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CH APC > Submission > Flashcards

Submission Flashcards

1
Q

When are companies exempt from publishing accounts?

A

Small companies are exempt if they meet two of the following criteria:

Annual turnover less than £10.2m
Balance sheet total less than £5.1m
Fewer than 50 employees

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2
Q

What does a CreditSafe report show?

A 
Credit rating (0-100 and A-
Suggested credit limit
Recommended contract limit
Status
Days beyond terms
Industry days beyond terms
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3
Q

What does days beyond terms mean?

A

A metric of how long it takes a business to pay its bills, past the due date.

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4
Q

What did you use CreditSafe for?

A

Inform the client of a tenant’s covenant strength

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5
Q

Can you advise a client on covenant strength?

A

NO! I would suggest they seek advice from an accountant if they wanted to further understand the CreditSafe report.

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6
Q

What is your companies growth strategy?

A

Confidential but main points are to expand further into Europe through acquisitions and to break down silos within the workplace so clients are better serviced.

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7
Q

Why does client care play such an important role in real estate?

A

Helps provide a high level of service and retains clients

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8
Q

How do you deliver a high standard of client care?

A

I ensure I am competent to act for the client, I stick to the timescales set out in the ToE and I ensure I’m in regular contact with the client to keep them informed of progress.

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9
Q

What were the outputs you explained to your client in your financial modelling example?

A

IRR
NPV
Total returns
Cost of finance

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10
Q

What are the different forms of communication?

A

Verbal
Written
Graphic

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11
Q

What negotiation techniques have you learnt?

A

Agreeing my client’s objectives and negotiation strategy prior to commencing negotiations

Detailed research and preparation (SWOT)

Preparing a ‘win-win’ and fallback position

Deciding what points my client is willing to compromise on and what is non negotiable

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12
Q

When have you used these techniques?

A

During private treaty negotiations for a residential unit in west london

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13
Q

What is the hierarchy of avoidance?

A

That is a small typo. It’s actually the hierarchy of avoidance, management and resolution of conflicts

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14
Q

What are the main processes in resolving disputes?

A

Negotiation, mediation and adjudicative process.

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15
Q

When would a surveyor act as an independent expert?

A

In the arbitration process

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16
Q

What’s the difference between an independent expert, expert witness and an advocate?

A

Independent expert - Appointed by both parties and has expert knowledge in the subject area. The parties are bound by their decision.

Expert Witness - has an overriding duty of care to the court and must act impartially and give unbiased opinion

Advocate - represents the client and duty solely to the client.

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17
Q

What conflict avoidance techniques have you used?

A

Understanding client’s objectives
Managing parties expectations
Keeping good records

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18
Q

How did you verify information you gathered?

A

I called the agents acting on the transactions and to verify the information I had gathered online.

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19
Q

What are the key principles of the General Data Protection Regulation 2016/Data Protection Act 2018?

A

Information should be fairly and lawfully possessed

Collected for specified, explicit and legitimate purposes and not further processed

Adequate, relevant and limited to what is necessary in relation to the purpose

Accurate and kept up to date. If inaccurate must erase

Kept in a form which permits identification of data subjects for no longer than is necessary

Processed in a manner that ensures appropriate security

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20
Q

What are the individual rights under GDPR?

A 
Right to be informed
Right of access
Right to rectification
Right to erasure
Right to restrict processing
Right to data portability
Right to object
Right to automated decision making and profiling
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21
Q

How do two of the principles of GDPR relate to your work?

A

Information must be kept securely - I maintained a schedule of parties who held interests within a CPO boundary. The schedule had contact details of the interested parties so I password protected the excel spreadsheet

Within this schedule I erased any data that we verified was inaccurate or out of date.

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22
Q

How do you ensure your data is secure?

A

Firewall software
Password protect computer systems and files
Password protect documents

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23
Q

How is your firm ensuring a diversity within the workplace?

A

Committees for different ethnic groups

Charity committee

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24
Q

Give an example of when you have successfully worked in a team.

A

I have worked in teams both professionally and socially.

Professionally - I have worked in various teams within my firm. I worked alongside a director and senior director on the valuation of a portfolio of hotels.

