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RICS ETHICS > Eithics > Flashcards

Eithics Flashcards

1
Q

What are the 5 rules of Conduct?

A

1 - Act with integrity and be honest and comply with professional obligations
2- Maintain their professional competence and ensure services are provided by competent individuals who have the necessary expertise.
3- Must provide good quality and diligent services.
4- Must treat others with respect and encourage diversity and inclusion
5- Must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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2
Q

What are the 6 ethical principles that the rules of conduct are based on?

A

1- Honesty
2- Integrity
3- Competence
4- Service
5- Respect
6- Responsibility

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3
Q

What is Dual Agency? Why is it unacceptable?

A

Dual agency is when you act for both the seller and buyer / landlord and tenant.

This is a conflict of interest and the agents loyalty is split between both parties and therefore you cannot not act in the best interest of both.

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4
Q

What is RICS guidance note on Bribery, Corruption or Money Laundering?

A

Countering bribery and corruption, money laundering and terrorist financing
1st edition, February 2019.

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5
Q

Who is the CEO of RICS?

A

Justin Young

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6
Q

Who is the president of the RICS?

A

Ann Grey

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7
Q

Who is the president elect for RICS?

A

Tina Palliet

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8
Q

When was RICS formed?

A

1868

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9
Q

When did RICS become a royal charter?

A

1881

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10
Q

What does RICS stand for?

A

Royal institution of chartered surveyors

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11
Q

What is the ethics decision tree?

A

Framework of questions to ask if faced with a potentially unethical situation

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12
Q

What else could you use if not the ethics decision tree?

A

The RICS regulation confidential hotline

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13
Q

Role of RICS

A

Promotes and enforces the highest standards, protects consumers through strict regulations of professional standards

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14
Q

Benefits of being an RICS member

A

Client confidence, recognition, market advantages,knowledge and network

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15
Q

Professional obligations to RICS for members

A

1- Comply with CPD hours (20)
2- must co-operate with RICS
3- must promptly provide all information reasonably reparation by the standards and regulation board

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16
Q

What were the changes made to the Rules of Conduct?

A
  • clear and simpler structure
  • focus on diversity and inclusion
  • gives clear examples
    -responding to evolving technology
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17
Q

Professional obligations to RICS from firms

A

1-Complaints handling procedure in place
2- Must co-operate with RICS
3- correct PII cover
4-. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work

5-. Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.

6-

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18
Q

What is unconscious bias?

A

The choices and preferences we hold outside of our conscious awareness.

Eg we have natural people preferences, people who look like us, sound like us etc

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19
Q

What is PII?

A

Professional indemnity insurance

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20
Q

What does PII do?

A

Protects clients, surveyors and third parties against negligence claims when there is a duty of care.

If a firm makes a client, it it protected from financial loss it cannot meet.

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21
Q

An example of negligence

A

During a rent review, the surveyor missed out a vital piece of evidence which would have resulted in a large increase in rent for the client and it had further effect on other upcoming reviews for the client.

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22
Q

What is run off cover? And how long is it required for?

A

Insurance for firms after they have stopped doing business.

Minimum 6 years cover but RICS recommended longer cover as claims can be made up to 15 years after.

23
Q

The six principles of the bribery act?

A

1- Proportionality
2- top level commitment
3- risk assessment
4- due diligence
5- communication
6- monitoring and review

24
Q

How many member of RICS?

A

134,000

25
Q

What is the RICS motto?

A

There is measure in all things

26
Q

How many specialists groups are there?

A

17 specialist groups covering land, property and construction

27
Q

What was the levitt review 2021?

A

An independent review commissioned by RICS following treasury management issues

28
Q

What was the Bichard Review?

A

Independent of RICS purpose, governance and strategy

29
Q

How many recommendations were there following the Bichard Review?

A

36

30
Q

Name some of the recommendations

A
  • A public interest panel to formed to advise the governing council
  • A diversity and Inclusion panel to be formed to advise the governing council
  • Governing council to meet 4 times a year with additional meetings when required to ensure effective direction
  • Reaffirm commitment to work in the public interest
31
Q

Red flags of money laundering

A

1- unwillingness to provide identity documents

2- changes to parties involved in transactions

3- unusual features such as urgent to complete

4- payment in unusual currency

32
Q

What is the proceeds of crime act?

