Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC I&F > Ethics > Flashcards

Ethics Flashcards

1
Q

• What are the RICS Global and Professional Standards?

A

Service, Trust, Integrity, Responsibility, Respect (STIRR)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

• What is bribery?

A

Bribery is the advantage gained from a payment or gift

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

• Any RICS guidance on bribery, ML and TF?

A

Yes, Professional Statement 2019 with mandatory requirements, guidance and a supplement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

• What are the principles in the guidance note for bribery?

A 
Proportionality
Top-Down management
Risk Assessment
DD
Communication
Monitor & review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

• What are the types of bribery?

A

Giving a bribe, accepting a bribe, bribing a government official or failing to prevent bribery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

• Who polices bribery?

A

Serious Fraud Office

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

• What are the punishments for bribery?

A

Up to 10-year prison and unlimited fine for individuals – unlimited fine for corporations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

• What rules are in place to stop bribery?

A

Organization should have education and training in place, gift register, no value greater than £100 w/o compliance officer sign off

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

• What is money laundering?

A

Turning proceeds of illegal crime to legal tender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

• What provisions in place for money laundering?

A

Written risk assessment, implement internal process/systems/policies to meet regulation requirements, approved internal controls, staff training, DD on new clients required for PEP, record keeping, AML check, no funds before exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

• When should you report money laundering and who to?

A

When you have any suspicions about activity you’ve witness or taken part in. Complete a Suspicious Activity Report for the NCA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

• What checks are there for new clients? What are the Red Flags?

A

Customer DD: ID, ID of Directors, Proof of funds, Comp. Detail and intended business/funding.
Enhanced DD: Checks for high-risk countries and PEP
Red Flags: Irregularities (Short time frame, loss making), unusual currencies, don’t want to give ID, Changes to parties involved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

• What is the penalty for money laundering?

A

14 years and unlimited fine for undertaking money laundering

5 years and unlimited fine for not reporting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

• What is the CPD policy?

A

20 hours p.a (10 formal) – Keep up with the ethical standards every 3 years and can use the RICS management system.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

• What are CBRE’s complaints handling procedures?

A

Written assessment of procedures, signed of and aligned to RICS regulation, regulated to the CHO, attached to all TOE, requires written complaints, notify your PII cover asap, confirm receipt before 7 days, confirm investigation before 28 days and follow up with procedures to resolve.
If the complainant isn’t happy, they can take their complaints to the Centre Effective DR or to the RICS dispute resolution, SP names another surveyor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

• What is know your client?

A

CBRE internal system to check for conflicts and AML. Usually done on a client but can also be done building by building.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

• What was the benefit from understanding the previous engagement?

A

The senior member of that team has a good relationship with the client and was able to assist with the onboarding. This further strengthened the original relationship.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

• What type of conflict of interest was this? What are the other types?

A

Personal conflict – rather than a financial, commercial, or dual agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

• What would the process have been should you have continued with the engagement?

A

Consulted the professional statement 2017
Can you act impartially and independently
Is this conflict was manageable
Notify the client
Receive written informed consent
Input management procedures
Keep records

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

• What is the impact of conflict of interests?

A

Renders person involve can’t act independently and impartially. Cloud judgement and may act in an unprofessional manner.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Why would you reject the mandate. What ROC does this limitation of advice come under?

A

Competence – A surveyor always needs to know their limitations when it comes to undertaking a mandate to act in the clients best interests.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

• What are the steps of an engagement?

A

Understand competence, assure there are no conflicts of interest and if there are ensure that informed consent is requested otherwise decline, submit and receive signed TOE prior to commencing work

Competent
COI
Signed TOE before Work

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

• Data centre refusal to give lender advice. Which ethical standard does this adhere to?

A

Service and trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

• What would you do if you were asked to do something unethical?

