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APC JE > SOE > Flashcards

SOE Flashcards

1
Q

RICS requirements Post qualification for CPD?

A
  1. All members must undertake a minimum of 20 hours CPD each calendar year (January to December). 10 hours must be formal
  2. All members must maintain a relevant and current understanding of our professional and ethical standards during a rolling three-year period. Any learning undertaken in order to meet this requirement may count as formal CPD.
  3. Members must record their CPD activity online by 31 January.
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2
Q

when was the RICS rules of Conduct 2021 published? and what are they? And why did they change?

A
  • 2nd February 2022
  • Applies to members and firms
  • Examples of behaviours for each rule (12 case studies)
  • more of a focus of Inclusive an technology
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3
Q

5 benefits of the RICS?

A
  1. Status - Your professional credentials provide unrivalled client and market confidence.
  2. Recognition- Promotion of your professional excellence to governments and markets
  3. Market advantage- RICS status and standards give you a competitive advantage
  4. Knowledge - International practice standards, professional guidance, CPD, and knowledge sharing
  5. Network - Access to 137,500 RICS professionals worldwide
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4
Q

5 rules of Conduct?

A

RULE 1
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

RULES 2
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

RULE 3
Members and firms must provide good-quality and diligent service.

RULE 4
Members and firms must treat others with respect and encourage diversity and inclusion.

RULE 5
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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5
Q

Conflict avoidance VS Conflict Management

A
  • Avoidance (NO) - Say no to the instruction.
  • Management (Yes) - Say yes, and then steps are agreed and put in place to manage the conflict, such as information barriers/ ethical barriers and written agreement.
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6
Q

RICS guidance on conflict of interest?

A

RICS Global Professional Statement on Conflicts of Interest 2017

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7
Q

Minimum procedures for handling complaints.

A

-Stage One (in-house) - Must be raised to the Complaints Handling Officer, must be in writing, acknowledged within 7 days and investigated within 28.

-Stage Two (ADR) – if they are not happy they must go to an independent redress scheme, the client must be informed of the third party this goes to.

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8
Q

Vyner Estate, what were you clients goals?

A
  • Dipsosal of a number of blocks that they though were not generating an income
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9
Q

How do you get standard forms?

A
  • Digi net, gets updated regally and all departs use the templates
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10
Q

What methods of communcation do you use?

A
  • Email
  • Phone
  • Face to Face
  • Letters
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11
Q

How did you agree terms and routes for national grid?

A
  • Discussed over Phone and then followed up with.
  • Emails and mailed plans for their routes
  • Reported to contractors
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12
Q

When Negotiation between vendors that’s the guidance you followed?

A

Code of Leaseing business premises 2020

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13
Q

Act for PPE

A

PPE at Work Regulations 2022?

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14
Q

What is the Health and Safety at Work Act 1974? and what must be done under it?

A
  • Duty to every employer to ensure reasonable practical health, safety and welfare for all employees
  • Report injuries
  • Carry out Risk assessments
  • Healthy and safety information must be avablie on site.
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15
Q

Urban Green Newcastle requires for national Grid?

A
  • Time frames for work
  • ID badges
  • Extent of staff and equipment
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16
Q

Whats set out in Surveying Safely - Health and Safety Principles for property professionals second edition 2018? (8)

A

1 Personal responsibility for members
2. assessing hazards
3. Workplace H&S
4. Hygiene and health
5. Visiting sites
6. Fire safety
7. residential property surveying
8. Management of contractors

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17
Q

GAAP accounting principles (10) (RCSPNPCPMU)

A
  1. Regularity:GAAP-compliant accountants strictly adhere to established rules and regulations.
  2. Consistency:Consistent standards are applied throughout the financial reporting process.
  3. Sincerity:GAAP-compliant accountants are committed to accuracy and impartiality.
  4. Permanence of Methods:Consistent procedures are used in the preparation of all financial reports.
  5. Non-Compensation:All aspects of an organization’s performance, whether positive or negative, are fully reported with no prospect of debt compensation.
  6. Prudence:Speculation does not influence the reporting of financial data.
  7. Continuity:Asset valuations assume the organization’s operations will continue.
  8. Periodicity:Reporting of revenues is divided by standard accounting periods, such as fiscal quarters or fiscal years.
  9. Materiality:Financial reports fully disclose the organization’s monetary situation.
  10. Utmost Good Faith:All involved parties are assumed to be acting honestly.
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18
Q

What is a Balance Sheet

A
  • Statement of a business finances at any point in time.
  • Assets = Liabilities + Equity
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19
Q

What is an income statement?

