Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC > Mandatories > Flashcards

Mandatories Flashcards

1
Q

What is a balance sheet?

A

-statement of financial position
-asset and liabilities
-usually end of financial year
Asset- cash/property/investments
Liabilities- borrowings/overdrafts/loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a profit and loss account? (Income statement)

A

-Summary of financial income/expenditure
-prepared annually

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is a cash flow statement?

A

actual receipts and expenditure (includes VAT)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What accounts are not audited?

A

Management accounts (prepared for internal use)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

who are audited accounts prepared by?

A

Chartered/certified accountant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What does EBITDA mean & when is it used?

A

Earnings Before Interest, Tax, Depreciation and Amortisation.

-Refers to actual operating profit (different to FMOP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what is FMOP?

A

Fair Maintence operating profit aka adjusted net profit

turnover - (costs + working expenses + operator remuneration) x MV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Dunn and Bradstreet - when would you use and what are the ratings?

A

To check the covenant strength of a potential tenant
The rating= firms turnover 5A-H (5A turnover of £35m+)
the number = risk 1-5 (1 being lowest risk)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What should public limited accounts show?

A

income statement
independent auditors report
chairman statement
statement of financial position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are LSH’s objectives?

A

Short term- profitability
Long term- follow planet marks framework for Sustainability to reach net zero by 2050.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

How does your team cooperate?

A

-fee splits
-work allocated
-compliance procedures
-individual targets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What kind of company is LSH?

A

Private Limited
-shares not publically traced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What accounts need audited?

A

-10m turnover
-5m assets
-50 employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does fair value mean?

A

When buyer/seller agree freely on a price without going to market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is ADR and what are its benefits?

A

Alternative Dispute Resolution
-cheaper
-faster
-easier
-less formal
-flexible
-confidential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the three key dispute resolution processes?

A
  1. Negotiation
  2. Medition/ Concilation
  3. Adjuction: 3rd party resolution eg litigation and arbitration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is an expert witness?

A

Provides evidence
duty to court- not client
must have appropriate knowledge/skills
must sign truth statement
no incentive fees
not immune from civial action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How could LSH improve diversity?

A

Maternity Policy
Recruitment techniques
training on unconscious bias
pronouns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How is RICS addressing D + I?

A

RICS Inclusive Employer Mark
Brichard Review

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is LSH’s AML procedure?

A

surveyor fills out form + gives to compliance officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

When do you undertake AML checks?

A

All freehold properties
lettings over £8.5k

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

If you received a complaint, what would you do?

A

Inform my line manager and appointed Complaints Handling Officer
CHO providers written summary to complainant
case recorded and procedures reviewed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is an inclusive environment?

A

an environment designed for people with diverse needs to be able to use it.

24
Q

What are the benefits of inclusive space?

A

Allows a range of people with diverse needs to participate

25
Q

what does the equality act (2010) cover?

A

provides protection against a range of inequality.
identifies 9 types of discrimination and 4 types of inequality

26
Q

How do you deal with a demanding client?

A

understand objectives
communication
keep records of communication
try to resolve problem - if not- best to let them go if too many issues

27
Q

what do you do if your client ignores your advice?

A

Reiterate advice to them
ensure advice is recorded
advise of risks if ignore

28
Q

What are the main principles involved in client care?

A

communication
knowing objectives
CHP
COI

29
Q

What did you avoid in fee proposal?

A

Aggressive fee cutting + collusion with competitors

30
Q

is changing fee after proposal allowed?

A

Yes- as long as works have changed. Otherwise, no.

31
Q

What were the main elements within your fee proposal?

A

T and C’s
scope of services
inclusions and exclusions

32
Q

What would you do if a complaint was made against you?

A

Complaints Handling (2016)
-acknowledge 7 days
-address 18
-inform line manager/complaints handling officer
-CHO write up summary and strategy to provide to complainant

33
Q

What happens if the complainant is not happy with outcome?

A

Independent redress scheme would be involved.
scheme is chosen by firm

34
Q

What is LSH’s complaint handling procedure?

A

-Inform Line Manager and CHO (David Gilbert)

35
Q

What is the main RICS guidance on Bribery and Corruption?

A

Bribery Act (2010)

36
Q

What does the bribery act say?

A

Aims to reduce bribery
main principles PCRDCM

37
Q

What constitutes a bribe?

A

when someone offers an advantage in exchange for a gift, money, of service for an action which is illegal/breach of trust

38
Q

What are the four offences under the Bribery Act?

A

to make a bribe
to receive a bribe
to prevent a bribe
bribe public official

39
Q

How could you prepare for a negotiation?

A

agree objectives
detailed research
decide non-negotiables
-develop approach
-walk away when you need to

40
Q

How are some forms of communication suitable than others?

A

legal matters- communication trails
confrontational to safeguard surveyor

41
Q

Benefits to increased diversity?

A

increases innnovation
increased talent poole
enhanced reputation

42
Q

How are RICS encouraging diversity?

A

Inclusive Employer Equality Mark
Diversity WG’s

43
Q

What are some of the protected characteristics under the Equality Act (2010)

A

Sex, sexual orientation, disability, race, religion, marriage and partnership, maternity and pregnancy.

44
Q

What is the Equality Act?

A

Bans people from discrimination in workplace and society.

45
Q

What are some of the different working or leadership styles you have come across?

A

-Logical
-Detail-orientated
-Supportive
-idea Orientated

46
Q

What are some of the characteristics that allow for a diverse workforce?

A

Different cultures
Ages
sexual orientation
gender!!!
race/religion

47
Q

How can LSH be more inclusive?

A

Training to employees
recruitment methods
equal pay

48
Q

What is the difference between an informal and a formal complaint?

A

Formal- assigned to Complaints Handling Officers
Informal- made anonymously- no follow up (line manager)

49
Q

What are the key offences under the AML leglislation

A

Money Laundering, Terrorist Financing and Transfer of Funds (2017)

50
Q

What are the key requirements under the AML regulations?

A
  • limit of 10,000 euro acceptance of cash
    -detailed record keeping of procedures undertaken by senior / board members of staff to take responsibility for compliance
    -have a nominated person to report any suspicious behaviour to national crime agency
51
Q

Is there any time that your duty of the client is passed and you would have to act in duty for anyone else?

A

Ethics Decision Tree
-facts
-legal
-competence

of it goes to court
-duty to court, not client

52
Q

What is the legal basis for an inclusive environment?

A

Equality Act (2010) makes discrimination illegal under 9 protected characteristics

53
Q

Where would you find equity in a statement of audited accounts?

A

Balance sheets

54
Q

If a tenant had a good D and B rating, how would this impact your yield?

A

Reduce risk- lower yield

55
Q

You’ve mentioned Health and Safety Act 1974, please can you talk me through some other legislation?

A

PPE at Work regulations (2022)- employers to ensure provision of appropriate PPE

The Fire Safety Act (2021)

Building Safety Act (2022)

Smoke Free Regulations (2017) - illegal to smoke in enclosed spaces, no smoking sign must be displayed, local authority to enforce, penalties (£50-£2,500).

56
Q
A

APC (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions