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MA Submission Questions > Summary of Experience - Mandatory > Flashcards

Summary of Experience - Mandatory Flashcards

Mandatory Submission

1
Q

What is the difference between a balance sheet, profit and loss and a cashflow?

A

These are all financial reports but they differ in what they report and the time they capture.
P&L & Cashflows are time specific (1 year / x months / x quarter) whereas a balance sheet is a snapshot in time. of a businesses health.

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2
Q

What is a Balance Sheet?

A

A balance sheet is a snapshot of the businesses health at any given time.
Consists of Assets (own), Liabilities (owes) and Equity
Equity = Assets - Liabilities

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3
Q

What is a Profit and Loss (Income Statement)

A

An analysis of a businesses profitability and can be used to asses health or compare

  • This shows a companies Revenue and Expenses
  • This calculates the Net Income / Net Profit for a given time
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4
Q

What is a Cashflow Statement?

A

This a time specific analysis of the movement of money in and out of a business.
It is made up of Operations (PNL) cashflow, Investment cashflow and Finance cashflow

*Remember - ‘OIF’ Operations, Investment, Finance

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5
Q

What is Equity (reporting)?

A

This shows what is left when a business sells all its assets and pays off all its liabilities.

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6
Q

Countryside Year End Statement highlights?

A
  1. 2020, £54m in profit
  2. 2020, Revenue £892m (down 28%)
  3. 2021, Q1 competitions up 17% to 1,280 homes / HY 2,591
  4. £25m set aside for historic high-rise remediation
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7
Q

What is the Companies Act 2006?

A

The Companies Act 2006 is the main piece of legislation which governs company law in the UK. It was introduced to modernise and simplify corporate law and improve shareholder rights.

E.g. shareholders can receive communications electronically and the right to sue directors for negligence.

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8
Q

What are the reporting requirements of the Companies Act 2006?

A

Part 15 of the Act specifies the reporting requirements such as director remuneration, obligation on directors to give a true and fair view of accounts.
Different for public and private companies.

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9
Q

Why would you use a five year plan?

A

A five year plan can be used as a businesses strategic business plan, forecasting its operations and finances over the first five years.

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10
Q

What are overheads? (and an example)

A

An ongoing business expense paid irrespective of revenue, found in a income statement. EG…
Fixed- office rent (same despite activity)
Variable- utilities costs (fluctuations in activity)

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11
Q

What is a land bank?

A

The future forecast of homes yet to complete owned or controlled by a company.

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12
Q

What is a SWOT analysis ?

A 
A business project planning tool used to assess a wider businesses or projects;
Strengths
Weaknesses
Opportunities
Threats
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13
Q

What is a PEST analysis ?

A 
This is a strategic businesses tool used to asses the macroenvironmental factors that will impact a business.
Political
Economic
Social
Technological
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14
Q

What is a KPI?

A

A key performance indicator is a performance measurement for a particular activity.

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15
Q

What is active listening? (and examples)

A

Active listening is a listening technique used to gain a deeper understanding of what is being communicated. EG..

  • Pay attention
  • Non-judgemental approach and language
  • Reflect
  • Clarify & summarise
  • Open ended and probing questions
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16
Q

What is a client brief?

A

A brief is a document that highlights a business need, they can be a project or development brief.

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17
Q

Outline your organisations complaints procedure.

A

In line with the Complaints Procedure 2019;

  1. Complaints are received in writing.
  2. Complaints are forwarded to regional customer service teams.
  3. The policy outlines minimum information for all complaints (such as contact details and a location).
  4. All complaints acknowledged in 48 hours and a full response made within 14 working days.
  5. Unsatisfied complaints can be resubmitted and marked FOA of the head of customer services (same timeline).
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18
Q

What types of communication are there? (examples)

A

Oral - talking to graduates at an open day
Written - letter to residents
Visual - graphs and tables in a presentation
Sub-groups can be found with informal and formal or the use of technology

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19
Q

How do you build rapport?

A
  • Use active listening
  • Mirroring
  • Empathy
  • Common ground
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20
Q

What is the importance of identifying conflicts of interest?

