Mandatory Flashcards

Question

What is the RICS structure

Answer 1

Privy council - maintain the royal charter Governing council - set strategy, standards and regulation President, president elect, vice president. Seats for different disciplines and countries Standards and regulation board Exercises regulatory functions -oversees entry to the profession -monitors standards -reports to governing council -dispute resolution board -INDEPENDENT regulatory tribunal RICS board Oversee day to day operations Implement strategies set by governing council Agree and manage delivery of business plan Audit, risk assurance and finance committee Nominations and remunerations committee World regional boards

Answer 2

Various technical specialisms of the profession. 18 in total. Building control Quantity surveying and construction Valuation Planning and development Building surveying

Answer 3

Supports students, trainees, newly qualified

Answer 4

Charity for RICS professionals and families Financial help Health and wellbeing Family and work related support Legal advice APC support

Answer 5

Advancing ethical and technical standards Protecting consumers Enforcing standards and codes of best practice Providing expert impartial advice to government

Answer 6

Granted by the Privy Council& monarch Defines objectives and constitution Requires RICS to promote usefulness of the profession Allows rics to be self-regularised

Answer 7

Regulate and uphold standards Promote the industry Protect RICS businesses and members Provide guidance and advice

Answer 8

Setting and upholding the highest standards of excellence and integrity

Answer 9

RICS’ main roles are: Advancing the highest ethical and technical standards for professionals in land, property and the built environment Protecting and providing benefits to consumers by enforcing standards and codes of best practice Providing expert impartial advice to governments, business and the public Equipping RICS members with leading edge advice, market insight and professional training Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.

Answer 10

Rules of conduct are based on honesty, integrity, competence, service, respect, and responsibility

Answer 11

Laws and regulations set by the governing council which are the basis of the RICS ROC Bye-Law 1; Applications and Definitions Bye-Law 2; Membership and Registration Bye-Law 3; Designations Bye-Law 4; Contributions to Funds Bye-Law 5; Conduct

Answer 12

A document issued by the Queen as a patent granting right of power to an individual or a body corporate (in this case RICS) It defines RICS’ objectives, constitution and powers to govern its own affairs

Answer 13

RICS = one of a number of professions operating a self-regulation model = RICS members are not regulated by government but are internally monitored and inspected RICS self-established standards of regulation meet, and in some cases surpass, the government’s own principles on better regulation

Answer 14

Firms' compliance with its Rules of Conduct An adequate insurance policy - particularly a professional indemnity policy Protection of clients' money through security measures A complaint handling procedure Staff training and competence processes are in place, including opportunities for continuing education. Your firm will need to meet several preconditions for registering. It must: Offer professional services in surveying disciplines to professional, corporate, institutional and other clients who rely on such services. Have at least 25% of principals (a senior manager, partner or owner), who are qualified RICS professionals (MRICS, FRICS, AssocRICS). Agree to observe and comply with RICS Rules of Conduct for Firms, including working to RICS standards.

Answer 15

5 MAJOR ACCOUNTS: Assets Liabilities - debts the company owes Equity - assets - debts Revenue - amount of money the company brings in Expenses - costs you incur by running the company

Answer 16

Companies act 2006 UK GAAP (generally accepted accounting principals) Profit and loss account Summarises revenues, costs & expenses incurred during a specified period (usually quarter of year) Balance sheet Reports assets, liabilities + stakeholders equity AT A POINT IN TIME Notes to the accounts Group accounts (if appropriate Notes referred to in the main body of financial statements. Gives further details on the numbers given. Must generally be accompanied by: Director’s report (signed) Business review (unless qualifies as small business) Auditors report (inc name of auditor + signed + dated) UNLESS SMALL.

Answer 17

Complaints and concerns Misconduct Breaches of bye-laws Criminal conviction Professional incompetence RICS looks at evidence and takes a balanced view Very serious? Standards and regulation board may consider taking disciplinary action: FIXED PENALTY NOTICE REGULATORY COMPLIANCE ORDER REGULATORY TRIBUNAL

Answer 18

GROSS PROFIT Revenue - costs of goods = gross profit NET PROFIT Aka ‘bottom line’ Revenue - total expenses = net profit

Answer 19

Construction industry scheme. A tax deduction scheme in the uk. Contractors deduct money from subcontracts and give to HMRC.

Answer 20

The cash low forecast of a company will review and analyse the predicted incoming and outgoing cash for a set period of time (usually a year) and is often used for business and resource planning and for analysing the inancial health of companies. The cash low forecast of a construction contract or project deals speciically with the payments due under a particular construction contract. The construction contract cash low will often inform a company’s overall cash low as they are intrinsically linked. In simple terms the purpose of a cash low forecast is to ensure that the employer has an accurate assessment of what needs to be paid to the contractor and at what periods, therefore the employer’s bank or funder needs to be aware of draw-downs to manage the movement of funds to meet the contractual timescales of payment.

Answer 21

• Providing the right to interim, periodic or stage payments. • Requiring that contracts should provide a mechanism to determine what payments become due and when, and a inal date for payment. • Requiring that the payer gives the payee early communication of the amount he has paid or proposes to pay. • Providing that the payer may not withhold money from the sum due unless he has given an effective withholding notice to the payee. • Providing that the payee may suspend performance where a sum due is not paid in full by the inal date for payment. • Prohibiting pay when paid clauses that link payment to payments received by the payer under a separate contract. • Providing a statutory right to refer disputes to adjudication. The adjudicator’s decision is binding until inally determined by legal proceedings or arbitration at the end of the contract.” Source: CIOB Construction Act Reform Improving payment practices in the construction industry ‘The Construction Act’ was updated by the Local Democracy, Economic Development and Construction Act 2009 (which received royal assent on 12 November 2009). • The Act now applies to all construction contracts whether they are in writing or not. • The requirement for payments to be by installments is un-amended as long as the contract period of 45 days or more, or for lesser durations if the parties agree. • Parties are free to agree the amounts for payment and the intervals. • Every construction contract has to provide a mechanism to determine what payment becomes due and when, and a inal date for payment. This has to be agreed between the parties. • Payment can no longer be conditional on the performance of obligations under another contract. Therefore performance on another contract cannot effect the payment entitlement under the contract. • A mechanism now has to be in place for determining who should give notice of payment due (either the employer or contractor) and the basis on how the sum is calculated has also been made clearer. The Act has been amended to ensure the employer pays what is due before the due date unless they give notice with reasons why now, or if they believe the contractor is insolvent. If the employer fails to pay and does not give notice in accordance with the act, or if the contractor is not insolvent then the contractor can suspend the works. However, this right ends when payment is made in full by the employer (albeit any costs and expenses are to be paid by the employer). • The requirement for adjudication in the event that the parties cannot agree the payment amount remains

Answer 22

Sets strategies for growth the roadmap for your business—it lays out where you’re going, how you’ll get there, and what resources or risks are involved. Overview of company, services offered, market analysis, marketing strategy, operational plan (day to day running),SWOT

Answer 23

Strength: Strong brand in Yorkshire, high client retention, lean team. Gap: Lack of visibility in the North West and Midlands. Opportunity: Post-COVID shift in office use creating lease restructuring demand. Threat: AI & proptech may reduce demand for basic valuation over time—need to focus on value-added advice. This is a business tool used to gain a focused understanding, at a given point in time, of the strengths and weaknesses in an organisation and external opportunities and threats – hence SWOT. These factors can help shape the business strategy, highlighting areas of concern or advantage for the business.

Answer 24

Capital Expenditure (CapEx) Money spent to acquire or upgrade a long-term asset. Revenue Expenditure (RevEx) Day-to-day operating expenses to run and maintain the business or asset.

Answer 25

The RICS Charter and Bye-Laws authorise the Standards and Regulation Board to make Rules about the exercise of disciplinary powers. These rules are called the Regulatory Tribunal Rules HEAD OF REGULATION DECIDES… less serious cases= (where the Member admits allegations). Head of Regulation may impose -Regulatory Compliance Order to ensure future compliance with the standards. (fine, caution or conditions on the membership) most serious cases= Head of Regulation to refer a case to a Disciplinary Panel, drawn from the independent Regulatory Tribunal.

Answer 26

A financial statement that summarises the revenues costs and expenses incurred during a specified period (usually a fiscal quarter or year)

Answer 27

Profit minus costs associated with providing its services. Gross profit = revenue - cost of goods sold

Answer 28

A.k.a. the bottom line Adds up total expenses and subtract that from its revenue (Deducting overheads etc) Net profit = Total revenue - total expenses

Answer 29

Am I competent? Conflict of interests Auntie Man money laundering checks (RICS professional statement countering bribery and corruption money laundering and terrorist financing) Ensure I have sufficient PII insurance to cover the value of the Work Formalise the engagement with written terms of engagement.

Answer 30

To retain existing clients and develop new business leads by receiving positive testimonials. Failure to provide a good client care is likely to lead to dissatisfaction complaints and possibly negligence claims. Avoid complaints and claims with diligence, manageable workload and resource planning. As well as developed procedures for obtaining and acting on customer feedback.

