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APC > Mandatory > Flashcards

Mandatory Flashcards

1
Q

What makes a good negotiatior?

A

Agreeing your client’s objectives and negotiating strategy before the start of negotiations
Detailed research
Preparing win-win, areas of common ground and fall back positions
Understanding the other party’s position
Creating a constructive environment
Considering methods of communication
Developing a collaborative approach
Maintaining communication
Walk away if you need to.

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2
Q

When did the new rules of conduct come into effect?

A

February 2022

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3
Q

How much CPD is required per year for a graduate and member?

A

48 hours for grad (min 50% formal) and 20 for member (min. 50% formal)

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4
Q

What is the purpose of CPD?

A

Allows for up to date information, so i can advise accordingly

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5
Q

What is professional Indemnity Insurance?

A

Protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered.

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6
Q

What is PII based on?

A

The previous years turnover

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7
Q

How do you work out PII levels for a new firm?

A

Based on estimations and reviewed continually throughout the year to ensure that the cover is accurate

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8
Q

How do you provide good client care?

A

By being open and honest with client, establishing aims and objectives and ensuring that the client is kept informed throughout the process

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9
Q

What are terms of engagement?

A

The conditions that someone must agree to before they can be employed by an organization

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10
Q

What is the RICS guidance of Health and Safety?

A

Surveying Safely 2018

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11
Q

Who are the health and safety executive?

A

An independently run government body

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12
Q

What does the health and safety executive do?

A

They encourage and enforce workplace health and safety

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13
Q

What are the 2 types of business planning?

A

Operations and management

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14
Q

What is included in a business plan?

A

Executive summary, owners background, products and services, the market, marketing strategy, market research, competitor analysis, operations and logistics, costs and pricing strategy, financial forecasts and back-up plan.

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15
Q

What is a conflict?

A

A situation where your impartiality may be effected

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16
Q

What are the different types of conflict?

A

Confidential, personal and party

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17
Q

What do the letters AML stand for?

A

Anti-money laundering

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18
Q

Why is anti-money laundering important?

A

To monitor and report any suspicious activity that tries to disguise the presence and use of illegal funds.

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19
Q

Why is important for you to abide by AML regulations?

A

As surveying is in the regulated sector

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20
Q

What acts apply to AML?

A

Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing and Transfer of Funds (information on the payer) Regulations 2017

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21
Q

What money laundering checks do you carry out?

A

We carry out money laundering checks to verify the source of any funds that are being used for the property transaction

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22
Q

What do you need to carry out AML checks?

A

Name, photograph on an official document (driving license), proof of residential address and date of birth

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23
Q

What do we do with AML information?

A

We send to an external company who carries out the necessary checks and informs us whether they have passed or failed.

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24
Q

What checks are being carried out in an AML procedure?

A

Ensuring they are who they claim to be and are not investing on behalf of somebody else. Are they a politically exposed person, have they got a history of bankruptcy, a criminal record

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25
Q

What do you understand by the term run-off cover?

A

insurance for claims made against a firm after it has stopped doing business

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26
Q

What is PII?

A

Protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered.

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27
Q

What are the 6 principles to prevent bribery?

A

Proportionate procedure, top level commitment, risk assessment, due-diligence, communication, monitoring and review.

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28
Q

The UK GDPR sets out seven key principles:

A

Lawfulness, fairness and transparency.
Purpose limitation.
Data minimisation.
Accuracy.
Storage limitation.
Integrity and confidentiality (security)
Accountability.

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29
Q

What does MAGIC stand for in Magic Maps

A

Multi Agency Geographic Information for the Countryside

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30
Q

RICS Professional Statement on ethical principles and rules of conduct for members

A

Ethical behaviour
CPD
Competence
Solvency
Service
Information to RICS

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31
Q

RICS Professional Statement on ethical principles and rules of conduct for firms

A

Complaints handling procedure
Clients moneys
Indemnity
Training
Advertising

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32
Q

What is the RICS Professional Statement of ethical principles and rules of conduct year?

A

1st edition June 2021

33
Q

What are the 5 stages of negotiation?

A

Preparation and planning
Definition of ground rules
Clarification and justification
Bargaining and problem-solving
Closure and implementation

34
Q

What is the process of ratification of an agreement?

A

Approval of agreement between parties

35
Q

Is there any particular H&S involved in your job?

A

ICNIRP

36
Q

What does the HSE do?

A

They regulate and enforce health and safety at work

37
Q

What are the 2 financial frameworks for the UK and ROI?

A

Generally accepted accounting practice
International reporting standards

38
Q

What are company accounts made up of?

A

Profit and loss
Balance sheet
Directors information

39
Q

How often must company accounts be prepared?

A

Annually

40
Q

Are there requirements for companies accounts?

A

They need to be audited by an accountant

41
Q

What is a profit/loss account?

A

Shows a companies revenues and costs over a specific period

42
Q

Usual accounting periods?

A

6th April - 5th April

43
Q

What is EBITDA

A

Earnings before interest, tax, depreciation and amortisation

44
Q

What is EBITDA an indication of?

A

Overall profitability of a company

45
Q

What should a business plan contain?

A

Executive summary
Company description
Products and services
Market analysis
Marketing strategy
Financials and budgets

46
Q

What is early neutral evaluation?

A

Form of dispute resolution where the substance of dispute is put in front of an independent adjudicator

47
Q

6 principles of GDPR

A

Transparent
Lawful and fair
Limited for use
Adequate and necessary
Accurate
Kept for as long as needed
Integrity
Confidential

48
Q

What penalties for breach of GDPR

A

A fine up to 4% of annual turnover or £17.5 million whichever lower

49
Q

Who does the freedom of information act apply too?

A

Public authorities

50
Q

What is the freedom of information act?

A

Creates a public right of access for information held by public authorities

51
Q

What’s the role of matrix

A

Support new members, and to work with RICS to shape the future of surveying and grow the size and respect of the profession

52
Q

What’s the role of lion heart

A

The RICS charity

53
Q

What are 5 rules for handling client money

A

Got to have a client in the name of account
Distinguish between general and discrete
Can’t overdrawn
Monthly reconciliation
Can’t set up direct debit or standing order
Ledger must be kept up to date at all times

54
Q

What is the procedure for terms of business?

A

Client must return and sign a copy to show their agreement of fees, costs, charges and Terms of Business and confirming the firm can act on their behalf.
Exact services and fees will be set out in a separate letter to be signed and returned.

55
Q

What makes a good negotiator?

A

Agreeing your client’s objectives and negotiating strategy before the start of negotiations
Detailed research
Preparing win-win, areas of common ground and fall back positions
Understanding the other party’s position
Creating a constructive environment
Considering methods of communication
Developing a collaborative approach
Maintaining communication
Walk away if you need to.

56
Q

What are the duties of the employer in the Health and Safety At Work Act 1974

A

Section 2 of the 1974 Act places a duty on every employer to ensure, as far as is reasonably practicable, the health, safety and welfare at work of all employees.

57
Q

When was RICS formed?

A

1868

58
Q

President of RICS?

A

Ann Gray

59
Q

RICS Aim?

A

Regulate and promote the profession. Protect clients and consumers through a strict code of ethics.

60
Q

RICS MODUS?

A

RICS Magazine

61
Q

RICS Charity?

A

Lionheart

62
Q

RICS Motto

A

Est Modus in Rebus - there is measure in all things

63
Q

RICS Purpose

A

to protect the general public

64
Q

Guidance of document management?

A

RICS Guidance Note on Electronic Document Management

65
Q

What is the RICS Guidance Note on Electronic Document Management?

A

Has been prepared to provide best practice for the creation, collaboration, indexing, managing and retrieving data in response to the growth of electronic document exchange and storage

66
Q

What are intellectual property rights?

A

sets of exclusive rights granted to the author or creator of any original work, including the right to copy

67
Q

UK GDPR principles

A

Lawful, fair and transparent
Purpose limitation
Data minimisation
Accuracy
Storage limitation
Integrity and confidentiality
Accountability

68
Q

What do you need to identify a conflict of interest?

A

Who the client is, where the relevant property is located, the nature of the instruction and any potentially affected third parties

69
Q

How do you register with RICS?

A

Fill in the RICS firm details form and return it to the RICS

70
Q

What is FG’s complaint handling procedure if it can’ be resolved?

A

We have a property redress scheme, arbitration and centre for effective dispute resolution

71
Q

Is there any additional CPD required for MRICS members?

A

You have to do the ethics test every 3 years

72
Q

What RICS document is client money handling?

A

Client money handling 2019, first edition

73
Q

Objectives of client money handling 2019?

A

to keep client money safe, client money is used for appropriate purposes and RICS-regulated firms have the appropriate controls and procedures to safeguard money

74
Q

The rights of individuals under the DPA 2018

A

Right of access, rectification, erasure or restrict processing and not to be subject to automated decision making

75
Q

What is below rules of conduct for members and firms?

A

Appendix A - professional obligations

76
Q

What is included in professional obligations for members?

A

Members must comply with CPD Requirements
Members must cooperate with RICS
Members must promptly provide all information reasonably requested by the standards and regulation board

77
Q

What is included in professional obligations for firms?

A

Must publish complaints-handling procedure
Must ensure adequate PII cover
If sole principal must have locum insurance
must cooperate with RICS
Must promptly provide all information reasonably requested
Must display RICS on business literature
Must report to the RICS that they are required to report under the rules for the registration of firms

78
Q

FG Turnover 2022

A

c. £35 million

79
Q

FG Profit 2022

A

c. £2 million

APC (9 decks)

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