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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
What do you understand by the term run-off cover?
insurance for claims made against a firm after it has stopped doing business
26
What is PII?
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.
27
What are the 6 principles to prevent bribery?
Proportionate procedure, top level commitment, risk assessment, due-diligence, communication, monitoring and review.
28
The UK GDPR sets out seven key principles:
Lawfulness, fairness and transparency. Purpose limitation. Data minimisation. Accuracy. Storage limitation. Integrity and confidentiality (security) Accountability.
29
What does MAGIC stand for in Magic Maps
Multi Agency Geographic Information for the Countryside
30
RICS Professional Statement on ethical principles and rules of conduct for members
Ethical behaviour CPD Competence Solvency Service Information to RICS
31
RICS Professional Statement on ethical principles and rules of conduct for firms
Complaints handling procedure Clients moneys Indemnity Training Advertising
32
What is the RICS Professional Statement of ethical principles and rules of conduct year?
1st edition June 2021
33
What are the 5 stages of negotiation?
Preparation and planning Definition of ground rules Clarification and justification Bargaining and problem-solving Closure and implementation
34
What is the process of ratification of an agreement?
Approval of agreement between parties
35
Is there any particular H&S involved in your job?
ICNIRP
36
What does the HSE do?
They regulate and enforce health and safety at work
37
What are the 2 financial frameworks for the UK and ROI?
Generally accepted accounting practice International reporting standards
38
What are company accounts made up of?
Profit and loss Balance sheet Directors information
39
How often must company accounts be prepared?
Annually
40
Are there requirements for companies accounts?
They need to be audited by an accountant
41
What is a profit/loss account?
Shows a companies revenues and costs over a specific period
42
Usual accounting periods?
6th April - 5th April
43
What is EBITDA
Earnings before interest, tax, depreciation and amortisation
44
What is EBITDA an indication of?
Overall profitability of a company
45
What should a business plan contain?
Executive summary Company description Products and services Market analysis Marketing strategy Financials and budgets
46
What is early neutral evaluation?
Form of dispute resolution where the substance of dispute is put in front of an independent adjudicator
47
6 principles of GDPR
Transparent Lawful and fair Limited for use Adequate and necessary Accurate Kept for as long as needed Integrity Confidential
48
What penalties for breach of GDPR
A fine up to 4% of annual turnover or £17.5 million whichever lower
49
Who does the freedom of information act apply too?
Public authorities
50
What is the freedom of information act?
Creates a public right of access for information held by public authorities
51
What’s the role of matrix
Support new members, and to work with RICS to shape the future of surveying and grow the size and respect of the profession
52
What’s the role of lion heart
The RICS charity
53
What are 5 rules for handling client money
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
What is the procedure for terms of business?
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
What makes a good negotiator?
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
What are the duties of the employer in the Health and Safety At Work Act 1974
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
When was RICS formed?
1868
58
President of RICS?
Ann Gray
59
RICS Aim?
Regulate and promote the profession. Protect clients and consumers through a strict code of ethics.
60
RICS MODUS?
RICS Magazine
61
RICS Charity?
Lionheart
62
RICS Motto
Est Modus in Rebus - there is measure in all things
63
RICS Purpose
to protect the general public
64
Guidance of document management?
RICS Guidance Note on Electronic Document Management
65
What is the RICS Guidance Note on Electronic Document Management?
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
What are intellectual property rights?
sets of exclusive rights granted to the author or creator of any original work, including the right to copy
67
UK GDPR principles
Lawful, fair and transparent Purpose limitation Data minimisation Accuracy Storage limitation Integrity and confidentiality Accountability
68
What do you need to identify a conflict of interest?
Who the client is, where the relevant property is located, the nature of the instruction and any potentially affected third parties
69
How do you register with RICS?
Fill in the RICS firm details form and return it to the RICS
70
What is FG's complaint handling procedure if it can' be resolved?
We have a property redress scheme, arbitration and centre for effective dispute resolution
71
Is there any additional CPD required for MRICS members?
You have to do the ethics test every 3 years
72
What RICS document is client money handling?
Client money handling 2019, first edition
73
Objectives of client money handling 2019?
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
The rights of individuals under the DPA 2018
Right of access, rectification, erasure or restrict processing and not to be subject to automated decision making
75
What is below rules of conduct for members and firms?
Appendix A - professional obligations
76
What is included in professional obligations for members?
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
What is included in professional obligations for firms?
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
FG Turnover 2022
c. £35 million
79
FG Profit 2022
c. £2 million

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