1
Q
What are the key practices for client care?
Or
How do you ensure you provide client care?
A
- Understand clients objectives and requirements
- Listen to the client
- Seek formal and informal feedback
- Understand the clients position and longer-term goals adopting a holistic approach
- Responding quickly
o Regular reporting systems
o Information filling systems - Robust Complaint handling procedure
2
Q
Client Care: What is the RICS complains handling guidance and what does it entail?
A
RICS Professional Standard: Complaints Handling, 2016 (1st Edition):
- Ensures RICS-regulated firms operate a formal, transparent Complaints Handling Procedure (CHP) including an approved Alternative Dispute Resolution (ADR) mechanism.
- Ensures complaints handled professionally, investigated thoroughly, and clients have access to independent redress if internal resolution is not possible.
3
Q
Client Care: What is you’re firm’s complaints handling procedure?
A
- In House: JLL’s process is confirm receipt in 3 days, deal director responds in 15 days -> Ethics & compliance team -> Redress.
- ADR: RICS Dispute Resolution Service
4
Q
Client Care: Can you talk me through the way you aligned to you’re clients timeline?
A
- Established timeline – 5 months
- Identified scope of work
- Identified different stages of the process (worked backwards from completion date)
o Market Analysis (1month)
o Site Selection (2 months)
o Negotiation (1 month)
o Execution and close out (1 month) - Confirmed with stakeholders and worked with them to achieve this.
5
Q
Client Care: Can you walk me through the way in which you organised weekly client meetings?
A
- Organised Weekly Work in progress calls with client
- Where I updated client on current transactions
- Highlighted any concerns
- Created clear communication and effective decision making
6
Q
Can you give me an example of good communication skills?
A
- Agreeing your clients’ objectives and negotiating strategy
- Detailed research – SWOT analysis
- What points are non-negotiable
- A collaborative approach
- Preparing your win-win or fallback position
- Always maintain communication between the parties.
7
Q
What are the different methods of communication?
Can you give me examples of each?
A
- Verbal - In Person (Quarterly meetings with WPP)
- Verbal - Over the phone (calling an agent for comps)
- Written – Email (writing ToE for a valuation)
- Other: Video call
8
Q
Why is communication a vital role across the surveying industry?
A
Sets out clear objectives, avoids potential issues, creates better relationships.
9
Q
What are different methods of negotiation?
A
Negotiation with the client / Negotiating with a 3rd party e.g. landlord
10
Q
Can you talk me through your Stakeholder Management workshop?
A
- Gained an understanding of stakeholder mapping.
- Taught me how to identify clear roles and communication channels for stakeholder engagement.
11
Q
Can you walk me through how you onboarded your client with that sustainability tool?
A
- Spoke to creator – familiarised myself with tool
- Created a deck and used real life example
- Presented to client and answered questions
- Followed up with email.
12
Q
Communication: Why did your confidence improve after helping onboard your client?
A
I undertook detailed research of the tool, to gain a better understanding when presenting / getting questioned.
13
Q
Can you walk me through your successful negation of HOTs?
A
- Successful Office Acquisition
- Involved in negotiating HOTs
- I obtained a shorter timeline for exchange and completion
- Specifically requested by client
14
Q
What are HOTs?
A
- Non-binding document that outlines key commercial principles and proposed terms agreed between parties.
- This leads to a sales agreement.
15
Q
Negotiation: what was your original timeline within the HOTs?
What was the new negotiated Timeline?
A
- Originally it was 30 days, I negotiated 25 days.
16
Q
Negotiation: Why did the client want a shorter timeline for exchange?
A
- Minimise risk and uncertainty
- Accelerates their operational objectives for new premises.
17
Q
How did you manage to successfully negotiate a better timeline?
A
- The client provided us with his original HOTs
- The original HOTs had a timeline of 30 years to completion
- I provided our revised HOTs with an amended 25 days requirement
18
Q
What is IFRS?
A
Provides financial accounting standards across the globe, ensuring consistency and transparency.
19
Q
What do you refer to when undertaking financial reporting for valuations?
A
International Financial Reporting Standards 13:
The price received to sell an asset or transfer a liability, in an orderly transaction between market participants, at the measurement date.
