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Mischa's Questions Flashcards

1
Q

Why do you want to be a Chartered Surveyor?

A

I want to be a chartered surevyor because I want to make a difference within the industry, specifically the application of WELL and other sustainability methods in to buildings

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2
Q

Tell me about the structure of the RICS?

A

Privy Council
Governing Council - 29 members
RICS Board
Standards and Regulations Board

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3
Q

Who is currently president of the RICS? Since when? For how long?

A

Justin Sullivan since Jan 25
Nick Maclean as interim president

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4
Q

Who is currently CEO of the RICS? Since when?

A

Justin Young - July 2023

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5
Q

What are the four different levels of membership?

A

RICS Fellow - FRICS
Chartered Member - MRICS
Associate Member - AssocRICS
RICS Student

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6
Q

What do you have to do to become a fellow?

A

Evidence of achievement of four fellowship characteristics:
5 or more years at MRICS
A leadership role
Professional/technical achievement
Academic achievement
Raising the profile of the RICS

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7
Q

Can you tell me about a recent article you’ve read in the property news?

A

A retrospective view on COVID-19: 5 takeaways shaping our present and future

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8
Q

How would you handle a complaint from a client?

A

Get the complaint in writing from the complainant
Ensure they have a copy of AY’s CHP and the name of the CHP officer
Provide details of the property redress scheme
Acknowledge within 7 days
Respond within 28 days

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9
Q

Tell me about your firm’s complaint handling procedure.

A

Get the complaint in writing from the complainant
Ensure they have a copy of AY’s CHP and the name of the CHP officer
Provide details of the property redress scheme
Acknowledge within 7 days
Respond within 28 days

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10
Q

Tell me about different styles of negotiation. When would you use each?

A

Competitive
Collaborative
Compromise

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11
Q

What are the benefits of informal communication?

A

Builds trust
Builds client loyalty
Could lead to further work

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12
Q

What are the pros and cons informal communication?

A

Percieved unprofessionalism
Over familiarity
Risk of miscommunication

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13
Q

What’s a “Safe Person”?

A

each individual assumes individual behavioural responsibility for their own, their colleagues’ and others’ health and safety while at work

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14
Q

What’s a risk?

A

The likelihood of an event or failure occurring and its
consequences or impact

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15
Q

What is a risk assessment?

A

Identify the hazards present
Identify the people at risk from the hazards
Evaluate the risk, considering the likelihood and severity of any accidents
Record the findings
Review the risk assessment regularly
Advise all those affected of the outcome of the risk assessment and precautions to take

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16
Q

What can you tell me about the Health and Safety At Work Act 1974?

A

Sets out basic, good practice principles for the management of health and safety for RICS members

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17
Q

What’s asbestos?

A

An insulating material which can cause serious health problems and fatal diseases

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18
Q

What are the different types?

A

Brown, blue and white

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19
Q

Why is asbestos dangerous?

A

When disturbed it can release very small toxic fibers which can lodge in the lungs and cause illness

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20
Q

What’s the difference between an asset and a liability?

A

An asset is something that provides value or potential economic benefit
A liability is an obligation or debt that requires you to pay money or other resources in the future

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21
Q

What’s the difference between an income statement and a balance sheet?

A

It shows a company’s revenues, expenses, and profits or losses over a specific period (usually quarterly or annually
It provides a snapshot of a company’s financial position at a specific point in time.

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22
Q

What does EBITDA stand for? What does this tell you?

A

Earnings Before Interest, Taxes, Depreciation, and Amortization
A measure of a company’s operating performance. It focuses on the earnings generated from core business operations, ignoring factors like interest expenses, taxes, and non-cash accounting items like depreciation and amortization.

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23
Q

Talk me through a scenario where you’d need to know a company’s covenant strength.

A

Valuation purposes
Agency purposes

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24
Q

What is a business plan?

A

A formal document that outlines a company’s goals, the strategy for achieving those goals, and the resources needed to implement the strategy.

