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RICS Investment and Finance Pathway > Professionalism > Flashcards

Professionalism Flashcards

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1
Q

What headings are included in a typical heads of terms?

A

The address
Subject to contract
Date
The parties – landlord and tenant
Rent deposit
The demise
Rent
Rent commencement – rent-free
Alienation
Alterations
Dilapidations/reinstatement
Timing
Conditions
Solicitors details

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2
Q

What is an expert whiteness?

A

Appointed by the two parties (or the president of the RICS) to settle a dispute.

Had an expert knowledge of the subject and can use his own opinion and evidence.

Parties are bound by the decision

Offers speed and specialist knowledge

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3
Q

What can you tell me about surveying safely 2011?

A

This is an RICS guidance note.

It provides advice on:

– Personal safety
– personal/corporate responsibility
– Assessing hazards and risks
– loan working/travel arrangements/PPE
– CDM regulations
– company’s emergency arrangements

It is due to become a professional statement

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4
Q

Are you aware of any changes to surveying safely 2011?

A

It is due to become a professional statement.

RICS surveying safely professional statement, 2017

  • means compliance will be mandatory
  • reflects changes to CDM/asbestos regulations
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5
Q

Are you aware of any legislation with regards to asbestos?

A

The control of asbestos regulations, 2012

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6
Q

Who enforces the control of asbestos regulations 2012?

A

Health and safety executive (HSE)

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7
Q

What is a risk assessment?

A

It is a legal requirement for organisations who employ more than five staff.

Five steps:

  1. Identify hazards
  2. Identify those at risk
  3. Evaluate risk
  4. Record findings
  5. Review regularly
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8
Q

What is a method statement?

A

A method statement details how it work task/process is to be completed.

Outlines hazards and gives a step-by-step guide on how to do a job safely.

It must detail control measures in place to ensure safety.

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9
Q

What is an arbitrator?

A

Appointed in a quasi-judicial role to settle a disputed.

They have specialist knowledge of the subject area.

Parties bound by the decision - decision can be overturned by court.

Fast, cost effective and confidential

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10
Q

What is a mediator?

A

Facilitates discussions between the parties

Conducted without prejudice

No decision making authority

Can not impose a resolution

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11
Q

Can you tell me some alternative disputes resolution processes?

A

Mediation

Arbitration

Independent expert

Adjudication

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12
Q

What is an adjudicator?

A

They use their own knowledge and the law to reach a legally binding decision.

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13
Q

What is an ombudsman?

A

This is an organisation that can investigate a complaint and facilitate a resolution.

Based on redress, not regulation.

Can grant a financial award of up to £25,000.

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14
Q

What are the principals of the data protection act?

A
  1. Process info fairly and lawfully for relevant purposes
  2. Process info for relevant purposes
  3. Kept securely
  4. Not kept for longer than necessary
  5. Accurate and up to date
  6. Adequate, relevant and not excessive
  7. Processed in line with data subjects rights
  8. Not to give info to other countries without same data protection laws
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15
Q

What would you expect to see in a set of public limited company accounts?

A

Chairman statement

Auditors report

Income statement

Statement of financial position

Governance report

Remuneration report

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16
Q

What is an ombudsman?

A

This is an organisation that can investigate a complaint and facilitate a resolution.

Based on redress, not regulation.

Can award a financial payment of £25,000.

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17
Q

What is an independent expert?

A

This is an expert appointed by the two parties (or the President of the RICS through DRS) to investigate a dispute.

They have expert knowledge on the subject matter.

Parties are bound by their decision.

They can use their own opinion/evidence.

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18
Q

What is an arbitrator?

A

Appointed in a quasi judicial role.

An arbitrator has specialist knowledge of the subject area.

Their decision is binding on the parties.

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19
Q

What does mediation involve?

A

This is where a neutral mediator facilitate discussions between two parties to try and establish a solution.

The mediator has no decision-making authority and cannot impose a resolution.

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20
Q

Other than court litigation, what alternative dispute resolution procedures are you aware of?

A

Mediation

Arbitration

Independent expert

Ombudsman

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21
Q

What dispute resolution processes are you aware of?

A

Negotiation

  • Between the parties

Mediation

  • Third-party intervention (not binding)

Adjudicative

  • Outcome determined by third party
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22
Q

How much you aim to avoid conflict with regards to a contractual obligation?

A
  • Ensure the contract is clear and concise
  • Undertake risk analysis to understand where misinterpretation may arise
  • Ensure you communicate clearly with all parties to understand their objectives properly
  • Negotiate carefully and transparently
  • Keep good detailed records
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23
Q

Why might a conflict arise?

A

Failure to comply with contractual obligations.

Differing interpretations of a contract.

Or

Conflict of interest

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24
Q

What is included in your company’s accounts?

A

My company is a private limited company.

The accounts include:

– balance sheet
– profit and loss account
– directors report
– notes about the accounts

(No auditors report required – small company)

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25
Q

What would you expect to see on the liabilities?

A

Loans

Creditors

Overdraft

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26
Q

What are you expect to see under assets?

A

Cash

Property

Investments held

Debtors

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27
Q

What is FRS16?

A

This is a new accounting standard which means that by 2019, companies will have to account for leases in their balance sheet.

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28
Q

What is UK GAAP?

A

This is the UK’s generally accepted accounting principles.

29
Q

What does a company’s cash flow show

A

This shows the actual receipts and expenditure inclusive of VAT.

30
Q

What are audited accounts?