A

RICS members and firms must act with integrity which includes the identification of conflict or the risk of a significant conflict.
CoI 2017 has Professional Statement status and therefor mandatory practice.

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21
Q

How do you manage conflicts of interest?

A

Conflict management or avoidance?

Must not proceed without informed consent
Should accord with Professional Statement

  1. Outline facts & conflict management proposal
  2. Independent advice?
  3. Request written confirmation

(Info Barrier)

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22
Q

What types of conflict are there?

A

Party Conflict - A duty conflicts with another professional assignment (representing a mining company and a environment charity)

Own Interest Conflict - A duty of a member to act in the interests of a client in a professional assignment conflicts with the interest of that same member or firm

Confidential Information Conflict - A duty to share information you have which is confidential with a client. (comparables data)

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23
Q

How do you conduct due diligence purchasing a site?

A

Legal Searches
Title review (easements, freeholder, leaseholder)
Site Walk (worn paths- implied easement/ garden village, secure boundaries, neighbours, access, nice or poor views)
Planning; designations, applications, listed buildings & scheduling, ALC,
Noticeable impacts on values near plant or sewage works, prisons, schools, major roads

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24
Q

Examples of Conflict Avoidance (not briefing)?

A
  • Standardised contracts
  • Risk Management
  • Keeping good records
  • Early warning systems
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25
Q

What is Arbitration?

A

The Arbitrators will be a specialist that makes a binding decision (unless challenged at the Court of Appeal).
They can order a hearing or written representations.

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26
Q

What is Mediation?

A

The appointment of a neutral mediator to facilitate a solution, they will not impose a resolution.
This is a confidential, informal process.

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27
Q

What is Expert Determination?

A

An independent expert is appointed by the parties or the RICS president to resolve a conflict based on their experience or the evidence submitted.
The decision/award is binding.

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28
Q

What is the BCIS? Benchmark example

A

Building Cost Information Service
Provides Construction Cost Data specific to your project and location based on submitted data.
This also sources inflation indices such as Retail Price Index (RPI)

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29
Q

What is the Data Protection Act 2018?

A

This is the legislation that governs how organisations and the state use personal data

30
Q

What are your requirements in the Data Protection Act?
Fine Caps?
Breaches Examples?

A

Everyone has a responsibility in the use of personal data.

Governed by ICO. A maximum fine of £17.5 million or 4% of annual global turnover – whichever is greater
Cambridge Analytica, Easyjet customer data hack

31
Q

What is email phishing?

A

Communications used by someone impersonating legitimate communications in order to obtain data or information

32
Q

How do you protect customer data?

A

Ask do I need to keep it, how long for, ask for permission.
Create information barriers using passwords
Can seek advise from company secretary

33
Q

Give me two consumer rights examples (re. Data).

A 
The right to be informed
The right of access
The right to rectification
The right to erasure
The right to restrict processing
The right to data portability
The right to object
Rights in relation to automated decision making and profiling.
34
Q

What are high preforming teams?

A

These are teams with individuals with specialised expertise and complementary skills who are goal-oriented to achieve specific goals.

35
Q

What is Belbin?

What it taught you about yourself

A

A team modelling theory which has nine team members of which all teams must include each of these.
EG. Plant, Co-ordinator, Resource Investigator

I facilitate and enjoy starting new task but have learnt it is important to see tasks through to completion. Will continue to be organised and stoke team innovation

36
Q

What are the different leadership styles?

A

Autocratic
Democratic
Laissez-faire

37
Q

What is unconscious bias?

Benefit?

A

Underlying attitudes and stereotypes that people unconsciously attribute to another person or group.
This supports a meritocracy and challenges discrimination

38
Q

What is the role of the RICS

A

INFORMATION - Use of information to advice on the built and natural environment and influence policy
CONSUMERS - Providing consumer protections through industry regulation
STANDARDS - enforcing highest professional training and qualifications
rICS

39
Q

What are the Rules of Conduct for Members?

A

Rules of Conduct 2020, Standards in 2nd Part

ECS CPD SIC
Ethical Behaviour
Competence 
Service
CPD
Solvency
Information to RICS
Co-operation
40
Q

What are the Rules of Conduct for Firms?

