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APC Revision > Summary of Experience Flagged Qs > Flashcards

Summary of Experience Flagged Qs Flashcards

1
Q

Ethics
What are the Rules of Conduct

A

C - act with and maintain professional competence
H - must be honest
I - act with integrity
R - treat others with respect and encourage diversity and inclusion
P - act in the public interest
S - provide good quality service

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2
Q

Ethics
What is Money laundering and what checks might you carry out?

A
  • Cleaning dirty money essentially
  1. placement
  2. layering
  3. integration
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3
Q

Client Care
Can you discuss a time when you showcased client care

A

Bradford - communicating with the bank manager to deliver a product suitable for their purposes

Leeds - restaurant letting for Ian - I assisted in arranging access to the resi flats above for sound testing

S - stop
T - test your understanding of the problem
A - ask questions
R - reasure the client

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4
Q

Communication and Negotiation
Explain what is a win win situation

A

During negotiation I realise that it is important to understand the other party’s position and try and find a solution for both parties. This is more likely to achieve a successful deal.

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5
Q

Communication and Negotiation
Discuss an example when you communicated with your client

A

Easterly Road - I communicated offers recieved to my client in a table discussing source of funds etc

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6
Q

Health and Safety
What do you know about the RICS Guidance Note - Surveying Safely 2018

A
  • It sets out basic and good principles for the management of health and safety.
  • 9 total sections including viewing sites and premises
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7
Q

Health and Safety
You mentioned before

A
  • location of site
  • type of site
  • travel
  • lone working procedures
  • PPE
  • know who you’re meeting and alarm codes
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8
Q

Health and Safety
What do you know about the Health and Safety at Work Act

A
  • 1974
  • duty to employer to ensure health and safety of employees
  • Must report injuries and dangerous occurrences
  • Detailed Health and Safety manual to be held on site
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9
Q

Health and Safety
Discuss example

A
  • Food production site
  • PPE
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10
Q

Accouting Principles and Procedures
What is IFRS 16?

A

International Financial Reporting Standards
- States leases need to be stated as a liability on the balance sheet

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11
Q

Accounting Principles and Procedures
What is IFRS 13?

A

Defines Fair Value

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12
Q

What is Fair Value?

A

The price that would be paid to receive or sell an asset in an orderly transaction between market participants at the measurement value

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13
Q

Business Planning
What promotional activities have SW done?

A

Old clients meet new surveyors event

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14
Q

Conflict avoidance
What would you do if a conflict arises?

A

Can be managed or avoided by withdrawal
- Management technique could be an information barrier

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15
Q

Conflict avoidance
What are the three types of conflict

A

P - personal
O - own
C - company

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16
Q

Conflict avoidance
What are the three main ways to resolve disputes

A
  1. Negotiation - between the parties
  2. Mediation - third party intervention
  3. Adjudicative - litigation and arbitration
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17
Q

What is SW’s complaints handling procedure?

A

Complaint must be made in writing

  1. acknowledge complaint with 7 days and investigated within 28 days
  2. if the claimant not happy with review - independent redress scheme the firm chosen (ADR)
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18
Q

Data Management
What would you refer to?

A

UKGDPR 2018
UK General Data Protection Act and Data Protection Act 2018

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19
Q

Data Management
What are the principles of UKGDPR 2018?

A
  1. Transparency
  2. Collected for legitimate reasons
  3. Limited to purpose
  4. Rectify incorrect data
  5. hold only as long as necessary
  6. proposed appropiately
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20
Q

Data Management
What are the individual rights of UKGDPR 2018?

A

Right to/of

B - be informed
E - erasure
R - rectification
R - restrict processing
O - bject
A - access
D - data portability
A - automated decision making

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21
Q

Data Management
Discuss the Freedom of Information Act 2000

A

Gives right to information held by public bodies

If requested public most supply within 20 days

22
Q

Diversity, inclusion and team working
What is Equality Act 2010

A

It lists the nine protected characteristics

23
Q

Sustainability
What does ESG stand for

A

Environmental
Social
Governance

RICS Guidance Note Sustainability and ESG Guidance

24
Q

Sustainability
What does BREEAM Stand for and what are the

A

Building Research Establishment Environmental Assessment Method

  • Pass
  • Good
  • Very good
  • Excellent
  • Oustanding
25
Q

Sustainability
What changes are happening to MEES?

A

EPC from E to a C by 2027 and B by 2030

26
Q

Purchase and Sale
What legislation governs the sale and purchase of commercial property?

A

Estate Agents ACt 1979

27
Q

Purchase and Sale
What checks would you undertake for money laundering?

