Summaries of experience Flashcards
What are the RICS Rules of Conduct?
- Act with integrity and comply with professional obligations to the RICS
- Maintain professional competence and ensure competent individuals with nessecary experience
- provide good quality and dilligent service
- Treat others with respect and encourgae diveristy and inclusion
- Act in the public interest, take responsibility for actions to prevent harm and maintain public confience.
What is the need for the RICS Rules of Conduct
To regulate the professional body
What legislation govern Money Laundering?
- Proceeds of crime act 2002
- Money Laundering, terrorist financing and transfer of funds regulations, 2019.
What is a conflict of interest?
where an agent acts for clients who have competing interests, or where an agent’s personal interest conflicts with that/those of their client.
What types of conflict of interest are there?
Own Interest
Party Interest
Confidential Information Interest
What are the six principles of the Bribery Act 2010?
- Proportionality
- Top Level Commitment
- Risk Assessment
- Due Diligence
- Communication
- Monitoring and review
What is your firms Complaints Handling Procedure?
What is the purpose of Professional Indemnity Insurance?
Covers against claims of Negligence
What would you include in a set of Terms of Engagement for a new client?
How would you check for a conflict of interest?
Send a company wide email with details of the client and instruction
Can you describe a time when you have acted with integrity?
Being honest and trustworthy when acting for clients. Respecting confidential information.
What is your firms AML policy?
When would you raise a concern to your firms Money Laundering officer?
- Spot any red flags
- Notice any incosistencys with information
- Failed AML checks
What was the accepted amount on your firms gift policy?
£50
How much was pre-approved in your clients on going Terms of Business?
£2,500
How do you ensure that you provide a good quality service?
By being honest and trustworthy in all work that I carry out, ensuring that I stick to proposed timescales and produce my work to a high standard.
What is your firms client care policy?
- Ensuring that timelines are stuck too.
- Distribute Market appraisals within 3 days of inspection
- Valuations within 10 days
What are some different methods of communication with clients?
- Face to Face
- MS Teams/Zoom meetings
- Phone call
- Messages (text/WhatsApp)
Why is it important to understand your clients aims and objectives?
To ensure that works on the estate and wider decisions are in line with this and to ensure that a good quality service is provided inline with their expectations.
How do you make urgent decisions across the estate?
- Consider its urgency and if any legal requirements
- proceed to instructed required works, whilst informing my client and explaining the necessity.
Tell me about a time that you have successfully completed negotiations on behalf of a client?
When implementing a payment plan for rental arrears.
Talk me through the negotiations for the retention of a tenancy deposit for large clear up costs?
- The tenant had passed away and was in the property as a Rent Act tenant. There were no succession as no spouse or family living with him prior to death.
The deceased’s family were due to the clear the heavily filled property but did not do so, we therefore negotiated with them that we would retain the small deposit and offset it against the £13,000 clear up costs.
What is your firms health and safety policy?
The business intends meeting its legal obligations by providing and maintaining a
safe and healthy working environment so far as is reasonably practicable. This will
be achieved through:
- providing leadership and adequate control of identified health and safety risks;
- consulting with our employees on matters affecting their health and safety;
- providing and maintaining safe plant and equipment;
- ensuring the safe handling and use of substances;
and more…
How does your firm promote good health and safety within the office?
- Clear and appropriate fire exit plans
- Regular PAT and EICR testing
- impletmeting lone working plan
What are the main principles of the Health and Safety at Work act 1974?
- Requires companies with over 5 employees to have a written H&S policy
What are the requirements under Construction, Design and Management Regulations 2015?
Applies to all construction projects across UK.
Required to inform HSE of any works over 500 person days
OR
More than 30 days AND have 20 workers
What are the minimum compliance standards for let property?
- EICR
- EPC
- Smoke and Carbon alarms
- Gas safety
What is your lone working procedure?
- Ensuring that my diary is up to date with addresses, contact details and expected length of meeting.
- Fully charged phone
- Update colleagues of my where abouts on the group WhatsApp.
What PPE should employers supply?
Hi - Vis, Steel Toe Caps, Personal Protective Alarm
What do the annual budgets you mention involve?
A budget with expected spend across the estate for the year. Including scheduled works, rent reviews, wage increases etc.
What have been the recent changes to Capital Gains Tax?
The main rate of CGT has been increased from 20 to 24%, for residential property
The lower rate of CGT has increased from 10 - 18%
What is VAT?
VAT (Value Added Tax) is a tax added to most products and services sold by VAT-registered businesses.
What are some reliefs you may get on Inheritance Tax?
- Agricultural Property Relief and Business Property Relief
- No tax payable if left to children
- Reliefs if left to charity
How have those reliefs recently changed?
A £1 million pound cap on APR with 50% relief after that effective at a rate of 20%
What mind you find in a business plan?
- Exec summary
- Business Description
- Market analysis and strategy
- Analysis of competition
- Operating plan
- Company structure
- Financial Analysis
- Objectives and goals
- Summary of strategy
What affect might properties coming back in hand unexpectedly, have on a business plan?
Loss of rent for a period of time and any works required will likely have an affect on the budgets
What are some dispute resolution procedures?
Expert Witness Determination
Litigation
Mediation
Adjudication
Tribunal
What disputes have you been involved with tenants regarding maintenance required?
- Tenants wanting works which were not necessary and outside of budget such as a new bathroom.
What are Alternative Dispute resolution methods?
- Mediation
- Expert Witness Determination
- Tribunal
What are they an alternative to?
Litigation
What is Litigation?
Formal process of solving disputes in court
What is the relevance of the Data Protection Act 2018?
Adopts GDPR standards for all general data in the UK?
How does your firm show inclusivity?
What is rule no.4?
Treat others with respect and encourage diversity and inclusion
What did the Equality Act 2010 introduce?
An act to legally protect people from discrimination within the workplace.
What are the nine protected characteristics of the Equality Act?
- Age
- Disability
- Gender reassignment
- Marriage and civil partnership
- Pregnancy and maternity
- Race
- Religion or belief
- Sex
- Sexual orientation
How does your current employer accommodate equality?
High levels of female employees
What are the requirements of MEES?
Require all Residential and Commercial let properties to be scoring an E or above
Does MEES apply to Farmhouses?
Not in the legislation but it is best practise
What are some MEES exemptions?
- Listed Buildings
- Buildings less than 50 Sqm
- Over spend of £3,500
- if the works will de-value the property
What is an example of some works that might be undertaken to accommodate MEES works?
- Internal wall Insulation
- Double glazed windows
- loft insulation
- energy saving lightbulbs
Will you still provide paper copies if requested?
Yes, if required.
