Property Information Systems Lvl 2 Flashcards
Name some published sources of data
- PSRA Commercial Lease Register
- PSRA Annual Report
- Daft Reports
- Various International Agency Reports
- SCSI CPD
- SCSI Guide for tenant and professionals
- Land Direct
- Myplan.ie
- Various Municipal sites
How is data collected, analysed and stored within your company?
Our method of collection is governed by GDPR:
Collection
- Lawful Basis: Legitimate reason to collect
- Transparency: Must be informed as to what data is being collected
- Minimisation: Only necessary data
Analysis
- Purpose Limitation: Data can only be analysed for reasons collected
- Security: Appropriate tech and organisational systems must be in place to protect.
Storage
- Data Minimization: Data should be stored for the shortest amount of time necessary to achieve the purpose of collection
- Accuracy: Unsure date is correct
- Individual Rights: Individuals have the right to access, rectify, erase, or restrict processing of their personal data.
How is project information stored in your organisation
Centralized System:
- Project management tool
- Document management system (DMS) for easy access and collaboration.
- Clear folder structure
categorized by project, stage, or department. - Naming Conventions: Consistent naming
- Version Control: Track changes made to documents and avoid confusion.
- Security and Access:
Set access controls to ensure only authorized personnel can view or edit sensitive information.
- Regularly back up project information
How do Electronic databases work?
- Essentially giant digital filing cabinets
- Organised structured format
- Searchable
- Fast/ efficient
- Large storage
- Data manipulation
What are the benefits, challenged and dangers of using central project databases or BIM
Benefits:
- Improved collaboration: Update date in real time
- Increased efficiency: Eliminates need for multiple copies, streamlines workflows
- Improved project management:
What is the difference between a Deeds and Registered Title
Deed is a:
Physical document - a legal document acting as written record that transfers ownership of a property from a seller (grantor) to purchaser (grantee)
Evidence of ownership - Serves as evidence of ownership
Registered Title
Conceptual ownership - A registered title is a legal concept of ownership itself. Is a record stored electronically by the government registry.
Public record - Registered title is accessible to the public.
What is GDPR?
- General data protection regulation
- Relates to personal data
- Aims to create a single data protection regime for anyone doing business in the EU and to empower individuals to take control of how their data is used by third parties
- Gives people stronger rights to be informed about how their personal information is used
When did GDPR come into force?
25th May 2018
What are the key requirements under GDPR?
- Obligation to conduction data protection impact assessments for high risk holding of data
- New rights for individuals to have access to information on what personal data is held and to have it erased
- A data controller decides how and why personal data is processed and is directly responsible for GDPR
- ‘Data accountability’ ensuring that organisations can prove to the Information Commissioners Office (ICO) how they comply with the new regulations
What are the various roles under GDPR?
- Data Controller
Organisation responsible for the collection and purpose of the Data (facebook) - Data processor
Processes Data on behalf of the controller (Cloud Storage) - Data protection officer
Oversee the organisations GDPR compliance. Advise on practices and act as a point of contact for the supervisory authority
Not mandatory, required for high Data groups
- Supervisory Authority
The Irish Data Protection Commission
What is the fine imposed due to a breach
- Data security breaches need to be reported to Information Commissioners Office (ICO) within 72 hours where there is a loss of personal data and a risk of harm to individuals
- Tier 1 (Less Severe):
Maximum fine of €10 million or 2% of a company’s annual global turnover from the preceding financial year, whichever is higher.
- Tier 2 (More Severe):
Maximum fine of €20 million or 4% of a company’s annual global turnover from the preceding financial year, whichever is higher.
- Policed by the ICO
Can you recall a breach
2023, Meta received a record-breaking fine of €1.2 billion for violating GDPR rules related to data transfers between the EU and the US
What are the principles of GDPR set out in Article 5(1)
- Data must be processed lawfully
- Data must be collected to specified purposes
- Data must be limited to what is necessary
- Data must be accurate
- Data must only be kept for the length of time its required purpose intended
- Processed securely
Who does Article 5(2) of GDPR state is responsible for the compliance with the principles outlined in Article 5(1)?
The data controller shall be responsible for, and be able to demonstrate compliance with the principles
What are the 8 individual Rights under GDPR?
AIRER POA:
Right of access
Right to be informed
Right to rectification
Right to erasure
Right to restrict processing
Right to data portability (to use for their own purposes)
Right to object
Rights to automated decision making and profiling (as undertaken by insurance companies
How has your firm changed their data management practices to comply with GDPR?
- Conducted data protection impact assessments i.e. evaluated risks associated with holding information about individuals
- Ensure data accountability through the appointment of a named data controller
- Contacted individuals who were on distribution lists to confirm that they wanted to be contacted
- Trained staff
- Ensured correct firewalls were in place to ensure appropriate security of personal data
Under GDPR, would you be able to transfer personal data you hold outside of the Ireland?
GDPR restricts transfers of personal data outside the European Economic Area (EEA), unless the rights of the individuals personal data is protected in another way
What is the Freedom of Information Act 2014
The Freedom of Information Act 2014 (Ireland) is a law that gives people the right to access information held by public bodies
What are the elements of an NDA
- Identification of parties
- Definition of what is deemed to be confidential
- Scope of the confidentiality obligation by the receiving party
- The exclusions from confide tial treatment
- The length of term of the agreement
What are automated valuation models (AVMs)
- Software systems that can provide property valuations
What are the advantages of AVMs
- Able to consider a larger number of data points
- Saves time, money and resources
- Removes human bias
- Useful for assessing value of portfolio
What are the disadvantages of AVMs
- Do not take into account property conditio
- Cannot ascertain value of humanistic aspects ( View / Noise)
- Data may be lagged
What is your understanding of the term security of data
Means ensuring that data is kept safe from corruption
How can security of data be improved
Disk encryption
Regular backups
Password protection
Anti virus
Firewall
What does copyright mean
- Exclusive rights granted to the author or creator
- These rights can be licensed, assigned or transferred
- Form of intellectual property
What is a deed
A legal document made under seal
How can you prove ownership of land which is not registered with the land registry
The Deeds will set out information about the ownership and details of the property
What do the land registry provide upon request and payment
Copy of the official title register for a registered property or land
What does Title Indemnity Insurance cover
- Protects a party for any claim arising from the title of a property e.g. Title defects, restrictive covenants and easements.
- Paid as a one of premium
What is a restrictive covenant
- Agreement to restrict the use of land in some wat for the benefit of other land users
- They are enforceable by successors as they run with the land
Can a restrictive covenant be removed
Yes, either through the courts or by negotiation
- The Lands Tribunal
- You can try negotiating with the beneficiary of the covenant
What are MSCI Real Estate Indices
Indices which provide investment performance stats for owners/ investors and fund managers
What does the MSCI Real Estate Indices aim to provide
- Independent bench marks
- Market Data
- Analysis, indices, research
What are the RICS data standards
- Set of standards to support the capture, verification and sharing of data
- addressed issues of digital data consistency
What is the RICS Data standards already applied to
IPMS (International Property Measurement Standards)
ICMS (international construction measurement standards)
IVS - Soon
What are the colour coding on Title plans?
Red - Boundary
Green Line - Boundary of land removed from title
Green Shading - Land excluded from the title but within area
Blue shading - Right of way on registered land for use by other land
Orange shading - Right of way on other land for use by registered land
What is included in a land registry title
Property register - Description of property
Proprietorship register - Name and address of current owner / purchase price / class of title
Charges register - Mortgages or other financial burdens on property
What is personal data as defined by GDPR
Personal data are any information which are related to an identified or identifiable person