A

Decline, even if I was unsure and consult a senior colleague. If this was money laundering or other criminal activity, I would report it to the required persons.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What is the purpose/role of RICS?
Highest possible professional standard 1. Education & Training 2. Protect Consumers 3. Be the number one source of information on the built environment Accountable to the public - Royal Charter - Standards docs provide confidence and transparency
26
What are the benefits of being a RICS member?
``` Status Recognition Market Advantage Knowledge Network ```
27
Why do you want to be an RICS member?
Status - being recognized as undergoing the necessary procedures to gain chartered status. Allowing me to provide credible advice on the built environment.
28
What are the principles of better regulation?
``` Proportionality - Penalty to breach Accountability - to all public Consistency - treating equal Transparency - to all members and public Targeting -serious breaches ```
29
What is the RICS Decision tree?
Questions and dilemmas to consider legality and if actions were made public
30
When was the RICS founded and gained Royal charter?
1868 and 1881
31
Who is the CEO?
Michael Collins
32
Who is the president and president elect?
Clement Lau and Anne Gray
33
What is the structure of RICS?
25 council members, 4 associations and 10 regional boards
34
ROC for Members?
``` Communication Competence CPD Cooperation Solvency Service Information Interpretation Ethics ```
35
Benefits to regulation?
Confidence, Professionalism and Security
36
What percentage of RICS registered directors required for Firm regulation?
50% (25% have to be if Firm regulated as having one didn't ensure consistency and service aligned to the RICS)
37
What information is required for regulation?
``` Type of business Statutory regulation - FS Nature of Clients CHP PII Handling clients money ```
38
Firms ROC 2020?
``` Part 1: Competence CHP Clients Money CPD Professionalism Indemnity Insurance Service Part 2: Solvency Advertising Info to RICS Designation Cover of Death Co-operation ```
39
What disciplinary procedures are there?
Action by Head of Regulation Disciplinary Panel Appeal Panel
40
4 Action that can be made by the head of regulation?
1. Fixed Penalty (breaches in information submission) 2. Regulatory compliance order 3. CPD sanctions 4. Disciplinary Panel
41
What's the make-up of the disciplinary panel and what punishments can they give?
50% Lay Members 1. Compliance Orders 2. Unlimited fines 3. Future registration conditions 4. Expulsion 5. Make actions public in Modus, Local Papers
42
What is the appeal panel?
Consider a member or firms appeal - review the decision having regard to new evidence presented - can alter the previous penalty imposed.
43
Required PII cover?
Firm with turnover in excess of £200k need at least £1m indemnity required for each and every claim
44
Required run-off cover?
Liability up to £500k = 2.5% of turnover or 10k | Over £500k = 2.5% of sum insured
45
What is the basis of fee negotiation?
Avoid price fixing, cutting, collusion Market based and ad hoc w/ clients Vary service after negotiation Transparent referral fees in TOE aligned to bribery act 2010
46
How many day cooling off after Terms of Engagement?
14 days - aligned to Consumers Rights Act 2015
47
Why would you decline an engagment?
``` Competence Lack of facts on clients Client won't sign TOE Conflict of Interest Govt. sanction list PII can't be agreed or not covered Content if actions made public? ```
48
How would you deal with Clients Money?
1. Separate Accounts 2. Client on Cheque and Bank 3. Monies on demand 4. Account in credit and interest agreed 5. Checked regularly 6. Audited and review by RICS every 3 years
49
Process of complaints handling procedure?
``` RICS Guidance Note - 2016 CHP signed of by RICS Notify PII insurer asap Receive written complaint CHO investigates Acknowledge receipt within 7 days Investigated within 28 days (20 at CBRE) If not happy then alternative dispute resolution Example: CEDR or RICS dispute resolution scheme ```
50
What's needed by RICS to start a new practice?
``` Inform RICS Appoint responsible principle Register with RICS Get PII cover CHP signed off Clients Money Register for VRS - Red Book Valuations CPD Staff training Annual Returns ```
51
Statutory Requirements for starting a new business?
``` Disclose business name H&S Financial Services compliant Equality Act 2010 Fire safety Bribery Act ML officer Asbestos Register Data Protection Insurance HMRC Tax & VAT return ```
52
Requirements when closing a practise?