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25
What can a business plan help achieve?
Clarify the business idea Guide business strategy and growth Identify and evaluate market opportunities Define financial projections and manage cash flow Mitigate risks
26
How would you write a business plan?
27
How would a public sector business plan differ from a private sector one?
28
What’s a conflict of interest?
When a member or firm's independence and impartiality is threatened due to the existence of a conflict between two clients
29
If you represent a landlord and your colleague represents a tenant, how would you manage a potential conflict between them?
In writing Informed consent Information barrier Files held in a secure folder that only certain people can access Physical barrier
30
What’s a dispute?
A disagreement or conflict between two or more parties over an issue, decision, or situation.
31
How are disputes avoided?
Clear communication Detailed and transparent contracts Provide exceptional service Manage expectations realistically Establish clear payment terms Negotiate in good faith Provide documentation and proof
32
What are the different types of dispute resolution procedures?
Arbitration Independent expert determination Professional arbitration on court terms Mediation
33
And what are the differences between dispute resolution procedures?
Arbitration: Decides in accordance with statute. An award is produced that binds both parties. Arbitrator will have specialist knowledge of the subject area. Has the power to order a hearing. Cannot be sued for negligence Independent Expert Determination: Appointed in agreement with the parties - binds the parties. Specialist knowledge. Fast, cost effective and confidential solution PACT: A form of ADR specific to business tenancy renewals under the L&T act 1954 Mediation: Neutral mediator who facilitates discussions. A confidential and informal process. Cannot impose a resolution
34
What’s the relationship between the DPA 2016 and GDPR?
The DPA is a supplement to GDPR and implements EU GDPR in to UK terms Aims to create a single data protection regime Gives people rights to be informed about how their personal information is being used
35
What are the seven data protection principles?
Lawfulness, fairness and transparency Purpose limitation Data minimisation Accuracy Storage limitation Integrity and confidentiality Accountability
36
Who polices data protection breaches?
Information Commissioners Office
37
What is the maximum penalty for a breach of data management?
Up to 4% of a company's annual turnover or £17.5 million
38
What is unconscious bias?
Relates to the associations we hold which are deeply ingrained and outside of our conscious awareness or control
39
What are the benefits of having diversity in the workplace?
Enhanced creativity and innovation Improved problem solving Improved customer insights and market reach
40
How would you improve diversity in the RICS?
Promote inclusive recruitment practices Increase accessibility to the profession Offer mentorship and networking programmes
41
How do you use teamworking in your current role?
I ensure to collaborate with other members of my team on projects and communicate regularly to ensure we are meeting deadlines and client's objectives
42
How do you promote teamworking within your current team?
Team meetings Team socials Being present in the office
43
What skills have you got that contribute to teamworking?
I ensure to communicate consistently and effectively with my team. I am flexible in what work i can assist in and i ensure to ask questions and projects however i can. i have good time management skills to ensure objectives are being met in great depth
44
How would a blind person navigate their way around your office?
I would ensure that the FOH are aware of their visit to guide them around the office
45
What is 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
46
Tell me about the Equality Act 2010.
The act consolidates discrimination law and provides protection against a wide range of discrimination and inequality, including the use of property as well as when dealing with people
47
What’s a protected characteristic?
Refers to specific attributes or qualities that are legally protected under equality and anti-discrimination laws.
48
Can you give me some examples of protected characteristics?
Sex Sexual orientation Age Disability Race Religion Marriage Pregnancy Gender reassignment
49
What does being sustainable mean to you?
Being sustainable means implementing sustainable elements in to the environment to futureproof
50
Why is sustainability so important?
It is important because we should be meeting our own needs without compromising the ability of future generations to meet their own needs.
51
What’s an EPC? Why is it important?
Energy performance certificate - renewed every 10 years EPCs play a key role in reducing carbon footprints and improving sustainability.
52
Give me some examples of how an EPC could be improved
Upgrade insulation Replace or upgrade heating systems Improve windows and doors Upgrade lighting Change to energy-efficient appliances
53
In what scenario would a property be exempt from complying with MEES requirements?
If the building is due to be demolished Listed building If the building does not need an EPC - place of worship Industrial units with a low energy demand
54
What does BREEAM stand for? And what does it mean?
The Building Research Establishment Environmental Assessment Method A voluntary environmental assessment tool to rate new, refurbished and operational buildings. 9 weighted environmental categories: energy consumption, water use, transport links, waste management and health and wellbeing
55
What are the reasons for inspecting?
Valuation Agency Property Management
56
Talk me through the process of inspecting?
Ensure you have the correct equipment to inspect Consideration of the immediate area - location, contamination, comparable evidence External inspection - method of construction, repair and condition, car parking, access, defects, site boundaries Internal inspection - layout and spec, repair and maintenance, defects, services, statutory compliance
57
How would you identify Japanese Knotweed?
Purple/green hollow stemmed with green leaves
58
What’s a schedule of condition? Why is this important?
A detailed report or document that outlines the current condition of a property or specific part of a property at a particular point in time. Important because it prevents disputes, assists in property maintenance, insurance purposes
59
You’re inspecting an office for management purposes and you spot a patch of damp. What do you do?
Take a photo of the damp Try to establish the cause while on site Inform your client Recommend advice from a building surveyor
60
What’s a section 146 notice?
To inform the tenant of a breach of lease or tenancy agreement, such as non-payment of rent, failure to maintain the property, or unauthorized alterations.
61
What’s IPMS?
International property measurement standards
62