Answer 31

Arrange a call to tell them we have received the complaint and are working to rectify the issue Send copy of the complaints handling procedure Send details to senior Notify PII insurer

Answer 32

To ensure a party does not suffer harm or loss but can arise as a result of breach of contractual obligations or negligence. Reasonable skill and care which is expected of a reasonably competent professional An absence of contractual obligations taught of negligence can be applied which relies on the court applying relevant aspects of common law to determine the duty of care that is owed

Answer 33

Strategy designed to make an easy transition from the construction stage to the occupation stage of a project. The overriding aim is to realise optimal operational performance and ensure that the end users of the project can operate effectively in the built offset that has been delivered

Answer 34

Peer review Standard format of documentation Client feedback Audits Procedures for staff leavers Accessible file storage systems Authorisation prior to release of documentation

Answer 35

Demonstrates how effectively the company is achieving key business objectives

Answer 36

Assist with securing new funding and investment. Grow existing client base. Highlight key business objectives. Assist with responding to change

Answer 37

Liquidity ratios - ability to pay debt Profit ratios - asses abikity to generate profits from its sales Gearing ratios - capital v debts

Answer 38

Measure profitability Recognising loss making activities Statutory requirements

Answer 39

Clear contract documents in terms of engagement. Effective communication between all parties Accurate recordkeeping. Issuing written correspondence to confirm actions and decisions taken. Follow company and contractual procedures TCC - technology and construction court

Answer 40

Entered into with the consent of both parties A neutral third-party is appointed to help resolve the dispute. Assists and supported negotiation. Informal process with a flexible approach to allow relationships to be maintained No legal authority / power to enforce a decision. Agreement not binding Conciliaton Difference : if negotiation and breakdown the conciliator will prepare a recommendation setting out how the dispute should be resolved. If neither party objects within one month this becomes final and binding.

Answer 41

The most recent UN climate change conference of the parties Richer nations failed to raise $100 billion climate funding which had been promised to vulnerable countries Plan to reduce use of coal Increase funding to developing countries to help them cope with the effects of client change and to switch to clean energy PARIS AGREEMENT: legally binding treaty concerning climate change prevent temperatures rising more than 1.5 C above pre-industrial levels

Answer 42

I told you evaluate and measure the amount of vegetation and planting around buildings The aim is to increase the amount of green cover around buildings and support its consideration at the design and outset of development

Answer 43

Partially or completely covered with vegetation Placed over a waterproof membrane. Drainage layers irrigation systems root barriers may be needed

Answer 44

Balance between carbon emitted and carbon absorbed from the atmosphere

Answer 45

Greater marketability. Lower running costs Positive PR

Answer 46

Legal requirement for a building to be solved let all constructed.

Answer 47

SKA ratings RICS value the planet campaign

Answer 48

Recycling, print only where necessary, car share, don’t use plastic bottles

Answer 49

Controller (employer) of information Processor Data protection officer (leadership role required

Answer 50

Want to be informed The right of access The right to rectification The rights of erasure Right to restrict processing Write to data portability Right to object

Answer 51

Improve image of construction industry Engage with communities Clean sites

Answer 52

Ethics are moral values that affect a persons behaviour Integrity is being honest and having strong moral principles

Answer 53

1. Comply with CPD requirements. 2. Cooperate with the RCS 3. Provide info to standards and recognition board. 4.

Answer 54

1. Complaints handling procedure. With an ADR provider approved by RICS 2. PII cover 3. Arrangement if sole principal die, can’t work 4. Must cooperate with RICS 5. Provide info to standards and regulation board 6. Business literature with designation to say they’re regulated by RICS 7. Report matters to RICS

Answer 55

Dedicated ESG team Encourage green building where appropriate Mandatory ESG training Support local employment and skills development

Answer 56

UK is leading sustainability assessment for buildings It’s like a green scorecard that measures how environmentally friendly building is There are lots of different categories, including Energy use Water efficiency Health farming Transport and access Management and operation Each element is scored (pass-outstanding) BREEAM in-use: BREEAM in-use assessor

Answer 57

Legally require required for buildings being sold or rented. Or new buildings. Commercial& rented domestic To indicate how energy efficient of Building is G-A Commercial C by 2028 B by 2030 Currently E Residential: Current: E EXEMPTIONS Temporary buildings being used for less than two years Building is due to be demolished. Listed buildings residential buildings being used for less than four months a year

Answer 58

-Offer professional services in surveying disciplines to professional, corporate, institutional and other clients who rely on such services. -Have at least 25% of principals (a senior manager, partner or owner), who are qualified RICS professionals (MRICS, FRICS, AssocRICS). (IF ITS 50% YOURE FORCED TO JOIN) Agree to observe and comply with RICS Rules of Conduct for Firms, including working to RICS standards.