Socially - I organised and lead a team on a charity event where we walked from our office in central london to Brighton.

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25
What is the role of the RICS?
Promote and enforce the highest professional qualifications and standards in the property industry and safegurard both members and the public.
26
What are the main roles of the RICS?
Maintain highest standards of education and training Protect consumers through strict regulation of professional standards Leading source of information
27
What are the benefits of being in the RICS?
``` Status Recognition Market advantage Knowledge Network ```
28
What are the principles of RICS Regulation for members and firms?
PACTT ``` Proportionality Accountability Consistency Targeting Transparency ```
29
What are the RICS Global Professional and Ethical Standards?
STIRR ``` Act with Integrity Provide a high standard of Service Promote trust in the profession Treat others with respect Take responsibility ```
30
What is the Professional and Ethical Standards Decision Tree?
A framework of questions which members should ask themselves when faced with ethical decisions. Would I be happy with my actions being made public?
31
What are the principles of the Bribery Act?
Bribery Act 2010 PTRDCM ``` Proportionality Top level commitment Risk assessment Due diligence Communication Monitoring and review ```
32
What was in the NDA?
The NDA forbid me from disclosing any information relating to the client's purchase and requirements to raise equity until they had given consent.
33
What are the key bits of legislation for Health and Safety?
Health and Safety at Work 1974
34
When you inspected the hotel development site in Bath, what guidance did you adhere to?
RICS Guidance Note on Surveying Safely
35
What does the Surveying Safely guidance note set out?
Basic good practice principles for the management of health and safety for RICS regulated firms and members
36
What is the safe person principle?
Each individual is responsible for their own, their colleagues and third parties safety.
37
What is your firm's lone working policy?
Before the inspection, I must notify a colleague of my whereabouts and my expected return time. Fully charged phone and phone number and appointment in calendar Buddy system
38
Talk me through how you would conduct an inspection
Before leaving the office, I would conduct research into the property I was inspecting including checking the title plans, look on google maps, EPC register, environmental issues and nearby comparable properties. I would also conduct a risk assessment. I would inspect the local area having particular regard to proximity of transport links and public road network. I would consider the demographic of the area and the repair and standard of nearby properties and look for comparable properties. This could be a good opportunity for business development. I would then conduct an external inspection of the property looking at the age, construction and any disrepair. I would then conduct an internal inspection looking at lease compliance, factors affecting value, spec, damage and disrepair, defects etc.
39
How would you conduct a risk assessment?
``` Identify hazards Identify parties at risk of hazards Evaluate risk and likelihood and severity of any accidents Record findings Review risk assessment regularly. ```
40
Whats the difference between a risk and a hazard?
Hazard - something that may cause harm | Risk - likelihood of hazard causing harm
41
What measures did you take to minimise the risk of injury whilst inspecting the development site in Bath?
I did a risk assessment and had a discussion with the site manager. I had regard to the RICS Guidance Note on Surveying Safely. I work PPE including hard hat, steel toecap boots and a high vis jacket. During COVID I would also wear a facemask and gloves, carry hand sanitiser and maintain social distancing measure.
42
What does the Equality Act outline?
Equality Act 2010. Provides protection against a wide range of discrimination and inequality. It include the use of property as well as when dealing with people.
43
What is MEES?
Minimum energy efficiency standards
44
What is sustainability?
Meeting the needs of today while not harming the ability of future generations to meet their own needs
45
When do you need an EPC in relation to property?
Required for all commercial property over 50 sqm when a building is sold, let for more than 6 months, newly built, newly refurbished or when it is sub-let or assigned. ``` Exemptions: Listed buildings Buildings with no heating Religious buildings Temporary buildings Less than 50 sqm Buildings due to be demolished/redeveloped Resi not occupied for more than 4 months a year ```
46
What are the EPC requirements for marketing?
Must be commissioned within 7 days of commencement of marketing Agents responsible for procuring EPC Must be displayed on advertisements Online marketing material must have a link to the EPC
47
How long is an EPC valid for?
10 years
48
