Submission Flashcards
When are companies exempt from publishing accounts?
Small companies are exempt if they meet two of the following criteria:
Annual turnover less than £10.2m
Balance sheet total less than £5.1m
Fewer than 50 employees
What does a CreditSafe report show?
Credit rating (0-100 and A- Suggested credit limit Recommended contract limit Status Days beyond terms Industry days beyond terms
What does days beyond terms mean?
A metric of how long it takes a business to pay its bills, past the due date.
What did you use CreditSafe for?
Inform the client of a tenant’s covenant strength
Can you advise a client on covenant strength?
NO! I would suggest they seek advice from an accountant if they wanted to further understand the CreditSafe report.
What is your companies growth strategy?
Confidential but main points are to expand further into Europe through acquisitions and to break down silos within the workplace so clients are better serviced.
Why does client care play such an important role in real estate?
Helps provide a high level of service and retains clients
How do you deliver a high standard of client care?
I ensure I am competent to act for the client, I stick to the timescales set out in the ToE and I ensure I’m in regular contact with the client to keep them informed of progress.
What were the outputs you explained to your client in your financial modelling example?
IRR
NPV
Total returns
Cost of finance
What are the different forms of communication?
Verbal
Written
Graphic
What negotiation techniques have you learnt?
Agreeing my client’s objectives and negotiation strategy prior to commencing negotiations
Detailed research and preparation (SWOT)
Preparing a ‘win-win’ and fallback position
Deciding what points my client is willing to compromise on and what is non negotiable
When have you used these techniques?
During private treaty negotiations for a residential unit in west london
What is the hierarchy of avoidance?
That is a small typo. It’s actually the hierarchy of avoidance, management and resolution of conflicts
What are the main processes in resolving disputes?
Negotiation, mediation and adjudicative process.
When would a surveyor act as an independent expert?
In the arbitration process
What’s the difference between an independent expert, expert witness and an advocate?
Independent expert - Appointed by both parties and has expert knowledge in the subject area. The parties are bound by their decision.
Expert Witness - has an overriding duty of care to the court and must act impartially and give unbiased opinion
Advocate - represents the client and duty solely to the client.
What conflict avoidance techniques have you used?
Understanding client’s objectives
Managing parties expectations
Keeping good records
How did you verify information you gathered?
I called the agents acting on the transactions and to verify the information I had gathered online.
What are the key principles of the General Data Protection Regulation 2016/Data Protection Act 2018?
Information should be fairly and lawfully possessed
Collected for specified, explicit and legitimate purposes and not further processed
Adequate, relevant and limited to what is necessary in relation to the purpose
Accurate and kept up to date. If inaccurate must erase
Kept in a form which permits identification of data subjects for no longer than is necessary
Processed in a manner that ensures appropriate security
What are the individual rights under GDPR?
Right to be informed Right of access Right to rectification Right to erasure Right to restrict processing Right to data portability Right to object Right to automated decision making and profiling
How do two of the principles of GDPR relate to your work?
Information must be kept securely - I maintained a schedule of parties who held interests within a CPO boundary. The schedule had contact details of the interested parties so I password protected the excel spreadsheet
Within this schedule I erased any data that we verified was inaccurate or out of date.
How do you ensure your data is secure?
Firewall software
Password protect computer systems and files
Password protect documents
How is your firm ensuring a diversity within the workplace?
Committees for different ethnic groups
Charity committee
Give an example of when you have successfully worked in a team.
I have worked in teams both professionally and socially.
Professionally - I have worked in various teams within my firm. I worked alongside a director and senior director on the valuation of a portfolio of hotels.
Socially - I organised and lead a team on a charity event where we walked from our office in central london to Brighton.
What is the role of the RICS?
Promote and enforce the highest professional qualifications and standards in the property industry and safegurard both members and the public.
What are the main roles of the RICS?
Maintain highest standards of education and training
Protect consumers through strict regulation of professional standards
Leading source of information
What are the benefits of being in the RICS?
Status Recognition Market advantage Knowledge Network
What are the principles of RICS Regulation for members and firms?
PACTT
Proportionality Accountability Consistency Targeting Transparency
What are the RICS Global Professional and Ethical Standards?
STIRR
Act with Integrity Provide a high standard of Service Promote trust in the profession Treat others with respect Take responsibility
What is the Professional and Ethical Standards Decision Tree?
A framework of questions which members should ask themselves when faced with ethical decisions.
Would I be happy with my actions being made public?
What are the principles of the Bribery Act?
Bribery Act 2010
PTRDCM
Proportionality Top level commitment Risk assessment Due diligence Communication Monitoring and review
What was in the NDA?
The NDA forbid me from disclosing any information relating to the client’s purchase and requirements to raise equity until they had given consent.
What are the key bits of legislation for Health and Safety?
Health and Safety at Work 1974
When you inspected the hotel development site in Bath, what guidance did you adhere to?
RICS Guidance Note on Surveying Safely
What does the Surveying Safely guidance note set out?
Basic good practice principles for the management of health and safety for RICS regulated firms and members
What is the safe person principle?
Each individual is responsible for their own, their colleagues and third parties safety.
What is your firm’s lone working policy?
Before the inspection, I must notify a colleague of my whereabouts and my expected return time.
Fully charged phone and phone number and appointment in calendar
Buddy system
Talk me through how you would conduct an inspection
Before leaving the office, I would conduct research into the property I was inspecting including checking the title plans, look on google maps, EPC register, environmental issues and nearby comparable properties. I would also conduct a risk assessment.
I would inspect the local area having particular regard to proximity of transport links and public road network. I would consider the demographic of the area and the repair and standard of nearby properties and look for comparable properties. This could be a good opportunity for business development.
I would then conduct an external inspection of the property looking at the age, construction and any disrepair.
I would then conduct an internal inspection looking at lease compliance, factors affecting value, spec, damage and disrepair, defects etc.
How would you conduct a risk assessment?
Identify hazards Identify parties at risk of hazards Evaluate risk and likelihood and severity of any accidents Record findings Review risk assessment regularly.
Whats the difference between a risk and a hazard?
Hazard - something that may cause harm
Risk - likelihood of hazard causing harm
What measures did you take to minimise the risk of injury whilst inspecting the development site in Bath?
I did a risk assessment and had a discussion with the site manager.
I had regard to the RICS Guidance Note on Surveying Safely.
I work PPE including hard hat, steel toecap boots and a high vis jacket.
During COVID I would also wear a facemask and gloves, carry hand sanitiser and maintain social distancing measure.
