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APC IF > Ethic > Flashcards

Ethic Flashcards

1
Q

What are the RICS 5 rules of conduct ?

A

Rule 1 - Members must be honest, act with integrity and comply with their professional obligations, including obligations to RICS

Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise

Rule 3 - Members and firms must provide good-quality and diligent service

Rule 4 - Members and firms must treat others with respect and encourage diversity and inclusion

Rule 5 - Members and firms 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

Who is the current RICS President

A

Tina Paillet FRICS- 2024

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3
Q

When was the RICS founded?

A

1968 - first president john clutton and received its royal charter in 1881 - granted self -regulation

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4
Q

Who is chair of the RICS North West Region?

A

Stephen Ashworth

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5
Q

What is the RICS’s Motto?

A

Est modus in rebus”, which is Latin for “There is measure in all things

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6
Q

What is Lionheart?

A

An independent charity run specifically for RICS professionals.Confidential advice & support.

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7
Q

Your set up your own practice tomorrow, what do you need to do?

A
  • Inform the RICS
  • responsible principle
    -register with RICS regulation
    -Insurances
    -client account
  • Complaints handling procdure
  • Staff training and CPD
  • Use of designations
  • register with companies house & for VAT
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8
Q

What must RICS Regulated firms have and produce?

A
  • Complainst handleing system
  • PII
  • Annual returns submitted to RICS
    -25% + partners are MRICS, Responsible principal
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9
Q

What must you do when closing a practice?

A
  • Inform RICS
  • return clients money
  • Inform PII
  • Provide run-off cover
  • retain client files for run-off period
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10
Q

What does the royal charter mean with regards to RICS?

A
  • Consumer protection and example of prestige for body
  • self governance
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11
Q

What are the bye-laws

A

Bye-Laws sit under the royal charter and form the laws for the RICS. Regulations sit under the Bye- laws. - BYE LAW 2 - Membership and registration

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12
Q

Why do you want to become a charted surveyor?

A

To be recognised as a professional capable of providing a high level of service

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13
Q

You suspect money laundering is occurring, what do you do?

A

Consider informing the national crime agency by sending a suspicious activity report

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14
Q

What is the RICS Matrics?

A

A body aimed at newly qualified surveyors. APC support, CPD sessions and networking.

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15
Q

What are the RICS requirements for qualified members?

A

Minimum of 20hrs a year CPD (min 10hrs formal) submitted 31st Jan every year, professional & ethics standards every 3years. Failure = fixed penalty caution, on record 10years, 2nd £150, 3rd disciplinary panel (expulsion

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16
Q

What do you do if a client overpays you?

A

Return excess funds including any interest that has accumulated.

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17
Q

Name different types of documents the RICS produces and what they require.

A

Professional statments - mandatory requirements - RICS Property Measurement Professional Statement, CoI, CB/C/ML&TF, CMH.
Guidance notes - recommendations - RICS SS. CoMP, TDDofCP
RICS Code of Practice - mand / recommended - approved by RICS,
International standard - mand,
RICS Info Paper - best practice.

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18
Q

Name 2 cases relating to negligence.

A
  • Donoghue v Stevenson 1932 - Donoghue drank a bottle with a snail in it, manufacturer owed a duty of care to customer.
  • Merrit v Babb (2001) - surveyor sued for negligence by former client when firms PII cover was cancelled when firm became insolvent.
  • Limitations Act restricts claims of negligence to 15years.
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19
Q

What does the Governing Council do?

A

Main governing body - sets strategy, provides oversight. Elected members from globe.

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20
Q

What does the management board do?

A

Direct RICS affairs under delegation from the governing council. Non members / members & executives

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21
Q

What does the Standards and Regulation board do?

A

Standards, entry & admission to the profession, education & qualification. Members & non members - reports to Governing Council

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22
Q

What does the Audit committee do?

A

Monitor integrity and effectiveness of financial reporting, internal control & risk management systems. Operates independently of the other boards.

