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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

Information required for a business to register with RICS

A

Business type. Whether they hold client money. PII. CHP

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2
Q

6 rules of firm administration

A

Advertising. Solvency. Arrangement for death. Use of designations. Co operation. Info provided to RICS.

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3
Q

Triggers for RICS disciplinary procedures

A

Complaint to RICS. Allegation by client. Info received by RICS.

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4
Q

Levels of disciplinary action

A

AHA

  • Action by head of regulation
  • regulatory tribunal
  • appeal panel
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5
Q

3 common breaches that result in disciplinary action

A
  • professional behaviour
  • CPD
  • protecting client money
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6
Q

4 stages of action for disciplinary procedures

A
  • initial investigation
  • regulatory compliance orders
  • CPD sanctions
  • regulatory tribunal
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7
Q

4 actions from initial investigations for disciplinary action

A
  • fixed penalty notice
  • regulatory compliance order
  • CPD sanctions
  • refer to disciplinary panel
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8
Q

2 examples of RICS international standards

A
  • RICS valuation - global standards 2022

- IPMS

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9
Q

2 examples of RICS professional statements

A
  • conflicts of interest

- code of leasing business premises

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10
Q

2 examples of RICS guidance note

A
  • surveying safely 2019

- comp evidence in real estate valuation 2019

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11
Q

Example of a code of practice

A
  • code of measuring practice 2018
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12
Q

3 elements to consider when negotiating fees

A
  • no price fixing
  • in line with the market
  • consider bribery act 2010
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13
Q

Main contents of terms of engagement

A
  • fee
  • CHP
  • work to be done
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14
Q

3 key steps in accepting instruction

A
  • competence
  • conflict of interest check
  • signed terms of engagement
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15
Q

3 reasons for declining an instruction

A
  • competence
  • conflict of interest
  • client won’t sign TofE
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16
Q

3 types of conflict of interest

A
  • financial
  • personal
  • commercial relationship
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17
Q

2 options for proceeding when COI is recognised

A
  • avoidance - decline instruction

- management - letter of instruction

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18
Q

What are the consequences of breach of the ethical standards?

A

Disciplinary action

19
Q

Tell me about the RICS global professional statement regarding COI 2017

A
  • RICS cannot work for a client where there is COI
  • need informed consent from both parties to proceed
  • keep full records to ensure compliance
20
Q

3 types of COI defined by RICS professional statement on COI

A
  • party - working for two diff parties
  • personal
  • confidential info - NDA
21
Q

How long should old files be held for?

A

Minimum 6 years. Destroyed securely

22
Q

What to do if you receive confidential info in error

A
  • securely dispose of info

- inform firms compliance officer

23
Q

What level of PII is require

A

-£200k = £1m

24
Q

What is the maximum level of uninsured excess?

A
  • up to £500k - 2.5% of the sum insure or £10k, whichever is higher
  • over £500k - 2.5% of the sum insured
25
Q

What is run off cover?

A

Insurance for claims made against a firm that has stopped doing business. Merret vs Babb

26
Q

Tell me the steps for setting up a new firm

A
  • inform RICS
  • appoint a principal
  • register for RICS regulation
  • arrange PII and inform RICS
  • procedures for handling client money
  • CHP
  • logo kit
  • staff training
  • CPD offer
27
Q

6 key principles of the bribery act

A
  • proportionality
  • top level commitment
  • risk assessment
  • due diligence
  • communication
  • monitoring and review
28
Q

4 offences under the Bibery Act 2010

A
  • bribing
  • receiving a bribe
  • failure to prevent bribery
  • bribing a foreign public official
29
Q

What is the key government legislation on money laundering?

A

Money laundering, terrorist financing, and transfer of funds regulations 2019

30
Q

3 topical issues currently facing the RICS

A
  • sustainability
  • COVID
  • Russian sanctions
31
Q

5 principles of regulation for members and firms

A

PACTT

  • proportionality
  • accountability
  • consistency
  • targeting
  • transparency
32
Q

Rules of conduct for firms

A

PCS CPD CCI

  • professional behaviour , competence , service
  • CPD training
  • complaints handling, client money, indemnity
33
Q

How many members are in the RICS

A

140,000

34
Q

When was the RICS FOUNDED

A

1868 by John Clutton

35
Q

3 main roles of the RICS

A
  • training
  • protecting customers/public
  • regulation
36
Q

3 benefits of regulation

A

CPS

  • confidence
  • professionalism
  • security
37
Q

What is the structure of the RICS

A

RBRR

  • royal charter
  • bye laws
  • regulations
  • rules of conduct
38
Q

What info do registered firms have to send the RICS annually?

A
  • annual return done online
  • type of business and staffing
  • nature of clients
  • CHP
  • PI details
  • whether the firm hold client money
39
Q

What are the RICS Bye Laws?

A
  • applications and definitions
  • memberships and registration
  • designations
  • contribution to funds
  • conduct
  • governing council, officers and staff
  • subordinate boards, committees and groups
  • procedure for general meetings
  • accounts and audit
  • general
40
Q

What is GDPR?

A

Protects personal data

41
Q

What are the 5 rules of conduct

A
  • act with integrity
  • maintain professional competence
  • take responsibility
  • provide good quality service
  • treat others with respect and encourage diversity
42
Q

What are the professional obligations of RICS members?

A
  • CPD requirements
  • cooperate with RICS
  • provide information requested by Standards and Regulation board
43
Q

Under the bribery act , when is a facilitation payment permitted?

A
  • if there is a serious risk or danger to life, limb or liberty
44
Q

What is the key govt legislation on money laundering?

A

Money laundering, terrorist financing and transfer of funds regulations 2019

APC (15 decks)

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