A

Rules of Conduct 2020, Conduct in 2nd Part & Firm Admin 3rd Part

CPS CPD CCI
Competence 
Professional Behaviour
Service
CPD 
Complaints
Clients Money
Indemnity
3rd Part
Advertising
Locum (arrangements in capacity or death)
Solvency 
Use of Designations
Information to RICS
Cooperation with RICS
41
Q

What are the benefits of regulated firms?

A

Confidence - regulated industry
Professionalism - independent expert advice
Security - free redress, clients money, PII

42
Q

What are the Global Professional Ethical Standards?

Examples

A

Respect - treat others (EG delayed transaction)
Responsibility - take (Omissions in a presentation)
Integrity - act with (Misunderstood Instructions)
Service - high standard (Calendar reminders for Dartford strategy to landowner)
Trust - promotes trust (school governance/ mental health)
RRIST

There’s a PACTT for regulation but it is not a slap on the RRIST for ethics..

43
Q

How do you demonstrate integrity at work and in your personal life?

A

Work - Dartford: Setting calendar reminders for when I need to submit the landowners planning strategy.
Honest with managers in what I do not understand

Personal - Conscious Social Media, various commitments, management of finances

44
Q

What are the different organisations within the RICS?

A

Lionheart - independent charity offering support to all members, whether it is free counselling, legal advice or financial support

RICS Matrics - support network for younger members of RICS, through events and seminars. ~ Under review up to April for post-COVID application

45
Q

What is the Construction Industry Training Board?

A

An organisation specialising in construction industry training, through finance, training and qualifications, levy-funded.

46
Q

What are the CPD requirements for APC and Members?

A

Members
20 hours in a calendar year (10hrs must be formal)
Ethics every 3 years and all recorded online.

APC
48hours every 12 months (50% must be formal)

CPD informal and formal tree/ Annexe A examples

47
Q

What is you organisation policy on gifts and hospitality?

A

Gift
Never: Cash / Solicited
Must Be: Reasonable value / Recorded

Hospitality
Should: Business worthiness / Reasonable value

48
Q

An example of providing a high level of service?

A

Dartford: Setting calendar reminders for when I need to submit the landowners planning strategy. Making these explicit to stakeholders.

49
Q

Main implications of the Estates Agent Act 1979.

A

Warning orders
Prohibition orders
The law can be enforced by:

The National Trading Standards Estate Agency Team
Local authority Trading Standards departments

50
Q

Who does Estates Agent Act apply to?

A

Anyone dealing with others buying and selling property,
if this is done as a business,
acting on client instructions

51
Q

Examples of good practice on construction sites.

A 
Reporting and signing in
If it is the first time visiting, having an induction to
Safety notice board (excavation, crane)
PPE
Stick to segregated walkways
52
Q

Common hazards on construction sites

A

Falls from height: 6 step hierarchy starting avoidance and ends with reduce fall distance, with ladders 3 points of contact where possible,

Moving objects: distractions, thumbs up

Airborne fibres and materials: PPE mouth & eyes, ventilation, who & what is in the room

53
Q

What is the Health and Safety at Work Act 1974?

A

General duty on employers to ensure the health, safety and wellbeing of employees is sufficient ‘so far as is reasonably practicable’

Section 7 details employees responsibility for themselves, colleagues or anyone that can be affected by their actions or omissions

Introduced the HSE which is responsible for regulation and enforcing the Health and Safety in the UK.

54
Q

Implications of Health and Safety at Work Act 1974

A

H&S is classified as criminal law, against the individual. Legal duty to comply with your employer.

HSE has the powers to prosecute;
they can take records, photos, interview you, demand entry

Directors can be disqualified up to 15yrs

Reversed burden: Guilty until proven innocent

Fees for interventions and fines are unlimited

55
Q

What is the Safe Person concept?

A

Each individual takes responsibility for their own, their colleagues and others health and safety whilst at work.

56
Q

How do you apply Surveying Safely?

