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RICS APC > Ethics > Flashcards

Ethics Flashcards

1
Q

5 Global and Ethical Standards

A

1) Act with integrity
2) Always provide a high standard of service
3) Act in a way that promotes trust in the profession
4) Treat others with respect
5) Take responsibility

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2
Q

5 Principles of better regulation

A

1) Proportionality
2) Accountability
3) Consistency
4) Targeting
5) Transparency

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3
Q

Rules for members

A

1) Interpretation of member
2) Communication
3) Ethical
4) Competence
5) Service
6) CPD
7) Solvency
8) Information to RICS
9) Co-operation

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4
Q

Rules for firms

A

1) Definition of a firm
2) Communication
3) Professional behaviour
4) Competence
5) Service
6) Training (staff) and CPD
7) Complaints handling
8) Client’s money
9) PII
10) Advertising (truthful)
11) Maintain solvency
12) Arrangements to cover death or incapacity
13) Use of designations
14) Information to RICS
15) Co-operation

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5
Q

Rule 4 - Competence

A

Hierarchy of docs - professional statements are MANDATORY.

1) Codes of Practice
2) Guidance notes
3) UK Professional Statements
4) Global Professional Statements
5) International Standards

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6
Q

What are Byelaws?

A

Enabling principles

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7
Q

Regulations

A

Detail on things like fees and designations

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8
Q

Structure of RICS

A

Royal charter requires members to promote the profession for public benefit.

  • Self regulating
  • ‘Gold standard of excellence’
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9
Q

Rule 9 - PII

A

Turnover limits:

  • sub £100k = £250k cover.
  • 100-200k = 500k cover.
  • over 200k = 1m cover.
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10
Q

Rule 7 - Complaints handling.

RICS Guidance note - Complaints Handling 1st edition 2016

A
  • A firm must operate complains handling procedure.
  • Must include redress system.
  • Complaints handling officer and handling log.
  • CHP free for complainant but some b2b complainants may be part-paid if ADR used.
  • Sole traders can’t deal with complaints themselves.

Time limits = acknowledge in 7 days, substantive reply within further 21 days. 2nd stage redress if client unsatisfied

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11
Q

Rule 6 - CPD

A
  • 20 hours, min 10 hours formal.
  • Record online
  • Retake rules and ethics every 3 years.
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12
Q

Rule 8 - Client Money

A
  • Must be held in separate named account.

- Must be able to identify client.

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13
Q

Rules of Conduct for firms - Rule 12 - Locum agreement

A

Ensure cover for:

  • Long-term absence from illness.
  • Death.
  • Long-term holidays.
  • Unseen events

Can be another RICS member or suitably qualified professional.

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14
Q

Money laundering regulations 2017

A
  • Due diligence - ID checks
  • Cannot accept large cash payments (over 10000 euros).
  • AML officer, keep accurate records.
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15
Q

Why register for regulation if it is optional?

A
  • Globally recognised standards
  • Behave ethically,
  • Shows you have the required skills,
  • Manage conflicts of interest
  • Transparently etc.
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16
Q

Requirements to register

A
  1. Head office address
  2. Date firm established
  3. Contact officer (member)
  4. Names and titles of principles
  5. PII insurance
  6. Complaints handling procedure
  7. Surveying service provided
  8. Normal business matters (accounts, VAT registration etc)
17
Q

International Ethics Standards (IES) Coalition

A
  • Accountability.
  • Confidentiality.
  • Conflict of Interest.
  • Financial responsibility.
  • Integrity etc.
18
Q

Bribery Act 2010 - five criminal offences

A

1) Giving a bribe.
2) Taking a bribe.
3) Bribing an official.
4) Bribing a foreign official.
5) New offence - s.7 - not having systems in place to prevent bribery.

10 yrs imprisonment.
Unlimited fines for firms.

19
Q

Bribery Act 2010 - Principles

A
  • Due diligence.
  • Risk assessment.
  • Proportionality*
  • Top level commitment.
  • Monitoring and review.
  • Communication.
20
Q

President of RICS

A

Clement Lau FRICS

21
Q

RICS Motto

A

Modus est Rebus - There is measure in all things

22
Q

List the rules for firms

A

1) Definition of a firm
2) Communication
3) Professional behaviour
4) Competence
5) Service
6) Training (staff) and CPD
7) Complaints handling
8) Client’s money
9) PII
10) Advertising (truthful)
11) Maintain solvency
12) Arrangements to cover death or incapacity
13) Use of designations
14) Information to RICS
15) Co-operation

23
Q

What is PII? What are the turnover limits

A
  • sub £100k = £250k cover.
  • 100-200k = 500k cover.
  • over 200k = 1m cover.
24
Q

What should you do first on receipt of a negligence claim?

A

Acknowledge in writing within 21 days

25
Q

What do you know about the latest changes to RICS rules and ethics?

A

New rules of conduct 2nd Feb. 2022

26
Q

How should you take an instruction?

A

RICS Valuation Standards 2020 - vps1 - quote on level of service

27
Q

What are the roles of the RICS

A
  • Global leading professional body promoting high standards in property industry.
  • Gold standard of professional regulation.
28
Q

Where would you find RICS’ requirements for Professional indemnity cover?

A

Rule 9 rule of conduct for firms

29
Q

When did Bribery Act 2010 come into force?

A

1st July 2011

30
Q

What is RICS guidance on bribery, corruption, money laundering and terrorism?

A

Professional Statement - Countering Bribery and corruption, money laundering and terrorist financing eff. sept 2019

31
Q

How to check for conflicts of interest?

A

Database checks.
Advisory emails to staff.
Existing record searches.
Declare any conflicts at start of employment

32
Q

When was RICS founded?

A

1868

33
Q

RICS has royal charter granted by? And when?

A

Privy Council in 1881

34
Q

What is PII?

A

Professional indemnity insurance

35
Q

What basis should insurance be underwritten?

A

On a claims made basis

36
Q

What does insurance on a claims made basis mean?

A

Cover in place before claim is made.

37
Q

Explain Merrett v Babb?

A
  • 2001
  • Babb done valuation, that was found to be negligent.
  • Babb’s original company no longer existed.
  • Court allowed person to be pursued.
  • Highlights need for run-off cover
38
Q

What are penalties for breaching rules of conduct?

A

Investigated by head of RICS regulation

  1. Fixed penalty notice.
  2. Regulatory compliance order.
  3. CPD sanctions.
  4. Refer to Disciplinary Panel.

RICS APC (13 decks)

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