Questions 4 Flashcards
What is a cash flow statement?
• shows actual receipts of expenditure to include VAT
• not included in company accounts
• for management purposes
What is the profits test?
Net profit = or more than 3x rent payable
What are your firms strategic objectives / company goals?
• increase turnover and client base
• provide best services to clients
• ESG become more sustainable
What are GCW’s short medium and longer term goals?
Short term - focus on high growth areas in the business - investment
Long term - more sustainable, climate change focus and push towards zero carbon
What are common business planning techniques?
• SWOT analysis - Strengths, Weaknesses, Opportunities and Threats
•Benchmarking
• Identify areas of cost saving
How would you close a firm?
•Inform RICS
• inform client and make handover arrangements
• inform insurers and get PII run off cover - min 6 years
• return clients money
• retain clients files for at least 6 years
What do you discuss during team meetings?
• fees
• Business development
• Workload
How can you monitor performance?
• transactions
• number of instructions
• pipeline
what are the different business veichles?
• sole practitioner - business owner
• partnership - two or more parties
• limited company - owners are legall responsible for debt
How does a company make spending decisions?
• using budgets and forecasting
How can business planning help a company achieve its objectives ?
• setting a time frame
• setting targets
• identifying individuals key roles
• evaluation
Why is it important to maintain good client care?
• to provide the best service to a client
• to promote trust in a. Profession
• to maintain integrity
Can you tell me about a time you demonstrated good client care?
Clapham - met client on site
What is included in terms of engagement?
• if your competent
• disclosure of any conflicts
• confirmed in writing and get written approval
• property, client, CHP, PII, Fee basis, payment of expenses
How can you ensure good client care?
• establish objectives
• regular reporting / feedback
• listen to client
What’s included in the Heads of Terms for an Investment instruction?
• Price
•address
• tenure
• purchaser / vendor ect…
Can you give an example of good communication skills?
Phone- receiving comps
Verbal - presenting to clients at monthly meetings
What is a conflict of interest?
Firms impartiality is threatened with existence of a conflict
What is a Calderbank letter?
Offer to settle to prevent a dispute and save costs.
Without prejudice to save costs
Usually resolved in 21 days
Tell me about the different conflicts?
Party conflict - acting for opposing parties
Own interest conflict - family member or business associate
Confidential info conflict - where you have received information only meant for parties involved
What is mediation?
3rd party intervention - not binding
What is alternative dispute resolution ?
Falls outside the scope of the court, they are quicker and less costly
What form if arbitration is used for lease renewal disputes?
PACT - professional arbitration on court terms
What is the Data Protection Act 2018?
accuracy
Accountability
lawfulness fairness and transparency
What are the 8 inidivual rights under GDPR?
Right to information
Right of access
Right of erasure
Right of rectification
Right to restrict processing
Right to object
Right to data portability
How has your firm complied with GDPR?
Clients have to opt in to distribution lists
What is the difference between the GDPR and the Data Protection Act 2005
The DPA is a UK implementation of the GDPR
Who polices the GdPR?
information commissioners office
What would you do if you left your laptop on a train?
I would inform my line manager and It department for advice on any confidential information that could be compromised and request that the laptops systems are deactivated.
Then notify clients that there may have been a breach of information
What is the freedom of information act 2002?
Right to receive information from public authorities
What would you find On a marketing particular?
Map with north arrow and copyright of where it’s from
Contact details of agents,
BPRs and cprs
Size - quoting costs ect…
Photo of the property
Where is RICs headquarters?
12 great George steeet London - next to westminster
How is RICs structured?
Privy council
Governing council
Regulatory board, audit committee and management board
How do you become a fellow member of RIcs
5 years or more of MRICS
A leadership role in the industry
Academic achievement
What is the Role of the RIcS?
The royal institute of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development of real estate and land
What are the 3 key roles of RICs
• to maintain the highest stands of education and training
• to protect consumers through strict regulation of professional standards
• to be the leading source of information and infependant advice on land
What are the penalties for assisting with money laundering under money laundering terrifies financing and transfer of funds?
Up to 14 years in lrison
What is a PEP?
Politically exposed person. Required to carry out further - enhanced dude dilligence
What are the 6 key principles of the bribery act 2010?
• proportionality
• top level commitment
• risk assessment
• due dilligence
• communication
• monitoring and review
What needs to have occurred for negligence?
Breach of duty of care - loss - damages
What are the five benefits of being a RIcs member
- Status
- Knowledge
- Recognition
- Market advantage
- Network
What are included in your firms TOE for agency instructions?
- Fee proposal and timescale
- Agency basis
- Agency / selling rights
- Anti money laundering procedures
- CHP details
- PII
Health and safety at work act summary?
• duty to every employer to ensure safety
• hazards
•risks
• risk assesments
5 steps of a risk assessment ?
- Identify the hazards present
- Who could be harmed?
- Evaluate the risk
- Record findings
- Review the risk regularly
What is an inclusive environment?
It’s an environment designed and managed to allow people with diverse range of needs and abilities to access and use it
Give me a short summary of the equality act?
- unlawful to discriminate against an occupier / user
- required to provide disabled access if reasonable cost
What is on the front cover of an EPC?
• address of property and floor area
• EPC certificate reference number
• estimation of energy running costs
• a rating A-G