A
  • A profit and loss account is a summary of the business income and expenditures transactions.
  • On a certain date (usually annually).
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20
Q

what is a Cash Flow Statement?

A
  • Finical statement that shows how cash has entered and exited a company during an accounting period.
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21
Q

RICS guidance relating to client money handling?

A
  • RICS Professional Standard: Client Money Handling, 2019
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22
Q

What does GAAP stand for?

A

General Accepted Accounting Principals

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23
Q

How did you review Estate rent income?

A
  • Looked at the property and assed the currently market agreed figures
  • Looked at review dates.
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24
Q

Landlords objectives?

A
  • Good rental income
  • ROI
  • Tenants with good covenant strength
  • Maintain the units value
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25
Q

Tenants objectives and assessment?

A
  • Business maturity
  • Current occupation
  • Operating Market
  • Other locations
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26
Q

Business Plan?

A

A document that defines the business objectives and suggests strategies to be undertaken to realise how this will be achieved within a defined time frame.

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27
Q

Types of interest in a property?

A

Freehold
Leasehold
Long leasehold

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28
Q

How can an interest affect value?

A

a leasehold interest delays gaining vacant possession over the asset. Thus is discounted, in given situations (T&R)

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29
Q

Three Types of Conflicts

A
  1. ‘Party Conflict’, two different parties working on the same instruction.
  2. ‘Own Interest Conflict’, Personal interest.
  3. ‘Confidential Information Conflict’, work between two parties that is confidential.
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30
Q

Data protections act?

A

UK General Data Protection Regulation 2016 (GDPR)
Data protection Act 2018 (Supplements GDPR)
Uk GDPR 2021 (post brexit)

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31
Q

Principles of the Data Protection Act 2018? (7)

A
  1. Lawfulness, fairness and transparency
  2. Purpose limitation
  3. Data minimisation
  4. Accuracy
  5. Storage limitation
  6. Integrity and confidentiality (security)
  7. Accountability
32
Q

Benefits of Cross Diversification?

A
  • More efficient
  • High quality of work
  • Increase work flow
33
Q

Key Skills for Team work?

A
  • Listening
  • Discuss
  • Persuading
  • Respect
  • Helping
  • Sharing
  • Participate
  • Communication
  • Reflection
34
Q

What is an inclusive environment?

A

One which is designed and managed to allow people with a diverse range of needs and abilities to access and use it.

35
Q

what is MEES?

A

Minimum Energy Efficiency Standards, 2015
- Property’s post the 1st of April 2018 Need EPC of E

36
Q

FG Policy on waste reduction?

A
  • We have a waste management map for materials and identical if there are recyclable in the office
  • Assessment of on-site materials and best disposal methods and details to escalate hazardous materials
37
Q

What does FG do for Sustainably?

A

ISO 14001 certification
Adopted of environmental Management system to Reduce Footprint

38
Q

What’s in a Legal Pack

A
  • Title Register
  • Mutandum of sale
  • EPC
  • Terms and condition of sale
  • Law
  • Deed
39
Q

Redhall Farm, what H&S measures did you put in place?

A
  • Identified hazardous areas
  • PEE
  • Risk assessment
  • Took photos
40
Q

Woodside Business park, what due dilligance did you prior to your inspection?

A
  • Local Amenitys
  • RV and internal areas
  • Comps
40
Q

Redhall Farm, was there any guidance you followed for H&S on site?

A

-Surveying Safety 2018

41
Q

Woodside Business Park, how did you ensure the extent of your inspection of the portfolio?

A
  • Agreed in TOB
  • Phoned and agreed prior.
42
Q

1 Meadow View, What were you looking for in the Title?

A
  • Area
  • Boundaries
  • Service charges
  • RIghts of Way
43
Q

1 Meadow View, Did you follow any guidance?

A

VPGA 8 Red book (Valuation of Real Property Intrests)
- Covers interests in Investigations and inspection
- Advise on making appriaote assumptions and recommend lawyers to check

43
Q

Vine House, How do you inspect residential property?