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23
Q

Who sits on the Executive Team?

A

Justin young - CEO - responsible for products, pro standards, reputation

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24
Q

What does the Nominations Committee do?

A

oversees and approves changes to global appointments. - succession and planning for gov council - appointment panel - members and non-member

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25
Q

What does the Presidential Nominations Committee do?

A

Assists Gov Council in election of Seniour Vice Presient. Members, non members & executives.

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26
Q

What does the Remuneration Committee do?

A

Sets level of remunerations for seniouremployees. - salerys

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27
Q

What does the Finance Committee do?

A

Accounting globally.

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28
Q

What is the role of the World Regional Boards?

A

Deliver RICS strategy at world regional level, oversee plans and allocating resource.

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29
Q

What is the role of the Market Advisory Panel?

A

Advise Management Board on implementing 3year rolling research & activity plan, forming the RICS business plan. Members, executives & non member

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30
Q

What is the role of the Regulatory Tribunal?

A
  • provide an independent judicial body
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31
Q

Give an example when you have adhered to the 5 ethical standards:

A

1 - act with integrity and be honest and straightforward = when providing options for a refurbishment for Leeds i made sure to include all the relevant information, so they could make an informed decision

2 - Maintain professional competence- ensure services are provided by competent individuals. When undertaking a targeted inspection of damp in great moor coop i not large levels of wet rot in the floor joist . I advised the client that they should enlist a structural engineer to determine if the joists are salvageable

3 - Good Quality and diligent service - When undertaking any condition survey, i ensured to take a methodical approach. Recording down the weather taking plenty of photos and notes, and then display this in a Professional report in a logical order with my recommendations.

4Treat others with respect and encourage diversity - When undertaking surveys od the NHS I ensured to not take any photos with patients in. RLB - head of future professionals and undertook BFR .

5 - public confidence, take responsibility and prevent harm - When undertaking a condition survey at next store i noted that a fire exit was being blocked by storage - i informed the manager

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32
Q

What are the roles of the professional groups?

A

Provide technical advice - professional statements

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33
Q

What is IES?

A

International Ethical standards - to sustain critical roles of ethics in professional practice - RICSS founding member

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34
Q

What is the RICS’ opinion on diversity?

A

A priority of RICS, must become core of strategy, create inclusive workforce, eliminate discrimination and promote equal opportunities.

35
Q

What is the RICS’ view on fee negotiations?

A

Negotiations are permitted - change to scope of service must allow competitors to adjust price, fee cutting and collusion avoided.

36
Q

What is the internal structure of the RICS?

A

Diagram

37
Q

What statuatory considerations must be made when setting up a business?

A
  • Buisness names Act - companies must disclose company infor
  • GDPR (General data protection regulation)
  • Money Laundering Act
  • Equality Act
  • HSWA
38
Q

What penalties can the disciplinary panel issue?

A

Caution, Reprimand, Undertakings, Fines, Conditions on members continued membership, Condition on firms continued membership, Expulsion, Removal of firm.

39
Q

What are the new rules brought in for firms?

A

Rules for the registration of firms - 2022

1- interpretation (what a firm, material change, member means)

2- communication (types)

3- firms required to register ( i.e firm providing services to the public)

4 - Firms eligible to register ( at least 25% of the firms principals are RICS members )

5- Registration of practice devisions (surveying services - rule 3 satisfied if the other divsions dont provide survying services ect

6 - Procedure for registraion - application to register to the RICS

7 - Responsible Principal - all firms must have - head of regulation must be satisfeied with them and must be either RICS member or (when nt practicable for the RP to be RICS - that they have suffient experience ect )

8 - Obligations of registration - comply with the rules of conduduct ect

9 - Deregistration

10 - review and appeal - descison by registraion panel - 28 days

11- limits on appliactions for registration and readmission

12 - publication

13 - Fees

40
Q

What are the 5 principles for better regulation?

A

transparency.
consistency.
proportionality.
targeting.
accountability.

