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RM APC Flashcards > SOE - Mandatory Qs > Flashcards

SOE - Mandatory Qs Flashcards

1
Q

Hemel Hempstead vendor dinner - did you accept the dinner after the transaction was complete? Is this not unethical?

A

I did but only once I had received approval from my Director. I did not see it as unethical as it also helps develop relationships, we did not discuss business and the vendor paid. I ensured I ran this by my HR department as we do not have a mandatory gift handling procedure.

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2
Q

Why would it be a conflict of interest if you went to dinner with the vendor whilst still acting on behalf of the client?

A

It would be a conflict because I was advising and part of a team responsible for an acquisition on behalf of the client. The vendor could try to influence my behaviour whilst still negotiating some of the commercial aspects of the deal.

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3
Q

What did you learn from the CBRE MF index results webinar?

A

I learned the current growth and capital trends of the asset class. They also provided an overview of the key economic indicators forecasts which contribute to the movement of yields and interest rates.

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4
Q

Harlow Essex - how did you communicate to the developer that it was a conflict?

A

Firstly via oral communication on the phone, I informed them I had to act in the best interests of the client and it would be unethical to push the valuation. I followed up via email correspondence copying in the EA to ensure an accurate valuation was made.

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5
Q

What was the outcome of your acquisition in Bristol where you considered pushing your growth assumptions?

A

We proceeded with the acquisition as the client felt the returns and location were strong enough to obtain the limited partners approval. (Ethics Level 3)

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6
Q

What processes do you have to ensure the necessary information barriers are in place when acting for multiple clients?

A
  • Different record keeping systems
  • Different personnel manages the funds of the different clients
  • Client documentation is kept in separate cloud storages with access controls.
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7
Q

How do you handle your clients money?

A

Money is allocated to the fund and at a point where an acquisition or payment is necessary then the finance team submit a drawdown request outlining each item against the cost and stating the level of VAT.

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8
Q

Soton, Hampshire (C&N level 2) What steps did you take to ensure the offer was submitted effectively?

A

The price was verbally agreed so I outlined the pricing along with our standard conditions on a letter template. I saved this as a PDF and submitted it via email to all the parties involved. Making reference to the offer.

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9
Q

What are the responsibilities of an employee in the workplace as set out in the H&S act 1974.

A
  • Follow instructions and training
  • Cooperate with my employer
  • Use equipment and substances correctly.
  • Take care of my own H&S.
  • Report incidents and accidents
  • participate in necessary H&S training
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10
Q

When were CDM regs introduced?

A

1994, with the latest revision coming in 2015.

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11
Q

Why are CDM regs important?

A
  • Promote and provide health and safety to workers
  • They ensure legal compliance
  • They assist with Risk Management
  • Promote collaboration and communication
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12
Q

What is UK GAAP?

A
  • It refers to the accounting standards and principles used by companies and other entities in the UK.
  • UK GAAP aims to ensure that financial statements accurately reflect the financial position, performance, and cash flows of an entity, providing relevant and reliable information to stakeholders such as investors, creditors, employees, and regulators. Compliance with UK GAAP is typically required by law or regulation, depending on the size, legal structure, and listing status of the entity
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13
Q

What else is present on company accounts?

A
  • Financial Statements
  • Directors Report
  • Auditors Report
  • Statement of Directors responsibilities
  • Confirmation Statement
  • Additional Disclosures
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14
Q

What is PESTLE Analysis?

A

It is a strategic tool used by firms to identify and understand external factors that can impact their business environment. Pestle stands for
Political
Economic
Social
Technological
Legal
Environmental

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15
Q

How would you apply SWOT analysis to an investment decision?

A

I can identify the strengths weaknesses opportunities and threats of the asset considering its location, how it fits within the strategic objective of the fund and whether it would be a viable investment.

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16
Q

What are the most common forms of conflicts?

A

Contractual disputes
boundary disputes
Valuation disputes
Professional negligence claims
Landlord/Tenant disputes

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17
Q

What are common conflicts of interest you come across?

A

Handling of gifts or hospitality
Financial interests
Competing interests
Confidentiality

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18
Q

What are the three main processes to dispute resolution?

A

1) Negotiation
2) Mediation or Conciliation
3) Adjudicative Process - Litigation or arbitration

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19
Q

What are the advantages of ADR?

A
  • Speed
  • Informal
  • Greater opportunity for negotiation
  • more cost effective
  • Confidentiality
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20
Q

What are the main forms of ADR?

