Questions 4 Flashcards by Charlie Hanrahan

What is a cash flow statement?

• shows actual receipts of expenditure to include VAT

• not included in company accounts

• for management purposes

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What is the profits test?

Net profit = or more than 3x rent payable

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What are your firms strategic objectives / company goals?

• increase turnover and client base
• provide best services to clients
• ESG become more sustainable

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What are GCW’s short medium and longer term goals?

Short term - focus on high growth areas in the business - investment

Long term - more sustainable, climate change focus and push towards zero carbon

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What are common business planning techniques?

• SWOT analysis - Strengths, Weaknesses, Opportunities and Threats

•Benchmarking

• Identify areas of cost saving

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How would you close a firm?

•Inform RICS
• inform client and make handover arrangements
• inform insurers and get PII run off cover - min 6 years
• return clients money
• retain clients files for at least 6 years

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What do you discuss during team meetings?

• fees
• Business development
• Workload

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How can you monitor performance?

• transactions
• number of instructions
• pipeline

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what are the different business veichles?

• sole practitioner - business owner
• partnership - two or more parties
• limited company - owners are legall responsible for debt

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How does a company make spending decisions?

• using budgets and forecasting

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How can business planning help a company achieve its objectives ?

• setting a time frame
• setting targets
• identifying individuals key roles
• evaluation

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Why is it important to maintain good client care?

• to provide the best service to a client
• to promote trust in a. Profession
• to maintain integrity

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Can you tell me about a time you demonstrated good client care?

Clapham - met client on site

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What is included in terms of engagement?

• if your competent
• disclosure of any conflicts
• confirmed in writing and get written approval
• property, client, CHP, PII, Fee basis, payment of expenses

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How can you ensure good client care?

• establish objectives
• regular reporting / feedback
• listen to client

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What’s included in the Heads of Terms for an Investment instruction?

• Price
•address
• tenure
• purchaser / vendor ect…

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Can you give an example of good communication skills?

Phone- receiving comps

Verbal - presenting to clients at monthly meetings

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What is a conflict of interest?

Firms impartiality is threatened with existence of a conflict

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What is a Calderbank letter?

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Offer to settle to prevent a dispute and save costs.
Without prejudice to save costs
Usually resolved in 21 days

Tell me about the different conflicts?

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Party conflict - acting for opposing parties

Own interest conflict - family member or business associate

Confidential info conflict - where you have received information only meant for parties involved

What is mediation?

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3rd party intervention - not binding

What is alternative dispute resolution ?

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Falls outside the scope of the court, they are quicker and less costly

What form if arbitration is used for lease renewal disputes?

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PACT - professional arbitration on court terms

What is the Data Protection Act 2018?

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accuracy
Accountability
lawfulness fairness and transparency

What are the 8 inidivual rights under GDPR?

Right to information Right of access Right of erasure Right of rectification Right to restrict processing Right to object Right to data portability

How has your firm complied with GDPR?

Clients have to opt in to distribution lists

What is the difference between the GDPR and the Data Protection Act 2005

The DPA is a UK implementation of the GDPR

Who polices the GdPR?

information commissioners office

What would you do if you left your laptop on a train?

I would inform my line manager and It department for advice on any confidential information that could be compromised and request that the laptops systems are deactivated. Then notify clients that there may have been a breach of information

What is the freedom of information act 2002?

Right to receive information from public authorities

What would you find On a marketing particular?

Map with north arrow and copyright of where it’s from Contact details of agents, BPRs and cprs Size - quoting costs ect… Photo of the property

Where is RICs headquarters?

12 great George steeet London - next to westminster

How is RICs structured?

Privy council Governing council Regulatory board, audit committee and management board

How do you become a fellow member of RIcs

5 years or more of MRICS A leadership role in the industry Academic achievement

What is the Role of the RIcS?

The royal institute of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development of real estate and land

What are the 3 key roles of RICs

• to maintain the highest stands of education and training • to protect consumers through strict regulation of professional standards • to be the leading source of information and infependant advice on land

What are the penalties for assisting with money laundering under money laundering terrifies financing and transfer of funds?

Up to 14 years in lrison

What is a PEP?

Politically exposed person. Required to carry out further - enhanced dude dilligence

What are the 6 key principles of the bribery act 2010?

• proportionality • top level commitment • risk assessment • due dilligence • communication • monitoring and review

What needs to have occurred for negligence?

Breach of duty of care - loss - damages

What are the five benefits of being a RIcs member

1. Status 2. Knowledge 3. Recognition 4. Market advantage 5. Network

What are included in your firms TOE for agency instructions?

1. Fee proposal and timescale 2. Agency basis 3. Agency / selling rights 4. Anti money laundering procedures 5. CHP details 6. PII

Health and safety at work act summary?

• duty to every employer to ensure safety • hazards •risks • risk assesments

5 steps of a risk assessment ?

1. Identify the hazards present 2. Who could be harmed? 3. Evaluate the risk 4. Record findings 5. Review the risk regularly

What is an inclusive environment?

It’s an environment designed and managed to allow people with diverse range of needs and abilities to access and use it

Give me a short summary of the equality act?

- unlawful to discriminate against an occupier / user - required to provide disabled access if reasonable cost

What is on the front cover of an EPC?

• address of property and floor area • EPC certificate reference number • estimation of energy running costs • a rating A-G

Questions 4 Flashcards

(47 cards)