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RM APC Flashcards > Mandatory Competency Q&A > Flashcards

Mandatory Competency Q&A Flashcards

1
Q

Prior to working with a new client, what pre-appointment checks would you complete?

A
  • Ensure I am sufficiently knowledgable, skilled, and competent
  • Check for conflicts of interest
  • Run anti-money laundering checks
  • Ensure the firm has sufficient PI insurance in order to take on the instruction (professional services)
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2
Q

What procedures are in place to ensure good client care is provided?

A
  • Clear communication lines
  • Processes in place for formalising terms of engagement
  • Setup procedures for client feedback and performance reviews
  • Setup procedures to ensure client info is confidential and NDAs are utilised where necessary.
  • Be consistent with formatting of documentation shared with the client
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3
Q

Why is Client Care important?

A
  • Can retain and establish new clients
  • build good rapport - can lead to positive word of mouth to gain new business
  • Failure to provide good client care could lead to complaints and potential claims for negligence - costly and stressful.
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4
Q

What steps would you take if you received a formal complaint?

A
  • I’d arrange a call with the client to understand their concerns and ensure I have established everything.
  • Issue the client a copy of the firms complaint handling procedure if in place.
  • Report the complaint to my director or designated complaints handler.
  • Arrange a meeting with the client to get feedback.
  • If I cannot resolve the complaint then it would need to be referred to the RICS Independent Redress mechanism - ADR
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5
Q

Why do RICS take complaints so seriously?

A
  • require them to be handled in line with their complaints handling procedure
  • Practices have an obligation to notify PI insurers.
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6
Q

Define Duty of Care?

A
  • A duty of care ensures that another party does not suffer harm or loss that can arise as a result of a breach of contract or Tort of Negligence.
  • Typically in the form of contractual duties to perform services with reasonable skill and care.
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7
Q

What is the difference between clients and customers?

A

The client has a fiduciary relationship whereas a customer is solely purchasing goods or services and it is typically a one time transaction.

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8
Q

How do you conduct yourself with a new client?

A

Ensure I maintain professionalism by being friendly, engaging and enthusiastic. Maintain politeness, be respectful, and present myself in an appropriate manner.

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9
Q

What is meant by the term “Soft Landing”?

A

The term refers to the transition to handover from construction. The aim is to realise optimal operational performance.

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10
Q

Define Client Money?

A
  • RICS regulated firms hold or receive the money on behalf of another person or company that is not immediately due or payable on demand to the RICS regulated firm.
  • It excludes fees paid in advance and can come in any form of currency.
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10
Q

Provide an overview of your Quality Management Process?

A
  • extensive peer review process
  • standardised format of documentation
  • rigorous audit and quality control procedures in place.
  • effective handover procedures in staff absences
  • client performance feedback meetings.
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11
Q

What issues would a company face with a high turnover?

A
  • increased costs through recruitment/training/marketing
  • low staff morale
  • higher operational costs & inconsistent performance
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12
Q

What components form a business plan?

A
  • mission statements
  • executive summary
  • objectives/targets
  • SWOT & PESTLE Analysis
  • Budgeting & Forecasting
    -Management team
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12
Q

What is a business model?

A

A strategy implemented by an organisation to generate revenue and profit

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13
Q

How can a business plan help a company remain profitable?

A
  • Assist with securing funding/investment
  • grow existing client base
  • highlight key objectives
  • allows resource planning
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14
Q

Explain your understanding of tax depreciation?

A
  • It is an expense that is claimed on the income statement since for the loss of value on a tangible asset over time. Therefore reducing the amount of taxable income paid by the business/taxpayer.
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15
Q

What are overheads?

A

Operational expenses incurred such as rent/insurance (fixed) or utilities (variable cost).

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16
Q

What is an escrow account?

A
  • contractual agreements used as financial instruments within a transaction.
  • When transferring funds between parties the money will be held in ESCROW - effectively an intermediary 3rd party.
  • It is held until the parties fulfil their contractual obligations allowing the money to be transferred.
  • Typically used by mortgage lenders.
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17
Q

Name the three different types of accounting ratios?

A
  1. Liquidity
  2. Profitability
  3. Gearing
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18
Q

What is the purpose of keeping company accounts?

A
  • record & measure profitability
  • calculate tax
  • legislation & regulation requirements
  • business strategy & growth
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19
Q

What are capital allowances?

A

Type of tax relief for businesses. They let you deduct some or all of the value of an item from your profits before you pay tax.
Examples include plant and machinery, R&D, patents.

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20
Q

What procedures can you adopt to avoid disputes?

A
  • Issue terms of engagement and concise contract documentation.
  • Strong communication procedures.
  • Accurate record keeping.
  • Follow RICS Standards and Guidance Notes
21
Q

What is TCC?

A

Technology and Construction Court: A court specialising in construction and technology disputes governed by civil procedure rules.

22
Q

What is Mediation?