A
  1. Mediation - comprises a neutral mediator who facilitates discussions between parties.
  2. Arbitration - Appointed in a quasi judicial role where the parties are bound by the decision
  3. Expert Determination - There is a RICS Guidance Note on this.
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21
Q

What internal data management systems do you have at work?

A

Document Management Systems using the likes of sharepoint and dropbox. These hold the sensitive information for different clients.

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22
Q

What are the 7 principles of GDPR?

A
  1. Lawfulness, Fairness, Transparency
  2. Purpose Limitation
  3. Data Minimisation
  4. Accuracy
  5. Storage Limitation
  6. Integrity and Confidentiality
  7. Accountability
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23
Q

Why are these principles important?

A

They relate to personal data and lie at the heart of UK GDPR. Failure to comply could lead to substantial penalty’s or fines.

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24
Q

What materials are considered sustainable?

A
  • Timber
  • recycled steel and glass
  • Bamboo/Hemp
  • Stone
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25
Q

What is Subordinate Debt?

A

It is debt that ranks below other debts in terms of priority in the event of a company’s liquidation or bankruptcy. It is typically unsecured debt so is riskier and therefore seeks a higher return (higher margin rate)

26
Q

What is mezzanine debt?

A

It typically sits between senior debt and equity in a company’s capital structure. It is often used to fund growth, acquisitions, or recapitalisations. It combines equity and debt financing and typically sits below senior debt in terms of repayment schedule.

27
Q

What are the five core values of RICS?

A
  1. Honesty and Integrity
  2. Good Service
  3. Responsible use of Data
  4. Respect diversity and inclusion
  5. Reputation of RICS
28
Q

What is the purpose of the SRB? And what does it stand for?

A

SRB stands for the Standards and Regulation Board. Their objective is to operate in the public interest and to develop the technical and ethical competence of the profession and its ability to deliver these practices to a high standard globally.

29
Q

What is the difference between RICS Professional Standards and RICS Practice Information?

A

The PROFESSIONAL STANDARDS set out requirements or expectations for Members and Firms. These are mandatory standards.

PRACTICE INFORMATION - these are information notes that support the practice, knowdlege and performance of members and firms.

30
Q

What does GDPR stand for?

A

General Data Protection Regulation

31
Q

Who are the important persons in GDPR?

A

A data protection officer.

32
Q

Does every firm require a data protection officer under the GDPR act?

A

It is not obligatory, however it is a good rule of thumb unless you can clearly demonstrate that the GDPR requirements for appointing a DPO do not apply.

33
Q

Who is the current chairperson for the RICS?

A

Martin Samworth

34
Q

What is GDPR?

A

Essentially, it is an extension of the Data Protection Act 1998 to cover modern data and technology.

35
Q

When did GDPR apply from?

A

25 May 2018.

36
Q

Who does GDPR apply to?

A
  • Data controllers and processors. Controllers control how and why personal data is processed with the processor acting on behalf of the controller.
37
Q

What are the 8 individual rights under GDPR?

A
  • Right to be informed
  • Right of access
  • Right to rectification
  • Right to erasure
  • Right to restrict portability
  • Right to data portability
  • Right to object
  • Rights in relation to automated decision making and profiling.
38
Q

How does the Data Protection Act 1998 differ from GDPR?

A
  • Accountability to ensure that data is kept in accordance with the principles of GDPR
  • Tougher penalties for non-compliance
  • Wider definition of personal data
  • Non EU organisations holding EU related personal data will need to comply
  • Parental consent required for holding personal data of under 16s
  • Active consent must be required to hold data
  • Data breaches must be notified to ICO within 72 hours of awareness.
39
Q

What is the ICO?

A
  • It stands for the Information Commissioner’s Office
  • It is the independent regulatory office in charge of upholding information rights in the interest of the public.
40
Q

How would you comply with GDPR?

A
  • Prepare diligently
  • Assess privacy risks inherent in the businesses activities
  • Involve IT support to make appropriate changes
  • Provide staff training and support on data security
  • Appoint a data protection officer
  • Update internet security.
41
Q

What are the RICS obligations for members?

A
  • Firms must comply with CPD requirements set by the RICS, which requires 20 hours CPD per year with 10 hours being formal CPD.
  • Members must cooperate with RICS.
  • Members must promptly provide all information reasonably requested by the SRB.
42
Q

What are the professional obligations of firms?