20
Q
What is IFRS 16?
A
Related to lease accounting:
Leases have to:
* be reported as a liability
* Accounted for on a balance sheet
* Over 12 months
* Service charge accounted for separately
21
Q
How short does a lease have to be, for it not to apply to IFRS 16?
A
leases of 12 months or less.
22
Q
Who Governs IFRS?
A
IASB (International American school Budapest)
International Accounting Standard Board
23
Q
Can you name me another accounting standard for valuations?
Who is it governed by?
What is its purpose?
A
UK Generally Accepted Accounting Practice (UK GAAP)
- The Financial Reporting Council (FRC) publishes: UK GAAP.
- Provides guidance when preparing financial reports and accounts.
24
Q
What is the difference between IFRS and UK GAAP
A
IFRS was set up to provide an international financial accounting standards across the world, where as UK GAAP is based in the UK.
o IFRS 16: all leases recognised on balance sheet.
o UK GAAP distinguishes finance leases (on-balance) and operating leases (off-balance).
25
What would you find on the accounts of a PLC?
* Chairmans statement
* Independent auditors report
* Income statement (P&L)
* Statement of financial position (balance sheet)
* Corporate governance report
* Remuneration report
* Other statutory information.
26
What is a balance sheet?
- When is it provided?
- What does it include?
* Statement of financial position
* Provided year end
* Asset and liabilities at a given date:
o Assets: Cash, property debtors and other investments
o Liabilities: borrowings, overdrafts, members of interest, loans and creditors.
27
What is a profit and loss statement?
* Statement of income and expenditure.
* Provided on an Annual basis.
* Two types:
- Management accounts: Internal & unaudited.
- Audited accounts: audited by a chartered accountant.
28
What is IFRS 13?
* Lease accounting standard relates to Fair Value
* Fair Value defined by IFRS 13: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
29
What is a cashflow statement?
* Cashflow Statement: shows cash inflows and outflows over a specific period.
* It shows when the cash is actually paid i.e. liquidity of a company.
30
What is the difference between a Cashflow and a P&L?
P&L: measures profitability and record of transactions
CF: Measures liquidity and records when cash is exchanged
31
What are different types of cashflow statements?
* Operating: Cash generated from core business activity
* Investing: Cash used for investments in assets and proceeds from asset sales
* Financing: Cash from debt, equity and dividend payments
32
What is the difference between Management accounts vs Certified Accounts?
Management Accounts: Prepared and used internally
Certified Accounts: Audited accounts prepared by Chartered accountant.
33
Who do you report a Balance sheet / P&L statement to?
Shareholders / Companies House / HMRC
34
What is a business plan?
a written document that outlines a company's objectives, strategies, and how it will achieve them, acting as a roadmap for its future.
35
What would you include within a business plan?
* Analysis of opportunities and risks of the business and the resources required.
* SWOT analysis -useful tool
* Use of fee forecasts
* Budgets, cashflows and audit controls - correct allocation of resource and exp.
36
You mentioned setting company wide targets, when attending town halls. Can you give me some examples of what sort of targets your company would set?
* Increase turnover and client base.
* More cross selling.
* Provide best service to clients.
* ESG – become more sustainable; committed to become net zero by 2040.
* ESG – Also become experts in the area and grow the ESG advisory business.
* Effective recruitment: Employ the best people in every area.
* Diversity & Inclusion: appointed a EMEA head of D&I
37
What is the RICS guidance around Conflict avoidance?
What is the core aim within this?
RICS Professional Standard: Conflict of interest for members acting as dispute resolvers, 2020 (2nd edition)
Advise on identifying and managing potential conflicts of interest to ensure impartiality and maintain trust in the dispute resolution process.
38
How would you avoid having a conflict while carrying out work?
* Clear & careful drafting of the contract or lease.
* Proactive conflict avoidance risk analysis – what could go wrong? Misinterpretation?
* Understand all parties’ objectives and clear comms!
* Negotiating obligations carefully & visibly -Avoid COI
* Keep records and detail – resolve before escalation!
39
How would you manage a conflict?
* Use of processes, tools and skills to manage disagreements and disputes.
40
What is a Dispute resolution?
Resolution of a dispute between two or more parties – can be complex.