A

Allows enforcement authorities to recover in criminal and civil proceedings money and other assets which are deemed to be proceeds in crime.

33
Q

What are the 3 parts on the Countering Bribery, corruption, money laundering and terrorist financing, 2019

A
  • Mandatory requirements for anti-bribery, corruption, money laundering and terrorist financing

2- Guidance setting out supporting good practice for the above

3- supplementary guidance on some of the concepts in 1&2

34
Q

Complaints handling procedure

A

Stage 1 - in house
LISTEN FIRST
acknowledge the complaint within 7 days
Respond within 28 days

STAGE 2 -

if complaint isn’t satisfied, take complaint to redress scheme, details are on the CHP

35
Q

Starting a new practice

A
  • Inform RICS and complete the firm detail form
  • registration for regulation
  • Appoint succession
  • Complaints handling procedure approved by RICS
  • PII approved by RICS
  • CPD Logged
  • Register for the RICS register valuer scheme if undertaking red book valuations
36
Q

Role of RICS

A
  • Enforces the highest professional qualifications and standards
  • To protect consumers through through strict regulation
  • To be the leading source of information on land, property and construction.
37
Q

What are the tree types of conflicts?

A

Personal
Party
Confidential

38
Q

What is a party conflict?

A

relating to the same instruction but for 2 parties eg landlord and tenant of the same property

39
Q

Own / personal interest conflict

A

When acting for a client and they ask for you to carry out due diligence on your wife’s account.

40
Q

Confidential conflict of interest

A

A duty owed to a client to keep information confidential but a duty owed to another client to tell them that information

41
Q

How to deal with a conflict of interest?

A

Conflict avoidance and conflict management

42
Q

What is conflict avoidance

A

When you turn down the instruction

43
Q

What is conflict management

A

When you take on the instruction, receive informed consent from the client and create an information barrier

44
Q

What are the professional obligations for RICS members?

A

1- Comply with CPD ( 20 hours)
2 - Cooperate with RICS
3- provide all information reasonable requested by standards and regulation board

45
Q

What are the professional obligations for RICS firms?

A

1- Cooperate with RICS
2- Ensure a complaints handling procedure is provider and an alternative dispute method approved by RICS. Along with the complaints log.
3- ensure all current and past work has adequate PII insurance.
4- if a sole practitioner, make sure appropriate arrangements have been made for professional work to continue

46
Q

Handing clients money, what is the professional statement called?

A

clients money handling 2019

47
Q

What are the 6 main areas of good practice for money handling?

A

1- holding clients money
2- providing information to clients
3- receipts of client money
4- payment from clients account
5- accounting records and control
6- compliance

48
Q

Does RICS run any schemes regarding money?

A

Yes they run a clients money protection scheme

49
Q

What do you need to do when Starting a new practice?

A

-Inform RICS by filling out the firm details form
- Apply for regulation
- send a complaints handling procedure for approval
- Ensure you have PII
- Plan for succession
- ensure you have locum cover if you are ill
- Set up client money account
- if under taking red book valuations register as a registered valuer
- appoint a complaints handling officer
- Appoint a responsible principle for RICS communication

50
Q

What statutory compliance do you need when starting a new business

A
  • Inform HMRC for tax and VAT. ( claim back only when earning £85,000 or more PA)
  • Equality Act 2010
  • Bribery Act 2010
  • Current employ law, eg minimum wage, gender pay gap
  • Appoint an AML officer
  • insurance for employer/ public liability
51
Q

Closing a practice

A
  • inform RICS
  • Inform your clients straight away
  • return any monies you hold
  • inform insures
  • Sort run off cover for min 6 years
  • hold records for 6 years
52
Q

How do you handle clients money?

A
  • Ensure Client - ‘Name’ on account
  • written consent from client
  • Always positive interest
  • always available for client
  • agree how interest is dealt with
  • ## keep strict records on what has been spent / receipts
53
Q

Information required by RICS for registration

A
  • nature of clients
  • type of business and staffing details
  • CHP & records
  • PII details
  • if the firm holds client money

RICS ETHICS (1 decks)

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