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Mandatory Comps > ERC&P Questions > Flashcards

ERC&P Questions Flashcards

1
Q

What are the RICS Bye Laws?

A
  • They are laws and regulations set by the governing council which are the basis of the RICS rules of conduct.
  • Changes to the Bye-Laws must be approved by the government through the Privy Council
  • 10 bye laws
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2
Q

What is the difference between RICS Ethics and Rules?

A

Ethics are a set of moral values while rules of conduct are a framework for members to work to

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3
Q

What are the new RICS Rules of Conduct? HCSRP

A

1 - Members and firms must act with honesty and integrity,
2 - Members and firms must maintain their competence,
3 - Members and firms must provide an excellent standard of service,
4 - Members and firms must act with utmost respect,
5 - Members and firms must always act in the public interest

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4
Q

What are the 5 Ethical Standards? ISTRR

A

a. Act with integrity ,
b. Always provide a high standard of service ,
c. Act in a way that promotes trust in the profession ,
d. Treat others with respect ,
e. Take responsibility

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5
Q

What is the mission statement of the RICS?

A

To qualify and equip our professionals to the highest level,
To promote and enforce standards,
To lead solutions to the major challenges facing the built environment through professional expertise.

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6
Q

Can you name the 5 principles of better regulation and what do they mean? PACTT

A

i. Proportionality:
1. Meaning the RICS should only intervene when necessary And any remedies they impose should be proportionate.
2. For example, If one of their members were to pay their subscription fees late This could be dealt with by a verbal warning Whereas continued failure to pay and lack of Cooperation with the RICS May result in expulsion.

ii. Accountability:
1. Regulators must be able to justify their actions under public scrutiny and to promote complete fairness so being able to clearly explain why certain decisions have been taken.

iii. Consistency:
1. There must be a complete fair and level playing field treating everybody the same no matter what background they come from.

iv. Targeting:
1. Focusing on the problem and minimising any side effects from a scattergun approach so any measures that the RICS do not undertake should be unambiguous and very targeted.

v. Transparency:
1. Keeping regulation simple and user friendly and always effectively communicating avoiding a heavy handed approach where possible.

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7
Q

Why were the Rules of Conduct changed?

A

Simpler structure, Clear examples, Focusing on ED&I, Understanding evolving technology, Tackling global challenges

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8
Q

Why are the rules of conduct important?

A

They set out the standards of professional conduct and practice expected of Members of the RICS.

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9
Q

If you were in breach what actions can the RICS take?

A

The head of regulations could impose the following:
1. Impose a fixed penalty fine.
2. Make a Consent Order.
3. Refer the matter to the disciplinary panel.

If the matter reaches the disciplinary panel they can administer the following:
1. Impose a fixed penalty fine.
2. Make a Consent Order.
3. Hold a hearing public.
4. Publish the outcome of the disciplinary panels decision in local publications and on the RICS website.
5. Impose retraining on the member.
6. Expell the member.
7. Reprimand or severely reprimand a member.
8. Require costs to be paid.

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10
Q

What would you have to do to set up a business as a sole practitioner?

A
  • Register with the RICS for the regulation of the firm by the Regulatory Board.
  • Prepare a complaints handling procedure to be sent to all clients with the Terms of Business.
  • Obtain professional indemnity insurance and send details to the RICS.
    Set up financial systems to comply with the members’ accounts regulations, if holding clients’ money.
  • Members who practice as surveyors, who are directors of a limited or unlimited company, must ensure that the Memorandum and Articles of Association of the company include a clause confirming that the business will be conducted in accordance with the RICS Bye-Laws, Conduct Regulations and Practice Statements.
  • Obtain an up to date logo kit from the RICS to use for the production of all practice material to ensure compliance with the new designation ‘ Regulated by RICS’.
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11
Q

How do you calculate fees?

A

By assessing the amount and level of resources required over suitable time to carry out the service requested. They should be clear and detailed enough to show the Client what resources and rates have been allowed for so they can make a valued judgement when comparing competitive fee bids.

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12
Q

What do you need for a fee agreement?

