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Mandatories Flashcards

1
Q

What is the meaning of the RICS Motto?

A

Motto is Est Modus in Rebus- a Latin phrase which translates to “there is measure in all things”

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2
Q

What is the role of the RICS?

A

Advancing the highest ethical and technical standards for profession in land, property and the built environment

Protecting and providing benefits to consumers by enforcing standards and codes of best practice

Providing expert impartial advice to governments, business and the public

Equipping RICS remembers with leading edge advice, market insight and professional training

Promoting RICS status and standards in key worldwide markets

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3
Q

When was RICS founded?

A

1868

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4
Q

How is the RICS structured?

A

Royal charter was granted by the privy council in 1881
The governing council manage and agree the strategy for the RICS
The regulatory board, audit committee and management board are beneath the governing council and execute the strategy

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5
Q

What do you understand about conflicts of interest?

A

A conflict of interest is where someone in a position of trust has competing personal or professional interests making it difficult for them to fulfil their duties in partially

For example- acting for both a buyer and seller of a property in the same transaction or valuing a property previously valued for another client

3 types: party conflict, own interest conflict, confidential information conflict

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6
Q

What RICS document refers to conflict of interests?

A

RICS professional standard- Conflicts of interest 1st edition effective Jan 2018

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7
Q

What is the purpose of professional indemnity insurance?

A

To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty
The professional is protected from financial losses

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8
Q

What are the new RICS professional indemnity insurance requirements?

A

Changes to the maximum uninsured excess of PII
For larger companies with a turnover over £10m, there is no maximum limit of uninsured loss
For companies with a turnover less than £10m, the maximum uninsured excess is the greater of £10,000 or 2.5% of the insured sum

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9
Q

On what basis is PII underwritten in the UK?

A

On a claim made basis
The insurance policy that was in place at the time of the breach not when the breach was made

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10
Q

What are the minimum levels of indemnity?

A

Firms turnover £100k or less = £250k
Firms turnover £100k-£200k = £500k
Firms turnover £200k + = £1m

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11
Q

What happened in the Merrit v Babb case?

A

Dates back to 2001
Highlights the importance of having run off cover in place
A surveyor was sued for negligence by a former client
The surveying firm was no longer in existence and therefore the individual surveyor was pursued for damages
Therefore shows that run off cover must be in place for all past and present employers

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12
Q

How long does run off cover need to be in place for?

A

At least 6 years

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13
Q

What are in your firms Terms of Engagement?

A

Client name and address
Property address
Valuation date
Purpose of valuation
Special assumptions
Services to be provided
Cost
Our liability
Timescales
Report contents
Confidentiality and reliance

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14
Q

What is your firms complaint handling procedure?

A

Once we have received the complaint in writing we will send a letter of acknowledgment within 3 working days of receipt. Then investigate the complaint. A formal written outcome of the investigation will be sent to them within 15 working days. If not satisfied at this stage, a separate review will take place by a senior member of staff. If not satisfied after that, they can request an independent review from The Property Ombudsman

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15
Q

What is included in the RICS surveying safely document?

A

Is guidance on personal safety at work. Covers:
Employers duty of care
Safety of employees
Fire and first aid provisions in the workplace
Hazard and risk assessments
Visiting sites - PPE, lone working
During site visits
Safety if you and others
Legal duties

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16
Q

What is the Health and Safety at Work Act 1974?

A

Primary piece of legislation governing H&S in the UK
Places statutory duty on all employers to provide and maintain equipment and systems of work that are safe and without risk of employees

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17
Q

What does the Health and Safety at work act aim to do?

A

Aims to:
Secure the health, safety and welfare of people at work

Protect others against risks to health and safety arising from work activities

Control dangerous substances

Control emissions into the atmosphere

Employers with 5 of more employees must have written a health and safety document detailing the organisation’s health and safety structure

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18
Q

What does PPE stand for and what PPE would you take when inspecting?

A

Personal protective equipment
Hard hat
Steel toe cap boots
Hi vis

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19
Q

What’s your firms loan working policy?

A

When inspecting alone, ensure you diary is up to date with where you appointment is and when you are due to return. Ensure you take mobile phone and inform a colleague when you have returned safely

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20
Q

What are the key financial statements?

A

Profit and loss account
Balance sheet
Cash flow statement

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21
Q

What’s the difference between a profit and loss account, balance sheet and cashflow statement?

A

P&L account shows the revenues and expenses incurred during a specific period
Balance sheet shows a company’s assets and liabilities at a given point in time
Cashflow statement shows the actual or anticipated ingoings and outgoings of cash over the accounting period

22
Q

What’s is IFRS?

A

International financial reporting standards. Came into effect in 2019. A set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent and easily comparable around the world

23
Q

What is the GAAP UK?

