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Nadine APC > Need to Know Mandatory > Flashcards

Need to Know Mandatory Flashcards

1
Q

Rules of Conduct 1

A

Be honest and act with Integrity and comply with the professional obligations, including obligations to the RICS

-Valuation - don’t mislead others

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2
Q

Rules of Conduct 2

A

Maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

-Don’t offer advice on VAT

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3
Q

Rules of Conduct 3

A

Provide good quality and diligent service.

  • comp checked
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4
Q

Rules of Conduct 4

A

Treat other with respect and encourage diversity and inclusion

  • don’t bully or victimise anyone
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5
Q

Rule of Conduct 5

A

Must act in the publics interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

  • respond to any compliant made against them promptly
  • Support directors, partners, employees, colleagues, or clients who have acted in good faith to report concerns.
  • Members and firms ensure that public statements made by the firm, or in which members are (or could be) identified as members of the profession, do not undermine public confidence in the profession.
  • Members and firms respond to complaints made against them promptly, openly, and professionally.

-

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6
Q

Five ethical standards

A

CHRRIS

Honest,
Integrity,
Competence,
Service,
Respect
Responsibility

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7
Q

Latest article you’ve read

A

A property problem: there are millions of empty homes

In UK there are 5% empty homes

Empty home tax like they do in Vancouver. - to address housing shortage.

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8
Q

What should an effective CPH have?

A
  • be fit for purpose
  • made available to all staff
  • be understood by all staff
  • readily be shared with complainants or
    potential complainants
  • be regularly reviewed at a senior level
  • be agreed with PII brokers/provider(s)
  • provide details of access to independent redress if the
    firm cannot resolve the complaint
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9
Q

What are RICS CHP?

A

Acknowledge within 5 days
Response within 28 days
Resolved by a phone call or detailed review.
If not satisfied - can requested complaint to be considered by the independent service complaint reviewer within 15 days.

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10
Q

What is the Building Safety Act?

A

The Building Safety Act 2022 is a law that aims to improve the safety and accountability of the UK’s construction industry. It was introduced in response to the Grenfell Tower fire in 2017.

New regulations on how high rise buildings are to be constructed maintained and made safe

It became clear that there was a need for government to step in and change legislation for high rise buildings.

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11
Q

How does the Building Safety Act affect you?

A

-Project cost implications for compliance

-Life cycle costing and safety driven specification (longer term safety materials)

-Impact on risk management and cost forecasting

-Ensuring compliance in contract - ensure contract has a provision with SOA about BSA if using 2016

-Procurement strategies - proven safety records when selecting contractor

-Value engineering - do not compromise compliance or safety standards

-Post completion and handover - safety related information be mainted and handed over in the ‘Golden Thread’ of information

Handover- fund are allocated for detailed documentation, digital storage solutions, training for building operators on maintaining safety standards.

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12
Q

What is high rise buildings.

A

18 metres tall or higher
7 seven storeys, with two or more residential units

defined as higher risk

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13
Q

What are the new regulations about BSA?

A
  • the way that projects are delivered
  • responsibilities and appointment of new duty holders.
  • designers and contractors where competent hold new duties and responsibilities for the projects.

Building owners of higher-risk buildings need to understand how to manage their buildings post occupation, including how the golden thread is maintained.

This new duty holder position is not to be confused with the duty holders created by the Construction (Design & Management) Regulations.

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14
Q

What are the difference gatway for BSA

A

The Building Safety Act has three gateways that a construction project must pass through to proceed to the next stage:

Gateway 1
The planning stage, where applicants must demonstrate that fire safety is a key consideration

Gateway 2
The preconstruction stage, where the Regulator must approve the application before construction can begin

Gateway 3
The completion stage, where the Regulator must approve the design and construction before the building can be occupied

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15
Q

What is Health and Safety at Work Act 1974

A

Aims to protect people from the risk of injury or ill health by: Ensuring employees’ health, safety and welfare at work

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16
Q

What is the Golden Thread

A

Concept in the BSA that refers to keeping a digital record of crucial building information.
Starting from the design phase and continuing throughout the building’s lifecycle.

The golden thread aims to ensure that the right people have the right information at the right time to keep buildings safe.

It includes details about the building’s design, construction, materials, systems, and maintenance.

The golden thread is a crucial tool for ensuring the safety of high-risk buildings.

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17
Q

What is the HSE?

A

Britain’s national regulator for workplace health and safety. It prevents work-related death, injury and ill health.

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18
Q

If you saw an incident on site what would you do?

A

Report to site supervisor and health and saftey mananager

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19
Q

What is within a site induction?

A

Site rules and requirements.

Imfortance of PPE

Register

Clearly identify particular hazards and risks.

Confirm expected behaviours on site

Outline of the project;

Management of the project;

First-aid arrangements;

What to do incase of emergency

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20
Q

What would you expect to see within a Business Plan?

A

an executive summary
a business description
a market analysis and strategy
a marketing and sales plan
an analysis of the competition, including their services
an operating plan
detail of company structure
financial analysis
objectives or goals
summary of the strategy.

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21
Q

What are the changes to the dispute resolution procedures under the JCT 2024

A
  • new provision obligating senior executives from each party to meet and negotiate in good faith to resolve disputes before escalating to formal adjudication.
  • Parties are required to specify their own adjudicating nominating body
  • supplemental provision relating to notification and negotiation of dispute is now a contract condition.
22
Q

What are the 7 key principles in the GDPR (General Data Protection Regulations)

LAD SPA I

A

LAD SPA I

L – Lawfulness, Fairness, and Transparency
A – Accuracy
D – Data Minimization
S – Storage Limitation
P – Purpose Limitation
A – Accountability
I - Intergrity and confidentiality

23
Q

How do you encourage Inclusivity?