A

Public limited company = London Stock Exchange Listing

Publicly accontable body = Government ownership

Private limited company = Certificate of incorporation, full name, business address and names of shareholders with more than 25% holding

Private individual = Passport, bank statement, credit card bill

28
Q

Purchase and Sale
Example 3 Easterly Road

A
  • Mixed use investment property
  • Initialy advised private treaty
  • Large interest, moved to informal tender
  • Lots of viewings
  • Best and final offers
  • Communicated with my client the offers received and any conditions along with advice
29
Q

Purchase and Sale
Example Level 3 Wakefield

A
  • Wakefield purpose built office
  • Effective freehold
  • Initial inspection followed by marketing report disclosing I am sole agent with sole selling rights
  • private treaty
  • limited interest at first so I suggested we expand marketing
  • two offers, £200K cash and £230K subject to funding. I negotiated cash offer up to £230K
30
Q

Purchase and Sale
What is the difference between sole agent and sole selling rights?

A
  • Sole agent means I am the only agent
  • Sole selling rights means even if my client finds their own buyer I would still be paid
31
Q

Development Appraisals
How would you change an appraisal to reflect market uncertainty?

A

Increase the profit level

32
Q

Development Appraisals
For a DA you did in Leeds for a residential development, you mentioned it included a s.106 via a cil payment. Could you clarify this?

A

Yes - I would like to note that it should state that it required a s.106 payement PLUS a financial contribution via a cil payement.

They were two seperate payements - I can’t recall what the individual figures were.

33
Q

Development Appraisals
What are your opinions on BCIS?

A

Building Cost Information Service

Helpful tool - but is only based on inputs, therefore I always cross check build costs with a building surveyor

34
Q

Development Appraisals
Regarding the Leeds appraisal, why did you adopt the investment method and not a capital rate?

A

Based on comparable evidence

35
Q

Loan Security Valuation
What is the difference between an assumption and a special assumption

A

assumption = reasonable to assume without checking
special assumption = known not to be true

36
Q

Loan Security Valuation
How do you evidence risk analysis?

A

SWOT Analysis

37
Q

Loan Security Valuation
Level 3 example summaries

A

Tickhill
- large site with house, industrial, office and land
- highlighted residential market issues at that time and advised lender

Morley
- Panel UK
- Redevlopment of 10,000 sq ft unit
- Did not yet have planning permission

38
Q

Inspection
What would you refer to?

A

RICS Guidance Note Surveying Safely

39
Q

Inspection
Level 2 examples

A

Dusty Rotherham site
- needed PPE

Retail - Greengates
- inspection for agency
- took photos of air con unit to check with building surveyor it wasn’t R22 or if it was that it was compiant with changes

40
Q

Inspection
Level 3 examples

A

Bradford/Keighley Portfolio
- Damp issue to residential house
- Penetrating at first floor and rising damp ground floor
- Advised a specialist inspected

Hull - Office
- Rising damp noted to the ground floor at the rear of the property
- Asked on-site manager, they had previously installed a DPM
- Problem had returned
- I advised lender on this and recommended specialist survey

Neither case valuation significant subject to remedial works

41
Q

Measurement
What is IPMS

A

International Property Measurement Standards

  • Offices
  • Residential

The RICS have published IPMS All Buildings but this has not been adopted yet

  • Aims to achieve greater global transparency and consistency
42
Q

Measurement
What is the difference between IPMS 3 and NIA

A

IPMS 3 includs columns, areas below 1.5m and measures to the IDF. Measure to middle of shared wall

43
Q

Measurement
Code of Measuring Practice 2015

A

Still a best practice document and still widely adopted

44
Q

Valuation
What is the purpose of the Red Book

A

Establishes framework and best pratice

45
Q

Valuation
What is the UK Supplement

A

Global Standards 2017 UK National Supplement

46
Q

Valuations
What are exempt from red book

A

negotiations/litigation, statutory function, internal purposes, agency, expert witness

47
Q

Valuation
What is the definition of market value

A

The amount a property would exchange between a willing buyer and a willing seller at an arms length transaction after appropriate marketing and where parties acted knowedgeably

48
Q

Valuation
What is the definition of market value

A

The amount a property would exchange between a willing buyer and a willing seller at an arms length transaction after appropriate marketing and where parties acted knowledgeably

49
Q

Valuation
Discuss RICS Guidance Note Comparable Evidence in Real Estate

A

Hierarchy of Evidence
Category A
Category B
Category C

50
Q

Ethics
Tell me what you need to do if setting up your own company

A

RICS Requirements:
1. Complaints Handling Procedure / appoint Complaints Handling Officer
2. Appoint responsible principle for RICS communication
3. Client Money Handling - client account
4. PII cover
5. If valuation then register with RICS Valuer Registration Scheme

51
Q

Ethics
What is Appendix A of Rules of Conduct

A

It sets out Professional Obligations to RICS

Members
1. Comply with CPD requirements
2. Cooperate with RICS
3. Promptly provide all info requested by the Standards and Regulation Board

Firms
1. CHP
2. PII
3. Sole practitioner must have arrangements
4. Cooperate with RICS
5. Promptly provide all info requeste by the Standards and Regulation Board
6. Display they are regulated by RICS
7. Required to report under the Rules of Registration

APC Revision (6 decks)

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