A

Scope of service, terms and conditions, fees schedule of rates or breakdown, signatures of approval, fee draw down or expenditure cashflow.

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13
Q

How do you build up a fee proposal?

A

Base it on the level of resources and rates required to meet the clients requirements over the life of the project.

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14
Q

Would you lower your fees to get a job?

A

No the fee shouldn’t be lowered as this is the cost or providing the resources required to carry out the requested service. Also tell client it was a fair fee for works. Could reduce the services offered to lower fee. Fee cutting is unethical and damaging to the industry.

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15
Q

If a client is unhappy and refuses to pay fees what would you do?

A

I would initially ask him why he was unhappy, and request he outlines reasons and see if in any way I can amend my service/resolve the unhappiness. If he remained unhappy I would advise him to make a formal complaint to my organisation to resolve the situation.

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16
Q

Would you accept fees for work you had not carried out?

A

No, by accepting fees you also accept liability for work you can’t ensure has been carried out professionally.

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17
Q

Why don’t we use the RICS scale fees anymore?

A

They were deregulated in 1980 and surveyors now tender for work competitively.

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18
Q

What do you know about Merritt V Babb?

A

Member of RICS found negligent because his employer was not properly insured. House valuer (Babb) over valued a property for Ms Merritt, who was unable to recover damages from his employer due to their PI being cancelled. Case resulted in RICS setting up member support service to assist members who are not required to carry their own PI.

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19
Q

What is PI insurance?

A

Professional indemnity insurance is required to indemnify clients from any professional negligence on a surveyors part.

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20
Q

What does PI cover and what is it for?

A

It covers QS’s, architects and protects against contractual failure or professional negligence

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21
Q

Why do we need PI insurance?

A

To compensate a client against a surveyors negligent action

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22
Q

What factors effect the level of PI?

A

The firm’s turnover in the preceding year.

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23
Q

What are the levels of PI insurance required in the RICS code of conduct and what are the given turn over rates they relate to?

A
  • Turnover £100,000 or less, minimum level of indemnity required £250,000.
  • Turnover £100,001 to £200,000, minimum level of indemnity required £500,000.
  • Turnover £200,001 and above, minimum level of indemnity required £1,000,000.
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24
Q

If you discover another surveyor doesn’t carry PI what would you do?

A

Inform the RICS

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25
Q

What is run off cover?

A

Insurance which continues to cover a surveyors work on projects for 6 years after they cease practising

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26
Q

Does ‘run off cover’ cover latent defects and how long for?

A

Yes, for 6 years

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27
Q

What are CPD requirements?

A
  • Every year a chartered surveyor must do a minimum 20 hours logged CPD
  • Formal CPD – if it has a fixed and defined learning outcome
  • Informal CPD – self study, group Q&A sessions
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28
Q

What is the RICS matrics?

A

Junior organisation of the RICS

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29
Q

A client wants to pay in advance before the end of the financial year, what would you advise?

A

Firstly tell the client I would rather not accept advance payment, if they insist I could accept fee but need to ensure it is kept in a separate bank account and any interest was returned to client.

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30
Q

A neighbour asks for some advice would you give it?

A

No, PI insurance doesn’t cover me acting outside the company.

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31
Q

If a client offered a hotel room for the duration of the project would you accept?

A

No, unless this had been agreed as part of the expenses they would cover under the fee agreement.

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32
Q

Who is the chief executive of the RICS?

A

Justin Young

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33
Q

Who is the president elect of the RICS?

A

Tina Paillet FRICS

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34
Q

Who is the president elect of the RICS?

A

Tina Paillet FRICS

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35
Q

How many professional groups are there? How many can you become a member of?

A

There are 18 professional groups and you can join up to 3.

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36
Q

What types of documents do the RICS issue and can you tell me whether they are mandatory or not?

A

RICS are currently reviewing the standards portfolio so they will fit in to 2 catagories:
1) Professional standards - Documents which set requirements for competent and ethical practice e.g. our existing professional statements and guidance
2) Practice information - These documents provide advice or practice support to RICS members and firms e.g. processes, toolkits, checklists and insights

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37
Q

Would you accept tickets from a contractor?

