Data Management Flashcards
(26 cards)
Important things to consider
- Data required in your office and what electronic data is held
- Understand types of info systems used and their strengths and limitations
- Understand how and why we need to secure data
- Providence evidence of range of reports you have written using info extracted
- Provide evidence you have assisted in development of property info system and provided advice to clients
- Industrial rent tracker, comparable database etc
- Evidence of reports providing advice based on info
- Remember Data Protection Act 2018 & GDPR 2016
- Freedom of Information Act 2000
1) What is an automated valuation model?
Software systems which can provide property valuations using mathematical modelling combined with a database
2) What is an automated valuation model useful for?
They are useful for valuations of mass appraisals and portfolios
3) What are some of the issues with using automated valuation models?
Automated valuation models are limited by the data which is input into the system, meaning they are only ever as good as the data they use. If there are inconsistencies or inaccuracies with the data, the accuracy of their valuation modelling will be flawed.
4) Why is it important to keep data secure?
- To preserve confidentiality and privacy
- Market-sensitive information
- To prevent file corruption
- To control access to the information
5) How can data be secured?
- Disk encryption
- Regular backups off site
- Password protection
- Use of anti-virus software protection
- Firewalls
- Disaster recovery procedures
- Controlling access to the file (i.e. is it a shared file?)
6) What is Copyright?
- Set of exclusive rights granted to the author / creator of original work, including the right to copy
- These rights can be licensed, assigned or transferred
- Form of intellectual property
- Crown Copyright refers to all material created and prepared by Government
7) What is a deed?
- Legal document made under seal
- Absolute proof
- For land, which is not registered with the Land Registry, proving ownership can be achieved by production of the Deeds which sets out information about the ownership and details of the property
8) What are title documents?
- Title documents show details and the demise of a property or area of land within a particular ownership
- Land Registry can supply upon request and payment a copy of the official register of title to a registered property or land in the UK
9) What can you find out from the Title Register?
- Who owns the property or land
- Address of the owner
- Price paid / value stated if sold since April 2002
- Boundaries
- Any rights of way or restrictions and covenants on the land noted on the register
10) What is Title Indemnity Insurance?
- Protects a party for any claim arising from title of property to cover such matters as title defects, restrictive covenants and easements
11) What is a restrictive covenant?
- An agreement to restrict the use of land in some way for the benefit of other land
- Usually enforceable by successors as they run with the land
- To remove a restrictive covenant application has to be made to Upper Tribunal (Lands Chamber) but grounds for discharge are very strict
- In some instances, title indemnity insurance can be procured
12) What are MSCI Real Estate Indices?
- Indices which provide investment performance stats for owners and investors / fund managers
- Draw on up-to-date valuations of selected UK properties
- Aim to provide individual benchmarks and market data
13) What is some of the key legislation in relation to handling data?
- General Data Protection Regulation 2016
- Data Protection Act 2018
UK GDPR
14) What is the Data Protection Act 2018?
- Data Protection Act 2018 is UK’s implementation of GDPR
- Act is a complete data protection system – as well as governing personal data covered by GDPR, also covers all other general data as previously covered by 1998 Act
- Came into force May 2018 and replaced Data Protection Act 1998
- Be aware of key principles of new regs. Although it keeps principles of old DPA, obligations are much more prescriptive and penalties greater (PLAARS) - £17.5m or 4% of annual global turnover (whatever is greater).
15) What is GDPR?
- GDPR presents largest change in data protection law across EU to include UK
- Relates to personal data
- Policed by Information Commissioners Office (ICO)
16) What is the purpose of GDPR?
- Aims to create single data protection regime for anyone doing business in the EU and empower individuals to take control of how their data is used by 3rd parties
- To give people stronger rights to be informed about how their personal info is used
17) What are the key requirements of GDPR?
- Obligation to conduct data protection impact assessments for high risk holding of data
- New rights for individuals to have access to information on what personal data is held and to have it erased
- Data controller decides how and why personal data is processed and is directly responsible for GDPR
- New principle of data accountability ensuring organisations can prove to Information Commissioners Office (ICO) how they comply with new regulations
- Data security breaches need to be reported to ICO within 72 hours were there is a loss of personal data and risk of harm to individuals
- An increase in fines up to 4% of global turnover of the company or 20 million euros (whichever is greater)
18) What are the key principles of GDPR?
- Article 5(1) principles relate to storage of personal data
- States that data must be; (CLAPS)
o Processed lawfully, fairly and in transparent manner
o Collected for specified, explicit and legitimate purposes and not further processed in manner which is incompatible with those purposes
o Adequate, relevant and limited to what is necessary
o Accurate, and where necessary, kept up-to-date (every reasonable step must be taken to erase / rectify inaccurate data)
o Kept in form which permits identification of data subjects for no longer than is necessary
o Processed in manner that ensures appropriate security of personal data, including protection against unauthorised and unlawful processing and against accidental loss, destruction or damage - Article 5(2) states that controller shall be responsible, and be able to demonstrate, compliance with principles
19) What rights does an individual have under GDPR? OIRAAPER
- Right to be informed – in clear and plain language
- Right to access – to know what’s been collected and how it’s being processed
- Right to correction / rectification – make changes to data which is inaccurate
- Right to erasure – right to be forgotten. Withdraw consent and ask for it to be deleted.
- Right to restrict processing
- Right to data portability – right to transfer data
- Right to object
- Right to automated decision making and profiling
20) What is the prevailing theme of GDPR?
Consent – consumer must be informed in ‘clear and plain language’ and give their consent. Consent to collect can be withdrawn at any time.
21) What is the Freedom of Information Act 2000?
- Gives individuals the right of access to information held by a public body
22) What are the provisions of the Freedom of Information Act?
- Request must be in writing
- Info must not be exempt such as personal data or national security
- Public body must tell any individual requesting sight of info whether it holds it
- Normally public body required to supply it in 20 working days in the format requested
- Can charge for provision of info
- Exemptions allowed for a variety of reasons:
o Contrary to GDPR requirements
o Would prejudice criminal matter under investigation
o Would prejudice a person’s/organisation’s commercial interest
23) What is a non-disclosure agreement?
Legal contract between at least two parties hat outlines confidential material or information that the parties wish to share with one another but wish to restrict access to or by third parties. The parties are binded in a contract not to disclose information that they have shared to any other party that is not part of the agreement.
