Mandatory Flashcards
1
Q
5 Principles of better regulation
A
Proportionality
Accountability
Consistency
Targeting
Transparency
2
Q
What disciplinary procedures can the RICS impose?
A
Consent Order: Caution, reprimand requirement to undertake action
Disciplinary panel
Fixed penalty: Breach rule 2 Rules of Conduct (CPD)
3
Q
What money laundering regulations or legislation are you aware of?
A
money laundering terrorist financing and transfer of funds regulations 2017
4
Q
What bribery legislation are you aware of?
A
Bribery Act 2010
5
Q
What is a bribe?
A
Illegal offer or acceptance of money, gifts, or favours to influence someone to act dishonestly, illegally, or in a way that breaks a trust
6
Q
What are the penalties for accepting a bribe?
A
up to 10 years imprisonment and/or an unlimited fine
7
Q
What are the penalties for being involved in money laundering?
A
maximum prison sentence of 14 years and potentially an unlimited fine
8
Q
What constitutes an offence under relevant money laundering regulations?
A
concealing, disguising, converting, transferring, or removing criminal property
9
Q
How long should you keep anti money laundering records for?
A
5 years
10
Q
What is Professional Indemnity Insurance (PII)?
A
businesses against claims arising from errors, omissions, or negligence in professional services, covering legal fees and compensation costs
11
Q
Can you tell me about the RICS requirements in relation to PII?
A
Firms to have adequate and appropriate run-off, but RICS would expect run-off to be a maintained for a minimum period of 6 years from the cessation of the practice. Run-off for commercial activity may be arranged and paid for on an annual basis.
12
Q
What would you do if you received a notice of a PII claim from a client or their solicitor?
A
notify your insurer the moment you’re aware of a claim against you, or circumstances that could lead to such a claim
13
Q
What is an annual return?
A
a document that registered companies must file annually with Companies House, providing basic information about the company, including directors, shareholders
14
Q
Tell me what you understand about Complaints Handling Procedures (CHP).
A
*Publish your CHP and signpost your clients to this.
*Record all complaints in a complaints log.
*Make sure everyone who works for you understands what complaints should be logged and where.
15
Q
Can you tell me about the CPD requirements for members of RICS?
A
APC a minimum of 48 hours of Continuing Professional Development (CPD) every 12 months, with at least 50% being formal
16
Q
Why is CPD important?
A
learning experiences which help you develop and improve your professional practice
17
Q
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
A
RICS Professional Standard – Conflicts of Interest. Maintain confidentiality unless required by law.
Party Conflict: Duty of RICS member/firm to act in interest of client conflicts with duty to another client
Own Interest Conflict: Duty of RICS member/firm to act in interest of client conflicts with own firm
Confidential Information Conflict: A duty to protect confidential information for one client while also having a duty to provide information
18
Q
What is dual agency?
A
a single real estate agent or brokerage represents both the buyer and seller in the same transaction
19
Q
Why is dual agency an unacceptable practice?
A
significant conflict of interest, potentially compromising the impartiality and best interests of either party.
20
Q
How would you close a regulated firm?
A
*Agree the closure date (with other partners or directors if necessary).
*If the firm is insolvent, seek appropriate advice.
*Inform staff and take necessary legal steps to end their employment, or allow them to seek government support if available.
*Inform clients of the firm and seek instructions.
*Deal with client money outstanding in your client account.
21
Q
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
A
all RICS-regulated firms must check potential customers or clients are under any relevant sanctions that prohibit establishing a business relationship with them.
22
Q
What must/should firms/members do to comply with the AML guidance?
A
not offer or accept, directly or indirectly, anything that could constitute a bribe
* have plans in place to comply with applicable laws governing bribery and corruption, and ensure that these are followed
* report any activity they are aware of that breaches anti-bribery and corruption laws to the relevant authorities the activity should be recorded and, if possible, reported to a senior manager
23
Q
What are the current RICS rules for registration of firms?
A
At least 25% of the firm’s principals must be qualified RICS professionals
Responsible Principal: Regulated firms are required to designate a person who provides oversight, accountability, and engagement with RICS standards and regulation.
CHP
Alternative Dispute Resolution (ADR)
PII
Display of Designation
Solvency: Firms must ensure their finances are managed appropriately
24
Q
When must a firm register for regulation?
