SOE MANDATORY Flashcards
What is cpd and why is it important
Continued professional development is a obligation by RICS members to continually to update their skills and remain competent
Types of cpd
Formal CPD - structured learning with clear objectives and outcomes
Informal CPD - Self managed learning relevant to your professional role
What document explains rics rule of conduct
Rules of conduct - Global 2021
What are the rules of conduct
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.
What is our gift policy
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
RICS client account
Handle money in accordance with professional standard client money handling 2019
data sharing code of practice
We follow the information commissioners code of data sharing practice and the data protection act 2018
How does someone make it on the approved contractors list
Compliance with legislation, proof of insuarance and qualifications and competence
What legislation covers health and saftey in the work place
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
Profit and loss
A statement shows the company’s revenues and expenses during a particular period.
Balance sheet
A financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time.
Cash flow
measurement of the amount of cash that comes into and out of your business in a particular period of time.
What did quarterly reports financial reports include
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,
Business structures
Sole Trader
Partnership
Limited Liability Partnership
Private Limited company - D and R
Public Limited company
ADR
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.
7 principles of GDPR
Lawfulness, fairness, and transparency; ▪
Purpose limitation; ▪
Data minimisation; ▪
Accuracy; ▪
Storage limitation; ▪
Integrity and confidentiality;
Accountability
Legislation affecting data protection
Date protection act 1998
The data protection act 2018
equality act 2010
Equality Act 2010 legally protects people from discrimination in the workplace and in wider society
protected characteristics
age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation
Gift register
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
Onboarding clients
Proof of id, personelly checked, proof of address and personel details ie dob run via the smartsearch system
RICS accounts
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
min Levels of PII
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
Run off cover
cover for after ceasing trading
Hows does PII work
Works on a claims made basis - you are insured for when the claim is made not when the work was undertaken
When was the RICS founded
1868
What would be required before you could set up your own firm
· 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).
How to close down a rics firm
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,.
who is comptent for risk assesments
A competent person for risk assessment is someone who has the knowledge, skills, and experience to perform a risk assessment to a recognized standard.
what is the hierarchy of controls when managing risks
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