What does the front page of an EPC contain?
``` Address of property and floor area EPC certificate reference number Technical information on the property's energy position Estimation of energy running costs Energy performance rating (A+ to G) Benchmarking info ```
49
Who polices EPC regulations?
Local authorities
50
What are the main point of the Estate Agents Act 1979?
1 - Clarity as to the terms of the agency 2 - Honesty and accuracy 3 - Agreement and liability for costs 4 - Openness regarding personal interests 5 - Absence of discrimination 6 - Legal obligation to tell the client about offers received 7 - Keep clients' money separate
51
What is a D&B report?
A credit report that allows you to assess risk across an organisation. It shows: Company Profile Risk assessment (Failure Score [1-100], Delinquency Score) Overall Business Risk
52
What does a D&B rating mean?
Each company is assigned a financial strength and a risk indicator. Eg. 3A (financial strength), 2 (risk indicator)
53
What are the weaknesses of D&B/CreditSafe reports?
They are backwards facing - can only look at the most recent companies accounts
54
Is there any financial legislation you must abide by with regards to equity rasing?
Yes, you must adhere to the Financial Services Act - my line manager was FCA regulated.
55
What are the typical interest rates on debt at the moment?
It is completely dependent on the borrower, their track record, the asset being borrowed against/for and the lender's return requirements.
56
What is the UK debt market like at the moment?
I haven't been working in the debt market since COVID hit, however my understanding is that is isn't as active as it was but there is money there for the right product.
57
Are you qualified to negotiate debt terms?
All debt terms were looked over by my line manager who was FCA regulated.
58
Are HoT legally binding?
No, they aren't legally binding. They often have 'subject to contract' written on them.
59
What was your role post HoTs?
Commercial Property Standard Enquiries - ensuring the purchaser and their solicitor were in receipt of the required information etc.
60
Who is your duty of care to when acting as an advocate? Are you entitled to a fee?
As an advocate, your duty of care is to your client and yes, you are entitled to a fee.
61
What is the difference between an arbitrator and an independent expert?
An arbitrator acts on the evidence provided and the arguments submitted, an independent expert had a duty to investigate and discover the facts.
62
What are conflict avoidance techniques? Talk me through a time you have demonstrated this.
Conflict avoidance techniques include clear, concise and careful drafting of contracts/lease, managing parties' expectations, keeping good records. I demonstrated this whilst negotiating the compulsory acquisition of a residential property by keeping records of all offers and counter offers.
63
What are the dangers of CoStar?
The information can be unreliable and should always be verified with the agents responsible.
64
What do you understand by GDPR?
GDPR are regulations relating to personal data and grant rights to the subjects of the data.
65
What do you understand by the Data Protection Act?
The Data Protection Act is the UK's implementation of GDPR but also extends to all data rather than just personal data.
66
Who polices GDPR and what are the fines for breaking GDPR?
GDPR is policed by the Information Commissioner's Office (ICO) and the fine is the greater of 4% of Global Turnover or 20 million euros.
67
What is AY's policy on diversity?
AY looks to employ a diverse range of employees and has multiple committees for ethnic minorities and a charity committee within the company to promote diversity.
68
Define unconscious bias.
Unconscious bias is an unknown prejudice that someone holds that affects their actions. The best way to rid the office of unconscious bias is through training to make people aware of their biases and therefore can act on them.
69
What constitutes effective teamwork?
Ultimately ensuring a team works together effectively and efficiently. This can be done by utilising people's strengths, ensuring everyone can present their ideas and ensuring everyone is listened to.
70
What are the four offences of the bribery act?
Giving a bribe Receiving a bribe Bribing a foreign public official Failing to prevent bribery
71
Why does the RICS have rules?
To ensure it's members and regulated firms act professionally and do not bring disrepute to the industry.
72
What are the rules for firms?
``` Professional behaviour Competency Service CPD/Training Clients money Complaints handling procedure PII ```
73
What are the rules for members?
``` Ethical behaviour Competency Service CPD Solvency Information to the RICS Cooperation ```
74
Can you give an example of when you have demonstrated one of the professional standards?
My line manager went on maternity leave and I was aware that we had a report deadline coming up. I took responsibility for ensuring the report was ready to be checked over before being issued to the client whilst he was away.