41
What are the stages of a dispute resolution?
1. Negotiation (In-house)
2. Alternative Dispute Resolution
e.g. Arbitration, Independent expert, Mediation
3. Litigation
42
What is an alternative dispute resolution?
* Resolving a dispute without having to go to court.
* e.g. rent review disputes.
43
What are the benefits of ADR?
o Speed
o Informality
o Cost
o Quality of decision making
o Confidential.
44
Can you give me 3 examples of ADR?
AIM:
* Arbitration:
* Independent Expert
* Mediation
45
What is arbitration?
- Role
- Knowledge
- Proceedings
- Power
- Negligence
* An Arbitrator DECIDES a dispute acting in accordance with STATUTE.
* Arbitrator has specialist knowledge in subject area.
* Proceedings are dealt with via written representation, or could order a hearing
* Power to order hearing & award costs.
* Cannot be sued for negligence, but three possible grounds for an appeal. (Jurisdiction, point of law or serious confidential solution to dispute).
46
What legislation supports arbitration?
The Arbitration Act, 1996.
* Law - Act of the Parliament of the United Kingdom which regulates arbitration proceedings.
47
What is the professional standard under arbitration?
RICS PS: Surveyors acting as arbitrators in commercial property rent reviews, 2013
48
What are the pros/cons of arbitration?
Pros:
* Fast,
* Cost effective
* Confidential solutions to a dispute.
Cons:
* Can only rely on the evidence submitted.
* Hard to challenge.
49
What is an independent expert?
- Role
- Knowledge
- Proceedings
- Power
- Negligence
* Independent Expert can be appointed when agreed by all parties.
* Must make their own investigations, using own knowledge and experience to make a decision.
* Will have specialist knowledge
* Proceedings are often dealt with via written representation
* Can be legal / non legally binding depending on contract & can / cannot determine costs.
* Can be sued for negligence – rare
Example: Rent review dispute
Often used with mediation
50
What is the RICS guidance around Independent Experts?
RICS Guidance Note: Surveyors acting as Independent experts in commercial property rent reviews, 2014
51
What is the Law that Governs an Independent Expert?
It is governed by contract rather than statute.
52
What doc have the RICS published around expert witness?
Surveyors Acting as Expert Witnesses (2014)
The primary duty of care is to the Court or other dispute resolution panel, NOT to the Client, even though the client pays your fee.
Incentive fees are therefore not appropriate for a surveyor acting as an expert witness.
Must provide statement of truth and confirmation they will act impartially and objectively.
53
Pros and Cons of an Independent expert?
Pros:
* Quick
* Cheap
* Confidential
* Use external sources
Cons
* Limited space to challenge
* Potential for bias
* Can be sued for negligence
54
What is Mediation?
* Involves neutral mediator who facilitates discussions between the two parties to explore a solution
* Mediator acts 'WITHOUT PREJUDICE"
* Confidential and informal
* a Mediator has no decision making authority and cannot impose a resolution upon two parties.
55
Difference between Arbitration, Independent expert and Mediation:
- Role
- Power
- Penalty
- Source of Evidence
- Negligence
- Right to appeal
Role:
Arb: Acting as a private judge
Mediator: Neutral facilitator
IE: specialist advisor
Power:
Arb: Decides the entire dispute
Mediator: Has no power to decide
IE: Decides a specific technical issue
Penalty:
Arb: Power to award costs
Mediator: No power to award costs
IE: Can / cannot award costs (depends on contract)
Source of Evidence
Arb: Only from parties
Mediator: Info from parties
IE: Own expertise and parties
Negligence:
Arb: Cannot be sued
Mediator: Can be sued
IE: Can be sued
Right to Appeal:
Arb: Yes
Mediator: Cannot appeal
IE: Cannot appeal
56
16. What form of Arbitration is Used for Lease Renewal Disputes?
* PACT (Professional Arbitration on Court Terms)
57
What is the role of a surveyor within a dispute resolution proceeding?
* A surveyor appointed can adopt two rules in front of a tribunal / dispute resolver:
o Expert witness
o Advocate
58
What is an Advocate?
Any RICS Guidance?
Provides expert opinion to their client, during ADR procedure.
