Rishi gave a speech about net zero. Scrapped plans to tighten MEES regulations.
73
Any recent CPD?
74
What legislation was implemented following Grenville?
Fire Safety Act 2021 - requires all responsible persons to assess, manage and reduce the fire risk in multi occupied domestic buildings by structure, external walls, common areas
External Wall Systems: a form to enable valuation of tall residential buildings, the forms are valid for 5 years.
The Building Safety Act 2022: implements measures intended to make buildings and residents safer.
75
Are you aware of any upcoming changes that may impact the the property market?
Budget!!!
CGT - increase rates to 40% or 45%
IHT - increase rate of 40%
SDLT - additional 3% surcharge on buy to let properties and raising the threshold for first time buyers
EPC - raising the minimum EPC to C by 2030
76
How does the interest rate impact development?
Increases borrowing costs, reduce demand, and makes developments less profitable
77
What does a sole partitioner have to consider when setting up a firm?
Appointing a responsible person
78
Say you set up a firm, and the owner of the petrol station asks you to reduce their rateable value, would you accept?
I’d consider my competence
79
What is the date for the IHT, LGFA and CGA?
IHT 1984
LFGA 1988
CGA 1992
80
Why do surveyors need to know about accounting principles?
Covenant strength
81
What is the difference between GDPA and FOIA?
GDPR protects personal data and applies to both public and private entities that process personal information
FOIA promotes transparency and
In public sector organisations by allowing the public to request information
82
What do you do if you’re a sole partitioner and you have a complaint?
Partner with another firms complaint handling team
83
If we had an FOI request, how long does the party have to respond to that?
20 working days (TBC)
84
Can you tell me the limitations to mediation?
Non-binding
Unsuitable for all disputes
Lack of formal discovery
85
As a member of the VOA can you tell me one of your KPIs?
Volume of cases completed
Timeliness targets
Quality assurance
86
How many steps are there to opening a business?
7
87
Would you accept a cup of tea on an inspection?
I would consider the culture & client care
Price of cup of tea is dim
88
If you were offered a gift, would you record it anywhere?
Yes, gift register
89
Does GDPR cover dead people?
No
90
Why is it important to issue a TOE?
Critical for establishing clear communication, minimising complaints, ensuring professional compliance and building trust with the client
91
You have received a CGH from an unrep ratepayer wishing to reduce the unit price to the same as larger offices in the locality. What approach did you take when communicating with them?
92
What is the difference between IFRS and GAAP?
GAAP is rule based v IFRS is principle based
GAAP valued at fair value v IFRS valued at depreciated cost or fair value
93
Why is diversity and inclusive environments important?
Have to be seen to adhering to the Equality Act 2010
94
What are the benefits to having a diverse workforce?
An environment that is accessible can be used and enjoyed by all without any limitation.
95
Apart from void periods, what other factored can impact upon yield?
- market conditions
- rental income
- location
- tenant covenant
- condition of property
96
How would you advise a new employee in the handling and disclosing rental evidence when they are working on a case?
97
Can you tell me how you dealt with you IHT inspection when the executor was emotional and worried about selling their family home? What advice did you provide?
98
How do you carry out a negotiation? What forms of communication did you use and why?
99
What would you do if you received a letter of complain following the increase in property value?
I would acknowledge receipt and I would forward it to my firms designated complaint handler, as per our complaint handling procedure, providing additional information as required
I would also highlight the instance of informing our Professional Indemnity Insurers immediately
100
Tell me about the right to buy in tower hamlets where the tenant asked for a good deal? Would this differ if you were a private practitioner?
101
Are you aware of any RICS documentation on Bribery?
Countering Bribery, Corruption, Money Laundering and Terrorist Financing, PS 2023
102
If you were chartered and had your own private practice, how would you deal with your cousin asking you for valuation advice?
Cannot advise on my own without PI insurance
If I do have my own PI insurance then I would ensure that the info given was subject to the thorough checking process
Inform them to contact me during working hours to discuss T&Cs
If I am not comfortable acting for them then I will advise them to use the RICS find a surveyor scheme
I would adhere to the rules of conduct
103
What guidance would you follow for your nursery example?1
RICS Professional Statement, COI 2019
104
Can you tell me how you provided a good quality service for the Riding School case?
105
Why did the previous rules of conduct change?
Previous rules in place since 2007
Following research and consultation with RICS members, firms and members of the public, majority voted in favour of replacing
To provide a single document for greater clarity over members and firms
Greater focus on clearer examples, evolving technology and tackling climate change
106
When did the new rules of conduct become effective?
02/02/2022
107
What is the VOA policy on gifts and how does it compare with the RICS policy?
108
Why does the VOA have a strictly policy on gifts and hospitality?
Deliver above approach
109
What are the 5 generally accepted accounting principles?