A
  • recognise different religious believe so set meetings at certain times during Ramadan etc
  • use inclusive language no jargon
  • attend cultural cuisine - insight into other culturals
24
Q

What are the Individual rights in GDPR

AID OPERA

A

AID OPERA

A – Access
I - Informed
D – Data Portability

O – Object Processing
P – Processing Restriction
E – Erasure
R – Rectification
A – Automated Decision-Making

25
Q

RICS Principles of better regulation

A

Think PACTT

  • Proportionality
  • Accountability
  • Consistency
  • Targeting
  • Transparency
26
Q

What are the Types of Conflict Intrest

A

Types of Conflict of Interest:

  1. Party Conflict – a situation in which the duty of an RICS member or a regulated firm to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client in relation to the same or a related professional assignment.
  2. Own Interest Conflict – a situation in which the duty of an RICS member or a regulated firm to act in the interests of a client or other party in a professional assignment conflicts with the interests of that same RICS member/firm.
  3. Confidential Information Conflict – a conflict between the duty of an RICS member or to provide material information to one client, and the duty of that RICS member to maintain confidentiality of Confidential Information to another client.
27
Q

What is Assigned Risk Pool?

A

A scheme that provides temporary professional indemnity insurance (PII) to RICS-regulated firms in the UK that are unable to get PII from the insurance market.

The ARP offers insurance for a period of up to 12 months on RICS Minimum Terms

28
Q

What is client money

A

Client money is money of any currency that RICS regulated firm hold or recieve on behalf of a person

29
Q

If a Client was prepared to pay you in advance for services you or your company were providing, how would you ensure that it was dealt with?

A
  • I would that a client account is set up, in line with the rules of Conduct for firms: Handling Client Money.
  • I would issue a statement of the account once it has been set up.
  • I will agree with the Client how the monies will be drawn down.
  • I would issue a revised statement every time I draw down money.
  • Once the works are complete, I would provide the Client with a reconciliation of the account, identifying when the monies were drawn down etc.x
30
Q

Payment from Client Account

A
  • Use client money only for client matters.
  • Ensure client money is returned to the client asap if there is no longer reason to retain those funds.
  • All payments from account are made on behalf of the client.
  • Check sufficient funds are being held before making payment
  • Obtain written consent from client for standing orders or direct debits
31
Q

Run off Cover

A
  • Run off cover is a PII policy that comes into effect when a business stops trading.
  • Claims made under it will relate to work being carried out before trading is stopped.
  • RICS requires a firm to hold it for 6 years minimum.
  • Ensures clients, firms and members are not exposed to financial detriment following a company stopping trading.
32
Q

Locum

A
  • A locum agreement is effectively another professional who is appointed to ‘stand in’ for the surveyor if they are unable to work.
  • Typically, another chartered surveyor but could also be another trusted professional.
33
Q

Difference between diversity and Inclusion

A

Diversity
Refers to the differences that make people unique, such as their backgrounds, personalities, life experiences, and beliefs.

Inclusion
Refers to the organizational effort to make sure everyone feels welcome and valued for who they are.

Inclusion is about ensuring that everyone has an equal opportunity to contribute and influence every part of a workplace

34
Q

What are the differene Conflict of Intrest

A

Party Conflict
Own Interest Conflict
Confidential Information Conflict

35
Q

What is the difference between project brief and client breif

A
36
Q

Rule 5

A

Must act in the publics interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

37
Q

Has RICS Published sny information on handling clients money?

A

Client Money Handling - professional statement 2019

38
Q

What are the key requirement identified in the client money handling professional statement?

A
  • Client account requirement
  • -Approaipate accounting controls
  • The information that firms must provide to cleints
  • How to handle client money including rules for managing any identified funds
39
Q

What is the objectives of the client money handling professional statement?

A

Provides clear rules for RICS regulated firms and memebers to have the approipate dontrols and procedures to keep client money safe.

Provides confident to clients and consumers that RICS regulated firms are opperating to high professional standards.

40
Q

How do you handle clients money?

A

-Set clear segregation of duties for employees
- A Principal oversees the client money accounting functions
- Principles cannot override controls
- Competent and Knowledgeable staff are to process client’s money with cover provided for long term absence
- Accounting systems and data must be secure
- Client money must be kept separate and clearly identifiable with the word ‘client’ included in the bank account name
- Client must always have access to funds
- We must agree the terms and advise the client on bank details
- The account must not be overdrawn
We must maintain client ledgers and provide a running balance

41
Q
A
42
Q

Different types of client money account

A

General Account - Hold money for a more than one client

Discrete accounts = reference a single named client

43
Q

What do you need to do if you are a sole practiontor

A

You’ll need a locum cover.

44
Q

What to do if the client wants to pay cash?

A

Confirm identity
Name and address
Records of business deals for 5 years
Separate account
Draw down

45
Q

What due diligence steps would you take if you had a new client?

A

Conflict of Interest
Financial Checks
Anti Money Laundering

46
Q

if you witnessed money laundering on your project, who would you inform?

A
  • report to line manage
  • submit a suspious activity report to the national crime agency
47
Q

Why are the RICS recommend 15 years liability?

A

12 years as a deed and 3 years claim after

48
Q
A
49
Q

If a Client was prepared to pay you in advance for services you or your company were providing, how would you ensure that it was dealt with?

A
  • The client account is set up, in line with the rules of Conduct for firms: Handling Client Money.
  • I would issue a statement of the account once it has been set up.
  • I will agree with the Client how the monies will be drawn down.
  • I would issue a revised statement every time I draw down money.
  • Once the works are complete, I would provide the Client with a reconciliation of the account, identifying when the monies were drawn down etc
50
Q
A
51
Q
A

Nadine APC (21 decks)

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