A
a)the Firm provides surveying services to the public
b)the Firm is operating in Regulated Area
c)at least 50% of the Firm’s Principals are RICS Members
25
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
The RICS logo may only be used by a Member or a Registered Firm, unless otherwise authorised by RICS
26
What must be included in ToE relating to firm regulation?
statement confirming the firm's RICS regulation status and adherence to the RICS Rules of Conduct for Firms
27
What is a locum and who might need one?
A locum is another professional who is appointed to 'stand in' for the surveyor if they are unable to work
28
How could a sole trader set up their CHP using a locum?
a locum may be appointed by a sole practitioner as their complaints handling officer to ensure that their Complaints Handling Procedure can be run fairly and impartially.
29
What RICS guidance relates to handling client money?
Client money handling 1ST Edition (2022)
30
What do the RICS Rules of Conduct say about client money?
All client money in a RICS-regulated firm has exclusive control at a bank/building society authorised by the relevant banking regulatory body.
* ensure the client money account does not contain any sums other than the whole or any part of client money paid into it, or any sums needed to replace money that has been withdrawn from the account by error, with accrued interest on such amounts
* not hold office money in a client money account unless it is a receipt of mixed monies where the office money is awaiting transfer
31
Explain your understanding of the RICS Scheme Rules relating to client money protection.
*All client money must be held in a dedicated client money account at a bank.
*Account Title: Must include the word "client" and the firm's name.
*Bank Operating Conditions: Obtain written confirmation outlining the operating conditions of the client account.
*Interest: Any interest earned on client money must be credited to the client account.
*Charges: Any charges levied on the client account must not be debited from the client account but taken from the firm's office account
*Discreet client account: Must include the client's name or property address, and the firm's name, along with the word "client" to clearly distinguish it
32
What are the main financial schemes available to firms?
Client Money Protection Scheme (CMPS) provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client's money, up to the limits and exceptions set out in the scheme rules
33
What does the annual regulatory review fee relate to?
Paid by firms holding client money, covers the operational costs of the client money regulatory review visit program and includes a levy for the Client Money Protection Scheme
34
How does client money differ to office money?
client money is money held or received on behalf of another person, while office money is money held or received for the firm's own account, and they must be kept separate
35
What are some of the key principles of the RICS Professional Standard relating to client money protection?
safeguarding client funds, ensuring transparency, and maintaining ethical conduct, including maintaining separate client accounts, regular reconciliations, and prompt reporting of any issues
36
Explain the potential implications of the Hart v Large case.
highlighting the importance of clear reporting on survey scope and recommending further investigation when necessary, and potentially shifting the definition of surveyor duties towards a more holistic "advice" rather than just "information" role
37
Explain your understanding of the RICS Levitt review.
The Independent Review was commissioned by RICS to investigate articles in the press that alleged that RICS ‘tried to supress a internal report into its finances in 2018/19 and 4 non-Executive Board members of RICS then raised concerns that the audit had been suppressed and were dismissed from the Management Board.
38
What is whistleblowing?
This will usually be something you've seen at work - though not always. The wrongdoing you disclose must be in the public interest.
39
Explain what you understand by the RICS Bichard Review.
Lord Michael Bichard has published his independent Bichard RICS Review which was commissioned by the RICS Governing Council to review the Institution’s purpose, governance and strategy.
40
Explain some of the recommendations of the Bichard Review.
*A renewed and increased focus on the public interest of RICS, including amending the Royal Charter, creating a public interest panel to advise
*Self-regulation, through greater independence for regulatory functions
*Increased focus on Diversity and Inclusion across the profession and within RICS governance
41
What is modern slavery and how would you identify red flags of it?
*Limited Freedom of Movement.
*Control of Documents: Having someone else hold their passport, ID.
*Surveillance and Monitoring
42
What is the Sanctions List and why should you be aware of it?
RICS members and firms must be aware of it to comply with their obligations under the Rules of Conduct, which include not facilitating any financial crime
43
How do you ensure you comply with your firm’s bribery and gifts policy?
Gifts register recording all gifts, proportionality is key
44
Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.
Inform client of this explain where I lack experience, recommend a colleague who has the necessary expertise.
45
Tell me about an instance of when you have handled client’s money.
Monies received for compensation – transfer out in way client requested
46
How would you keep client’s money securely and safely held?
*Client money must be held in a separate client bank account, distinct from your firm's operational funds.
*Dedicated Client Account: Establish a specific bank account solely for holding client money.
*Thorough Record Keeping: Maintain detailed records of all client money transactions, including receipts, payments, and balances, to ensure accountability and transparency.
47
Tell me about how you would handle a client complaint.