Consistency
Regularity
Sincerity
Continuity
Periodicity
110
What is the VOA business plan?
To be a world leading provider of public sector valuations
Objectives:
- provide trusted property valuations
- deliver an excellent customer experience
- be a great place to work
111
What is professionalism?
Demonstrating ethical behaviour, taking accountability, being competent, respectful.
112
Your dad asked you to provide a valuation for a property he jointly owns with other family members - could you provide the valuation?
The assurance that valuations are an objective professional opinion is important in maintaining the confidence in the profession.
Values should be particularly careful about COI.
The client should make and record a professional judgment about whether their relationship to the client is likely to affect their ability to provide an objective opinion.
113
What is the difference between legislation and regulation?
Legislation sets the broad laws, typically made by a legislative body.
Regulation provides detailed rules for implementing and enforcing those laws.
114
As a chartered surveyor you need to ensure compliance with what?
Professional standards - set requirements for RICS members and regulated firms about how they provide services or the outcomes of their actions
115
If there is a breach of RICS regulation of form or individual member who would deal with it?
RICS Regulation Head
116
Do both regulated and non regulated RICS Firms have a responsibility to stop money laundering?
All firms have a responsibility under the Proceeds of Crime Act 2002 and RICS own professional standards and guidance
117
What risks did you identify on your inspection of the industrial unit?
- moving vehicles
- loud noises/vibration
- uneven surfaces
118
Who is the VOAs complaints handling officer?
119
What are the current hot topics?
UK Housing Crisis - rental market, lack of affordable homes
Interest Rates - should fall to 3.5% by end of 2025
Autumn Budget - Oct 30th - change to taxation
Political uncertainty/wars - the UK economy is connected to global markets, so geopolitical tensions can create instability, this affects how confident investors feel and can lead to changes in the property market dynamics.
120
What is party conflict?
121
What would you do if you were a sole practitioner and there was a breach?
Inform client of data breach
Review back up file
Monitoring system
Notify complaint handling team
122
What is specialist data?
ethnic, religious belief, sexual
123
What is the difference between GDPR and DPA?
GDPR adopted in Europe
DPA adopted in UK
124
How do you comply with the GDPR principles?
The information I use has a purpose, kept secure, and I am transparent & truthful
125
How do you keep confidential information secure?
Secure internal drive
Lock computer
Keep any paper files in lock storage
Confidential waste bin
126
What does section 10 of the CRCA state?
Who we can provide valuations for
127
Who are the main persons stated in GDPR and which one are you?
Always controller, determine the purpose and use of the data
128
Who is the data protection officer?
Sit within HMRC
129
How do VOA comply with the data legislations?
Comply with the 7 data protections
Governed by the HMRC
only process data for lawful provisions
130
Who is the main data body?
Office commissioner
131
How did you keep your GOAD inspection notes secure?
132
What is ESG?
A company with a strong ESG rating might:
• Environmental: Use renewable energy sources and minimize waste.
• Social: Have fair labor practices, promote workplace diversity, and engage in community development.
• Governance: Ensure transparent decision-making and avoid conflicts of interest at the board level.
133
What does MRICS and FRICS stand for?
134
Is there new legislation concerning Data Management?
Yes, UK Data Protection and Cyber Reform
135
How is the increase in CGT rates impacting the property market?
Initially decreased to encourage second home owners to sell, but how they’re increasing so investors are selling before it increases
136
What are the regulations within Part M?
Part M building regulations is an approved document which provides information about the ease of access to, and use of, buildings, including facilities for disabled visitors or occupants, and the ability to move through a building easily. The regulations are required to be applied in commercial properties when;
1. a non-domestic building is newly erected;
2. an existing non-domestic building is extended, or undergoes a material alteration
3. an existing building or part of an existing building undergoes a material change of use to a hotel or boarding house, institution, public building or shop.
The document also provides guidance on the use of ramps and steps to provide ease of access, with information including safe degrees of pitch and dimensions when building a wheelchair accessible facility.
The construction of accessible stairs and corridors is also addressed, including the safe height of stairs and the accessible width of both corridors and stairs.
137
What is the difference between audited and managed accounts?
Audited account - assurance and compliance
Managed accounts - financial management and growth
138
Did you vote in the RICS election?
139
What would you do to improve the governing body following the Levitt Review?
Talk about the recommendations and how they were implemented by RICS.
140
What is meant by what would happen if the yield was sharpened?
Reduce the yield
141
What is a mansard roof?
Four sided roof with two slopes on each side
142
what do you know about the Levitt Review?
Alison Levitt carried out a review into RICS governance in 2021.
Review was required following concerns over a financial audit in 2018 and the unfair treatment of 4 non-executive member who raised the issues.