A

It is a form of dispute resolution. It is informal and allows parties to adopt a flexible approach to resolving a dispute allowing the relationship to be maintained. The process is non-binding.

23
Q

What is Concillation?

A

Similar to mediation but if negotations break down the concilator prepares a recommendation to resolve the dispute.

24
Q

What is adjudication?

A

Making a formal judgement on a disputed matter. It is a statutory procedure provided by a third party independent adjudicator. It is often less expensive than litigation and arbitration procedures.

25
Q

What is COP26?

A

UN annual climate change conference between the countries that signed the UN framework Convention of Climate Change. They agreed an explicit plan to reduce the use of coal. They pledged to significantly increase money to help developing countries who lacked infrastructure.

26
Q

What does COP stand for?

A

Conference of the Parties. It was formed in 1994.

27
Q

What is the Paris Agreement?

A

Formed in 2015 at COP21. They agreed to pursue efforts to prevent temperatures rising above 1.5c annually. It is a legally binding treaty.

28
Q

What is a treaty?

A

A treaty is a formal, legally binding written contract between actors in international law.

29
Q

What are the latest changes to MESS?

A

From 2025, the minimum EPC rating for commercial and resi will be C as opposed to E.

30
Q

What are Green Mortgages?

A

A mortgage that rewards someone for buying an energy efficient home by offering more favourable terms.

31
Q

What is Urban Greening Factor?

A

A tool that evaluates and measures the amount of vegetation cover and planting around buildings.

32
Q

What are the most common environmental issues on construction sites?

A
  • risk of land degration
  • risk of water and air pollution
  • high energy usage
  • release of co2 emissions
  • Noise and vibrations
33
Q

What regulations and codes of practice are you aware of that affect sustainability in construction?

A
  1. Agricultural Land Act
  2. Building Act 1984
  3. Clean Air Act
  4. Energy Act 2011
  5. Environmental Protection Act.
  6. Climate Change act 2008.
  7. Flood and Water Management Act.
34
Q

What are the different types of sustainable building materials?

A

Timber
Ground Source Heat Pumps
Air Source Heat Pumps
Solar Panels
PV Panels
Wind Turbines
Green Roofs

35
Q

Define Carbon Neutral?

A

making or resulting in no net release of carbon dioxide into the atmosphere, especially as a result of carbon offsetting.

36
Q

Give an example of carbon offsetting?

A

Reforestation, building renewable energy, carbon-storing agricultural practices, and waste and landfill management.

37
Q

What are SUDS?

A

Stands for sustainable drainage systems which slow down surface water run off and considered to be environmentally friendly as they use natural vegetation to absorb the water.

38
Q

What are the benefits of a BREEAM certified building?

A

Improved operational costs / positive PR message / promotes ESG

39
Q

What is an EPC?

A

Energy Performance Certificate
They are valid for 10 years
Rated from A-G
Provides the amount of Co2 emissions produced by a property and how to reduce them.

40
Q

What sustainability initiatives were implemented by RICS?

A

Value of Planet Campaign
Responsible Business Report
SKA Ratings

41
Q

How do I promote Sustainability at Work?

A

I take part in the EV scheme, I recycle at work and use public transport, use my own water bottle, and use cloud based sharing systems.

42
Q

What are the benefits of Cloud Based Storage?

A
  • Info is backed up securely on encrypted servers.
  • Cheaper than physically storing files.
  • More convenient.
  • They are environmentally friendly.
43
Q

How do you manage data for clients who may be competitors?

A
  • make clients aware of the risks
  • check their understanding of the conflict
  • input NDAs where necessary
  • Secure storage and communication lines are private.
44
Q

Who are the key persons outlined within GDPR?

A

Controller - typically employer
Processor - processes personal data
Date Protection Officer

45
Q

What are the 7 principles of GDPR?

A

Lawfulness, fairness and transparency
Purpose Limitation
Data Minimisation
Accuracy
Storage Limitation
Accountability
Integrity and Confidentiality

46
Q

What are the 8 individual rights under GDPR?

A

The right to be informed
The right of access
The right of rectification
The right to erasure
The right to restrict processing
The right to data portability
The right to object
The right of automated decision making

47
Q

What needs to be in place at work to ensure GDPR compliance?

A

Awareness
Audit of all personal data
updates to privacy notices
Review the procedures supporting individual rights

48
Q

What is workplace diversity?

A

Diversity relates to the acceptance and inclusion of all employees of all backgrounds.
Ut is an important asset to an organisation and acknowledges the individual strengths of each employee regardless of their backgrounds.

49
Q

Advantages of diversity?

A

Different perspectives increase creativity
increase productivity from improved morals
improves company’s reputations

50
Q

Explain your understanding of inclusion within the work place?

A

It is creating an environment where everyone feels they belong, regardless of their background. It ensures all employees feel comfortable voicing their opinions.

51
Q

What is meant by the terms Unconscious Bias?

A

It refers to the associations and assumptions that a person may have about someone based on their background or race.

52
Q
A

RM APC Flashcards (17 decks)

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