Respond quickly within 5 days (acknowledge), listen and be understanding, formal response within 28 days. Record complaint inform office manager
48
Tell me about your understanding of your firm's process for escalating a complaint to Alternative Dispute Resolution (ADR).
issue a final decision letter concluding a complaint and then refer complainants to an independent body if they remain dissatisfied. ADR is usually quicker than litigation and involves less formal preparation of documents and responses because it is designed to be accessible without legal representation
49
If you identified a potential or actual conflict of interest, how could you handle this?
Informed client and line manager, explain information barrier will be used, receive informed consent from client and record this
50
What did you do to ensure you were compliant with the Bribery Act?
Monitoring and training with written statement, proportionality vital
51
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
Have at least 25% RICS-qualified principals, Comply with RICS Rules of Conduct, and have adequate insurance, PII, client money protection, and a CHP, as well as staff training and competence processes.
52
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
This is a bride, I would refuse the bride and report this to my office manager.
53
What would you do if you were asked by a client to reduce a fee proposal to win new work?
I would speak to someone more senior, such as a supervisor or line manager I would whistleblow if required e.g. I would report suspected Money Laundering
54
What would you do if you became suspicious that a client was involved in money laundering?
make detailed notes of what has happened, who was involved, when, where and how you were approached. After identifying all possible losses, you must report fraud to the police and your insurers. Report to nominated officer within firm.
55
If you were to set up in practice on your own, tell me about the types of insurance you would need.
PII. Contents insurance.
56
What was your advice as to why your valuation was not Red Book compliant, notwithstanding registration status?
Marketing appraisal, compulsory purchase, negotiation. Internal purposes, not in line with Mandatory PS1 and PS2 – no conflict of interest.
57
How did your terms of engagement accommodate a non-compliant red book valuation?
TofE must be clear on scope of works and grounds making it not compliant
58
What health & safety legislation are you aware of?
The Health and Safety at Work Act 1974 states employers are responsible for protecting the safety of their employees at work.
59
How do you ensure that you comply with this legislation Health and Saftey at Work Act 1974?
Employees must take reasonable care and health and safety of others affected by their actions.
60
What are the penalties under current health & safety legislation?
Fines to imprisonment, with the seriousness of the offense.
61
Is it a criminal offence to breach the H&S at Work Act 1974?
Yes.
62
Tell me about your employer’s health & safety policy?
Your policy should have been signed within the last 12 months. In other words, you should review your policy at least annually, noting within the policy the date it was last revised.
63
What are your health & safety duties as an individual surveyor?
Prioritizing your own well-being and the safety of others, including colleagues, clients, and the public, by cooperating with your employer's policies, conducting risk assessments, and using appropriate Personal Protective Equipment (PPE).
64
What guidance does the RICS produce about H&S?
Surveying safely: health and safety principles for property professionals.
65
Tell me something you understand from reading Surveying Safely.
Individuals are responsible for knowing and understanding the health and safety risks appropriate to the tasks they undertake.
66
When was Surveying Safely last updated?
2019.
67
What is the safe person concept?
Ensuring the right person, with the appropriate training, skills, and equipment, performs the right task at the right time, and that all understandings are confirmed for everyone involved.
68
What must Regulated Firms provide?
Professional Indemnity Insurance (PII) that meets RICS standards, managing client money appropriately, and having a complaints handling procedure.
69
What happened in the case of Suzy Lamplugh?
Ms Lamplugh had left her office to meet a prospective client known only as 'Mr Kipper' to view a flat. She was never seen again, and 'Mr Kipper' was never identified.
70
Why is this important for surveyors to notify others when working remotely?
Colleagues need to be clear where and when they are who they are meeting and how long they will be away and someone needs to check in after agreed period of time.
71
What is Personal Protective Equipment (PPE)?
Specialized clothing or equipment designed to protect a worker from hazards in the workplace, such as injuries from chemical or biological exposure, or from impact.
72
What is a risk assessment?
A systematic process of identifying, analyzing, and evaluating potential hazards and risks associated with a particular activity.
73
What is a hazard?
Anything with the potential to cause harm.
74
How would you undertake a risk assessment before attending site?
Assess previous record, plans photos etc. correspondence.
75
What is asbestos?
A group of naturally occurring minerals that are fibrous and resistant to heat, fire, chemicals, and corrosion.
76
What legislation are you aware of in relation to asbestos?
Control of Asbestos Regulations 2012 (CAR), which outlines duties for employers, building owners, and those managing maintenance to ensure safe asbestos management and work practices.
