RICS APC Revision Guide Final Interview Assessment Practice Questions

Scenario:

As a RICS quantity surveyor, producing accurate and comprehensive pricing documents is a core skill. Here's an example of this process in action:

Meeting Title:  Site visit and valuation discussion for [Client Name] property at [Address]

As a RICS quantity surveyor, negotiation is a key skill you'll use throughout your career. Here's an example of a negotiation process you might encounter:

Scenario:

Effective negotiation is a crucial skill for RICS surveyors, enabling them to achieve optimal outcomes for clients in various property-related matters. To excel in this domain, setting clear objectives and crafting a robust strategy are essential. Here's a breakdown of the key steps involved:

Delivering an RICS Surveyor Report at a Meeting: Top Tips for Success

For RICS surveyors, presenting figures and data clearly and concisely is crucial for effective communication with clients, colleagues, and stakeholders. Here are some best practices to follow:

1. Letter Format:

In the context of the RICS APC, good grammar, spelling, and proper etiquette in written communication are crucial for several reasons:

Imagine a small UK property company named "Brick & Mortar Estates" that owns apartments for rent. Here's a simplified cash flow statement for them, assuming a quarter (e.g., January-March):

A cash flow statement is like a detailed log of a company's cash incomings and outgoings over a specific period. It shows you where the money came from (inflows) and where it went (outflows) during that time.

Imagine "Brick & Mortar Ltd." owns a block of flats in London. This is a simplified P&L for one year:

A profit and loss statement (P&L) is like a report card for a company's performance over a specific period, usually a quarter or a year. It tells you how much money a company made (revenue) and how much it spent (expenses) during that time, ultimately revealing its profit or loss.

Assets:

A balance sheet is like a snapshot of a company's financial health at a specific point in time. It's like a photograph that captures what a company owns (assets), owes (liabilities), and the difference between the two (net worth or equity).

Accounting principles are the ground rules used to prepare financial statements that are consistent, reliable, and comparable. They ensure financial information is:

Here's a breakdown of how property/assets are treated in an entity's accounts:

Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) are the two most widely used sets of accounting standards in the world. While they share some similarities, there are also some key differences between them.

While not directly prescribing accounting principles, the RICS does emphasise the importance of understanding and applying fundamental accounting concepts within their professional practice. Here are some key areas where basic accounting principles come into play for RICS professionals:

Getting valuable feedback from clients and learning from it is crucial for improvement and success in any professional field. Here are some effective ways to achieve this as a RICS professional:

The specific statutory authorities and other approvals required for a project will vary greatly depending on several factors, including:

As a RICS professional, consulting with statutory authorities on consents and approvals is a crucial aspect of many projects. Here's how you can effectively navigate this process:

This topic is closely linked to the Ethics, Rules of Conduct and Professionalism competency.