RICS S&G: Surveyors acting as an Advocate, 2017
59
What is an Expert Witness?
Any RICS Guidance?
Provides impartial, expert opinion to a tribunal.
RICS S&G: Surveyors acting as an Expert Witness, 2014
60
Difference between Expert Witness and Advocate?
An advocate (Lawyer / Barrister) representative of client. Duty is for the client. During ADR
Expert witness is a specialise person whose primary duty is to the court / tribunal, not the party who hired them.
They provide independent, objective and impartial advice on matter.
61
What is the difference between an independent expert and an expert witness?
Expert witness submits information to tribunal (court / IE) to provide expert knowledge.
Independent expert - Determines a dispute parties, using expert knowledge / Individual research.
62
What is a tribunal?
specialist judicial body that decides legal disputes.
63
Can you tell me about the legislation around Diversity, Inclusion and Team-Working?
Equality Act 2010:
Central to RICS approach to responsible business.
It includes the 9 protected characteristics and the different types of discrimination.
64
What are the Protective Characteristics of the Equality Act 2010?
Consolidates discriminative law and provides protection against a wide range of discrimination and inequality.
Dr Grampss
- Disability
- Race
- Gender
- Religion
- Age
- Marriage / Civil Partnership
- Pregnancy and Maternity
- Sexual Orientation
- Sex
65
What are the 4 different types of illegal discrimination
- Direct
- Indirect
- Harassment
- Victimisation
66
What rule of conduct applies to Diversity, Inclusion and team working?
Rule 4
All members and firms but be respectful and promote diversity and inclusion
67
What are the diversity, inclusion and team work requirements for a sole Practitioner?
* Accessible offices
* Website & Comms (Accessible to all)
* Challenging behaviour (that are exclusionary)
68
What are the diversity, inclusion and team work requirements for Smaller Firms?
* Wider recruitment of talent
* Job descriptions and adverts to be inclusive
* Workplace policies e.g. parental leave and wellbeing
69
What are the diversity, inclusion and team work requirements for Larger Firms?
* Remove recruitment bias
* Publish DE&I data
* Support underrepresented communities
* Provide staff training
70
Within rule 4 of the Rules of Conduct, what are the 6 key areas?
1. Inclusive culture
2. Everyday life at work
3. Inclusive recruitment
4. Career progression and development
5. Inclusive policies and procedures
6. Inclusive spaces
71
What are recent RICS DE&I initiatives?
* 19.4% of RICS membership identified as a woman (1st Jan 2025)
* RICS announced in Aug-24 to pledge £90,000 to chartered Surveyor Student Burary Programme.
o Established by Worshipful Company of Surveyors (WCCS) in 2019, to assist with the underrepresented backgrounds in entering the property industry. Key initative in the Bichard review 2022.
* Training for racial equality in the profession
72
What is Unconscious Bias?
Social stereotypes about certain groups of people that someone may not be aware they have.
73
What are key skills for teamworking?
* Listening
* Respect
* Helping
* Reflection(Strengths /Weaknesses)
* Discussing
* Participating.
74
What would you define as being inclusive?
* Allow people with a diverse range of needs and abilities to access and use it.
o E.g. building, place, workplace, sporting venue.
75
What are typical considerations a company has to make when making an office inclusive?
* Accessibility of the office.
* Physical and mental health issues.
* Factors leading to social isolation.
* Consider inclusive best practice for design and management.
76
Legal framework for Inclusive buildings?
* Access to and use of buildings (2015)
77
Test for reasonableness of inclusive spaces
* Effectiveness of adjustment for a disabled person
* The practicality of the adjustment
* Financial cost and likely disruption
* Financial and other resources available to the service provider.
78
What is the guidance note on sustainability?
What is the definition of Sustainability within that note?
RICS Guidance Note: Sustainability and Commercial Property Valuation 2021:
'Meeting the needs of the present without compromising the ability of future generations to meet their own needs'
79
What have you read recently that demonstrates the RICS’s commitment to Sustainability?
RICS Journals: Why sustainability must go beyond ticking boxes.
Built environment accounts for 40% of all carbon emissions.
Rome wasn't built in a day, and net zero cannot be achieved overnight. In fact, just ten years ago it wasn't even a widely known term, let alone a common goal.
