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APC Mock Qs > Ethics > Flashcards

Ethics Flashcards

1
Q

what are the 6 ethical standards the Rules of Conduct is based on?

A

Honesty
Integrity
competance
Service
Respect
Responsibility

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2
Q

Can you give me an instance when you have acted with integrity?

A

Following Workman Building Surveyors negotiating a settlement in the Glasshouse Yard Dilapidations, the Client overpaid the negotiation fee by £1,140. I advised the Client of the overpayment and that we are arranging a refund of the excess

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3
Q

Can you give me an example of when you have been cted honestly?

A

Following Workman Building Surveyors negotiating a settlement in the Glasshouse Yard Dilapidations, the Client overpaid the negotiation fee by £1,140. I advised the Client of the overpayment and that we are arranging a refund of the excess

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4
Q

Can you give me an example of when you have shown competance?

A

I showed competance in the Compass House rent review by succcessfully negotiating a rent in line with the Clients goals.

I also showed i am able to assess my competance in the Glasshouse Yard and Egale Licence to Alter by recommending Building Surveyors review the works

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5
Q

Can you give an example of when you have provided a high standard of service?

A

Compass House rent review by succcessfully negotiating a rent in line with the Clients goals.

EV charging meeting at Riverbirdge by being prepared and recommending the best location for EV charging.

Throughout my career by being responsive and transparent with Clients

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6
Q
  1. For the LTA at Glasshouse Yard where you best placed to communicate the building surveyors findings, why couldn’t they communicate themselves?
A

No, the building surveyors were communicating, however the Client would also speak with me given the relationship we built.

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7
Q

What is Workmans purchasing policy and why is it in place?

A
  • Workman approved contractors only
  • minimum 3 quotes for works over £5k and minimum 2 quotes for works between £1.5k and £5k
  • Ensures value for money and high quality work is provided
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8
Q

What is the Workman e-register what information did you need to provide and what laws does it adhere to?

A

System to log gifts received in accordance with RICS guidance and Bribery Legislation

  • Information about the goods received (i.e. when it was received, what it was for, estimated value, and what the good is)
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9
Q

What are the penalties under the Bribery Act

A

Unlimited fine and up to 10 years in prison

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10
Q

Setting up your own firm, what would you need to do?

A
  • Advise RICS
  • Ensure you meet requirements of Rules of Conduct
  • Ensure adequate insurance is in place, such as PII and public liability insurance
  • ToE template
  • Complaints handling procedure
  • H&S policy/statement
  • Understand use of RICS designations
  • Locum agreement
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11
Q

What are the bandings for PII insurance?

A

turnover up to £100k = minimum £250k cover
turnover between £100k and £200k = minimum £500k cover
turnover over £200k = minimum £1,000,000 cover

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12
Q

What types of due diligence are there?

A
  • Know your customer due diligence
  • Simple due diligence
  • Enhanced due diligence
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13
Q

What is KYC due diligence ?

A

Know you customer due diligence – checks to identify your client to make sure they are who they say they are

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14
Q

What is simple due diligence?

A

Simple due diligence – lowest level of due diligence when there is little risk

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15
Q

What is enhanced due diligence?

A

Enhanced due diligence – thorough investigation when risk is high

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16
Q

Tell me about a time you have promoted trust in the profession

A
  • Successfully removing the hostile tenant from the estate at The Paddocks. This promoted trust in the profession through the other tenants on the estate
  • Successfully putting a stop to the illegal car parking on Bourne Industrial Estate
  • Returning overpaid fees from the Client relating to 20-25 glasshouse yard dilaps negotiation fee
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17
Q

Tell me about when you have acted with integrity

A
  • Client overpaid on dilapidations negotiations fee and I immediately advised the Client and arranged a refund of the excess
  • During my case study when dealing with the other tenants on the estate, I was transparent and honest advising them we were taking action against them to ensure they would no longer affect other tenants on the estate
  • When the tenant disagreed with the SC apportionment, I advised them that we will ensure that there are no errors by re-measuring the unit and calculating the apportionment. It was found that there was so error and the tenant appreciated the effort to confirm.
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18
Q

How do you keep Client confidentiality

A

I adhere to the Data Protection Act 2018 and EU GDPR 2016. I do not discuss details of cases or provide sensitive information. Data is anonymized where possible.