Answer 59

-Offer professional services in surveying disciplines to professional, corporate, institutional and other clients who rely on such services. -Have at least 25% of principals (a senior manager, partner or owner), who are qualified RICS professionals (MRICS, FRICS, AssocRICS). (IF ITS 50% YOURE FORCED TO JOIN) Agree to observe and comply with RICS Rules of Conduct for Firms, including working to RICS standards.

Answer 60

Bribery act 2010

Answer 61

The Building Regulations 2010 cover the construction and extension of buildings. You might also need building regulations approval for many alteration projects, including if you plan to: replace fuse boxes and connected electrics install a bathroom that will involve plumbing change electrics near a bath or shower put in a fixed air-conditioning system replace windows and doors replace roof coverings on pitched and flat roofs install or replace a heating system add extra radiators to a heating system

Answer 62

a way for tradespeople to prove their ability to carry out certain work to required standards, instead of you applying for building regulations approval. An installer (for example of windows or boilers) who’s registered with a scheme can self-certify that their work complies with buildings standards and can deal with building control issues, like objections. If needed, they’ll tell your local authority about work on your behalf. They’ll also give you a certificate within 8 weeks of completion which can be used as evidence of compliance - it will also show up in solicitors’ searches if you come to sell your home. Competent person schemes have insurance-backed warranties and complaints procedures if there’s a problem with the work.

Answer 63

Own interest conflict (personal relationships Party conflict (work affiliations / commitments) Confidential information conflict (one party needs info, but you’ve agreed with another party to keep it confidential)

Answer 64

it means the firm has agreed to follow the professional, ethical, and operational standards set by RICS Must adhere to rules of concept The company is subject to regular monitoring, audits, and inspections by RICS to ensure compliance. It must have proper professional indemnity insurance (so clients are protected if something goes wrong). Clients working with an RICS-regulated firm have access to a formal complaints procedure and independent dispute resolution if needed. It signals a high level of trust, credibility, and professionalism to clients, investors, and the public. PROFESSIONAL OBLIGATIONS FOR FIRMS Complaints handling procedure. Which includes an ADR resolution provider approved by RICS. Maintain complaints log. Ensure all previous and current professional work is covered by adequate and appropriate professional indemnity cover. Must make arrangements for their professional work to continue in the event of their incapacity death or absence from Work . Cooperate with the RICS Promptly provide all information requested by standards and regulation board. Display RICS designation Report anything required under the rules of registration for firms

Answer 65

1. complaint handling procedure including ADR provider approved by RICS 2. PI 3. Arrange arrangements for death 4. Cooperate with RICS. 5. Provide information to standards and regulation board when requested. 6. Display RICS logo. 7.Report anything required under the rules for registration of firms.

Answer 66

helps assess future financial position, track potential income, and manage resources. It provides a clear picture of future cash inflows, allowing for better planning, budgeting, and strategic decision-making.

Answer 67

Rooflights Falls from height Walkable deck

Answer 68

National Crime Agency

Answer 69

UK Generally Accepted Accounting Practice (UK GAAP). To ensure consistency

Answer 70

Justin Sullivan

Answer 71

International Property measurement standards Property is measured differently all over the world. We work in a global property market! We should use the same. To ensure that property is measured in a consistent way creating a more transparent marketplace, greater public trust stronger investor, confidence and increase market stability

Answer 72

Yes. IPMS 2 is the equivalent of GIA. The floor area measured to the internal extent of the IDF (internal dominant face ) The RICS PS : reinstatement cost assessment of buildings says surveyor must determine the GIFA / IPMS 2

Answer 73

Right to be informed: Individuals have the right to be informed about how their personal data is being collected and used. Right of access: Individuals can access and receive a copy of their personal data, along with other supplementary information. Right to rectification: Individuals can have inaccurate or incomplete personal data corrected or completed. Right to erasure (Right to be forgotten): Individuals can request the deletion of their personal data in certain circumstances. Right to restrict processing: Individuals can request that their data be restricted from being processed in certain circumstances. Right to data portability: Individuals can receive their personal data in a structured, machine-readable format and transfer it to another controller. Right to object: Individuals can object to the processing of their personal data in certain circumstances, particularly when it is based on legitimate interests or public tasks. Right to avoid automated decision-making: Individuals can opt-out of decisions based solely on automated processing, especially those that have legal effects or significantly affect them.

Answer 74

The UK Bribery Act 2010 establishes six core principles for preventing bribery in commercial organizations. These principles are: Proportionate Procedures, Top-Level Commitment, Risk Assessment, Due Diligence, Communication, and Monitoring and Review.

Answer 75

Protection from falling collision and impact

Answer 76

resistance to sound

Mandatory Flashcards

(105 cards)