General (Ready)

Question 1

What is the difference between balance sheet and income statements?

Answer 1

• Balance sheet shows what a company owns (assets and liabilities) whereas income statement shows total revenues and expenses for a period of time
• Balance sheet doesn’t show performance
• Balance sheet reports assets, liabilities and equity
• Income statement shows revenues and expenses
• Balance sheet is used to assess whether company can meet financial obligations
• Income statement used to evaluate performance

Question 2

What do Dun & Bradstreet reports include?

Answer 2

• Company name
• Number of employees
• Year of incorporation
• Working capital
• Sales
• Net worth
• D&B rating (Financial strength and risk indicator)
  Example: 5A (Strength) / 3: Moderate risk

Question 3

What would you have done if your Director had insisted that you carry out an appraisal even with unrealistic timeframes?

Answer 3

• Included a statement outlining the limitations of my appraisal in the final report

Question 4

What do you include in HoT’s?

Answer 4

Subject to Contract

• Address
• Details of parties
• Solicitors Details
• Price
• Conditions
• Funding

Question 5

Why is the site introduction schedule important?

Answer 5

• It is used when conducting a conflict of interest check

Question 6

What are the issues that may arise if the site introductions schedule was not kept up to date?

Answer 6

• Difficult to keep track of who is working on what projects

- Could lead to the duplication of work

Question 7

What is the RICS dispute resolution service?

Answer 7

• A form of Alternative Dispute Resolution that provides cost effective and professional service in adjudication, expert determination and mediation.

Question 8

What is the difference between independent experts and arbitrators?

Answer 8

• Arbitrator can only make decisions based on evidence provided
• Arbitrator is not liable for negligence and cannot be sued
• Arbitrator can decide how fees are apportioned between parties, parties can decide how independent expert fees apportioned
  Arbitrator governed by Arbitration Act 1996 / Independent Experts governed by common Law

Question 9

What is a conflict of interest?

Answer 9

• Where a pre-existing relationships impacts

Question 10

Is GDPR still effective in the UK following Brexit?

Answer 10

• Yes, it was written into UK law as part of the Data Protection Act 2018

Question 11

What does GDPR / DPA 2018 relate to?

Answer 11

• General Data Protection Regulations / Data Protection Act 2018
• Controls how data is processed and stored securely

Question 12

Can you advise on a couple of aspects included in RICS Surveying Safely?

Answer 12

• Safe person concept

- Mental health

Question 13

What PPE did you take on your site visit in High Wycombe?

Answer 13

• Hard hat
• Steel toe capped boots
• Torch
• Gloves

Question 14

Why are EPC ratings important?

Answer 14

• They allow organisations to assess the energy performance of a building
  They can be a deal breaker if it is viewed that the running costs of a building are going to be high

Question 15

Can you give examples of sustainable features that could be included in PBSA / BTR?

Answer 15

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Question 16

Why is diversity important?

Answer 16

• Brings new ideas and experiences
• People can learn from each other
• Bringing in different ideas and perspectives often leads to better problem solving
• Promotes creativity

Question 17

What are the NINE protected characteristics under the Equality Act 2010?

Answer 17

• Sex
• Sexual orientation
• Gender reassignment
• Marriage
• Maternity
• Race
• Religion
• Age
• Disability