PROPHECY CORE MANDATORY PART 1 LATEST 2023
EXAM QUESTIONS AND CORRECT ANSWERS|AGRADE
Examples of good client care - ANSWER: o Ensuring you understand and adhere to
client's requirements
o Ensuring ToE clearly outlines scope of services, relevant parties, time frame etc
o Ensure you deal with them transparently, only accepting work which is within my
scope of competence and PII insurance
Examples of good communication skills - ANSWER: · good grammar and spelling
· The etiquette of written communication in emails, letters and reports
· Common formats for reports
· Presentation of figures and data using spreadsheets, graphs and charts
· How to deliver a report at a meeting
· How to structure and deliver a presentation
Negotiation Techniques - ANSWER: · Establishing your objectives and strategy for a
negotiation
· Refer to clients objectives continuously
· Relay negotiation points to the client
· Store information on file
What is my firm's PII cover? - ANSWER: We don't disclose this as it is confidential,
according RICS guidance, as C&W's revenue is over 200k per annum I understand
that my firm will require a minimum of £1,000,000
What is my firm's liability cap? - ANSWER: o My firms aggregate liability is the lesser
of 5x fee paid or £2m
· What is my client's complaint handling procedure? - ANSWER: o As outlined in our
Terms of Business that are attached to Terms of Engagement
o Complaints will be directed to the Head of UK & I George Roberts
o It must be acknowledged within 7 days and responded to within 21 days
What is outlined in public limited company accounts: - ANSWER: · Chairman's
statement
· Independent auditor's report
· Income statement (profit & loss statement)
· Statement of financial position (balance sheet)
· Corporate governance report
· Remuneration report
· Statutory information
Balance sheet: - ANSWER: · This is a statement which shows the financial position of
a business
· It outlines the assets and liabilities of a business
, What are assets and liabilities? - ANSWER: · Assets: this includes cash, property,
debtors, and investments held
· Liabilities: borrowing, overdrafts, loans, and creditors
Profit & loss account: - ANSWER: · Summary of income and expenditure transactions
prepared usually on an annual basis
Management accounts - ANSWER: · Management accounts are prepared for internal
use by a business and are not audited
Cash Flow Statement - ANSWER: · A cash flow statement shows all actual receipts
and expenditure to include VAT
Internal Financial Reporting Standards (IFRS 16) - ANSWER: · the lease accounting
standard with which all companies have to comply with when using the IFRS
· Full cost of the leases need to be accounted for on the balance sheet
· An occupier's obligation to pay rent should be recognised as a liability, although
service charge payments should be accounted for separately
Teamworking Skills - ANSWER: · respecting one another
· listening
· discussing
· persuading
· helping
· sharing
· participating
· communication
· reflection
Equality Act 2010 - ANSWER: Legislation protecting nine characteristics from
discrimination:
1. gender reassignment
2. sex
3. sexual orientation
4. age
5. disability
6. race
7. religion or belief
8. marriage & partnership
pregnancy/ maternity
Firms can make themselves comply with such DE&I standards (as outlined in the
Equality Act 2010) by: - ANSWER: · making sure they are disability complaint-
disabled access
· make website accessible
· diversity supply chain
EXAM QUESTIONS AND CORRECT ANSWERS|AGRADE
Examples of good client care - ANSWER: o Ensuring you understand and adhere to
client's requirements
o Ensuring ToE clearly outlines scope of services, relevant parties, time frame etc
o Ensure you deal with them transparently, only accepting work which is within my
scope of competence and PII insurance
Examples of good communication skills - ANSWER: · good grammar and spelling
· The etiquette of written communication in emails, letters and reports
· Common formats for reports
· Presentation of figures and data using spreadsheets, graphs and charts
· How to deliver a report at a meeting
· How to structure and deliver a presentation
Negotiation Techniques - ANSWER: · Establishing your objectives and strategy for a
negotiation
· Refer to clients objectives continuously
· Relay negotiation points to the client
· Store information on file
What is my firm's PII cover? - ANSWER: We don't disclose this as it is confidential,
according RICS guidance, as C&W's revenue is over 200k per annum I understand
that my firm will require a minimum of £1,000,000
What is my firm's liability cap? - ANSWER: o My firms aggregate liability is the lesser
of 5x fee paid or £2m
· What is my client's complaint handling procedure? - ANSWER: o As outlined in our
Terms of Business that are attached to Terms of Engagement
o Complaints will be directed to the Head of UK & I George Roberts
o It must be acknowledged within 7 days and responded to within 21 days
What is outlined in public limited company accounts: - ANSWER: · Chairman's
statement
· Independent auditor's report
· Income statement (profit & loss statement)
· Statement of financial position (balance sheet)
· Corporate governance report
· Remuneration report
· Statutory information
Balance sheet: - ANSWER: · This is a statement which shows the financial position of
a business
· It outlines the assets and liabilities of a business
, What are assets and liabilities? - ANSWER: · Assets: this includes cash, property,
debtors, and investments held
· Liabilities: borrowing, overdrafts, loans, and creditors
Profit & loss account: - ANSWER: · Summary of income and expenditure transactions
prepared usually on an annual basis
Management accounts - ANSWER: · Management accounts are prepared for internal
use by a business and are not audited
Cash Flow Statement - ANSWER: · A cash flow statement shows all actual receipts
and expenditure to include VAT
Internal Financial Reporting Standards (IFRS 16) - ANSWER: · the lease accounting
standard with which all companies have to comply with when using the IFRS
· Full cost of the leases need to be accounted for on the balance sheet
· An occupier's obligation to pay rent should be recognised as a liability, although
service charge payments should be accounted for separately
Teamworking Skills - ANSWER: · respecting one another
· listening
· discussing
· persuading
· helping
· sharing
· participating
· communication
· reflection
Equality Act 2010 - ANSWER: Legislation protecting nine characteristics from
discrimination:
1. gender reassignment
2. sex
3. sexual orientation
4. age
5. disability
6. race
7. religion or belief
8. marriage & partnership
pregnancy/ maternity
Firms can make themselves comply with such DE&I standards (as outlined in the
Equality Act 2010) by: - ANSWER: · making sure they are disability complaint-
disabled access
· make website accessible
· diversity supply chain