A

No I would view it as a potential conflict of interest

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38
Q

The contractor wants to take you for lunch after a valuation would you go?

A

Yes but either pay for myself or reciprocate next time.

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39
Q

The project is finished and the contractor is taking everybody out, do you go?

A

Depending on the circumstances I would consider attending and would also check to ensure the client had been invited.

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40
Q

What’s the difference between a partnership and limited liability partnership?

A

A partnership usually means that should the partners are fully liable for any financially difficulty an organisation may experience, whereas a LLP means that each partner will have limited liability. This means they will only be financially liable for monies they have put into the business.

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41
Q

What do you need to do when you set up your own company?

A

Notify RICS, take out PI Insurance, complaints procedure, appoint a complaints handling officer, set up bank accounts to comply with members account regulations if the firm is likely to hold clients money.

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42
Q

If you set up your own practice how would you get work?

A

Write a targeted business plan and marketing strategy to identify my target market. Then advertise in in trade journals, establish website, attend functions/ fairs to meet prospective clients.

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43
Q

What is the motto of the RICS?

A

Est Modus in Rebus’ - There is measure in all things

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44
Q

A client has a complaint what should you do?

A

Follow the complaints handling procedure I have set up in my company. Try to rectify the problem and Notify the RICS

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45
Q

Where is your local RICS branch?

A

12 George Street, Parliament Square, London, SW1P 3AD

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46
Q

What are the levels of RICS membership?

A

Proffessional member, Fellow, Technical Member, Honary Member, Probationer

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47
Q

Why have the code of conduct?

A

The code of conduct enables member to have a clear principles to govern their everyday professional practice.

48
Q

What is a conflict of interest and how would you deal with it?

A

Conflicts of interest can arise in 3 situations:
- where members interest is in conflict with the client
- where 2 or more clients conflict
- in circumstances which are reasonably seen as interfering with the members objective judgement.

If a conflict arises I would Inform the client of potential conflict and advise in writing that they should seek independent advice on the conflict. E.g of conflict working for contractor and client on same project.

49
Q

What can you get expelled from RICS for?

A

Not paying membership fees, not renewing PI insurance, not completing CPD, misconduct under codes of conduct.

50
Q

What must you do every year as a surveyor?

A

Keep up to date with your CPD requirements keeping records for possible presentation to the RICS, pay RICS membership fees, renew PI insurance.

51
Q

What is Lionheart?

A

Charity for RICS members and their dependants in need

52
Q

What should a complaints procedure contain?

A
  • Should be made available in writing to the person complaining upon request
  • Name an initial point of contact for dealing with complaint
  • Provide a timescale for investigation and aknowledgement of complain
  • Provide a point of refferral if unhappy with initialpoint of contact
  • Provide a system for mediation
  • Provide a system for arbitration where mediation is unsuccessful
53
Q

Does your organisation have PII?

A

Yes

54
Q

What is the limit of liability for one claim?

A

GBP 5,000,000 any one claim

55
Q

You have been requested by your brother’s company to include them on tender list for a project. What would you do?

A

STEP ONE, Assuming that you do not wish to decline the instruction, disclose to each client in writing as soon as you are aware of the confilict the possibility and nature of the conflict, the circumstances surrounding it and any other relevant facts.,
STEP TWO, Promptly inform each client in writing that neither he personally nor his firm can act or continue to act for him unless requested to do so having advised each client to first obtain independent professional advice on the handling of the conflict from another surveyor outside the firm.,
STEP THREE, Obtain written confirmation from both clients that you can act.,

56
Q

There have been a dozen or so mergers and acquisitions by QS firms in the last 2 years. Why do you think this is?

A

A large number of firms have moved towards “one-Stop shop” consultancy which is seen as a benefit of incorporating a larger range of services into their practices such as Consultancy and PM. There are also strategic and brand benefits of merging allowing companies to become more global in their delivery and reduce overhead costs through centralising their HR, IT, etc. The influence of recent changes in the law i.e. LLP means that smaller firms have benefited by become part of larger practices in terms of their own regulation costs being reduced.

