PE Client Care, Business Planning and Teamworking/Diversity, Inclusion and Teamworking

Question 1

What are ways to provide good client care?

Answer 1

Communicating clearly
Seeking feedback
Developing long-term business relationships
Ensuring regular contact and updating on instructions

Question 2

How can you seek client feedback?

Answer 2

Project reviews
Satisfaction surveys
Meeting informally
Discussion groups
Quality assurance procedures

Question 3

How can you seek client feedback?

Answer 3

Project reviews
Satisfaction surveys
Discussion groups
Meeting informally
Quality assurance procedures

Question 4

Why is it important to identify and know your client?

Answer 4

Tailor service to different levels of knowledge and expertise
Cross-sell between teams/departments
New business generation
Money laundering purposes
Understand their business objectives and strategies

Question 5

When dealing with a typical negotiating instruction, who is your general duty of care towards?

Answer 5

Your client - to do the best deal for them as a negotiator (unless you are acting as an Expert Witness with a duty to the Court/tribunal), as well as acting in the best public interest

Question 6

When dealing with a typical negotiating instruction, who is your general duty of care towards?

Answer 6

Your client - to do the best deal for them as a negotiator (unless you are acting as an Expert Witness with a duty to the Court/tribunal), as well as acting in the best public interest

Question 7

How can you avoid complaints?

Answer 7

Seek feedback and ensure effective communication
Have clear and well-worded Terms of Engagement to set expectations accordingly
Do what you say you will
Avoid misunderstandings in the first place
Act on client feedback to improve service provision

Question 8

What must a firm do in relation to CHP?

Answer 8

Operate a written CHP
Maintain complaints log
Train and make CHP available to staff
Have an RICS approved ADR mechanism
Agree CHP with Professional Indemnity Insurance (PII) provider
Provide CHP if a complaint is received

Question 9

What are the two types of ADR mechanism approved by RICS?

Answer 9

Consumer redress
Business to Business redress

Question 10

What are examples of consumer redress ADR mechanisms?

Answer 10

CEDR
The Property Ombudsman
The Property Redress Scheme
Financial Ombudsman Service

Question 11

What examples of B2B redress ADR mechanisms?

Answer 11

Arbitration Procedure for Surveying Disputes
RICS DRS
CEDR Solve

Question 12

Do RICS provide any specific CHP advice for residential surveors and valuers?

Answer 12

Yes - Complaints Handling (1st Edition, 2016) Guidance Note

Question 13

If a surveyor provides a RICS-branded product, e.g. HomeBuyer Report - what should they do?

Answer 13

Check Terms of Engagement are signed, client has chosen the right product and understands the service

Question 14

What is a liability cap?

Answer 14

Contractural agreement limiting damages to manage risk in survey and valuation work (below PII limit)

Question 15

What must a liability cap be?

Answer 15

Reasonable and appropriate to comply with Consumer Rights Act 2015

Question 16

What is the RICS role in CHP?

Answer 16

They can consider a complaint about service or professionalism

Question 17

What standard of service do RICS apply when considering a complaint about a member or firm?

Answer 17

Reasonable profession

Question 18

Can you appeal against an RICS decision to close a case or agree a consent order?

Answer 18

No, but you can ask for a review by Head of Regulation (their decision is final)

Question 19

Why important to have a business plan?

Answer 19

Seek funding
Gain new instructions, new clients, new customers
Focus on priorities
Respond to change
Budgetting
Staff targets

Question 20

What might you include in a business plan?

Answer 20

Executive summary
Description of business opportunity
Team
Operations
Forecast cash flows
Objectives
Marketing/advertising
Exit strategy

Question 21

What are UK business/company structures?

Answer 21

Sole trader
Partnership
Limited company
LLP

Question 22

Is a sole trader personally responsible for their company debts?

Answer 22

Yes

Question 23

Where are your personal and business finances kept separate?

Answer 23

Limited company
LLP

Question 24

What is the difference between crowdfunding and peer to peer lending?

Answer 24

In P2P lending you don’t give away equity, but pay interest on the money borrowed - in crowdfunding you give away equity or donate the final product

Question 25

What are the two types of group/team?

Answer 25

Permanent (work grounds, boards) and temporary (task forces, steering groups) groups

Question 26

What are the theoretical stages of team development?

Answer 26

Norming
Performing
Mourning
Forming
Storming

Question 27

How to promote effective team working?

Answer 27

Common purpose
Clear objectives
Adequate resource
Mutual respect
Understand strenghts and weaknesses of team members
Sharing knowledge and expertise
Speaking openly
Range of skills
Having different personal skills

Question 28

Belbin’s theoretical team roles?

Answer 28

Role in the team e.g. teamworker or implementer

Question 29

Why can teams be beneficial to property professionals?

Answer 29

Share knowledge
Improved performance
Social aspect
Peer checking work
Individual empowerment

Question 30

Are diverse teams of value to business?

Answer 30

Yes

Question 31

What is unconscious bias?

Answer 31

When people favour others who look like them and/or share their values

Question 32

What is the latest RICS guidance relating to Client Money Protection?

Answer 32

RICS Professional Statement Client Money Handling (1st Edition, October 2019)

Question 33

Which International Standard for Organisation relates to diversity and inclusion?

Answer 33

ISO 304415