41
Q

What are some of the recent topical issues you know of surrounding the RICS?

A
42
Q

What is the RICS Ethics Desicion Tress?

A

If members are unsure if decisions are ethical, use the tree to arrive at the correct outcome.

43
Q

What is a recent article you have read in Modus?

A
44
Q

What do each of the coperate governance bodies do within the RICS?

A

Governing Council - main govt bidy, strategy / oversight.
Management Board - reports to Govt Council, oversee RICS affairs.
Regulation Board - standard setting, entry to the profession and regulatory process, penalties.
Audit Committee - monitors financial reporting / risk managment.

45
Q

What can a member of the RICS recieve a fixed penalty for?

A

Rule 2 of Rules of Conduct in regards to Continuing Professional Development (CPD)
Professional Obligations under Rules of Conduct in regards to providing information to RICS
Rules 13 of the Rules for the Registration of Firms in regards to payment of Fees

46
Q

What are the 3 types of conflicts of interest?

A

-Party Conflicts - duty conflicts between 2 clients relating to the same project. e.g dilaps on both sides

Own Interest Conflict - interests conflict with the person or firm,

Confidential Information Conflict - breaching confidential information from one party to another - Undertook schools applcaition for funding - was asked if nearby school had applyied

47
Q

When should informed consent be used with regards to a conflict of interests?

A

Only when both parties have written confirmation for you to proceed / when no one else could possibly perform this task.

48
Q

What is an information barrier and when is it used?

A

Used when members of the same company may be acting for competing clients. May use digital blocks, may be physical - work in meeting rooms

49
Q

Give an example when you have experienced a conflict of interests.

A

I was asked to

50
Q

What is monthly three way reconciliation?

A

Checking clients accounts against : bank statements, cash books and balance sheets

  • check for errors
51
Q

What are the requirments of the Money Laundering, Terrorist Financing and Transfer of Funds (Information ot the Payer) Regulations 2017?

A
  • Undertake customer due dilgence checks, keep records of checks 5 years, maintain internal procedures to prevent, report to NCA with SAR (nATIONAL Crime agency with susipisious acrivy report)
52
Q

What are the penalties of the Proceeds of Crime Act?

A

Principal offence - 14years & unlimited fine, Secondary offence - 5years & unlimited fine.

53
Q

What do you know about the Terrorism Act 2000?

A

Offence if you have cause to suspect someone to be involved in financial activity with terrorists. Penalities - 15years.

54
Q

What are the requirements of the RICS Professional Statement - counter bribery and corruption, money laundering and terroist financing?

A

Members - not accept bribe, knowledge of laws, report activity.
Firms - not accept bribe, procedures, gift register, max Euros10k for cash transactions.

55
Q

What are some of the sections of the Serious Crimes Act a Chartered Building Surveyor needs to be aware of?

A

Proceeds of crime, computer misuse, protection of children, miscellaneous.

56
Q

What is corruption ?

A

misues of public Office or power to gain private advantage or vice versa

57
Q

What is Money laundering ?

A
  • Concealing the source of the proceeds of criminal activity to disguise their illegal orgin
58
Q

What is reliance with regards to money laundering?

A
  • a party may rely upon thrid parties customer due diliance checks, however is still liable
59
Q

What changes have been made by the RICS in regards to PII?

A

1 July 2024, RICS requires listed insurers to provide PII cover for fire safety claims for professional services carried out in respect of buildings 5 storeys and above on the following basis: Negligent act, error, or omission (rather than the full civil liability basis);

60
Q

What is a bribe?

A

The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or breach of trust.

61
Q

What laws are applicable to bribery?

A

Bribery Act 2010, Money Laundering Regulations, Proceeds of Crime Act 2002, RICS Guidance - Countering Bribery, Corruption, Money Laundering and Terrorist Financing

62
Q

What is defined as an offence under the Bribery Act?