How do you check if your distometer is correctly calibrated? How would you calibrate it?
The distometer should already be callibrated To check this, measure it against a known distance
63
What are the benefits of IPMS vs COMP?
IPMS: Global consistency Transparency Regulatory compliance COMP: Widely adopted in the UK Tailored to different property types Often used in legal and contractual obligations within the UK
64
What’s the difference between IPMS 3 and NIA?
IPMS 3 does not have any height restrictions and includes columns - gives an overall footprint of a building NIA only measures the usable space
65
When would you use GEA?
Town planning, rating and council tax and in some building cost estimation
66
What do you include in GEA?
* Garages * Conservatories * Entrance halls * Internal walls * Service accommodation such as toilets
67
What do you exclude from GEA?
* Open air balconies * Fire escapes
68
The red book has recently been updated – what are the key updates from its predecessor
Valuers must now record relevant ESG data and consider any factors related that might impact value
69
What’s the relationship between the red book and UK national supplement?
Red book is an international standard and the supplement puts this in to UK terms
70
What’s zoning?
A valuation technique used for the comparison of retail properties the rental value of the property reduces away from the street
71
What are the five methods of valuation?
Comparable Investment Profits Residual Contractors
72
When would you use the profits method?
Trade related property
73
What’s a yield?
A measure of investment return, expressed as a percentage of capital invested
74
Can you explain the relationship between the initial, reversionary and equivalent yields?
Initial Yield - Simple income yield for current income and current price Reversionary Yield - Market rent divided by current price on an investment let at a rent below the MR Equivalent Yield - Average weighted yield when a reversionary property is valued using an initial and reversionary yield
75
What’s the registered valuers scheme?
a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book
76
How do you become a registered valuer? What if you don’t have valuation to level 3?
Apply for Registered Valuer status through the RICS Valuer Registration Scheme.
77
What valuations don’t have to comply with the Red Book?
Agency Negotiation/ litigation Expert witness Internal purposes
78
Define Market Value.
The estimated amount for which an asset or liability should exchange - On the valuation date - Between a willing buyer and a willing seller - In an arms length transaction - After proper marketing - Where the parties have acted knowledgably, prudently and without compulsion
79
What’s the difference between Market Value and Fair Value?
Fair value - measurement date for financial reporting Market value - valuation date
80
There is a push from some within the industry to use DCFs instead of the traditional investment method. What are the pros and cons of each? Do you have an opinion?
Pros of DCFS: Used for both market and investment value Makes valuations more transparent More analytical Cons of DCFS: Hard to implement nationally Unreliable for future market value Pros of IM: Cons of IM: Unreliable when comparable evidence is not available Inconsistent with the subject properties specification
81
Talk me through the CCA process.
Process of appealing the rateable value of a property
82
What is the definition of a rateable hereditament?
Six rules to satisfy: Single rateable occupier In a billing authority Be capable of separate occupation Single geographical unit Single use Single definable position
83
What are the four tests for determining rateable occupation?
Beneficial Actual Exclusive Transience or permenance
84
What are the principles outlined in Real Estate Management 2016?
Conduct business in an honest, fair, transparent and professional manner Carry out work with due skill, care and diligence, and ensure that any staff employed have the necessary skills to carry out their tasks. Do the utmost to avoid conflicts of interest and, where they do arise, deal with them openly, fairly and promptly Not discriminate unfairly in any dealings.
85
What specifically do you refer to in PS for Service Charges when formulating a SC budget?
Section 3 - the core principles
86
What can you include but not include in an SC budget?
Included: Management fees Utilities Soft services Hard services Not included: Historical works remediation
87
What’s a misrepresentation?
false or misleading statement of fact made by one party to another
88
What would happen if a tenant was induced into entering a lease where a misrepresentation had been made?
the tenant may be able to rescind (cancel) the lease and potentially claim damages, depending on the type and severity of the misrepresentation
89
What can you tell me about the RICS Code for Leasing Business Premises?
To improve the quality and fairness of negotiations on lease terms and promote the use of a new set of comprehensive heads of terms to make legal drafting of leases more efficient
90
What are the 5 rules of conduct?
Rule 1: Members and firms must act with honesty and integrity, avoiding conflicts of interest and complying with professional obligations. Rule 2: Members must carry out their work with due skill, care, and diligence, maintaining the necessary technical standards. Rule 3: Members should provide a high standard of service and customer care, meeting client needs and objectives. Rule 4: Members and firms should promote respect, diversity, and inclusion in their workplaces and interactions, addressing unconscious bias and supporting equal opportunities. Rule 5: Members and firms must act in the public interest and take responsibility for their actions, promoting sustainable practices and upholding the reputation of the profession.
91
Give me an example of you acting with honesty and integrity.
Conflict of interest checks done prior to any instruction Been honest to clients about timelines
92
What is money laundering?
When illegal funds are realized through property/businesses which disguise them as legitimate
93
What are some signs of money laundering?
Inability/unwillingness to supply documentation Changes to parties information Unusual transactions, urgency, acceptance of potential loss Payment of fees/transactions in unusual currencies
94
What would you do if you spotted evidence of money laundering?
Decline the instruction DO NOT INFORM the party Report it to the compliance officer
95
Would you accept cash as payment for an instruction you’ve carried out? Why?
No - could be construed as a bribe
96
If I bought you a bottle of wine as a thank you, would you accept it?
Yes Gifts register and approved by line manager
97
What about tickets to Barbados? What could that be construed as?
No A bribe
98
What is a bribe?
Giving, offering, receiving or promising an advantage (gift/payment) in return for a service which breaches your duty of care of trust/is illegal

Core competencies (4 decks)

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