A

Against Approved Plans
- Internal
- External

44
Q

Vine House, What were you looking for?

A
  • Situation
  • Access
  • Elevation
  • Floorplan
  • Water Run off
45
Q

Name a couple of requirements for VPGA 2?

A
  • COI’s
  • Comment on suitability
  • SWOT
  • Liable areas
  • Threats
  • Sustainability compliance
46
Q

Wood House Farm, are you aware of any IHT Reliefs?

A
  • Yes,
    But im not competence to comment on them.
47
Q

Wood House Farm, What was Equine, Ag and combination Rate per acre.?

A

Equine = £20,000
Ag = £10,000
Combination= £13,000

48
Q

Wood House Farm, How did you value Hope Value?

A

Used SHELLA reports
- Not deliverable
- Planners confirmed

49
Q

Rough Heys, whats the CTG rates?

A

Not an area of expectise

50
Q

Hierarchy of Comps?

A

A -Direct
B - Indirect
C - Anything else (publications)

51
Q

Land at Lane End, Whats the date you can back date CGT Values to?

A

31 March 1982 (rebase year)

52
Q

Manchester Airport, was there any guidance for this?

A

VPGA 9 Red Book

53
Q

Prior Wood, How and did you advise on Mitigation?

A

No
I dont specialise in that area

54
Q

DRC, how did you get build costs? how much was it? what was the sheds value?
What was the depreciation? what was the value on the remainder?

A

Agr0 Business Consultancy Book
- Inclusive of fees
- 300/SQM
- £60,0000
- 75%
- £80/SQM

55
Q

Why DRC?

A
  • No comps
  • Specialist shed
55
Q

Whats NIA?

A

Net Internal Area.
- Use it on retail

56
Q

why did you exlcude common areas?

A

As the tenat did have solo occupancy hear, furtherfore couldnt use it as there space.

57
Q

Bowden View, Whats GIA? why?

A

Gross Internal Area
- in line with guidance on Code of Measuring practise.

58
Q

Bowden View, what were in issues with accuracy?

A
  • rough surface for tumble wheel
  • Only methods are dependant on the OS and satellite pictures.
59
Q

What’s the difference between Leasehold and Freehold?

A

Freehold, owner the land and building
Leasehold, purchasing the rights to occupy.

60
Q

Manley Road, what fee was agreed?

A

£1,500

61
Q

Manley Road, whats in a brochure?

A

Description,
Rights of way
security
agent details
sale methods
dated photos

62
Q

Whats the Guidance on DRC? why do we have it? can you name anything in it?

A

DRC method of valuation for financial reporting 2018
- Provides consistency
- Statement saying the vals is subject to adequacy profitability for the business.

63
Q

Whats on the heads of term of a sale or Murandum of sale?

A

Purchasers
Vendor
Solicitors
Agreed Price
Exchange date
Completion date
Items included
Deposit
Conditions

64
Q

What is the Health and Safety at Work Act 1974? and what must be done under it?

A
  • Duty to every employer to ensure reasonable practical health, safety and welfare for all employees
  • Report injuries
  • Carry out Risk assessments
  • Healthy and safety information must be avablie on site.
65
Q

Health and Safety at Work Act 1974, who police’s it?

A

H&S Executive

66
Q

Why is the Health and Safety at Work Act 1974 implemented?

A

‘Duty to every employer to ensure, so far as reasonably practicable, the health, safety and welfare at work of all employees’

67
Q

what is The Red Book? and what version are we using?

A
  • an RICS Publications that sets out rules and structure to conduct valuations of assets or liabilities
  • 2021
68
Q

whats the difference between a practise statement and a guidance note?

A

statement is mandatory

69
Q

Whats the percentage rough difference between GEA to GIA?

A

2-5%

70
Q

Whats the percentage rough difference between GIA to NIA?

A

15%

71
Q

CPO valuations? what areas do you depart from?

A

VPS1-5 are no manditory but must be stated in TOB

72
Q

How did you advise your clients on improving there EPC?

A

I referred them to the potential improvements on the EPC, that the case officer had identified.

APC JE (23 decks)

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