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HC APC REVISION > ETHICS > Flashcards

ETHICS Flashcards

1
Q

Why do you want to become a member of RICS?

A
  • Globally recognised qualification.
  • Great for career development.
  • Huge personal achievement.
  • CPD - continued knowledge
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2
Q

What is the role of RICS?

A
  • To promote and enforce highest professional qualifications
  • Provide impartial advice to public and clients
  • To protect clients through a strict code of conduct.
  • To educate the industry
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3
Q

What is a Royal Charter?

A

Achieved charter status in 1881 and is used to promote the usefulness of the profession to the wider public.

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4
Q

Who is the current RICS president?

A

Kathleen Fontana

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5
Q

What do you understand by the term self-regulation?

A

The RICS as an institution is self-regulating meaning that changes and decisions are made by those within the organisation.

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6
Q

Can you tell me what you understand by the principles of better regulation?

A

There are five principles of better regulation. Proportionality, Accountability, Consistency, Targeting and Transparency.

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7
Q

What is a Bye-Law?

A

Local laws (specific to RICS) made by the RICS governing council.

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8
Q

Tell me what the 5 professional & ethical standards are.

A

Integrity, Trust, High standard of Service, Respect and Responsibility.

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9
Q

Tell me about a key principle of the Rules of Conduct for Firms.

A

15 rules of conduct - must have correct insurances in place, be compliant and have complaints handling.

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10
Q

Tell me about a key principle of the Rules of Conduct for Members.

A

9 rules of conduct for members - undertake CPD, good communication and ethical behaviour.

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11
Q

What disciplinary procedures can the RICS impose?

A

Expulsion from the RICS & possible fine.

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12
Q

In what circumstances can these be imposed?

A

If you do not follow the rules of conduct

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13
Q

When did RICS last update their disciplinary panel rules?

A

1st October 2019.

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14
Q

What do you understand by the term professional practice?

A

Conducting yourself in a professional and ethical manner.

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15
Q

What money laundering regulations or legislation are you aware of?

A

Anti-money laundering 2020

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16
Q

What bribery legislation are you aware of

A

Bribery Act 2010.

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17
Q

What is a bribe?

A

The giving or receiving of a gift for an advantage that is illegal.

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18
Q

What are the penalties for accepting a bribe?

A

10 years in prison & unlimited fine.

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19
Q

What are the penalties for being involved in money laundering?

A

14 years in jail or unlimited fine.

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20
Q

What constitutes an offence under relevant money laundering regulations?

A

Concealing the source of money from illicit criminal activity.

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21
Q

What is Professional Indemnity Insurance (PII)?

A

Insurance / surety that protects against professional negligence.

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22
Q

Can you tell me about the RICS requirements in relation to PII?

A

Based on companies turnover. Less than 100k = 250k. 100k-200k = 500k over 200k = 1m

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23
Q

What would you do if you received a notice of a PII claim from a client or their solicitor?

A

Notify CBRE’s complaints handling team / solicitor?

24
Q

Tell me what you understand about Complaints Handling Procedures (CHP).

A
  • Clear and quick
  • Regularly updated and reviewed
  • Understood by all staff
  • Dealt with in 28 days
  • Have a redress scheme
25
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

If not dealt with within 28 days a complaint gets referred to the RICS.

26
Q

Can you tell me about the CPD requirements for members of RICS?

A

20 hours per year. 50/50 formal informal.

27
Q

Why is CPD important?

A

To stay up to date with construction industry information and develop skills and knowledge outside of your day to day role.

28
Q

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

A

Conflict of Interest guidance note 2017. Inform client of potential conflict that would impact impartiality, get written confirmation to proceed.

29
Q

Are you aware of any new Conflict of Interest guidance?

A

Conflict of interest implementation and impact research 2019 to ensure it still adheres to the highest professional standards.

30
Q

How would you close down a regulated firm?

A

Follow closing down checklist: Agree closure date, inform staff and clients, deal with remaining clients money and obtain run-off cover.

31
Q

How would you open a regulated firm?

A
  • Inform RICS
  • Appoint RICS officer
  • Set up procedure for handling clients money
  • PII
32
Q

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

A

Professional statement on countering bribery, corruption and money laundering.

33
Q

What status does the guidance relating to bribery, corruption and money laundering hold?

A

Professional Statement - mandatory requirement

34
Q

What must/should firms/members do to comply with the guidance relating to bribery, corruption and money laundering?

A

All firms must have a written policy covering anti-bribery. Have appropriate governance and system controls in place and encourage transparency.

35
Q

What are the current RICS rules for registration of firms?

A
  • Inform RICS
  • Appoint RICS officer
  • Set up procedure for handling clients money
  • PII
36
Q

RICS rules for registration of firms - when did they change?

A

April 2020

37
Q

Who is a ‘qualified member’ of RICS?

A

Someone who has passed their APC.

38
Q

What are the registration eligibility criteria?

A

If the firm is providing advice to the public, and 50% of employees are RICS members.

39
Q

Who is a Responsible Principal?

A

Ensures the firm takes all reasonable steps to comply with regulation.

40
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

A

Cannot use unless a RICS member or regulated firm.

41
Q

When did the rules on RICS designation last change?

A

December 2018

42
Q

How do you ensure that you comply with bribery legislation?

A
  • When getting appointed on a new project I always consider who I am working with.
  • Ensure necessary commercial checks are done.
  • Keep up to date with CBRE’s policy.
43
Q

How do you ensure you comply with money laundering regulations?

A
  • When getting appointed on a new project I always consider who I am working with.
  • Ensure necessary commercial checks are done.
  • Keep up to date with CBRE’s policy.
44
Q

How do you ensure you comply with your firm’s bribery and gifts policy?

A

Regularly review CBRE’s policy and up to date regulation to ensure that I as a RICS member comply with the latest regulations.

45
Q

Tell me about an instance of when you have been offered a gift or hospitality by a client.

A

I was offered a gift at Christmas by a contractor however I did not deem the gift to be reasonable and proportionate. Regardless I would not do anything to impact my impartiality.

46
Q

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.

A

I would not act on behalf of a client if I did not believe I had the sufficient knowledge or experience to provide a high level of service. To do so would not be acting with integrity.

47
Q

Give me an example of when you have acted with integrity?

A

Not accepted a gift.

48
Q

Tell me about when you have provided a high standard of service.

A

Bespoke reporting.

49
Q

Tell me about how you have promoted trust in the profession.

A

Keeping my word and doing what I say I will.

50
Q

Explain how you have taken responsibility in your current role.

A

Health and Safety - ensure all workers are wearing PPE.

51
Q

Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.

A

Notify RICS, appoint a RICS officer, establish a CHP, get PII, clients money handling procedure in place.

52
Q

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.

A

I would politely decline and say that that that is not ethically correct.

53
Q

What would you do if you were asked by a client to reduce a fee proposal to win new work?

A

Reduce scope of work.

54
Q

What would you do if you became suspicious that a client was involved in money laundering?

A

Approach a senior collage to discuss and then potentially submit a suspicious activity report to national crime agency.

55
Q

If you were to set up in practice on your own, tell me about the types of insurance you would need.

A

PII, Employers Liability, Public Liability.

HC APC REVISION (16 decks)

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