57
Q

Over the last few years there has been a lot of talk about QA – what benefits do you think QA brings to the profession, your practice and the client.

A

The use of Quality Assurance or Best Practice continually keeps the standards of delivery to Clients at a much higher level. It also improves internal management of workloads and DATA management.

58
Q

How could I check you had QA

A

I would check under the ISO 9000 regulations.

59
Q

If a client rang you up and told you how much a competitors fee was and asked you to do it for less what would you do

A

I would provide them with a like for like service fee proposal for their consideration, I would not reduce my fees. I would negotiate on levels of service if the Client was not happy with my fee proposal.

60
Q

If you are qualified and your mate who has just bought a house asks you to look after the building works what would you do.

A

I would ask him to formally approach the organisation I work for if I thought it was a service provision we could offer. Subsequently I would submit a detailed fee proposal for his acceptance prior to undertaking any works.

61
Q

What would you do if you received a letter of complaint

A

Refer it to the compliants handling officer within my organisation.

62
Q

If it wasn’t the client complaining would you tell the client

A

It would depend if that client would be affected in any way by the claim. If not then no.

63
Q

If you were in private practice and the client wanted to pay you in advance what would you do

A

You accept payment for services yet to be undertaken provided the client’s money is put into a client holding account. There are certain rules provided by the RICS which govern the handling of client’s money.
• You must maintain separate designated bank accounts for clients’ money. Your own practice accounts should be completely separate.
• Obtain bank confirmation of account conditions, including making sure the bank does not combine or offset funds in your client account with any other account held by the firm.
• Advise the client and agree terms of account handling in writing.
• The accounts are to be clearly identifiable and must include word ‘client’ and the client name if appropriate.
• Monies must be available on demand to clients.
• Monies should be paid into accounts at the earliest opportunity.
• Interest to be paid to clients unless otherwise agreed.
• Money can only be withdrawn from a client account if properly required.
• They must be kept in credit.
• If you make use of cash receipts to settle transactions by cash make sure your records show all cash transactions.
• Signatories must be agreed with only authorised staff and two signatures should be required.

64
Q

At the golf club you hear that a contractor was going bust and you were asked to minimise his payment would you do so.

A

I would politely refuse to minimise the payment and ensure that what I heard remained strictly confidential. I would also check their financial standing using Dun & Bradstreet if they would adversely affect any of my projects.

65
Q

When would you pay money for an introduction to a client, what are the actions involved? When wouldn’t you?

A

An example of when one might pay money for a introduction to a client maybe in the instance of a networking event. I wouldn’t pay any sum of money for an introduction to a client by any other means. An example of this would be if an architect offered a client introduction in the return for money.

66
Q

Why do the RICS have codes of conduct

A

To protect customers through a strict regulation of professional standards and to ensure members have clear guidance on their professional conduct.

67
Q

What are the rules and regulations of the RICS

A

RICS have what is called rules of conduct. The former 60 page Rules of Conduct have been reduced to very short bullet points within TWO separate documents for members and firms. They set out the standards of professional conduct and practice expected of members and firms. The Rules do not repeat obligations placed on members by general law, for example in the areas of discrimination and employment. The rules follow a risk based approach to compliance that targets serious problems

68
Q

If you became qualified how would you become involved in the RICS

A

If I became qualified, once I feel I can sufficiently undertake the role I would like to be a supervisor to a student member of the RICS. Furthermore at some stage in the future I would like to become an assessor, and perhaps become more involved in RICS matrics events.

69
Q

Would you like to become an assessor

A

Yes

70
Q

Would you accept payment for fees for work which you had not undertaken

A

No, I would not be insured either.

71
Q

What do you do with clients money

A

It should be held under a separate bank account in accordance with the Codes of Conduct for Member Firms.

72
Q

What can you get expelled from the RICS for

A

Criminal conviction, not paying fees, any serious breach of the rules of conduct.

73
Q

If a client phoned you and said they need to spend money before the end of the year for accounts purposes so could he pay you now for work you will be doing next year what would you say

A

I could take payment for fees in advance to be held in the Client monies accout, however any interest acccrued on these would be re-imbursed to the Client.