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19
Q

What is the safe contractor list?

A

Accreditation ensuring competent services in terms of quality and H&S

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20
Q

Does RICS provide any guidance on Client Money Protection?

A

RICS Client Money Protection Scheme 2019

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21
Q

Tell me a key principle of the RICS Client money protection Scheme

A

Main purpose is to allow RICS firms to offer Client Money protection and compensate Clients for the losses resulting from the firm failing to account for Client Money to the person entitled to it

Sets out how Client money should be handled

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22
Q

Does the government provide any guidance on Client money protection?

A

No but sets out approved schemes that must be joined if you’re a letting or property management agent and hold Client Money
- Must hold money in an account with a bank authorized by the Financial Conduct Authority
- Get a certificate confirming membership of the scheme you join

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23
Q

Name some approved Client money protection schemes?

A

Client Money protect
Money Shield
PropertyMark
RICS Client money protection scheme
Safeagent (previously NALS)
UKALA Client Money Protection

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24
Q

What are the penalties for not having appropriate Client Money protection

A

Fine up to £30k
Fine up to £5k for not displaying certificate or providing it when asked

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25
Q

Where do you display your Client money protection certificate?

A

In any office where you deal with the public
On your website

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26
Q

Define money laundering

A

Process of concealing the origin of money obtained from unlawful activities

27
Q

Define Terrorist financing

A

Collection or provision of funds for terrorist purposes
Providing financial support to individual terrorists or non-state actors

28
Q

What does enhanced due diligence involve?

A

Thorough investigation – significantly more evidence and detailed information about reputation and history to be collected

29
Q

What is a PEP? And what does it require?

A

Politically Exposed Person – one who has been entrusted with a prominent public function
Presents higher risk for involvement in bribery and corruption and requires enhanced due diligence

30
Q

How often are you required to complete the RICS Professionalism Module?

A

Every 3 years

31
Q

Why do RICS care if you’re solvent?

A

As it shows competence and trust
You are handling Client money and if you can’t manage your own finances, then you can’t be trusted to manage Clients finances

32
Q

What is RICS lionheart?

A

Independent charity for RICS professionals and their families, providing health and wellbeing support.
Also includes past members and APC candidates

33
Q

What were the changes to RICS professional indemnity insurance and when?

A

UK professional Indemnity insurance requirements 2022 – regulation note
Updated in 2022 to reflect changes to the excess requirements.
Excess requirements for larger firms removed, with the 2.5% excess requirements for smaller firms remaining

Previous change was in run-off cover requirements – 6 year minimum required at £1m

34
Q

What are the different types of RICS documents?

A

Professional statement
Guidance note
Code of Practice (can be mandatory or guidance) – developed with other bodies
Jurisdiction guide – purely information on local market
RICS Regulation note

35
Q

What does the Bribery Act 2010 do?

A

Covers criminal law relating to bribery

36
Q

What would you do if the Client asked for access to the Client Account

A

Can provide info, but can’t allow access. Client would need to set up their own account.

37
Q

What are the limits for Client money protection claims?

A

£50,000 per claims limit
£10.3m aggregate annual claim

38
Q

Give me an example of one of the RICS Bye-Laws

A

2 Membership
3 Designations
4 Contributions to funds
5 Conduct

39
Q

What is aggregation in PII?

A

Total of each individual claim – sum of each claim

40
Q

What is RICS requirement for run-off cover?

A

Set out in UK professional Indemnity insurance requirements 2022 – regulation note
Requirement for a limit of £1,000,000 in all for a period of 6 years from expiry of policy

41
Q

What are the indemnity excess limits for PII?

A

£10,000,000 or less turnover – maximum uninsured excess = the greater of 2.5% the sum insured or £10,000
Over £10m no limit set

42
Q

What guidance is there in relation to PII?

A

UK professional Indemnity insurance requirements 2022 – regulation note

43
Q

What are the requirements for RICS rules for the use of logo and designation by firms?

A
  • Not alter the RICS logo or designation without permission
  • Not use the logo or designation in a manner that could have an adverse impact upon its status of bring the profession into disrepute
44
Q

Does RICS provide any guidance on social media?