77
What do you understand by the Control of Asbestos Regulations 2012?
Focus on managing asbestos risks in non-domestic premises, requiring duty holders to identify and manage asbestos to prevent harm to workers and occupants, including creating a plan to manage asbestos risks.
78
Who is the duty holder for Asbestos Management Plan?
Person responsible for Asbestos Management Plan.
79
What are the two types of asbestos survey?
Management Surveys (non-intrusive, for ongoing management of asbestos-containing materials) and Refurbishment/Demolition Surveys (intrusive, needed before renovations or demolition).
80
When was asbestos banned?
1999.
81
What is an asbestos survey/management plan?
Involves first assessing a building for asbestos-containing materials (ACMs) and then developing a plan to manage the risks associated with those materials. The survey identifies where asbestos is located, the type and condition of the ACMs, while the management plan details how these risks will be controlled.
82
Explain the key principles of the new RICS guidance relating to asbestos.
Mitigation of risk to surveyors and their clients, The Control of Asbestos Regulations 2012.
83
What is occupational health?
Physical and mental well-being of employees in the workplace.
84
Why is occupational health important?
Ensure team are working well, people performing optionally and enjoy their role.
85
What are the Construction (Design & Management) Regulations 2015?
Regulations to improve health and safety in construction projects, outlining the roles and responsibilities of all those involved, from planning to completion.
86
Tell me about your understanding of fire safety?
* Fire risk assessment and review it regularly. * Tell staff about the risks you’ve identified. * Put in place, and maintain, appropriate fire safety measures. * Plan for an emergency. * Provide fire safety training.
87
Tell me about your understanding of the Equality Act 2010.
Legally protects people from discrimination in the workplace and in wider society.
88
What key health & safety issues relate to rural surveying?
Hazardous materials like asbestos, potential slip, trip, and fall hazards in uneven terrain or cluttered sites, and the risk of working alone.
89
How do you stay safe in remote locations?
Regular check in with office or go with a colleague. Tracking app on phone.
90
What are your duties under the Gas Safety Regulations 1998 / Electrical Safety Standards in the Private Rent Sector (England) Regulations 2020?
Ensure that all gas appliances, flues, and pipework are maintained in a safe condition and have annual gas safety checks conducted by a Gas Safe registered engineer, with records kept and copies provided to tenants.
91
Which is the most common type of asbestos?
White asbestos (chrysotile).
92
Do you think that you may have a duty of care to keep a property secure, even if there is no express provision in your contract?
Occupiers' Liability Act 1984, an occupier of property has a duty of care to visitors, including those who might be on the property due to it being abandoned, to ensure the premises are reasonably safe, unless the occupier is aware of a specific danger.
93
What case law relates to this duty of care?
Donoghue v Stevenson.
94
What changes were brought in by the Personal Protective Equipment at Work (Amendment) Regulations 2022?
If PPE is required, employers must ensure their workers have sufficient information, instruction and training on the use of PPE.
95
What PPE did you use on an inspection?
Hard hat, steel toed boots, GPS alarm, phone tracking app
96
What would you do if you suspected asbestos existed on a site inspection?
Stop work immediately, confirm what it is or assume it is asbestos and carry out a risk assessment. This will help determine if the work requires a licensed contractor.
97
What specific precautions would you take when inspecting a dilapidated property?
Wear hard hat, suitable footwear and clothes. Notify office of when I should be leaving the property.
98
What hazardous materials have you come across in your work?
Asbestos and cymag
99
What are your RAMS for the inspection of proposed fenceline in Perthshire?
Inform office of where I was going, what I was doing and schedule a call to update them. Having tracking app on. Check weather conditions and familiarise myself with the route using a map.
100
What control measures did you put in place if technology failed you?
1. Assess the situation; 2. Use alternative methods; 3. Report and document; 4. Review and update; 5. Seek expert advice
101
Describe the protocol if you did not check in or return home.
Authorities are informed providing last known location, vehicle, appearance, etc.
102
What benefits did you identify in being accompanied to site?
Work carried out quicker, clearly identify risks
103
Why is it important to develop long-term client relationships?
It leads to additional work and a better understanding of the client and their goals.
104
What different stakeholders have you come across in your role?
Landlords, tenants, prospective tenants/purchasers, owner occupiers.
105
What is your duty of care towards your clients?
RICS Rules of Conduct ruled 1,2.
106
How do you set fees?
Fees are set at £/hr, with expenses covered by the work that might reasonably be expected.
107
How are stakeholders identified?