75
What type of conflict was your valuation example?
Confidential information conflict.
76
What are the other types of conflict?
Own interest conflict Party conflict Confidential Information conflict
77
Can you share a valuation report with the borrower prior to issuing a finalised report?
Yes, provided it is marked as draft and any changes that occur after are documented and given reason for
78
What other types of measures can you take to ensure data protection?
Password protect documents Only certain teams/people can access files Clear desk policy Locked screen policy
79
Can you sell a property belonging to a director in your own team?
Yes you can, however I don't think I'd be able to remain impartial and would therefore turn down the instruction.
80
What regulation are you aware of concerning money laundering?
Proceeds of crime act | Money Laundering, Terrorist Financing and Transfer of Funds Regulations
81
Can you report a party suspected of money laundering? If so, who do you raise this with?
Yes you can and you must ensure they do not know they are being suspected of money laundering. I would raise it with my line manager and my firm's compliance officer and if necessary report it to the NCA.
82
What are the contents of an NDA?
The information that is confidential and the period of time that it can not be disclosed
83
Can you provide advice as to the structure on an NDA?
No, I would suggest they seek legal advice.
84
Can you provide advice as to the structure on an NDA?
No, I would suggest they seek legal advice.
85
What is your companies lone working procedure?
We operate a buddy system where you have to ensure someone knows where you're going and your timings. You must also take a charged mobile phone with the number and timings in your calendar
86
What do you understand regarding the Health and Safety at Work Act?
The employer is responsible for the health and safety of their employees whilst in the workplace.
87
What is the structure of Surveying Safely?
Surveying Safely sets out basic good practice principles for the management of health and safety for RICS-regulated firms and RICS members. ``` It covers: Personal responsibilities Relevance to RICS professional groups Assessing Hazards and Risks RICS Members' place of work Occupational Hygiene and health Visiting premises or sites Fire Safety Residential property surveying General Procurement and management of contractors ```
88
Whilst on a site, who has the ultimate liability? Does that change if the unit is tenanted?
The landlord has the ultimate liability, however if it is tenanted, that responsibility then falls to the tenant.
89
What is a risk assessment?
An analysis of the hazards posed, the risk of those hazards harming someone and the people at risk to harm.
90
Where would you find the site rules/register?
With the site manager
91
How would you deal with an aggressive landlord?
By remaining calm, avoiding any conflict and walking away. I would then report the aggression to my line manager to escalate it further if necessary.
92
What time of communication have you used?
Verbal, written and visual communication
93
How do you reference the Equality Act in a valuation report?
You must state whether the property is Equality Act compliant and assess this whilst conducting due diligence
94
What types of reasonable adjustments can be made to make a property more inclusive?
Disabled access ramps, lifts, brail on signs
95
What buildings are exempt from EPCs?
Religious buildings, listed buildings, buildings under 50sqm, buildings that have no heating, buildings due to be demolished/redeveloped
96
What does an EPC contain?
The front page contains: ``` Property address EPC certificate reference number Technical info on property's energy provision Estimation of energy running costs Energy performance rating (A+ to G) Benchmarking info ```
97
Are you aware of any proposed changes to EPCs?
Yes, as of 2030, it is proposed that the minimum EPC rating will be raised to B or C
98
Do you have to apply for a revaulation once the expiry date passes?
If there has been no change to the property that could affect the EPC, it will automatically renew.
99
What do you understand by net carbon zero?
No carbon is produced and if some is, it is offset.
100
What is AY's sustainability policy?
AY has joined the UK government by making a statement that it will be net carbon zero by 2030.
101
What are the changes to the Red Book Global?
PS1 - 'Written' now applies to any electronic form of report. PS2 - Surveyors must use 'professional scepticism' IVS 410 - Development valuations should include a minimum of two methods of valuation.
102
How does the DRC method work? Is this red book compliant?
The land value is calculated and the cost of building a similar identical building. This is then discounted back to the date it was built. It is not red book compliant no.
103
Is a purchase report red book compliant?
Yes, purchase reports are red book compliant.

CH APC (8 decks)

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