Net Zero - building certifications
80
What piece of legislation covers net zero?
The Climate Change Act 2008 (amended 2019)
o Requires UK to achieve net zero carbon by 2050
o Interim targe of reducing emissions by 78% by 2030.
81
What is the UK Green building Council?
It addresses issues such as:
o Establish Net Zero Carbon Scope
o Reduce Construction Impacts
o Reduce Operational Energy Use.
o Increase renewable energy supply
o Offset Any remaining Carbon
82
What is the Paris Agreement?
A legally binding global treaty on climate change, adopted in 2015, to limit global warming to well below 2°C, ideally 1.5°C, above pre-industrial levels.
83
What is your companies Net Zero Initiative?
net Zero by 2040 - In line with our agreement with SBTI (Science base target initiatives)
84
What is an EPC and what regulation's has been put in place?
Energy Performance Certificate
Minimum energy Performance Standards, 2015
85
How long is an EPC valid for?
10 years
86
What is the current EPC requirement?
Energy Efficiency Regulations Standards, 2015:
All properties to be EPC E or higher:
- 2018: New lettings
- 2023: All existing buildings
87
What are the future MEES requirements?
EPC C: New leases (2024) and All properties (2028) got scrapped by the government.
Therefore:
2030: New leases = EPC B
88
What does BREEAM Stand for?
What does it show?
The Building Research Establishment Environmental Assessment Method
It is an assessment tool to rate New / Refurbished / Existing Buildings
89
What are the factors to measure to identify BREEAM?
* Nine weighted environmental categories
o Energy consumption, water use, and transport links.
90
What are the 5 different BREEAM Ratings?
Pass| Good | Very good | Excellent | Outstanding.
91
What are Exemptions MEES?
Exemptions
1) As per EPC exemptions plus;
2) Energy savings do not cover the costs of improvements within a 7-year payback period.
3) Improvements devalue property by more than 5%.
4) Where third-party consent cannot be obtained from the tenant
5) Exemptions only last 5 years and cannot be transferred with sale
6) Exemptions must be registered with Local Authority
92
What are the Requirements for an EPC?
* Valid for 10 years unless building is altered.
* Required for commercial properties over 50sqm
* Newly built, sold or let for a term great than 6 months and less than 99 years.
* Newly refurbished and air conditioning systems altered.
* Required for assigning or subletting.
93
What is the format of an EPC?
1) Address and floor area
2) Reference number
3) Technical information on energy provisions
4) Estimation of energy running costs
5) Rating A+-G
6) Benchmarking information
94
Exemptions for getting an EPC?
* Listed buildings e.g. place of worship
* no heating e.g. industrial shed that doesn't require heating or cooling
* Buildings where the improvements devalue the property by 5%.
* temporary buildings
* due to be demolished.
95
Penalties for not complying with MEES?
< 3 months – Up to £5,000 or < 10% of the RV (maximum of £50,000)
> 3 months – Up to £10,000 or < 20% RV (maximum of £150,000)
96
Can you tell me other Sustainability ratings?
BREEAM
LEED
97
Can you tell me what BREEAM stands for and what it is?
* BREEAM – Building Research Establishment Environmental Assessment Method
o Tool to rate refurbished buildings.
* Nine weighted environmental categories
o Energy consumption, water use, and transport links.
* 5 Ratings: Pass| Good | Very good | Excellent | Outstanding.
98
Can you tell me what LEED stands for and what it is?
LEED – Leadership in Energy and Design (USA).
99
What is Biodiversity Net Gain?
o Improving natural habitats to delivery measurable positive impact ‘net gain’ on biodiversity.
o Development process and land management.
100
What is a green lease?
* Ensure landlords and tenants share info about the use of energy water and waste arising.
* Also used by Landlords to not impact current EPC performance.
* BBP Green Lease Toolkit
101
What is IFRS 16?
International Financial Reporting Standards 16
* Lease accounting standard:
* All companies must comply in respect of reporting property liabilities.
* full cost of leases must be accounted for on Balance Sheet
* Occupier’s obligation to pay rent = liability
o S/C payment accounted for separately
APC - BK
flashcards
Decks in class (15)
# Cards
