Summary Q's Flashcards
What are Company Accounts?
Company accounts are a summary of an organisation’s financial activity over a 12 month period. They are prepared for Companies House and HM Revenue & Customs every year and consist of the Balance Sheet, the Profit and Loss Statement, and the Cash Flow Statement.
What are Management Accounts?
Management accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally a Profit & Loss report and a Balance Sheet. In principle they are similar to Year End accounts but are less formal
What is a Profit & Loss account/statement?
The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period
What is a Balance Sheet?
A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity at a specific point in time.
Name the rules of conduct for Members 2020 amended?
ESC CPD SIC
Ethical Behaviour competency high service standard CPD Solvency Information to RICS Cooperation
Name the rules of conduct for firms 2020 amended?
2 Parts, part 1 is rules of conduct for business:
PCS CPD CCI
Proffessional Behaviour Competence Service CPD Complaints Handling Clients Money Indemnity Insurance
Part 3 is “Firm Administration”
Advertising (thruthfull)
Solvency
Arrnagement to cover death if sole practicioner
Use of Designaitons
Information to the RICS (submit info as and when required)
Cooperation (any rics staff or regulatory board)
What are the RICS 5 core values and give me a few examples of where you have adopted them?
Promote Trust within the Proffession
High level of service
Integrity
Respect
Responsibility
What are the CPD requirements for members
20 Hours anjually to be logged online. At least 10 hours formal. CPD undertaken to enhance knowledge and to keep members upto date with changes.
Ethical stanards completed at elast 1x every 3 years
How do you undertake a conflcit check? What conflcits do you look for?
Email around the office.
Looking for personal conflicts, party conflicts, or confidential information.
Anythingt hat may impact giving inpartial advice.
Give me an example of a conflcit you have had
I was marketing a leasehold premisis in Durham and approached by a tenant who we are retained to act for to aquire. Given i was acting for the landlord already and duel agency is prohibited. I turned down the tenant and advised they seek another representivie to produce with as the conflcit could not be managed effectivley. I notified my client landlord and got written informed consent so they udnerstood the rpevious relashionship
What proffessional statements cover conflcits of interest?
Conflicts of interest – UK commercial property market investment agency (2017)
Conflicts of interest (2017)
Both effective from Jan 2018
What guidance do you follow for Money Laundering / terrorist financing matters
Money Laudnering (Information on the payer) Regulations 2017 (Legislation)
and RICS PS Countering bribery andcorruption, money launderingand terrorist financing 2019
Talk me though AML checks you udnertake
For every new instruciton, even if client is existing we undertake customer due dilligence - ID checks, residence checks, and online checks using creditsafe, then store them on file for 5 years.
You mention a customer didnt provide information for AML checks, walk me through?
As goverend by legislation and the mandatory proffessional statement on money laundering, we dont undertake nay work unless satisfied with checks on a client. The client for this instruction was on holiday and unable to provide proof of address until they retunred to the country. We inststed we could not udnertake work until we were atisfied and advised we had to wait until recieved. If the client still would not provide and was avasive, i would inform our money laudnering officer to log and report.
Talk to me about the bibery incident in south sheilds
Whilst culture isnt justification, the proposed tenant wanted me to reveal bid information for free services. As accepting or failing to report a bribe is punishble offence with unlimited fine and potential prison sentance, ir eproted to my senior managers for logging on file for future dealings, and alerted my client.