A

Use of Social Media: Guidance for RICS members 2021 (regulation document)

45
Q

If a negligence claim is brought against you, how do you provev you have not acted negligently?

A
  • ## keep good records
46
Q

Can you give an example of a RICS bye-law?

A

5 Conduct
Conduct yourself in a way that is befitting to the RICS

47
Q

Last year I see you received a bottle of wine as a mark of gratitude, what would happen this year if that increased to an expensive lunch? What happens if for whatever reason the work instructed fairly over the year increases and next year this increases to a weekend ski break?

A

I would be inclined to politely reject and err on the side of caution, however i understand that proportionality comes into consideration.

If large works over a number of years, something slightly above and beyond what is usually acceptabel may be acceptable.

48
Q

Why do we need a professional body such as RICS?

A

Consumer protection
Set standards
Influence policy
Accredit professionals
Quality assurance

49
Q

You mention in your submission when dealing with licence for alterations that you were not competent to deal with proposed M&E alterations and passed to a building surveyor. At what point would you decide what is deemed specialist, for example if you needed to replace some tarmac on an estate or replace an entrance barrier, would you appoint yourself?

A

Based on experience, knowledge and complexity of works

50
Q

Who is the current President of the RICS?

A

Clement Lau (Sept 2021)

51
Q

Are you familiar with Lionheart? If so, tell me about it?

A

RICS charity for past members and current members and APC candidates providing health and wellbeing support

52
Q

What information is accounted for in an annual accounts return?

A
  • Firm details (registered name, trading name, VAT reg, firm structure, address, surveying services provided)
  • Designation details (what designations are used)
  • Offices
  • Principal details (i.e RICS numbers, titles, status, emails)
  • RICS member employees
  • Contact officers
  • general info (insolvency, data protection)
53
Q

What is the purpose of the Money Laundering Act?

A

To ensure business have appropriate systems and controls in place to identify their customers and reduce risks of money laundering

Highlight what constitutes money laundering

54
Q

Tell me how you would handle a complaint should it arise?

A

Handle myself in first instance and then refer to partner and CHP

55
Q

Tell me about a recent RICS Initiative that has interested you?

A

EDI

3 year, 45 point action plan to improve equality diversity and inclusion.
Sets out how 6 organisations (350k members) will collaborate to improve EDI

IEQM

56
Q

What are the necessary RICS steps to set up your own practice?

A

Notify RICS
Agree insurance (namely PII)
Money handling procedure and join Client money protection scheme
Complaints handling procedure
Conflicts of interest check procedure
Terms of engagement template

57
Q

What would be the standard process for handling Clients money?

A

Keep Client money in a separate account with the Client name in the account name
Keep record of all dealings
Ensure Client money is available for immediate transfer and Client is aware of bank details
Written confirmation from the bank that Client money is not to be transferred or combined

58
Q

When would you turn down an instruction?

A

If I am not competent or if there is a conflicts of interest

59
Q

What sort of documentation might you request from a new Client prior to accepting an instruction?

A

KYC due diligence, such as passports or any evidence to prove your Client are who they say they are

60
Q

What’s the purpose of undertaking KYC due diligence?

A

To validate your Client and protect against money laundering

61
Q

What are high risks in money laundering?

A

High risk country
Linked to sanction list or someone on the sanction list
Secretive about who they are

62
Q

What is the proceeds of crime act 2002?

A

Relates to the recovery and confiscation of proceeds made from criminal activities and money laundering

63
Q

What does your firm do to prevent money laundering?

A

Provides training
Carry out risk assessments on Clients from high risk countries and high risk sectors
Don’t accept cash payments
Money laundering policy
Due diligence procedure on new Clients

64
Q

What challenges do you see RICS facing in the next few years?

A

Increased push to sustainability in order to achieve Net Zero
A lot of landlords applying to EPC exemptions due to high cost
Implementing technology into buildings – understanding and reporting on data will help industry move faster. But then also need to consider privacy when sharing this data.
Retail sector need to focus on service delivery to stay competitive
Changes in the way offices model and how companies operate might require guidance for surveyors

APC Mock Qs (13 decks)

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