By recognizing individuals, groups, or organizations that can influence a project or be impacted by its outcomes.
108
What formal communication systems with clients and stakeholders are you aware of?
Emails, reports, project reviews, and meetings for clear, concise, and documented information sharing.
109
How do you gather data during the inception stage of a project?
Using verified data, title plans, and comparable evidence.
110
What is the definition of a Key Performance Indicator (KPI)?
A quantifiable measure used to evaluate the success of an organization, employee, etc. in meeting objectives for performance.
111
What can you do if negotiations break down?
Reframe the issue, actively listen to the other party's concerns, and explore options.
112
What is a conflict of interest?
Occurs when their duty to a client conflicts with their duty to another party. This can happen when a member's personal interests conflict with those of their client.
113
What do the RICS Rules of Conduct say about avoiding conflicts of interest?
Identify and manage conflicts of interest. This helps prevent situations where personal interests might compromise professional judgement.
114
Give examples of ways that conflict can be avoided.
* Seek Informed Consent: Obtain informed consent from all affected parties before proceeding with work where a conflict of interest or a significant risk of one exists.
* Implement Information Barriers: Prevent the flow of confidential information between different parties.
* Disclose Relevant Information: Disclose any potential conflicts or impartiality that could impact their work.
* Maintain Records: Keep records of decisions made, informed consent obtained, and any measures taken to avoid conflicts arising.
* Seek Advice: Consult with RICS or seek legal advice if unsure.
115
What are the benefits of clear contract documentation?
Minimizing disputes, ensuring compliance, facilitating efficient communication, and protecting all parties' interests by clearly outlining obligations and expectations vital for PII.
116
How do reporting and proactivity reduce conflict?
Fostering open communication, identifying potential issues early, and encouraging timely intervention.
117
What are the three pillars of dispute resolution?
1 Negotiation; 2 Mediation; and 3 Arbitration.
118
What is Alternative Dispute Resolution (ADR)?
Methods of resolving disputes outside of traditional court proceedings, utilizing processes like mediation, arbitration, or conciliation.
119
Why might you prefer to pursue ADR rather than litigation through the Courts?
It's usually cheaper, more flexible, faster and less stressful than going to court.
120
Tell me about a conflict of interest check you have carried out.
Email the firm when new instruction is received giving details etc. giving time for colleagues to reply. Check files.
121
What would you do if you identified a perceived/actual conflict of interest?
Notify parties, send letter for informed consent.
122
Can you tell me about any RICS guidance relating to conflicts of interest?
The RICS Rules of Conduct and the Conflicts of Interest professional statement outline these obligations and expectations.
123
What is the practice of dual agency?
When a single real estate agent or broker represents both the buyer and the seller in a real estate transaction.
124
Can you tell me about any recent RICS guidance relating to dual agency?
Banned in Conflicts of interest – UK commercial property market investment agency.
125
What is the difference between an arbitrator and an independent expert?
Arbitrator acts as a neutral third party to hear disputes and make legally binding decisions, governed by the Arbitration Act.
Independent expert provides specialized knowledge and expertise to resolve disputes, often under the terms of a lease, without necessarily needing to make a formal decision.
126
What is the role of RICS in dispute resolution?
Provides impartial, professional solutions for resolving disputes.
127
Tell me about your role if you were acting as an expert witness.
Expert witnesses assist the tribunal by providing objective, unbiased opinions on matters within their expertise and make it clear when a question or issue falls outside of their expertise or if they are not able to reach a definite opinion.
128
How does dispute resolution work for agricultural tenancies?
The Central Association for Agricultural Valuers (CAAV) and the Royal Institution of Chartered Surveyors (RICS) play key roles in facilitating dispute resolution processes.
129
How are disputes relating to payments or subsidies made by Natural England or the Rural Payments Agency dealt with?
A review by RPA officials is followed by an appeal to an Independent Appeals Panel, which makes recommendations to the relevant ministers.
130
What RICS guidance relates to rural arbitration?
"Rural Arbitration" guidance note and its "Simplified Arbitration Service" help rural landlords and tenants resolve disputes through a low-cost, quick, and easy process.
131
Explain the role of the Boundary Disputes Mediation Service.
Cost-effective, and informal approach to resolving boundary disputes between neighbours, allowing parties to retain control over the resolution process.
132
What is the role of the Simplified Arbitration Service (SAS)?
It supports the legitimate right of parties to use arbitration by providing a structure and timetable that ensures disputes are dealt with quickly and inexpensively.