She recommended on governance, Executive remuneration, whistle blowing and legal advice
(18)
RICS adopted all the recommendations
Bad time for the RICS but the process has started to build a brighter future
143
How much run off cover do you need?
'Adequate and appropriate' following cessation of trading:
• Consumer claims - minimum cover of £1,000,000 over minimum of 6 years
Commercial claims - firms must decide cover, minimum of 6 years
• Firms unable to obtain run-off cover, can apply for RICS Run-off Pool
144
What is the maximum level of uninsured excess?
£10,000,000 or less - The greater of 2.5% of the sum insured or £10,000
£10,000,001 or more - No limit set
145
What statutory compliance must a firm adhere to when setting up?
Name relevant legislation.
146
When must a firm register with RICS?
25% optional
50% must register
147
Would you accept a gift?
NO. acting on behalf of VOA. strict policy.
148
What would you consider when accepting a gift?
DOES IT SIT WELL? Does it count as a bribe?
Can take it as long as you declare it.
Bribery Act - Would accept bribe if under threat & report it to police, national crime authority.
149
What is a graduates CPD requirement?
48 hours per year, 50% informal
150
What is the royal charter?
Independent legal body
151
What is integrity?
Being honest and trustworthy
152
What is a whistleblower?
Someone who reports wrongdoing, unethical behaviour or illegal activities
153
What happens if the clients account goes overdrawn?
There should be appropriate procedures in place to avoid going overdrawn
154
What is an example of confidential information as a conflict of interest?
Scenario:
A chartered surveyor is hired by Client A, a property developer, to assess the potential value of a plot of land for a major development project. During this work, the surveyor gains access to confidential information, such as Client A’s development plans, financial forecasts, and bidding strategy for acquiring the land.
At the same time, the surveyor is approached by Client B, another developer interested in the same plot of land, who asks the surveyor to provide advice or perform a valuation. In this situation, the surveyor holds confidential information from Client A that could influence the advice given to Client B.
Conflict of Interest:
If the surveyor accepts the job with Client B and uses Client A’s confidential information to benefit Client B (for example, by advising them on a higher bid based on Client A’s bidding strategy), it creates a clear conflict of interest. The surveyor would be acting in favor of one client (Client B) to the detriment of another (Client A), breaching RICS’ ethical obligations.
Under RICS guidelines, surveyors must avoid any situation where the handling of confidential information creates a conflict of interest and undermines their impartiality and professional responsibility to each client.
155
What is meant by corruption?
Miss-use of public power
156
What is meant by corruption?
Miss-use of public power
157
What are the two types of regulatory bodies?
Regulatory body - A - UK (no longer Republic of Ireland)
Regulatory body - B - rest of the world
158
What are the two types of regulatory bodies?
Regulatory body - A - UK (no longer Republic of Ireland)
Regulatory body - B - rest of the world
159
What are the two types of claims?
Breach of contract & negligence
160
What is meant by facilitation payment?
Accepted in some countries as giving a payment prior to an instruction. Basically a bribe
161
Say you were working for a firm and they offered for you to work in Bali and pay you in Bali currency, would you accept?
Check it is compliant with tax putposes. Speak to finance.
162
What is long stop cover?
Negligent claim - up to 15 years.
163
What is a liability cap?
pre agreed level that you can be suid for
164
What parts of the TOE are important for avoiding a negligence claim?
Scope of work, fee basis, liability cap
165
What parts of the TOE are important for avoiding a negligence claim?
Scope of work, fee basis, liability cap
166
Who does PII cover?
Firm, members, previous employers and current employers
167
Does PII cover past & previous employers?
Yes
168
What is PII limited to?
Whatever PII you have in place at the time of the claim, that is your cover, irrespective of what you had in place at the actual time of the event
169
Can independent experts be sued?
Yes, they’re bringing in their own evidence
170
What is adjudication?
Typically used in construction disputes and contractual disputes
Binding decision
171
What’s the difference between bye laws and royal charter?
Royal Charter is like the institution’s constitution, while the Bye-Laws are the rules that allow RICS to function day-to-day within the framework of that constitution.
172
Where do we receive the highest amount of PII claims?
Valuations
173
How do you prepare accounts when setting a business?
Estimate based on market research
174
I see you have completed CPD on Part 1 of a CPO. What is this?
Part 1 of the Land Compensation Act 1973 allows property owners to claim for the reduction in value of their property caused by factors such as noise, vibration, smell, fumes, artificial lighting, or discharge of any substance from public works.
175
You said you declined food from the owner. Why was it inappropriate to accept this?
We have a strict gift policy within the VOA
176
What if you were in private practice and a client offered to take you out for a meal? What would you do?
I would consider the proportionality, if it was a standard meal I would accept and log it within gift register, however if it was a lavish meal, then I would have declined.
177
You say that the tenant asked for a good deal. How would you have managed it if they offered to pay you £500 to get this good deal?