A

UK generally accepted accounting practice
A regulatory body that provides guidance when preparing financial reports and accounts
Mandatory for businesses to prepare a balance sheet and P&L statement and to make them available to HMRC

24
Q

What are the different forms of Alternative Dispute Resolution?

A

Mediation
Conciliation
Negociation

25
Q

Name some formal methods of dispute resolution

A

Arbitration
Litigation
Adjudication

26
Q

What’s the difference between an Arbitrator and an Independent Expert?

A

Arbitrator acts on evidence submitted to them by the parties where as an IE can make their own investigations
Arbitrator is governed by The Arbitration Act, an IE isn’t governed by legislation
Arbitrator has ability to award costs, IE doesn’t

27
Q

What is PACT?

A

Profession arbitration under court terms
Is a joint initiative set up by RICS and the law society as if a form of ADR for lease renewals
Where determination of the terms are delegated to an independent third party who may act as either an arbitrator or IE

28
Q

Why would you use PACT?

A

Offers a quick, efficient and cost effective solution to commercial lease renewal disputes without needing to go to court

29
Q

What are the benefits of PACT?

A

Flexible- parties can choose whether a lawyer or surveyor is appointed and whether they act as an arbitrator or IE
Quick- can be set up relatively quickly and less time consuming than going to court
Expert decisions- only professional with high levels of knowledge and experience in the subject matter are appointment
Adaptable- scheme allows bespoke solutions to be developed to suit the needs of the parties

30
Q

What’s the difference between an an advocate and an expert witness

A

An advocate is appointment by a party to present the case whereas an expert witness owes an overriding duty to the court

31
Q

What databases do you use without your work?

A

Internal- The Hub, Sharepoint, Pilot
External- Land Registry, EIG, Rightmove

32
Q

What is GDPR?

A

General Data Protection Regulations 2016
Aims to create a single data protection regime for the EU

33
Q

What are the principles of the Data Protection Act 2018?

A

That information is processed lawfully, fairly and in a transparent manor
Collected for specific and legitimate purposes
Accurate
Not transferred to countries with less information than your own

34
Q

What are the 8 individual rights under GDPR?

A

Right to:
Information
Access
Rectification
Restrict processing
Data portability
Erasure
Object
Automated decision making

35
Q

What do you need to do if you have a data breach?

A

Notify the Information Commissioners Office within 72 hours of the breech occuring

36
Q

What is the Freedom of Information Act 2005?

A

Primary Prince of legislation that controls access to official information
The act permits the public right of access to information held by public authorities

37
Q

What is meant by unconscious bias?

A

Pre judging someone based on our prior experiences

38
Q

What are the stages of team development?

A

Tuckmans theory explains team development which include “forming, storming, norming, performing and adjourning”.

39
Q

What is meant by the term “inclusive environments”?

A

An environment where all people can freely express who they are, their opinions and beliefs pints of views

40
Q

What are the benefits of an inclusive environment?

A

Establishes a sense of belonging
More productive workforce
New perspectives and innovation
Better decision making

41
Q

What are reasonable adjustments under the Equality Act?

A

Changes made to remove or reduce a disadvantage related to someone’s disability
E.g physical changes like installing a ramp for wheel chair access

42
Q

What is the Equlity Act 2010?

A

Legally protects people from discrimination in the workplace and in society

43
Q

What are the 9 protected characteristics stated within the Equality Act?

A

Age
Disability
Gender reassignment
Marriage and civil partnership
Pregnancy and maternity
Race
Religion
Sex
Sexual orientation

44
Q

What’s your understanding of the term “sustainability”?

A

To meet the needs of the present without compromising the ability of future generations to meet their needs

45
Q

What are the current EPC requirements?

A

Cannot let a commercial property with an EPC rating of below an E potentially lowering to C in 2027
Cannot let residential properties with an EPC rating lower than an E

46
Q

What properties do not require an EPC?

A

Properties which do not have a roof or walls
Stand alone properties less than 50 sqm
Religious properties
Temporary properties

47
Q

What is MEES?

A

Minimum energy efficiency standard which came into force in England and wales in April 2018. Applies to rented residential and non domestic property and is aimed to encourage landlords and property owners to improve the energy efficiency of their properties

48
Q

What RICS document is there regarding complaints?

A

RICS professional standard - complaints handling 2016

49
Q

What are the timings relating to complaints stated by RICS?

A

Acknowledge within 7 days
Another response after investigated internally within a further 21 days

50
Q

What do you know about handing clients money?

A

Must be in a separate named account and must be able to identify the client

51
Q

What’s a locum?

A

Arrangements for incapacity of sole practitioner. Ensure covers for long term absence from illness, death, long term holidays

soe (2 decks)

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