``` Inform RICS Inform Clients Inform Insurer and get 6 year run-off cover Return Clients monies Keep information for 6 years ```
53
4 Bribery Offences?
1. Accepting a Bribe 2. Giving a Bribe 3. Bribing a PEP 4. Failing to prevent bribery
54
Any literature on Bribery, Corruption, ML & TF?
Professional Statement 2019 - Three sections: 1. Mandatory requirements - procedures 2. Guidance - Gifts register 3. Supplement - 3 W's
55
What did you learn on the training for bribery, money laundering and corruption?
What they are and how to identify them - Bribery is the gifting or payment in return for an advantage Money Laundering is the conversion of illegally made money into legal tender Corruption is the abuse of power by those entrusted with authority Some of the red flags for ML: Different currencies, unusual features, unwilling to give ID docs and changes to parties involved
56
What was the last CPD you undertook?
Introduction to ESG for Debt Funds - Investor demand for ESG compliant funds Understand Sustainability linked loans - aligning loan terms to borrowers performance against relevant sustainability performance targets. Incentivize the borrower’s achievement of ambitious, predetermined sustainability performance objectives
57
Talk us through a piece of CPD you have undertaken?
Future of valuation - move towards a DCF method. Allows for risks and assumptions to be explicitly modelled rather than the risk implicitly shown in the yield.
58
Are there any changes to the ROC?
Yes - 2022 | Combination of the two with a focus on incorporating tech and sustainability
59
What are the levels of PII?
``` <100 = 250k 100-200k = 500k >200k = £1m ```
60
Who pays for ADR?
Usually agreed to be split, but the costs incurred in dealing with the dispute more generally will normally be allocated between the parties as part of any settlement achieved.
61
What are the major challenges facing the RICS?
I think from my perspective it's the assessment methods - from discussions it's always been tough to schedule but this year has highlighted some real issues. It does make you question the professionalism, something that we are so strongly urged to keep. From a wider perspective I think diversity and inclusion has been a historical challenge but it's refreshing to see the proactive approach being taken. In the new ROC, changes include explicit requirements for firms to encourage diversity and to ensure a fair and inclusive profession, and to support all surveyors regardless of their background or differences, across the world.
62
What are the RICS principles of regulation? How do the RICS principles of regulation ensure consumer protection?
Proportionality, Accountability, Consistency, Transparency and Targeting Targeting for example - Ensuring serious breaches are minimized
63
Give an example of each of the Professional and Ethical Standards in your experience?
``` Service - Trust - Integrity - Respect - Responsibly - ```
64
What are the new ROC? How are they changing?
Simplified structure bringing all ROC into one doc. Incorporate sustainability and the use of technology. 5. Members and firms must act in the public interest
65
Any recent disciplinary hearing you can tell me about?
Jack Cook - Found he had plagiarised his submission
66
What do you include in a Equity Terms of Engagement?
In an Equity TOE: - Client - Appointment Confirmation - Scope of Instruction - Marketing etc. - Personal Contacts - Fee & Calculation - Payment - Termination - VAT - Terms of Business - CHP - Signatories
67
RICS Compliance for starting a new company?
``` Inform RICS Appoint Responsible Principle Register with RICS CHP CPD Management System Clients Money PII Valuations Registration Training Succession RICS annual Return ```
68
Statutory Requirements for a new company?
``` Business name FS Companies House HMRC Asbestos Tax H&S Equality Act FS Bribery and ML ```
69
Steps to close a practise?
``` Inform RICS Inform Clients Inform Insurance Return Clients Money Retain Info for 6 years Succession Plan ```
70
In what circumstances is it appropriate to decline an instruction? Can you give me an example of a time you have done this?
Conflict - family member at firm in question
71
What can you tell me about the bribery act?
What a bribe is - Advantage from a payment/gift Principles Offences
72
-What recent CPD have you attended?
Future of Valuations - DCF model
73
-What would you do if a client pressured you to change your valuation?
Not do it - Would bring my integrity into question | Unless there was new information
74
What is PII?
Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.

APC I&F (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions