Essentials Flashcards
(111 cards)
1
Q
When was the RICS founded?
A
1868
2
Q
When did RICS receive royal charter?
A
1881
3
Q
What are the 5 principles of better regulation?
A
PACTT
Proportionality
Accountability
Consistency
Transparency
Targeting
4
Q
What is the difference between IPMS and NIA?
A
Ipms is exclusive area to internal dominant face. NIA is usable area to the internal finish.
5
Q
What is the difference between rules and ethics?
A
Ethics are a morale values. Rules are a framework to adhere to.
6
Q
What are the requirements of members?
A
Undertake CPD
Cooperate with RICS
Provide when requested details to standards and reg board.
7
Q
Requirements for firms?
A
Ensure PII and run off cover
Sole principle ensure work can continue.
Display designation on business literature.
Report matters that need to be reported.
Cooperate with RICS
Provide information to standards and reg
8
Q
Someone you know has breached ethical guidelines what do you do?
A
Confront them and verify the facts.
Inform rics of your relationship
Inform rics of corrective actions they are taking
9
Q
Requirements to undertake ethics and professionalism?
A
3 year rolling period
10
Q
When to record CPD?
A
Deadline by 31st December.
11
Q
What is formal CPD?
A
Structured learning with outcomes and objectives
12
Q
What is informal CPD?
A
Non structured learning self directed.
13
Q
How do you assess a conflict of interest?
A
Identify
Avoidance
Management
14
Q
How to ensure competence?
A
Assess competence for instruction
Independence through COI check
Terms of engagement
15
Q
What due diligence for a new client?
A
Customer due diligence: identity, credit if they are the IP.
Enhanced due dilligence: politically exposed persons, connections and sanctions etc
16
Q
Where does it state who VOA can act for?
A
Section 10 CRCA
Public bodies and local authorities
17
Q
When and how often do you complete PPE checklist?
A
Every 2 years to ensure PPE is fit for purpose but also check before each inspection.
18
Q
Steps for a risk assessment?
A
Identify
Assess
Record
Review
19
Q
Difference between a risk and a hazard?
A
Hazard is something with a potential to cause harm.
Risk is the probability of a harm occuring
20
Q
Name some legislation relevant to H&S?
A
Fire safety act, building safety act, construction design and management regulations, riddor, haccp, cosshh, asbestos regulations
21
Q
Who are the foremost authority for lone working?
A
Susie Lamplew trust
Estate agent who went missing at 9am and no alarm raised till 5pm never turned up deemed dead in 1993
22
Q
When is PPE required?
A
PPE is the final protection and a last resort and should be used in all circumstances where the may be hazards
23
Q
When was asbestos in use?
A
1950s to 1999 and there are 6 types the 3 main are brown blue and white.
These are actually named chrysotile, amosite, crocidolite
24
Q
What legislation deals with asbestos?
A
Control of asbestos regulations 2012
25
What is IFRS?
International financial reporting standards to promote consistency and comparability in financial reporting worldwide.
26
What is UK GAAP?
General accepted accounting principles. Standards for accountants.
27
What are the 3 objectives of the VOA?
TEG
Trusted property valuations
Excellent customer service
Great place to work
28
What are VOA KPIs?
Volume of cases
Timeliness
Utilisation of billable work
Quality assurance
29
What is ADR?
Confidential and independent way to resolve disputes prior to litigation
30
Main types of ADR?
Mediation
Conciliation
Adjudication
Arbitration
Independent expert determination
31
Time limits for reporting a data breach?
72 hours to your data protection office (David Burke)
32
Benefits of ADR?
Independent
Confidential
Speed
Cost
33
How do you know which ADR to use?
Recorded in company complaints handling procedures. New firms should choose from the recognised firms on the RICS website.
34
What is a Calder bank offer?
Essentially without prejudice. This means the offer cannot be used in court to determine the merits of the case but can be considered when assessing costs.
35
What are the principles of the data protection act?
LAIDPAS
Lawfulness, fairness, and transparency;
Accuracy
Integrity and confidentiality;
Data minimisation;
Purpose limitation;
Accountability
Storage limitation;
36
What are your individual rights under the DPA 2018?
"I ADORE DR"
I - Informed (Right to be Informed)
A - Access (Right of Access)
D - Data Portability (Right to Data Portability)
O - Object (Right to Object)
R - Rectification (Right to Rectification)
E - Erasure (Right to Erasure)
D - Automated Decision Making (Rights related to Automated Decision Making)
R - Restrict Processing (Right to Restrict Processing)
37
What are the penalties for breach of dpa?
£17.5m €20m or 4% of global turnover
38
Recent fines?
META fined €1.2bn euros by Irish court for sharing data between Ireland and US
39
Rights under FOI?
Right of information held
Right of that communicated
40
Exclusions under FOI?
Repeat of previous request
Politically sensitive
Cost
Too much information
41
Parts of the CRCA?l 2005?
17 sharing between HMRC and VOA
18 disclosure unless in line with statutory duties
19 wrongful disclosure
42
Which part of the building regs relates to diversity and inclusion?
Part M relating to accessibility lifts ramps etc.
43
44
3 pillars of sustainability?
Environmental
Social
Economic
45
RICS guidance on sustainability?
Sustainability and commercial property valuation
46
Building regs for sustainability?
Part L conservation of fuel and power
47
What is BREEAM?
Building Research Establishment Environmental Assessment Method
Sustainability assessment system
48
What are the classifications of BREEAM?
6 of them
Unclassified
Pass
Good
Very good
Excellent
Outstanding
49
What are the P&M regs?
P and M regs 2000 with 4 classes
1 power
2 services
3 conduits and conveyances
4 named structures
50
What are the IPMS standards?
IPMS all buildings 2023.
1-4.2
IPMS 1 and 2 define external and internal measurements for a building as a whole or part, while IPMS 3 focuses on areas of exclusive occupation, and IPMS 4 considers internal areas.
51
Red book parts?
2 PS
6 VPS
11 VPGA
52
What is VPS 2?
Definition of market value. Market Rent. Fair value and investment value.
53
What is fair value?
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
54
What is investment value?
the value of an asset to a specific owner or prospective owner, considering their individual investment or operational objectives
55
What is VPS 1?
Details how to undertake and complete terms of engagement
56
What is VPS 3?
Outline valuation approaches
Cost
Income
Market
57
What is VPS 4?
Inspection investigation and records
58
What is VPS 6?
Reporting procedures and what's included in a red book report
59
VPGA 1
Valuing assets
60
VPGA 4
Trade related properties
61
VPGA 8
Real property interests
62
VPGA 10
Material uncertainty
63
UK VPGA 1 and 4
Assett valuations and alignment with IFRS
64
When did UK National Supplement change?
Took into account changes from Pereira Grey report
65
What is included in Statutory due diligence in valuation?
EPC
Fire safety
H&S
Legal title and Tenure
Public rights of way
Covenants
Planning information
66
Estimated use value what is it?
The value of a property in its current use not account for potential hope value as outlined in UK VPGA 6 must be owner occupied and public sector
67
Exemptions are found where?
Sch 5 LGFA 1988
68
What changed under NDR act 2023?
Duty to rate payer to inform of changes
Improvement relief
Downward transition removed
3 yearly revals
69
How do you define a hereditament?
General rates act 1967 defined as a single unit of assessment in or due to be innrge rating list.
Defined in woolway v mazars
DOUG
Definable
single Occupation
single Use
single Geographical location
70
Where is AVD defined?
Originally in case of K show shops v hardy and then subsequently in LGFA 1988 para 2 sch 6
71
What is case for a property undergoing development?
Newbiggin v Monk - reality principle assessed as they stand if incapable of beneficial occupation adopt a nominal value
72
What is Jackson v canary wharf case?
The repair assumptiom does not apply and they should be valued in their actual condition
73
Tell me about lotus and delta case
A shoe shop in Leicester. The primary question was how to weigh the actual rent of the subject property against rents of comparable properties and existing assessments in the valuation list
74
Business rates multipliers?
Small business 49.9p
Larger 55.5p
Small is under 51000 larger over 51000
75
Changes to business rates multipliers?