A

Section 1 - Offer of a bribe

Section 2 - acceptence of a bribe

section 6 - bribe of a foregin offical

Section 7 - not having adequate policies in a firm to deal with a bribe

63
Q

What are the penalties for the above?

A

Up to 10 years imprisonment and unlimited fine for firms / £5k for personal.

64
Q

What is a Politically Exposed Person?

A
  • a politically figure who is more likely to be at risk of bribery or corruption
65
Q

What is unconscious bias and when have you over come this?

A

A unconscious favouring or discrimination to a social group or gender. I have encountered this within my work when the majority of people I work with have been from the same ethnic background. I attempt to overcome this by participating in educational days at schools in poorer communities to help develope surveying as a genuine career possibility.

66
Q

Why did the RICS go from 12 ethical values to 5 standards?

A

The 5 cover what the previous 12 did, but more consise, designed to appeal globally.

67
Q

Can disciplinary decisions be appealed?

A

Yes to the Appeal Panel - 7 days after decision

68
Q

What are facilitation payments?

A

Payments to officials to speed up admin processes. Not illegal in all countries - illiage in the uk

69
Q

How would you determine the level of insurance required for your new company in it’s first year?

A

Dependant on: projected TO, value of projects working on, risk of work undertaking.

70
Q

What would you do if you thought you saw a colleague collect an unoffical cash payment?

A

I would report to the company’s money laundering officer & managing partner. I would consider reporting to the police if I was certain this was a bribe.

71
Q

How do you ensure your company’s compliance with the RICS Rules for firms?

A

I would discuss the matters with the company’s responsible principle. I have recieved training on how the company complies with the rules for firms within my induction and recieve refresher training every 3years.

72
Q

What are Royal Charters?

A

Granted by the sovereign, provides the organisation to to govern its own affairs

73
Q

What ways can you get involved with the RICS?

A

Matrix events, Lionheart, Professional Groups, working groups, Insight Communities, Leaders forums, sector forums.

74
Q

who is the CEO

A

Richard Collins

75
Q

What does contra proferendum?

A

Judges will favour the party who hasn’t written the contract as the written party is deemed to have an advantage where there is ambiguity

76
Q

What is Quantum Meruti?

A

Where work has been completed before a contract is signed, the contractor is legitmetly owed the price for the works

77
Q

What is the role of the RICS?

A

Enforce industry standards by ensuring members work to a high professional standard and maintain ethical standards

78
Q

What is collusion?

A

a non competitive secret, ullegal agreement between rival companies to disrupt market equilibrium

79
Q

What is the new homes ombudsman

A

The New Homes Ombudsman Service (NHOS) was set up in 2022 to provide a free and independent service to people who have bought a new build home and have concerns about the buying process, snagging or building defects that arise within the first two years from reserving the property or completing the purchase.

80
Q

You see that a colleague is having some unwanted attention from a male colleague and it has happened a few times, what action if any would you take and what is this?

A

Consider this as a potential form of workplace harassment. I would go and speak to the male colleague and tell him its not acceptable behavior, I would also report to my senior.

81
Q

You set up your own business but you decide to go off on a skiing holiday for 2 weeks, you break your leg and the doctors say you must have complete bed rest and no access to emails or work phone, what do you need in place to cover this situation?

a

A

A Locum agreement

82
Q

How many different types of RICS document statuses are there ?

A

RICS are in the process of reviewing its standards portfolio because the standards and regulation board wants to ensure that RFICS standards and advice documents are up-to date and easy to use

RICS have simplified their document structure :

  • Professional standards = Documents which set requirements for competent and ethical practice = existing professional statements and guidance - mandatory and recommended
  • example surveying safely
  • Practice information =documents provide advice or practice support to RICS members and firms = definitions, processes, toolkits, checklists, insights, research and technical information or advice. not mandartory
83
Q

What would you do if you considered your directors advice to be incorrect ?

A

Consider :
* The implications of the advice
* Is it legal ?
* Discuss with managers, colleagues
* Refer to the Ethics decision tree

84
Q
A

APC IF (18 decks)

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