Random APC questions

Question 1

What are the requirements for PII insurance?

Answer 1

Turnover 100K or less - minimum for each case £250k

Turnover of 100k to 200k - minimum £500k for each case

Turnover of £200k - cover needs to be £1m per case

Question 2

What is runoff cover and how long should it be in place?

Answer 2

Runoff cover will insure the member/firm for period x years (minimum 6 years) - but as much as 12 years if you are working with Deeds.

Question 3

what is RIDDOR

Answer 3

Reporting of injuries, diseases and dangerous occurences Regulations 1995

Question 4

What is Coshh

Answer 4

The Control of Substances Hazardous to Health Regulations 2002

Question 5

Name some dispute resolution options

Answer 5

ADR (Alternative dispute resolution)
Mediation (Neutral mediator)
Arbitration (Quasi Judicial role in accordance with the Arbitration Act 1996 - parties are bound by decision)
Independent Expert determination
Ombudsman

Question 6

What are the MEES regulations? and what currently is the lowest ‘pass’ score for buildings

Answer 6

Minimum Energy Efficiency Standards - any building with an F rating or above currently pass (but this may change in future).

Question 7

What is BREEAM?

Answer 7

Voluntary environmental assessment tool for new and refurbished commerical and residential buildings (Building Research Establishment Environmental Assessment method).

Question 8

What is the hierarchy of risk control

Answer 8

1. Elimination
2. Substitution
3. Engineering controls
4. Adminstrative controls
5. PPE

Question 9

What are the requirements of managing client funds?

Answer 9

1 Clients money accounts must be separate and clearly identifiable (must have client in the account name).
2 Client must have access to money on demand
3 Payment of interest should be agreed between parties
4 Annual audit by qualified accountant

Question 10

What is the Lord Bichard RICS review?

Answer 10

a) commissioned after the Levitt review
b) purpose of RICS, make proposals on its governing structure, and
c) make proposals for the incoming leadership and governing body on the future culture and strategy

Question 11

When do you need to pay SDLT on a commercial property

Answer 11

above £150k purchase or rent over term of lease

Question 12

When can you use RICS logo and what colour?

Answer 12

should be black and only if you or your firm is appropriately registered with the RICS

Question 13

what are the four P’s in corporate real estate

Answer 13

Property, People, Place, Pounds

Question 14

Whats the difference between a risk and a hazard

Answer 14

A risk is the change of a hazard causing injury to someone

Question 15

Who polices the Bribary Act 2020

Answer 15

Serious Fraud Office

Question 16

whats the difference between a balance sheet and profit and loss account

Answer 16

A balance sheet reports a company’s assets, liabilities and shareholder equity at a specific point in time

P&L statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually the accounting year end.

Question 17

what is a conflict of interest?

Answer 17

Actual, potential or perceived risk that professional judgement of member will be compromised undertaking an assignment

Question 18

What is the defininition of a yield?

Answer 18

defined as annual return on investment expressed as a percentage

Question 19

What is the name of the red book?

Answer 19

RICS Valuation - Global Standards (Jan 2022)

Question 20

When was RICS founded?

Answer 20

1868

Question 21

how many levels of membership and what are they?

Answer 21

FRICS
MRICS
AssocRICS
Student

Question 22

What is the governing struture of RICS

Answer 22

awarded a Royal Charter
Governing Council runs the RICS and provides managment and strategic directlon
RICHARD Collins is CEO (interim)
President is Clement Lau

Question 23

what is the prime directive of the RICS

Answer 23

To provide the highest standards of education and training
to protect consumers (public) via regulation
to be the leading source of information and independent advice on land, property and construction