Submission Flashcards
What’s the role of the RICS?
- Enforce highest technical and ethical standards in the profession
- Ensure customer safety and public confidence in the profession
- Provide highest level of training to it members
What are the RICS Rules of Conduct?
- Honesty & Integrity
- Ensure competence
- Diligent High Level of Service
- D&I an Respect
- Act in public interest
What are members obligations to the RICS?
- CPD
- Cooperate with RICS
- Provide info to Regulations & Standards Board
What are firms obligations to the RICS?
- Responsible Principle
- Cooperate with RICS
- Complaints Handling Procedure
- Provide info to Regulations & Standards Board
- Ensure adequate and appropriate PII cover
What is the RICS Ethics Tree?
Provides a decision-making framework that can support individuals when faced with ethical dilemmas
Run through the Decision Tree?
- Facts
- Legality
- Rules of Conduct
- Consult with expert or manager
- Happy for public to see decision
What’s in the Bribery Act 2010?
Aims to reduce bribery in business in UK and abroad.
Highlights what a bribe is (giving or receiving of an advantage (such as a payment, gift or service) with the expectation of improperly influencing one’s action
What are principles of the Bribery Act?
- Proportionate payment
- Top level commitment
- Risk Assessment
- DD
- Communication (training)
- Monitoring and Review
What are the offences of the Bribery Act?
- Bribing
- Receiving a Bribe
- Failing to prevent a bribe
- Bribing a foreign public official
Who polices the Bribery Act? And what are the Consequences of breaching it?
Serious Fraud Office
10 year imprisonment and / or unlimited fine for individuals. Unlimited fine for companies.
What is your companies Gifts & Hospitality Policy?
All gifts entered in gifts register
Up to £70 no approval needed.
£70 - £200 Line manager approval
£200+ MD of Development
Why is Client Care important?
- Ensure public confidence in industry
- Ensure duty of care is managed and no breach of this
- Allows repeat work if client likes you
What does the Health & Safety at Work act 1974 state?
Duty of every employer to manage and ensure health & safety of their employees. It states:
- Complete risk assessments
- Must report injuries and dangerous occurrences
- Definition of a hazard (anything that has potential to cause harm)
- Policed by HSE
What is included within a Risk Assessment?
- Identify a hazard
- Identify people at risk
- Score likelihood and severity of that hazard
- Record findings
- Regularly review
- Mitigation measures
What is Incident & Injury Free training?
Internal training at my firm, to promote a mindset throughout the company that health & safety management should be at the forefront of our decision making at all stages
What is PPE? And Give some examples?
Personal Protective Equipment
- Hard Hat
- Steel capped shoes
- Gloves
- Glasses
- High-Vis
What’s a Profit & Loss Statement?
(or income statement) summarizes the revenues, costs, and expenses incurred during a specified period.
What’s a balance sheet?
At a point in time, highlights assets and liabilities for a business
What is the RICS Professional Standard Conflicts of Interest 2017?
Highlights what a conflict of interest. And different management techniques.
What are some conflicts of interest?
Party Conflict (obligation to act for a client conflicts with a duty to another client)
Personal Conflict (obligation to act for a client conflicts with the personal interest of the individual or firm)
Confidentially Conflict (obligation to act for a client conflicts with your confidentially obligation to another)
What are some management techniques of a conflict?
- Avoid Conflict
- Manage Conflict (tell everyone, be transparent, informed consent, information barrier)
What are some Conflict Avoidance tactics?
- Clear concise drafting of contracts
- Proactive analysis of what could go wrong
- Good records
What are some of the Data Protection Principles in the Data Protection Act?
- store data for specific purpose
- accurate info
- info kept lawfully
- kept no longer than necessary
What is in the Data Protection Act 2018 and what’s its aim?
UK’s implementation of General Data Protection Regulation (GDPR)
Aims to:
- Create a single data protection regime affecting businesses
- Empowers individuals to take control of how their data is used
What are some of the individual rights granted under the Data Protection Act?
- Right to be informed
- Right to access
- Right to erase
- Right to object
What are some of the Social + Economic benefits to Diversity + Inclusion?
- Better decision making
- Creative problem solving
- Leads to better profits
- Better staff retention
- Better reputation
What is unconscious bias?
subconscious attitude that affects the way individuals feel and think about others around them.
What is the Equality Act?
The act consolidates discrimination law and provides protection against a wide range of discrimination
What are the nine protected characteristics of the Equality Act?
- Gender reassignment
- Sex
- Sexual orientation
- Age
- Disability
- Race
- Religion
- Marriage or Partnership
- Pregnancy or maternity
What is in the Building Regulations, Part M
Guidance on access to + use of buildings. Now includes two volumes:
- Access to and use of dwellings
- Category 1 - Visitable Dwellings
- Category 2 - Accessible & adaptable dwellings
- Category 3 - Wheelchair user dwellings - Access + use of non dwellings
What is Net Zero Carbon?
Carbon emissions to be reduced to maximum, with remaining emissions offset through carbon sequestration
What is absolute zero carbon?
Eliminating all carbon emissions without the use of offsets (Scope 1, Scope 2 and Scope 3)
What is main changes in Environment Act 2021?
Allows the UK to enshrine better environmental protection into law. It provides the Government with powers to set new binding targets, including for air quality, water, biodiversity, and waste reduction
BNG of 10% or all new developments
What is the difference between a residual valuation and a Development Appraisal
Residual is using market inputs to find the market value for a site
Dev Appraisal is using client inputs to review the viability of a development
Weaknesses of a Development Appraisal?
- Development appraisals / residual valuations are unstable and extremely sensitive to minor adjustments.
- The method does not take into account the timing of cash flows (unlike the DCF approach). …
- High quality of information for the inputs is essential.
What is CIL and how is calculated?
Is a charge which can be levied by local authorities on new development in their area
Council sets out a charging schedule, which is multiplied by the additional floorspace an application is providing.
What is a sensitivity analysis?
Can highlight analysis of small changes to key variables (e.g. build costs, revenues)
What are different forms of a sensitivity analysis?
- Sensitivity
- Scenario Analysis - changing development scenarios (e.g. phasing, deisgn, tenure)
- Monte Carlo Simulation - using probability theory (software such as Crystal Ball)
What is affordable housing?
NPPF defines affordable housing as:
Housing for sale or rent, for those whose needs are not met by the market
What is a S106?
Written agreement, that is negotiated between a council and applicant surrounding certain planning obligations for a specific development