SOE MANDATORY

Question 1

What is cpd and why is it important

Answer 1

Continued professional development is a obligation by RICS members to continually to update their skills and remain competent

Question 2

Types of cpd

Answer 2

Formal CPD - structured learning with clear objectives and outcomes
Informal CPD - Self managed learning relevant to your professional role

Question 3

What document explains rics rule of conduct

Answer 3

Rules of conduct - Global 2021

Question 4

What are the rules of conduct

Answer 4

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

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

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

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

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.

Question 5

What is our gift policy

Answer 5

We follow the RICS professional statement - Countering bribery and corruption, money laundering and terrorist financing - 1st edition, February 2019

Only accept gifts that are customary reasonable and proportionate

Question 6

RICS client account

Answer 6

Handle money in accordance with professional standard client money handling 2019

Question 7

data sharing code of practice

Answer 7

We follow the information commissioners code of data sharing practice and the data protection act 2018

Question 8

How does someone make it on the approved contractors list

Answer 8

Compliance with legislation, proof of insuarance and qualifications and competence

Question 9

What legislation covers health and saftey in the work place

Answer 9

HASWA 1974

It sets out the general duties which:

employers have towards employees and members of the public
employees have to themselves and to each other
certain self-employed have towards themselves and others

Question 10

Profit and loss

Answer 10

A statement shows the company’s revenues and expenses during a particular period.

Question 11

Balance sheet

Answer 11

A financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time.

Question 12

Cash flow

Answer 12

measurement of the amount of cash that comes into and out of your business in a particular period of time.

Question 13

What did quarterly reports financial reports include

Answer 13

A quarterly financial report is a summary of a company’s financial performance over a three-month period.
Including a summary or a collection of a company’s financial statements, such as balance sheets and income statements,

Question 14

Business structures

Answer 14

Sole Trader
Partnership
Limited Liability Partnership
Private Limited company - D and R
Public Limited company

Question 15

ADR

Answer 15

Alternative Dispute Resolution (ADR) Regulations 2015

ADR is resolving a dispute without going to court.

adjudication
mediation
arbitration and
expert determination.

ADR offers an opportunity for parties to avoid going to court. Court proceedings are lengthy, costly and can cause significant bad feeling between parties. T.

Question 16

7 principles of GDPR

Answer 16

Lawfulness, fairness, and transparency; ▪
Purpose limitation; ▪
Data minimisation; ▪
Accuracy; ▪
Storage limitation; ▪
Integrity and confidentiality;
Accountability

Question 17

Legislation affecting data protection

Answer 17

Date protection act 1998
The data protection act 2018

Question 18

equality act 2010

Answer 18

Equality Act 2010 legally protects people from discrimination in the workplace and in wider society

Question 19

protected characteristics

Answer 19

age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation

Question 20

Gift register

Answer 20

gifts must be of a appropriate type and value, no greater thab £50. If offered hospitality it depends on the level of involvement at the time- currently in a tender process - No

Question 21

Onboarding clients

Answer 21

Proof of id, personelly checked, proof of address and personel details ie dob run via the smartsearch system

Question 22

RICS accounts

Answer 22

Discrete account - account just for one client i.e estate
General account - account holding all clients money, non interest gathering, never overdrawn, must say client account, no company funds

Question 23

min Levels of PII

Answer 23

depends on turnover

Firm’s turnover in the preceding year Minimum limit of indemnity
£100,000 or less £250,000
£100,001 to £200,000 £500,000
£200,001 and above £1,000,000

D&R - £20,000,000 per individual per claim basis

Question 24

Run off cover

Answer 24

cover for after ceasing trading

Question 25

Hows does PII work

Answer 25

Works on a claims made basis - you are insured for when the claim is made not when the work was undertaken

Question 26

When was the RICS founded

Answer 26

1868

Question 27

What would be required before you could set up your own firm

Answer 27

· Inform the RICS and complete firms detail form

· Register for the regulation

· Appoint RICS Contact Officer for all communication

· Prepare a Complaints Handling Procedure and appoint complaints CH Officer

· Set up complaints log

· Appoint Money Laundering Reporting Officer

· Register for RICS Valuer Registration Scheme if undertaking Red Book Valuations.

· Obtain PII and send details to the RICS

· Comply with accounts regulations

· Staff training plan

· Ensure that CPD was logged on the RICS CPD Management System.

· Logo kit, comply with ‘Regulated by RICS’

· Sole practitioner arrangement (i.e. death, incapacity & complaints).

Question 28

How to close down a rics firm

Answer 28

Agree the closure date

Seek advice if the firm is insolvent

Inform staff and deal with any redundancies, ensuring you direct them to Government support if necessary

Inform clients and let them know if another firm could take over ongoing work (at the discretion of the client)

Deal with any outstanding money in client accounts (in line with the RICS Professional Statement Client Money Handling)

Notify your professional indemnity insurer to arrange run-off cover (on a claims made basis)

Make arrangements relating to hard copy and electronic files and keep them for as long as necessary (up to 15 years under the Limitation Act 1980).

Notify former clients to return any leases or other original documents being held for them

Inform RICS and fill in the firm deregistration form

Set up a system whereby anyone trying to contact you after closing is notified that the firm is closed,

Contact any other parties who need to be told about the firm closure,.

Question 29

who is comptent for risk assesments

Answer 29

A competent person for risk assessment is someone who has the knowledge, skills, and experience to perform a risk assessment to a recognized standard.

Question 30

what is the hierarchy of controls when managing risks

Answer 30

PPE should be the last resort to protect against risks. Consider controls in the following order, with elimination being the most effective and PPE being the least effective:

Elimination – physically remove the hazard
Substitution – replace the hazard
Engineering controls – isolate people from the hazard
Administrative controls – change the way people work
PPE – protect the worker with equipment