A

I use this as guidance for carrying out site investigations using the checklist. (e.g. public transport, planning journey, access, arrangements if I cannot be contacted)

Safe Person

Risk Control Hierarchy Table: 5 Stages
1-Elimination (Use mapping for a site investigation or photos)
5- PPE (If visit what will you need)

57
Q

What is a Pre-Construction Information Pack?

A

A PIP is required to be completed by all clients under the CDM Regulations which is provided to all appointed designers and contractors.
*I will pass onto CDM consultant

58
Q

What is included in a Pre-Construction Information Pack?

A
  • Project description
  • Key dates
  • Contact details for the project team
  • The extent and location of existing information
  • Project arrangements (e.g. hoarding and parking)
  • Safety & Health Hazards (e.g. existing services, asbestos)
  • H&S File
59
Q

What is an F10 notice?

A

It is the legal duty of the client to notify the executive of future construction activity ahead of starting works.
Form can be completed online
*I send a pro-forma to internal H&S team

60
Q

What projects are notifiable to the HSE?

A

Notice required:

  • Last over 30 days & more than 20 people at any one time
  • Exceeds 500 person days

*CDM applies to all construction projects.

61
Q

What have you learnt as a MHFA?

A

ALGEE
Susceptibility of construction industry (stress container)
Common conditions: bulimia, anxiety, depression

62
Q

What are the Building Regulations Part M requirements?

A

Part M is an approved document therefor (guidance) not a legal requirement, for new builds or material amendments.
Composed of 2 Volumes: Residential and Non-Residential Dwellings

Residential three categories Visitable dwellings, Accessible and adaptable dwellings, Wheelchair user dwellings.
Last two enforced as planning condition only

63
Q

The impact of Equality Act on the built environment?

A

Legal protection against harassment and discrimination at work and wider society
The Act provides protection in the following situations:
At work.
In education.
As a consumer.
When using public services.
When buying or renting property.

Required to make ‘reasonable adjustments’

64
Q

What are the principles of sustainability?

A

development that meets the needs of the present without compromising the ability of future generations to meet their own needs..
Social, Economic, Environment

65
Q

What are the opportunities in greening the UK transport network?

A

Transport - 34% of total Co2 emissions (2019 estimate)

  • Government want to bring forward the ban of combustible engines from 2040 to 2030
  • Potential for green commercial fleets and use of hydrogen
  • Micro-transit
  • Expansion of charging facilities
  • Reducing need to travel; 5G rollout, green deliveries,
66
Q

What is the Governments Net Zero target?

A

6th Carbon Budget
78% reduction on (`1990) CO2 levels by 2035
Fully Net Zero by 2050 (100%)

67
Q

How will Net Zero be achieved?

A

10 Point Plan Green Industrial Revolution (Nov 20)
Ban on combustible engines from 2040/30
Future homes standard; localised heat sources of power & heat
Creating new National Parks & AONBs (inc 1.5% target)
Taxation & policy; ULEZ, Green Homes Grant

68
Q

Tell me what you know about the Future Homes Standard?

A

Confirmed in Jan 2021
Option 2 - 31% (Co2) Improvement on Part L (2013) Standards, applies from June 2022 / 78% - 2025
Fabric - Triple Glazing
No fossil fuels by 2025 (gas boilers)
Local authorities allowed to set energy standards above these levels

69
Q

How have you engaged with the RICS?

A

RICS Matrics
RICS Inspire (STEM Ambassador)
Defining our future - Survey & Roundtable
Diversity Panel

70
Q

What did you learn from your Business Skills CPD?

A

Where to find resources for starting a business; Princes Trust, Bank, Lionheart
Financial Statements: P&L, Balance, Cashflow
APC Tips

71
Q

Are you aware of any accounting principles?

*Detail

A

UK Generally Accepted Accounting Principle’s:

  • Conservatism principle; playing it safe when reporting
  • Cost principle; reporting the original cost and not allowing for appreciation or depreciation
  • Consistency principle; operating under the same accounting method throughout an accounting period

International Financial Reporting Standards:
Establishes a consistent approach to reporting
E.g. IFRS 16 leases over 12 months should be shown as a liability

MA Submission Questions (4 decks)

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