133
What are three principles of GDPR and the Data Protection Act 2018?
Lawfulness, Fairness, and Transparency; Purpose Limitation; Data Minimisation
134
How do you comply with GDPR and the Data Protection Act 2018 in your role?
Lawfulness, fairness, and transparency; Purpose limitation; Data minimisation; Accuracy; Storage limitation; Integrity and confidentiality; Accountability.
135
Give me an example of how you ensure that data is kept securely.
Encryption: Consider a risk-based approach to determine which of your data should be encrypted.
Firewalls: a network security system that monitors and controls incoming and outgoing network traffic based on predetermined security rules.
Passwords, backups
136
Give me an example of a property information tool.
Scottish Assessor – EPC and Council Tax information.
137
How do you extract data from a source regularly used in your role?
Propval – sold prices, export as excel document.
138
What are the limitations of primary/secondary data sources?
Primary data collection, while offering control and specificity, can be time-consuming and expensive, while secondary data, though readily available, may not be perfectly relevant or accurate.
139
How do you validate information?
Source of information.
140
What is the difference between a deed and a registered title?
A deed is a formal legal document that transfers ownership of a property, while a registered title is the official record of ownership maintained by the Land Registry.
141
How do you source title information?
Registers of Scotland website or HM Land Registry portal.
142
What are the differences between manual and electronic records?
Manual records are physical, paper-based documents stored in cabinets, while electronic records are digital, stored on computers or cloud systems.
143
What is an index map?
A computerised map based on the Ordnance Survey map, providing an index of all registered land and pending applications for first registration.
144
What does encryption mean?
The process of protecting information or data by using mathematical models to scramble it in such a way that only the parties who have the key to unscramble it can access it.
145
What is a firewall?
A network security system that monitors and controls incoming and outgoing network traffic based on predetermined security rules. A firewall typically establishes a barrier between a trusted network and an untrusted network.
146
How can you protect electronic data from viruses?
Use antivirus software, keep your operating system and software updated, be cautious about suspicious emails and downloads, and back up your data regularly.
147
Which records are manually kept in your office and why?
Valuations, Home Reports. In case technology fails.
148
Are electronic signatures accepted by the Land Registry?
Electronic signatures are capable in law of being used to execute a document, including a deed.
149
What type of documents can electronic signatures be used for?
Deeds.
150
What is data redundancy?
Data redundancy refers to the practice of storing the same information multiple times, either within a single database or across multiple data systems.
151
How could you have improved your role within the team?
Improved communication
152
What are the differences between diversity and inclusion?
Diversity focuses on the representation of different characteristics within a group, while inclusion emphasizes creating a welcoming and equitable environment.
153
What does inclusive communication include?
Sharing information in a way that everyone can understand, respecting diverse communication styles and needs.
154
What is partnering and collaborative working?
Two or more entities, like organizations or teams, joining forces to achieve shared goals.
155
What is unconscious bias and how can you reduce it?
Implicit attitudes and stereotypes we develop unconsciously that can influence our decisions and behaviours. Reduce it by recognising it and broadening your perspective.
156
What is a RACI matrix?
A management tool that clarifies roles and responsibilities by categorizing team members as Responsible, Accountable, Consulted, or Informed.
157
Why is accountability and responsibility important when working in a team?
It fosters trust, ensures tasks are completed, and promotes a shared sense of ownership.
158
Explain Tuckman’s theory in relation to teamwork.
As the team develops maturity and ability, relationships establish, and leadership style changes to more collaborative leadership.
159
Explain Maslow’s hierarchy of needs.
• Physiological Needs:
• Safety Needs:
• Belonging Needs:
• Esteem Needs:
• Self-Actualization Needs:
160
Explain how the RICS Rules of Conduct relate to inclusion and diversity.
Rule 4 emphasizes respect and encourages diversity and inclusion.
161
What is neurodiversity?
Range of differences in brain function and behavioural traits, regarded as part of normal variation in the human population.
162
What is the impact of the Worker Protection (Amendment of Equality Act 2010) Act 2023?
Imposes a mandatory duty on employers to take 'reasonable steps' to prevent sexual harassment in the workplace, potentially leading to a 25% compensatory uplift for claims where employers fail to meet this duty.
163
What can you tell me about the RICS Disability Inclusion Framework?
Outlines the organization's commitment to creating a disability-inclusive workplace and professional body, focusing on improving knowledge and creating accessible environments.
164
What are reasonable adjustments?