74
Q

If a client phoned you up and said he is fed up with the QS working for him and he wants you to take over what would you say

A

I would advise him of the RICS complaints procedure. Then I would suggest once he has determined his contract he formally invites me to tender for the work.

75
Q

A client sues you as a result of your negligence what do you do

A

Inform the RICS of the complaint and proceedings. Inform my PI insurer, seek to rectify the situation through negotiation firstly and seek legal advice.

76
Q

If I was a leader of the local scout group and wanted to build a new hut I approached you as a friend for QS work would you help me

A

I would advise you that they should go through my company in order for me to undertake the works under my PI. I could then elect to carry out the works on a Pro-Bono basis.

77
Q

How do you deal with conflicts of interest

A

I would avoid them as much as possible.

78
Q

Who do you owe a duty of care to

A

The Client.

79
Q

What is the purpose of the joint names on a client account

A

Joint Names ensures that both parties involved have equal rights and that there is no legal recourse against the other party should they be tortious in their actions.

80
Q

A subcontractor has got a claim against you as the main contractor, which you know is founded on good ground. His briefcase gets stolen with all the supporting documentation within it. When he asks you to let him have copies of the relevant documents from your files, that he has sent you, would you give them to him?

A

I would send him have copies of all the relevant documentation he has sent me.

81
Q

If you were offered two ticket to a show would you accept them

A

No if they create a conflict of interest.

82
Q

The client informs you that he does not have enough money to pay the contractor this month but everything will be OK next month, what do you do

A

I would advise him that he will be in breach of the contract and should inform the contractor as soon as possible. He could agree with the contractor to pay the valuation the following month and agree to pay interest charges for finance as per the contract.

83
Q

What is you view on multi-disciplinary practices from the employers point of view

A

I believe they offer a single point of accountability and in some ways a more cost effective service. However I believe there are still conflicts of interest if say the designers are working alongside the PM and QS it may be harder for Client’s to get clear advice.

84
Q

What are your long term professional ambitions beyond gaining your chartership

A

I would like to practice abroad at some point and perhaps work for a contractor to broaden my experience.

85
Q

Where is the headquarters of the RICS

A

Traditionally Great George St London, Admin Surveyors Court, Coventry

86
Q

What is Lionheart

A

A fund for the members families and dependents.

87
Q

What do you understand by PI insurance

A

Professional Indemnity Insurance covers a BS against their actions causing a tort to the Client, i.e. a breach of their duty of care.

88
Q

What is run-off cover and why is it needed.

A

RO cover covers a BS’s work upto 6 years after leaving BS pratice.

89
Q

What is the RICS doing about run - off cover and how is it paid for.

A

The RICS has created a member support service following the Merritt V Babb case and this will be included as part of the membership fees for all members.

90
Q

If you were 64 and about to retire what should you do to insure continued indemnity, how long does it last

A

Runoff cover covers work up to 6 years after leaving practice. This should have an aggregate limit of £1m. Firms should obtain longer periods or higher levels of cover if it is ‘adequate and appropriate’ to do.

91
Q

What are the implications of Merritt v Babb and how has this affected the RICS

A

Merritt V Babb highlighted the problem of PI cover not being maintained by employers either during or after leaving their employment. The RICS has brought in a Member Support service to advise it’s members caught up in these circumstances.

92
Q

What are the recent key changes to run off cover?

A

RICS launched the External Wall Fire Review (EWS) process (EWS1 form) in December 2019 in response to the Grenfell tower fire and valuation of high-rise properties that use actual or potential combustible materials in external wall systems and balconies. Given the potential liability associated with this process, RICS have inserted a temporary ability for insurers to apply their own fire safety exclusions into policies. Previously, RICS included prescribed fire safety exclusions wording in the minimum policy requirements. The excess applicable in respect of defence costs has been adjusted to allow insurance providers more flexibility when proposing renewal term. Unlimited aggregate round the clock limit of liability, with the aim to provide increased availability of PII insurance to firms.