A

These are accounts which have been prepared by a chartered or certified accountant.

31
Q

What on management accounts?

A

These are accounts which are normally prepared for internal use and are not audited.

32
Q

What is an income statement?

A

This would be a profit and loss account of a business summarising its income and expenditure transactions.

33
Q

What is a statement of financial position?

A

This would be the balance sheet for the business showing its assets and liabilities at a given date.

34
Q

What is a balance sheet?

A

This is a statement of financial position.

It shows a businesses assets and liabilities at a given date.

35
Q

Who is the data protection act policed by?

A

The information Commissioners office (ICO)

36
Q

What most firms do if they hold data?

A

They must register with the ICO and pay an annual fee of £35.

37
Q

What is the freedom of information act 2000?

A

This gives individuals the right of access to information held by public bodies.

38
Q

How can you keep data secure?

A

Using password protection

Firewalls

Encryption

39
Q

What do you know about the general data protection regulations?

A

They come into force on 25th May 2018

They will give people stronger rights to be informed about how personal information is used.

They will provide tougher penalties for non compliance.

Right to be forgotten.

The U.K.’s decision to leave the EU will not affect its commencement.

40
Q

Are you aware of any RICS guidance for sustainability?

A

Guidance note on sustainability and commercial property valuation, 2013.

41
Q

Are you aware of any legislation with regards to sustainability?

A

Climate change act, 2008

42
Q

What is the climate change act, 2008?

A

This sets out the Uk Governments commitment to cut the UK is common dioxide emissions by 80% and 1990 levels by 2050.

43
Q

When is an EPC required?

A

A
EPCs are required for all commercial buildings over 50sqm when it is:

  • Newly built
  • Sold
  • Let (including assignments/subleases)
  • Newly refurbished
  • HVAC systems are altered
44
Q

Are there any buildings which are exempt from having EPCs?

A

Listed buildings

Unheated buildings

Religious buildings

Building is being demolished/redeveloped

Temporary buildings

45
Q

Who is responsible for procuring an EPC for marketing purposes?

A

The agent

46
Q

When must and EPC be commissioned by?

A

Within seven days from commencement of the marketing period.

47
Q

What details of the EPC must be shown on marketing particulars?

A

The energy rating

The letter and the number.

48
Q

What is MEES?

A

Minimum energy efficiency standards.

49
Q

Are you aware of any material which governs money laundering?

A

Money laundering regulations, 2017 which updated the previous 2012 regulations.

50
Q

Are you aware of any RICS material regarding money laundering?

A

The RICS guidance note:–

Protecting against money laundering, 2010

51
Q

What are the six principles of the bribery act 2010?

A

Proportionality
Top level commitment

Risk assessment
Due diligence

Communication
Monitoring and review

52
Q

What are the main offences for bribery?

A

Receiving a bribe

Giving a bribe

Bribing a foreign public official

Failing to prevent bribery

53
Q

What can you tell me about the health and safety at work act 1974?

A

This sets out the duty of employers to their employees in regard to the health, safety and welfare.

54
Q

What is the RICS complaints handling procedure?

A

Three stages

  1. First contact
  2. Escalation
  3. Appeal
55
Q

What is your companies complaints handling procedure?

A
  1. Director responsible
  2. Compliance officer
  3. Mediation
  4. Arbitration
56
Q

Who polices the proceeds of crime act, 2002?

A

National crime agency

57
Q

Are you aware of any guidance notes with regard to money laundering?

A

Protecting against money laundering, 2010

58
Q

What is an NDA?

A

Nondisclosure agreement

Not legally required

Firm is responsible for employees

Typically last for 3 to 5 years

Failure to comply – sued for breach

59
Q

How do you undertake a risk assessment?

A
  1. Identify hazards
  2. Identify those at risk
  3. Evaluate risk
  4. Record findings
  5. Regularly review
60
Q

What does the equality act, 2010 set out?

A

Provides broader protection against discrimination and inequality.

Sets out requirements for reasonable adjustments to properties do gel disabled people.

61
Q

What is RIDDOR

A

Reporting Injuries Diseases and Dangerous Occurrences Regulations 1995

H and S legislation with regards to reporting and keeping record of injuries.

62
Q

What is included in your firms business plan?

A

Marketing

Opportunities

Fee forecasts

Budgets

Cash flows

63
Q

What would you do if you closed a practice?

A

Inform the RICS

Inform clients ASAP

Return any client money

Inform insurers - procure Run off cover

Retain files for 6 years

64
Q

What is run off cover?

A

PII required when shutting down a practice or retiring.

6 years cover

Minimum £250,000

65
Q

Can you tell me about a time when you have shown excellent client care?

A

Yes, when I was acting on behalf of an inexperienced client acquiring office space in the City of London, when I received a proposal on the property which they were looking at, I sent the heads of terms through to them and followed it up with a call to arrange a meeting with them, So that I could go through the proposal point by point to ensure they understood. I also arranged for a director to be present, in case I had insufficient experience on any points.

66
Q

What are the risks of Joint Ventures?

A

Party conflicts/disagreements

Lack of clarity on objectives

Mismanagement of capital and resources due to misunderstandings

67
Q

What is an NDA?

A

Nondisclosure agreement

Not legally required

Firm is responsible for employees

Typically last for 3 to 5 years

Failure to comply – sued for breach

68
Q

What is the RICS complaints handling procedure?

A

Three stages

  1. First contact
  2. Escalation
  3. Appeal

RICS Investment and Finance Pathway (54 decks)

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