The framework includes policies for reasonable adjustments for employees, members, and stakeholders, ensuring that everyone can participate fully in their professional lives.
165
How can reasonable adjustments be incorporated into the workplace?
Discuss needs with disabled employees, seek specialist advice, involve them in the process, and consider adjustments like flexible working arrangements, adapted equipment.
166
What is the definition of an inclusive environment?
One that values and embraces diversity, ensures equitable access to opportunities, and fosters a sense of belonging and respect for all, regardless of background or characteristics.
167
How do you promote inclusive environments?
Prioritize respect, empathy, and active listening, while also implementing policies and practices that value diversity and ensure equal opportunities for all.
168
What is cultural change?
The modification of a society's norms, values, beliefs, and behaviours through various processes like innovation.
169
What is direct discrimination?
Involves treating someone less favourably because of a protected characteristic.
170
What is indirect discrimination?
Occurs when a seemingly neutral rule or practice disproportionately disadvantages a group with a protected characteristic.
171
What is unconscious bias?
Refers to unintentional, attitudes and stereotypes that can influence decisions and actions.
172
What legislation contributes to creating inclusive environments?
The Equality Act 2010.
173
Tell me about the Equality Act 2010.
It prohibits harassment and victimization, which includes treating someone unfairly because they have a protected characteristic or have made a complaint about discrimination.
174
What are key requirements for inclusive environments?
1. Recognizing and Valuing Diversity
2. Accessibility and Universal Design
3. Inclusion in Practices and Policies
4. Promoting a Sense of Belonging
175
What are the protected characteristics under the Equality Act 2010?
• Age
• Disability
• Gender reassignment
• Marriage and civil partnership
• Pregnancy and maternity
• Race
• Religion or belief
• Sex
• Sexual orientation
176
What does the Equality Act 2010 provide?
Protects people from discrimination based on protected characteristics
177
What does it say in relation to reasonable adjustments?
Landlords have a duty to make reasonable adjustments to premises to accommodate disabled tenants. This duty applies to common parts of a building as well as private dwellings.
178
How is the Equalty Act enforced?
County Court for damages (including compensation for injured feelings), an injunction to compel compliance with the Act, and any other remedy.
179
What are the three types of financial statement you may come across relating to a company?
Balance sheet; Profit and loss account; Cash flow statement
180
What is an asset?
Resources owned or controlled with the expectation that they will provide future economic benefits.
181
What is a liability?
Represent obligations of a company, typically debts that must be repaid or obligations that need to be fulfilled.
Example: Debt
182
What is the difference between financial and management accounts?
Financial accounting focuses on reporting past financial performance to external stakeholders, adhering to strict standards, while management accounting provides internal reports for decision-making, using both historical and future-oriented data.
183
What is the acid test?
A liquidity ratio that measures how sufficient a company's short-term assets are to cover its current liabilities.
184
What is the working capital ratio?
Comparing current assets to its current liabilities.
185
What is the role of an auditor?
Conducts investigations of financial records to check the integrity and accuracy of the financial information that an organisation has reported.
186
What do you understand from the Companies Act 2006?
To provide for the incorporation, registration, organisation and management of companies.
187
What is the basis of valuation under IFRS 13?
IFRS 13 defines fair value as the price at which an asset could be exchanged, or a liability could be settled, between knowledgeable, willing parties in an arm's length transaction.
188
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.
189
What are statutory accounts?
Annual financial reports companies prepare, showing how they performed (Profit and Loss) and their financial position (Balance Sheet), for Companies House.
190
Why is good financial record keeping important to you?
It helps you prepare a business running budget and file tax returns.
191
How do you ensure that clients' money is handled properly?
Paid into a client money account promptly, use client's money only for that client's matters, show all dealings with the client money and demonstrate that all client money held by the firm is held in a client money account.
192
Is VAT included in a balance sheet or a profit & loss account?
Yes
193
How are accounts from public bodies audited in Scotland?
Audit Scotland's Audit Services.
194
What would you find in farm accounts?
Income, expenses, assets, and liabilities, but with a focus on agricultural activities like crop production, livestock management.
195
What factors affect P&L in a farm business?
Input costs (like fuel, labour, and feed) and output factors (like crop yields, livestock and market prices).
196
What government subsidy schemes are you aware of?
SFI, CSS, BPS, SSBSS.
197
How do significant dates and livestock ages relate to farm accounts?
They impact stock valuation, depreciation, and tax obligations, requiring accurate records and calculations.
198
What do you understand by the UK Farm Classification?