A
  1. Firms must publish a complaints-handling procedure which includes an alternative dispute resolution provider approved by RICS.
  2. Firms must ensure that all previous an current professional work is covered by adequate and appropriate professional indemnity cover that meets RICS standards.
  3. Firms with a sole principal must make arrangements for their work to continue in the event they are incapable.
  4. Firms must cooperate with RICS
  5. Firms must promptly provide all information reasonably requested by the SRB (Standards and Regulations Board).
  6. Firms must display their business literature in accordance with the RICS.
  7. Firms must report to RICS any matter required under the Rules for the Registration of Firms.
43
Q

What does the RICS motto stand for?

A

Est Modus in Rebus (Latin) = There is measure in all things.

44
Q

When was the RICS founded?

A

1868

45
Q

What is a conflict of interest?

A

A conflict of interest is something that arises when a members ability to act on behalf of a client conflicts with a duty owed to another client.

46
Q

What should you do if a client or partner has offered a gift or dinner?

A

Raise with my Director and decline. It would depend on the circumstances of the dinner. As relationship building is valuable in my industry but I also wouldn’t want to be exposed to potential bribery or influence if conducting live business together.

47
Q

Is there RICS guidance on Bribery/Corruption/Money Laundering?

A

Yes, there is a professional statement on Countering Bribery and corruption, money laundering, and terrorist financing (1st edition, Feb 2019).

48
Q

How would you define Bribery?

A

an offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal or unethical.

48
Q

Define money laundering

A

Concealing the source of the proceeds of criminal activity to disguise their illegal origin.

48
Q

How is the guidance structured?

A
  1. Mandatory Requirements
  2. Good Practice guidance
  3. Supplementary guidance
49
Q

What should Rics firms do in relation to bribery and corruption?

A
  • Have a written policy in place
  • Have appropriate governance and systems in place
  • Encourage transparency within the organisation by implementing a gifts register
  • Provide clear guidance for staff in relation to this.
  • Publish a code of behaviour to staff
50
Q

What are the requirements for RICS members in relation to Bribery and Corruption?

A
  • Not offer or accept, directly or indirectly, anything that could constitute a bribe
  • Ensure that I have adequate knowledge of bribery and corruption to be able to comply with the requirements of the professional statement
  • Report any activity they are aware of which breaches anti-bribery and corruption laws.
51
Q

In relation to money laundering and terrorist financing, RICS firms MUST?

A
  • Not facilitate or be complicit in money laundering or terrorist financing activities.
  • Have systems and training in place to comply with these laws.
  • Report any suspicions of money laundering or terrorist financing activities.
  • Evaluate and review periodically the risks that prospective and existing business relationships present in terms of money laundering.
  • Take appropriate measures to understand the client and the purpose of the transaction
  • verify the identity of their client by undertaking basic identity checks
  • record and retain information detailing how the firm has met the requirements of this professional statement.
52
Q

In relation to money laundering and terrorist financing, RICS members MUST?

A
  • Not facilitate or be complicit in money laundering or terrorist financing activities
  • report any suspicions of money laundering or terrorist activities to relevant authorities, otherwise report to a senior manager.
53
Q

How is the RICS structured?

A
  • The royal charter was granted by the privy council in 1881
  • The RICS is self regulated and internally monitored meaning that it is not regulated by the government or external parties.
  • The bye laws determine how RICS is regulated
  • 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 set by them.
54
Q
A
55
Q

What should Members do in relation to bribery and corruption?

A
  • Declare certain items to their employer, including but not limited to: gifts, hospitality, entertainment and expenses.
  • Attend relevant training provided by their employer addressing bribery and corruption
  • Be familiar and act in compliance with their employer’s policy relating to bribery and corruption.
56
Q

What should Rics firms do in relation to money laundering and terrorist financing?

A
  • Have a written policy
  • have appropriate governance and system controls in place
  • Provide appropriate, recurring training for staff, to ensure they are familiar with the risks associated with ML and TF.
  • Keep reports of suspicion of money laundering and terrorist financing activity confidential.
57
Q

What should RICS members do in relation to money laundering and terrorist financing?

A
  • Keep up to date on relevant training/regulation offered to them by their employer or by a regulator addressing money laundering or terrorist financing.
  • Comply with employer’s policy’s.
58
Q

What are the 3 ws when taking a risk based approach?

A
  1. Who I act for
  2. What am I doing
  3. Why am I being asked to do this
59
Q

What is the main UK legislation regarding money laundering and bribery?

A

The Bribery Act 2010
Proceeds of Crime Act 2002

RM APC Flashcards (17 decks)

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