Flashcards in Property Records & Information Systems Deck (31)
Why is it important to keep an accurate record of property records?
To ensure quality and reliability of information as far as possible. Impacts quality of advice to clients.
What are the General Data Protection Regulation (GDPR) 2018?
The GDPR update data protection laws for the modern digital age.
Applies to PERSONAL DATA and SENSITIVE PERSONAL DATA; and empowers people to take control.
DPO (Data Protection Officer) required for organisation that process/monitor data on a large scale or a public authority.
Unaffected by Brexit under The EU (Withdrawal) Act 2018.
What is the definition of personal data?
Personal data are any information which are related to an identified or identifiable natural person.
How does GDPR affect your firm?
Current role; holding agent and client information when launching a site, sending mail-outs, ensuring sensitive documentation is kept confidential
What is the Data Protection Act 2018?
Data protection framework that sits alongside GDPR, tailoring it for the UK (What is different? Exemptions?). This Act regulates the processing and storage of personal data – places obligations on organisations that store data
What are the 6 principles of the Data Protection Act 2018?
Lawfully, Specified, Adequate, Accurate, Time, Security
1. Processed lawfully and fairly
2. Purpose of the data collection is specified, explicit and legitimate
3. Data processed must be adequate, relevant and not excessive for the purpose it is held
4. Accurate and up to date
5. Held no longer than necessary
6. Ensure appropriate security of personal data
*There are 7 for GDPR; additional one is ACCOUNTABILITY
What would an organisation have to do if they wanted to store personal data on a computer?
Organisation register on the Data Controller Register and pay a fee if they needed to under the 1998 Act, unless they are exempt. Are Savills registered?
CRIMINAL OFFENCE punishable by an unlimited fine to store personal data on a computer without registering, unless an exemption applies.
What other legislation must you have regard to when dealing with information/data?
Freedom of Information Act 2000. Gives you the right to access information held by public organisations. Anyone can request information, request must be in writing. Required to respond within 20 working days. Exemptions – releasing data would prejudice a criminal matter under investigation, contrary to GDPR.
What is an NDA?
An agreement where it is agreed to treat information as confidential. It is legally binding. Cease and Desist Letter is issued to an individual who has violated the agreement. In my role: firm and all potential buyers must agree.
What can you determine from Title Documents?
The Land Registry can supply on request and payment a copy of the official register of title to a registered property/land in the UK.
- Who owns the property or land
- Address of the owner
- Price paid/value stated information if sold since April 2000
- Any boundaries
- Any rights of way, restrictions and covenants on land noted in the register
An absolute title, also known as a perfect title, to a property is free of any encumbrances or deficiencies. Can get title indemnity insurance to protect against title defects, easements, restrictive covenants.
What is a Copyright?
Set of exclusive rights granted to the author/creator of any original work. It’s a form of intellectual property.
Crown Copyright – government created docs, e.g. laws, press releases, OS maps.
What sources do you consult in your due diligence? How do you use this information?
Dependent on the task I am carrying out due diligence for. Agent: Land Registry title documents, local authority websites for planning context, applications and council tax, EPC Register, Flood Risk map, Land Registry for comparable evidence, VOA for business rates. Results of due diligence inform advice given to the client. For valuation, would include written summary in the report
What reports or letters have you prepared as a result of information extracted from a property record or database?
I have extracted comparable residential sales evidence from the Land Registry and verified sales with agents. Analysed comparables in Excel using Pivot Tables. Formed opinions of value from this analysis to price a residential unit. I then prepared a valuation report stating the comparable evidence, analysis and my opinion of value, as well as including due diligence findings.
What can you tell me about Automated Valuation Models?
Provide automatic valuations (mainly for resi) using a database and mathematical modelling. Only as good as the data they use & their design. Generally used for mass appraisals.
What are some methods to ensure security of data that you use at work?
Password protection, user restriction, physically locking away, security markings, restrict colleagues’ access to my calendar, lock desktop whilst away from desk, back-up data, anti-virus software.
How do you verify information? What do you do if you cannot verify information?
Contact the original source, i.e. the agent who detail with the sale or letting. There are alternative ways to verify some information, such as sourcing the particulars.
How do you analyse and present extracted data?
Pivot tables, tables, maps, charts, plans, photographs
Demonstrate how you met the principles of GDPR?
1. Processed lawfully and fairly
2. Purpose of the data collection is specified, explicit and legitimate. Notified recipient of the reason for the request which was to send site particulars.
3. Data processed must be adequate, relevant and not excessive for the purpose it is held. Requested full name, company, email address and phone number in order to send details of and discuss the opportunity. Did not require any further information.
4. Accurate and up to date. Details were updated at the point of requesting them, just prior to mail-out
5. Held no longer than necessary. Requested that individuals are happy to be contacted again for future opportunities and if so, would keep details on system for that purpose unless they requested erasure. An ability to archive applicants unsubscribe button included
6. Ensure appropriate security of personal data. Kept in a password-protected applicant system
What would have happened if you did not comply with GDPR?
Notify breach within 72 hours to the Data Protection Regulator ICO. Potential for penalty (the greater of 20m Euros or 4% of its worldwide turnover).
Explain what the competitor report is and its purpose?
A record of new build transactions in the prime and hinterland market, organised weekly. Its purpose is to track the market, and it acts as a comparables resource. Colleagues extract information from the report when preparing pricing and market reports for upcoming developments.
What key information did you input into the competitor report?
Development name, developer, location, number of private units / affordable percentage, value/sold prices, total sold, average £psft and sales rate PCM.
How did you analyse the information?
Established the blended £psft across a scheme for the recent three months achieved prices. All data is driven through to the summary page which outlines the average market price and average size per unit for a variety of property types. Presented on a map to highlight price per location.
How did you source this information and verify it?
Source: Rightmove, Zoopla, Land Registry and Landinsight or market knowledge from specialist agents.
Verified: from the acting agent, and in some cases from the client, usually to add colour.
How do you know that the data you have extracted in this example is accurate?
Based on the quality of the verification source. Go to the original agent. Then verify against land registry when it is available.
How/when did you use the competitor report to advise your clients? What was the outcome?
Pricing, market reports, scheme optimisation. We would use this data to advise values, housing mixes and dwelling sizes.
How long can you use personal data for?
For no longer than is necessary for the purposes for which it is being processed. Or until the person requests erasure
What are the 7 key principles of GDPR?
Accountability – organisations must demonstrate ongoing compliance
What are key changes in the GDPR 2018?
Dramatic increase in PENALTIES for non-compliance.
The greater of 20m Euros or 4% of its worldwide turnover.
What would you do if there is a data breach under GDPR?
BREACHES must be notified within 72 hours to the Data Protection Regulator (DPR).