Farms are classified to allow analysis of the sector. Grouping together similar farms allows comparisons between results for different groups of farms. LCI
199
What would you find in the Farm Business Survey?
Provides information on the financial position and physical and economic performance of farm businesses.
200
What is your understanding of gross margins in farm accounts?
Represents an enterprise's financial output (like crop sales or livestock income) minus the variable costs directly tied to that enterprise's production.
201
What RICS guidance relates to farm stocktaking valuations?
Farm Stocktaking Valuations, 2nd edition 2023.
202
When may a farm stocktaking valuation be required?
To assess the closing stock value, and thereby the proper profits or losses and balance sheet of a farming business, for inclusion in financial statements.
203
What is the basis of value for a farm stocktaking valuation?
Home-reared Livestock/Home-grown Crops: HMRC sometimes allows a 'deemed cost' basis, where the cost is a certain percentage of the full open market value of the livestock or crop (e.g., 75% of market value for sheep, pigs, and harvested crops; 60% for cattle).
204
What is a LEADER grant?
A European initiative that supports rural communities through projects that encourage innovation and cooperation to achieve local development objectives. Supports micro and small businesses and farm diversification.
205
What are some of the typical things you'd find in a business plan?
Executive summary, company description, market analysis, organization and management, products or services, marketing and sales plan, logistics and operations, and financial projections.
206
How can an up-to-date business plan help an organisation in the current economic climate?
By providing a roadmap for navigating uncertainties, identifying opportunities, managing risks, and ensuring sustainable growth.
207
How do you use networking to further your business planning skills?
By actively seeking out industry events, joining relevant groups, and building relationships with professionals to gain diverse perspectives, insights, and potential collaborations.
208
What insurance types have you dealt with and what risks have they protected against?
PII and Building Insurance, Machinery Insurance.
209
Why are the RICS consulting on their business plan?
Because it's undergoing a strategic review to ensure the organization's continued effectiveness and relevance, especially considering evolving market, member, and public expectations.
210
What is this strategic review called?
Bichard RICS Review.
211
What is business continuity and why is it important?
It focuses on an organization's ability to maintain critical operations and minimize disruption during and after a crisis, ensuring a swift and efficient recovery.
212
What does the NPPF say about sustainable development?
Mandates that the planning system contribute to achieving sustainable development by promoting the needs of the present without compromising the ability of future generations.
213
What is the Paris Agreement?
An international treaty that aims to reduce greenhouse gas emissions and limit global warming.
214
Explain your understanding of COP26.
Securing global net zero by mid-century and keeping a maximum of 1.5 °C of warming within reach.
215
What does Net Zero mean?
Completely negating the amount of greenhouse gases produced by human activity, to be achieved by reducing emissions and implementing methods of absorbing carbon dioxide from the atmosphere.
216
When does the UK need to achieve net zero by?
2050.
217
What is RICS Rules of conduct 1?
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
218
What is RICS Rules of conduct 2?
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
219
What is RICS Rules of conduct 3?
Members and firms must provide good-quality and diligent service.
220
What is RICS Rules of conduct 4?
Members and firms must treat others with respect and encourage diversity and inclusion.
221
What is RICS Rules of conduct 5?
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
222
What is RAMS in Health and Safety?
Risk Assessment and Method Statement
223
What is arbitration?
Formal and binding alternative to court litigation where an impartial arbitrator makes a final decision.
224
What are the GDPR rights?
Right to be informed
Right of access
Right to rectification
Right to be forgotten
Right to restrict processing
Right to data portability
Right to object
Right to profiling
225
What is the RICS guidance on social media?
RICS rules of conduct, use professional language. Personal accounts could be reviewed if breach guidance.
226
What RICS guidance relates to Social Media use?
Use of Social Media 2024
227
What are the outcomes from Levitt review?
The Chief Executive and Chief Operating Officer all stepped down.
emphasized the need for a more transparent and accountable culture.
228
What is COSHH?
Control of Substances Hazardous to Health Regulations, UK law that requires employers to control the risks to employees from hazardous substances
229
What is gearing?
Comparing Capital to liabilities
230
What is the RICS structure?
Highest governing body is the Governing Council, which sets strategy. The Standards and Regulation Board (SRB) is responsible for setting and enforcing standards within the profession.
231
What is a balance sheet?
company's assets, liabilities, and equity at a specific point in time
232
What is the difference between P&L and Balance Sheet?
P&L gives revenue and expenses over a period, while the balance sheet provides a snapshot of its assets, liabilities, and equity at a specific point