93
Q

A partner asks you to submit a fee proposal , he says you are to calculate the fees and deduct 10% what should you do

A

I would state that we should not reduce our fees and should advise the Client on the level of service they actually require in order to meet their aims and expectations from our service.

94
Q

Can you change your fee proposal based on the knowledge of a rivals bid

A

No

95
Q

The partner says you have spent all the fees on the job, the final accounts are still to be agreed and some areas are still to be re-measured according to the contractor, what should you do.

A

Continue to work on the project to it’s conclusion then help the partner assemble a claim for additional fees on the basis of additional works carried out.

96
Q

What are your opinions on fee calculations today

A

They vary, some are affected by the state of the market, I think to much undercutting of fees has been bad for the industry and is unethical.

97
Q

What are your views on fee cutting, should fee cutting be carried out

A

Unethical and bad for industry.

98
Q

If you set up on your own what is the first things you would do

A

Notify the RICS, set up relevant insurances, PI public liability, employer liability etc.

99
Q

If you set up as a partnership what would you do

A

Notify the RICS, set up relevant insurances, PI public liability, employer liability etc. Provided 50% patners are members of the RICS.

100
Q

How do you prepare a fee

A

Based on the scope of services and known resources required to manage this. Looking at the practices fee levels and the type of fee requested i.e. lump sum, time charge etc.

101
Q

If you were in partnership with a contractor who was a friend what would you ensure

A

There were no conflicts of interest between our works.

102
Q

An architect friend has just received 3 tenders for a project as a favour he asks your opinion on the tenders received, what is your reaction, are you covered under your PI insurance

A

No I would ask him to appoint me through my company as an external advisor to the Client.

103
Q

If you were setting up in practice on your own how would you go about getting work

A

Set up and business plan and market strategy, decide on my focus market. Then attend relevant trade fairs, networking events and advertise in the press.

104
Q

How would you prepare a fee proposal for a cost plan

A

Based on the scope of services and known resources required to manage this. Looking at the practices fee levels and the type of fee requested i.e. lump sum, time charge etc.

105
Q

If after receiving your fee bid the client phones you and asks you to reduce your rates because a competitor has come £1000 under you, what would you do.

A

I would ask to see the scope of their service and ensure it was equal with my own. Then I would look at the level of service required and reduce this if the Client wished me to reduce my fee.

106
Q

What would you do or could you offer to a foreign investor with £50m to spend.

A

It all depends on their requirements for the investment. I would offer a full BS service in line with role and professional competence.

107
Q

What would you do if your client wanted you to inflate the monthly valuations, especially if there was reason to believe the client was using the construction process to launder money

A

I would advise them that valuations are not adjustable and are carried out in accordance with the contract. I would inform the RICS through a contact officer of the potential money laundering.

108
Q

If a friend asked you to value his house what would you do

A

I would ask him to use an estate agent.

109
Q

If you set up on your own what types of insurance must you have besides PI insurance

A

Employer’s liability, public liability,

110
Q

What is the difference between RICS ethics and rules

A

Ethics are ways in which everyone should behave they are key principles. The rules govern the behaviour of members and member firms.

111
Q

What is the basis of PI cover

A

The company turnover.

112
Q

What benefits will you gain from becoming MRICS

A

The RICS governs the property industry and a such is a recognised body which people view as maintaining high levels of professional competence, it provides members with support and guidance and ensures that I adhere to it these standards.

113
Q

Would you accept clients money in advance of providing a service

A

I could but any interest gained in a client monies account would be re-imbursed to the Client.

114
Q

Who does PI insurance protect

A

The Client and the chartered surveyor.

115
Q

How would you deal with a client complaint

A

I would try to reconcile their complaint and follow the company’s complaints handling procedure.

116
Q

What are the seven principles of GDPR - LPDASIA

A

Lawfulness, fairness and transparency.
Purpose limitation.
Data minimisation.
Accuracy.
Storage limitation.
Integrity and confidentiality (security)
Accountability.

117
Q

What are the penalties for a breach of GDPR

A

Maximum fine of 4% of annual turnover or £17.5m / whichever is greater

Mandatory Comps (3 decks)

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