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APC Isla > Mandatory Q. Spotting > Flashcards

Mandatory Q. Spotting Flashcards

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1
Q

What is the difference between honesty and integrity?

A

Honesty means being truthful and transparent in one’s actions and words, while integrity is adhering to a strong moral code and principles. Together, they create the foundation for trust and mutual respect in relationships.

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2
Q

what is the decision tree used for?

A

framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner or situation.

Ultimate test - whether members would be content to have their decisions or actions made public.

there is a RICS Regulation confidential hotline that offers assistance

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3
Q

how much were the fit out costs?

A

currently £175-£250 psf in London for refurbishment and additional £100 -£150 psf for fitted.

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4
Q

how do you determine the fee for valuation work?

A

For valuation work, this is a set fee based on the scope of works (desktop vs. inspection; time frame etc.). Based on market standards.
My firm includes Valuer, property, scope of works, timescales, basis of value, valuation date, competence of surveyor, fee. (Prior history with property in last 2 years, recommendation for secured lending). CHP.

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5
Q

if there was a conflict what would you do?

A

3 steps: consider transparency and openess
1. Conflict avoidance – receive full facts – decide accept or decline from client a and b
2. Written advice to both parties (disclose nature of conflict, be as clear as you can, request written confirmation from both clients)
3. Conflict management – set up information barrier

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6
Q

How did you undertake your COI checks at your firm?

A

check the internal system, then email the firm and once cleared then issue ToE

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7
Q

Would there ever be a time to increase an valuation?

A

only if there was market evidence

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8
Q

how to create a trusting environment?

A

To create a trusting environment, focus on open and consistent communication, demonstrate transparency by sharing information openly, actively listen to others, show appreciation, lead by example, be accountable for your actions, encourage collaboration, and be willing to admit mistakes and show vulnerability when necessary; essentially, building trust requires consistent, reliable behavior and a commitment to fostering open dialogue with others

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9
Q

if a negative client survey came back what would you do?

A

survey’s are anonymous, I would speak to my supervisor and team and decide how we can improve

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10
Q

what do you do if there is a complaint?

A

Initially, I would notify my line manager and set up a meeting with the client and my line manager to discuss the issue and whether it could be resolved.

In house
Quick, clear and transparent.
Complaint made in writing
Complaints Handling Officer Details shared
Acknowledged within 7 days and investigated within 28

Failing this, I would refer them to KF’s complaints handling procedure and notify our insurers of any complaint.

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11
Q

How do you tailor your approach?

A

-understand client objectives and requirements
-listen to feedback
-holisitic approach
-complaints handling procure
-responding quickly and accurately

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12
Q

what details were on the interest schedule?

A

no contact details nor addresses as these are confidential.

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13
Q

What constitutes to effective negotiation?

A

There are numerous factors however three from this list would include:
1. agreeing clients objectives before starting negotiations
2. deciding what points you can give on and what is non-negotiable
3. developing a collaborative approach by understanding the other parties position
4. SWOT analysis
5. Determine the best form of communication eg email, phone

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14
Q

Why is it important to have good negotiation skills?

A

Promotes trust in the profession and encourages RoC in all that surveyors do.

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15
Q

what is the stamp duty for commercial property in wales?

A

6% of £1m +

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16
Q

how do you undertake a risk assessment?

A
  1. identify the hazards
  2. who are the people at risk?
  3. evaluate the risk?
  4. record the findings on a suitable form?
  5. review the risk assessment regularly?
  6. inform all and the methods of work and precautions to minimize or eliminate risk
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17
Q

The structure of the RICS Professional Standard: Surveying safely

A
  • personal responsibilities
    -assessing hazards and risks
    -workplace health and safety
    -opccupational hygiene and health
    -visiting premises and sites
    -fire safety
    -residential property surveying
    -procurement and management contractors
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18
Q

Can you outline what the Health and Safety at Work Act is? And what some of the regulations refer to?

A

It outline the duty of every employer to ensure, so far as reasonably practicable, the health, safety and welfare at work of all employees.
* Must report injuries and dangerous occurrences
* Must undertake, record and regularly review a risk assessment
* Must have a written Health and Safety policy document

(It is a criminal offence with fines or imprisonment if not adhered to. )

Other regulations: PPE at Work Regs 2022

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19
Q

what PPE did you wear at battersea?

A

steel capped boots, high vis, helmet, glasses, gloves, name tag

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20
Q

What is found in the contents of a set of public limited company accounts?

A
  • Chairman’s statement
  • Independent Auditor report
  • Profit and Loss Account
  • Balance Sheet
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21
Q

What accounts are required by Companies House each year?

A
  • Balance sheet (statement of financial position)
  • P&L (income statement)
  • Notes on accounts
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22
Q

What are the definitions for Cash Flow, P&L and Balance sheets?

A

Cashflow – shows the all the actual receipts and expenditure too include VAT
Profit and Loss – shows the income and expenditure of a company, normally prepared on an annual basis
Balance Sheet – statement of financial position showing assets and liabilities at a give date, usually at the end of the financial year.

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23
Q

What are assets?

A

Cash, property, debtors

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24
Q

What are liabilities?

A

Borrowings, overdrafts, loans

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25
What is a dun & bradsheet? How does it work and what does it look like?
Dun and Bradstreet reports gives an indication of credit worthiness. Financial strength code (tangible net worth eg. Financial strength and composite credit appraisal) 5A - HH 2. Risk indicator eg. 1-4 (4 high risk) The composite appraisal takes into account the financial condition but also non-financial factors – trade history, length operation, employee numbers.
26
explain the D&B RATING?
Net Worth From To 5A 35,000,000 And Above 4A 15,000,000 34,999,999 3A 7,000,000 14,999,999 2A 1,500,000 6,999,999 1A 700,000 1,499,999 A 350,000 699,999 B 200,000 349,999 C 100,000 199,999 D 70,000 99,999 E 35,000 69,999 F 20,000 34,999 G 8,000 19,999 H 0 7999
27
What can be done if the covenant is poor?
In leasing, * a deposit can be requested * parent company guarantee * Top co name on the lease * Bank guarantee
28
What is the recent accountancy change regarding occupier property liabilities?
IFRS 16 – lease accounting standards Full cost of leases have to be accounted for on the balance sheet, this is because the occupiers obligation to pay rents has to be recognised as a liability HOWEVER service charge is not included. NOT applicable to leases under 12 months.
29
What is a key factor to include in a business plan?
* Analysis of opportunities and risks to the business * Resources required to service clients * Budgets/cash flows to ensure correct allocation
30
How would business planning vary depending on the types of business and the level of the employee?
The business plan of a sole practitioner may be more focussed on recruitment and client growth so would have a greater emphasis on resourcing. A larger more established firm may have a business plan more focussed on efficiencies and looking at the opportunities to introduce wider service lines and/or streamline.
31
Can you outline how your firm undertakes business planning?
This is done at a corporate level, as well as a departmental level. For example, the plan for London Offices is looking to specifically increase market share and growing the team to support this endeavour.
32
What are some examples of business planning objectives?
Recruitment Profit/turnover objectives Fee level Cost savings Customer satisfaction/feedback
33
How is your team’s performance measured?
Looked at based on fees projections and goals, and of they are being met This factors in aspects outlined in a SWOT analysis such as: Strengths: market reputation based on track record Weaknesses: longer than expected void incurred on instructed space Opportunities: London continuing to be attractive property investment location Threats: competition
34
How can a conflict be avoided?
* Clear and careful drafting of the contract/lease * Managing expectations * Careful and transparent negotiating contractual obligations * Keeping good records with sufficient detail
35
What is the difference between acting as an expert witness and acting as an advocate?
Expect witness – a surveyor provides evidence to a judicial or quasi judicial body, with a primary and overriding duty of care to the court and not the client even though the client pays the fee. MUST confirm they will act impartially and objectively and should provide an unbiased opinion to matters relating ot their experience. Advocate – represents their client at a judicial hearing and have a duty solely to the instructing client however must act in a way to maintain the integrity of the judicial process.
36
What are the main processes available to resolve disputes?
* Negotiation – parties themselves make effort to problem solve * Mediation / conciliation – third party intervention that does not bind the parties but assists them in resolving * Adjudicative Process – outcome determined by a third party, eg litigation and arbitration
37
What is ADR and what are the advantages? And when each might be used
ADR – dispute resolution processes and techniques that fall outside the scope of court litigation. Advantages: * Speedy – less lengthy than court proceedings * Informality * Confidentiality * Lower cost * More opportunity for negotiations * Quality of decision maker i.e. a surveyor rather than a judge
38
What are some examples of ADR and when each might be used?
* Mediation – neutral mediator to facilitate discussions, for confidential and informal disputes * Arbitration – an arbitrator is appointed in a quasi judicial role in accordance with the Arbitration Act, 1996. The parties become bound by the decision. Will have specialist knowledge of the subject area and cannot be sued for negligence. Used for fast, cost effective and confidential reasons * independent expert determination – the expert has expert knowledge of the subject matter to the dispute and both parties become bound by the decision. Used for speed and specialist knowledge. ARBITRATION AND INDEPENDENT EXPERT DETERMINATION – BOUND MEDIATION – NOT BOUND
39
What are the standard procedures for handling a complaint?
Must acknowledge a complaint within 7 days – aim to respond within 28 days and if not then can go to ADR, in the case of my firm it is the Property Redress Scheme.
40
What are the principles of UK GDPR?
Data must be: * processed lawfully, fairly and transparently * collected for specific and legitimate purposes * kept up to date * kept in a way that permits identification of the data subject * processed in a way that ensures security * any incorrect data, having regard to why they are processed, should be erased and/or rectified without delay
41
what are the individual rights under GDPR?
8 rights: * to be informed * right of access * rectification * erasure * restrict processing * data portability (to use for own purposes) * object * automated decision making and profiling (as undertaking by insurance companies
42
What are the penalties for non-compliance
The greater of a fine up to 4% of global turnover or £17.5m
43
What to do if you breach GDPR?
1. Inform line manager and compliance officer 2. Request that the recipient of the information disposes of it securely 3. Inform the client of the breach 4. Report to ICO within 72 hours if there is a loss of personal data and a risk of harm to individuals
44
Please can you talk me through your CPD and what you learnt.
At my firm specifically, there are data management protocols in place to minimise the risks associated eg: * Locking desktop every time you leave the desk * Password protected files * Access restricted folders * Paperless policy
45
Can you provide some examples of data security technologies?
* Disk encryption * Regular backups * Password protected * Firewalls
46
What are the limitations of third-party data and how do you overcome these limitations?
No confirmation of reliability Outdated Diluted as come through multiple sources Solution: can use triangulation to try to verify all third-party data against an alternative source
47
What gives individuals the right to access information held by public bodies? And what are the exemptions to these rights?
Freedom of Information Act 2000  Information must be supplied within 20 working days of the request  Can charge for the information Exemptions: If GDPR would be breached by releasing Would prejudice a criminal matter under investigation
48
What sorts of information a firm can reasonably retain in order to comply with other laws?
Client contacts for ongoing work and records should be kept for 6 years after completing the work as a minimum, similar if the business has ceased trading for 6 years for insurance purposes.
49
Why was data management and data protection important when you were in capital markets?
If it got out to launch a property to market, could affect the value achieved. If leaked, could have an unfair bias on price. Data rooms: extensive confidential information
50
What legislation is applicable to diversity and inclusion?
Equality Act 2010
51
Why is it important to promote diversity?
A team which incorporates a diverse membership in terms of backgrounds and qualities is more likely to be a success.
52
What is meant by unconscious bias? How can you address it and what is your firm doing?
Associations we hold which are deeply ingrained and outside of our conscious awareness or control. Can be tested by Implicit Awareness Training My firm are: Provide training on implicit awareness. Amending the recruitment process to have an awareness of biases.
53
What CPD have you undertaken for this?
have attended conferences form the Gender Matters board which seeks to promote gender balance and equality across the firm.
54
What are the protected characteristics of the equality act?
9 characteristics: 1. Race 2. Sex 3. Sexual orientation 4. Gender reassignment 5. Disability 6. Age 7. Marital status 8. Pregnancy 9. Religion
55
Can you outline an example of when you have demonstrated good team working and what are some useful skills?
One example was working on the preparation of a pitch document with a short turn around period. I showcased the following useful skills: - Listening - Discussing - Helping - Sharing - Communicating - Participating
56
What is meant by an inclusive environment?
One which is designed and managed to allow people with a diverse range of needs and abilities to access and use it
57
Can you provide some examples of issues that may need to be overcome to make a space inclusive?
Physical disability access issues Mental health issues and designing a building which doesn’t lead to social isolation
58
What are the four types of illegal discrimination according to the Equality Act 2010
1. Direct discrimination 2. Indirect discrimination 3. Harassment 4. Victimisation
59
Who is responsible for being inclusive? And what is required?
The controllers of the premises Need for an access statement
60
The controllers of the premises Need for an access statement
Equality Act Health and Safety Act Building Regulations – Part M
61
What is required if there are obstacles to inclusivity
Requirement to make reasonable adjustments to help disability discrimination or make an alternative provision of the service.
62
When may you not be required to improve accessibility?
A ‘test of reasonableness’ needs to be carried out to include: - Effectiveness for the adjustment - Practicality of the adjustment - Financial cost and likely disruption - Financial and other resources available to the service provider
63
Why is it important to show client care?
Aligns with RoC 3 and 5. Also effective client care can lead to increased business generation as the client trusts the individual.
64
What is ConneXions?
My firms strategy which outlines the various means of crossing selling to clients across the business to support them holistically.
65
How do you identify new clients?
In my current agency roll, attending networking events as well as reading the news on new acquisitions to see if we can help from a leasing perspective.
66
What is your firm’s client care protocol?
Confirm needs & objectives from outset Provide clear written terms Obtain feedback Regular client contact/check-ins Relevant research and news updates
67

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