I would decline. I have a statutory duty to report a fair, accurate and impartial valuation.
178
How do you maintain good positive relationships with your clients?
- be transparent honest, clear and trustworthy.
179
You say you emailed a clients support worker regarding your IHT instruction in Putney. Why did you do this. Was permission given by the client?
Yes I did have permission, the executor required additional support in understanding and handling IHT matters and the support worker was assisting with communication.
180
Who is Suzy Lamplugh?
An estate agent who disappeard in 1986, her disappearance led to increased awareness around personal safety, especially for professionals who work alone.
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If you are successful and qualify and are a sole practitioner. What lone working policies would you have in place/who would you notify when out on inspections?
Buddy System or Emergency Contact: Before going on inspections, always notify a designated person, such as a colleague, family member, or friend, who can act as your "check-in buddy." Inform them of:
- Where you are going (location/address)
- Who you are meeting (client details)
- Expected start and end times
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What is RIDDOR?
Stands for Reporting of Injuries, Diseases and Dangerous Occurences Regulations
Set of UK regulations that require employers and self-employed individuals to report specific types of workplace incidents to the relevant authorities.
The puporse is to ensure that serious workplace accidents, occupational diseases and certain dangerous occurances are properly documented and investigated to improve H&S standards.
183
What is the structure of the VOA?
1. Chief Executive
2. Directors
3. NVU, RVU, DVS & HR - each with their own director
184
What is a SWOT analysis?
Planning tool to evaluate the strengths, weaknesses, opportunities and threats
185
What is the DVS Cost Recovery business model?
TRACS (Time Recording and Charging System)
- This is the 'live time' activity recording system used by DVS
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Are costs of Arbitration recoverable?
Yes, costs of arbitration can be recoverable, but it depends on the specifics of the arbitration agreement, the rules governing the arbitration, and the arbitrator’s decision.
187
What must all Complaint Procedures have?
An Alternative Dispute Resolution (ADR) mechanism
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What are the three pillars of sustainability?
Environmental, social and economic
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What does RICS guidance say about valuing sustainable features?
We need to consider matters such as but not restricted to environment and climate change, health and well being, and personal and corporate responsibility that can or does have an impact on the valuation of an asset
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tell me about the structure of the RICS
3 Levels under the Privy Council
Led by the governing Council
Then standards and regulation board, management board etc
Then finance committee and advisory panels.
P GSA
191
Would you accept lunch at a business meeting?
Yes, as it’s for business purpose
192
What is the difference between UK GAAP and IFRS?
In summary, IFRS tends to be more globally focused, principle-based, and emphasizes fair value, while UK GAAP is more prescriptive, rule-based, and simpler for smaller entities. Publicly listed companies in the UK must use IFRS, while many private companies can still use UK GAAP.
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When would you apply GAAP UK and IFRS?
• IFRS is mandatory for publicly listed companies in the UK.
• FRS 102 is the UK’s GAAP for medium and large private companies.
• UK GAAP and its related standards (FRS 102, FRS 105) are followed by most private companies and other entities not required to use IFRS.
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When would you apply GAAP UK and IFRS?
• IFRS is mandatory for publicly listed companies in the UK.
• FRS 102 is the UK’s GAAP for medium and large private companies.
• UK GAAP and its related standards (FRS 102, FRS 105) are followed by most private companies and other entities not required to use IFRS.
195
What does the ethics tree look like?
196
How will the Bichard review recommendations be implemented by RICS?
Recommended:
quick and phased approach to the adoption of clear responsibilities for governance by key individuals,
recruiting a new Management Board and Standards and Regulation Board, and holding elections for key RICS committees and groups.
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How to calculate fair maintainable trade?
1. Annual turnover - costs = net profit
2. Net profit - allowance wear & tear = fair
maintainable trade
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why is sustainability important to valuers?
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'
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What does VPGA 8 state we about noting sustainability features?
- 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!
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What is the definition of ESG?
ESG comprises three pillars: environmental, social and governance
all of which collectively contribute to effective performance, with positive benefits for the wider markets, society and world as a whole.
201
summarise the difference between the financial statements?
• 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.
202
What is the companies act? What does it require for accounting purposes?
Company Accounts and Reporting:
• Sets rules for maintaining and reporting financial accounts.
• Requires companies to submit annual financial statements and comply with auditing standards.
• Regulates how companies must maintain transparency with public filings and disclose financial performance.
203
What is the companies act? What does it require for accounting purposes?
Company Accounts and Reporting:
• Sets rules for maintaining and reporting financial accounts.
• Requires companies to submit annual financial statements and comply with auditing standards.
• Regulates how companies must maintain transparency with public filings and disclose financial performance.
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What are financial statements?
Financial statements are formal records of the financial activities and performance of a business, individual, or organization over a specific period.