Retail.hopaitality and leisure 40% relief up to £110000
Larger multipliers for over £500000 RV
76
What is the case fir private equestrian property in CGT?
Longton V Baker
Land is for the reasonable enjoyment of the dwelling not the occupier
77
What does RICS stand for?
Royal institution of chartered surveyors
78
What is the RICS motto
Est modus in rebus. There is measure in all things
79
What is the RICS mission statement?
PLE
Promote and enforce standards
Lead solutions to major challenges in built environment
Equip and qualify members to offer a professional service
80
What is RICS guidance on handling client money?
RICS proffesional standard client money handling
81
RICS proffesional standard client money handling what are the areas of good practice?
Holding client money
Providing information to clients
Receipts of client money
Payments from client accounts
Accounting records and controls
Compliance
82
Processes to put in place when handling client money?
Separate and identifiable
Word Client in the account name
Clients must have money on demand
Accurate records
Payment of interest agreed
Procedure displayed online
Annual audit
3 yearly RICS reviews
83
What is the client money protection scheme?
Operated by RICS to repay money to clients where firm is unable to.
84
CPD breaches?
1st breach is a caution live for 10 years.
2nr is a further caution and fixed penalty
3rd is potential referral to disciplinary panel
85
What is outlined in RICS proffesional standard conflicts of interest?
Not to advise clients where conflicts exist
Informed consent if in best interest of client
Effective systems in place
Keep records of compliance
86
Fair and accurate list is detailed where?
Section 41 LGFA 1988
87
What is meant by fair?
Making informed decisions that are based on application of sound judgment and reliable evidence.
88
What are the core values of the civil service?
Integrity
Honesty
Objectivity
Impartiality
89
Client care RICS guidance?
Practice statements risk liability and insurance
Complaints handling
Client money handling
Conflicts of interest
90
What are the functions of the VOA?
Section 7 crca 2005. Rating lists council tax and valuation of property.
91
4 steps of negotiation?
preparation, opening, bargaining, and closing
92
What is in RICS surveying safely?
Personal responsibility
Corporate responsibility
Risk assessments
Workplace health and safety
Mental health and wellbeing
Visiting premises and sites
Fire safety
Residential property surveying
Procurement and management of contractors
93
What is safety person concept?
Assuming responsibility for self and colleagues and ensure have the tools to undertake safely
94
Asbestos guidance?
RICS proffesional standard asbestos legal requirements and best practice for property proffesionals and clients.
95
What are the key financial statements?
Proft and loss account
Balance sheets
Cash flow statements
96
What is a balance sheet?
Syatement if financial position given at the end of the year assets and liabilities.
97
What is a profit and loss account?
Summary if income and expenditure over a set period of time usually annually.
98
What is a cash flow statement?
Summary of actual or anticipated outgoing of cash and cash equivalents in a firm.
99
Difference between management and financial accounts?
Management accounts are internal use only and financial accounts are required by UK law.
100
What is IFRS 16?
Relates to accounting of leases on the balance sheet of a company shown as a liability.
101
What can the VOA not disclose in a FOIA?
No property related information that could identify an individual
102
What is sustainable development in the built environment?
Green Building. Refers to construction and occupancy and that they are environmentally responsible.
103
Legislation for sustainability?
Environmental protection act
Control of asbestos
Energy act
Minimum energy efficiency standards
Climate change act
Building regulations
104
British standards for industrial units?
Full height loading doors
Minimum 8m clear eaves height
30kn/sq m floor loading
Approx site cover of 40%
105
What is internal dominant face?
Inside surface comprising more than 50% of the lowest 2.75m measured vertically from the structural floor space.
106
Key legislation for CPO?
Land Compensation Act 1961
Compulsory purchase act 1965
Land Compensation Act 1973
Planning Act 2008
107
Injurious affection where no Land is taken?
Part 1 LCA 1973
108
Point Gourde Principle?
Open market value in a no scheme world for cpo
109
Compensation?
Section 5 LCA 1961
110
Rics guidance for CPO?
UK VPGA 16 compulsory purchase and statutory compensation
111
Transience?
Mcalpine and Sons v payme
R v morrison - floating dock
