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APC Jack Sadler 2023 > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When was the RICS granted royal charter ?

A

1881

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3
Q

What are the four levels of membership

A

FRICS
MRICS
AssocRICS
Trainee/Student

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4
Q

How do you become a fellow FRICS?

A

Five or more years at MRICS
A leadership role
Professional achievement
Academic achievement
Raising the profile of the RICS

A portfolio of technical achievement is also required

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5
Q

Structure of the RICS

A

Governing Board of (25 members)
Standards and Regulations Board
Management Board

Regulatory Tribunal reports to Standards and Regulations Board

Various committees
UK
4 National associations
10 Regional boards

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6
Q

Who is the RICS Interim CEO

A

Nick Maclean FRICS

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7
Q

Who is the RICS President

A

Ann Gray FRICS

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8
Q

Levitt Review

A

Alison Levitt QC undertook an independent review of the RICS and found a lack of clarity, structure and purpose.

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9
Q

RICS commissioned Lord Bichard to review the purpose, governance and structure.

A
  1. Public interest panel
  2. Increased focus on diversity and inclusion
  3. Self-regulation through grater independence for regulatory function
  4. Grater support for regional boards
  5. Independent review very 5 years looking at effectiveness against royal charter
  6. A simpler governance structure
  7. Greater leadership on issues affecting society such as sustainability and climate change

RICS has agreed to adopt all of Bichards recommendations

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10
Q

What are the FIVE benefits to being a member

A

Status - (Client confidence)
Recognition
Market Advantage
Knowledge
Network

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11
Q

THREE benefits of regulated firms

A

Confidence - monitored by RICS
Professionalism - clear impartial advic
Security - PII and free redress

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12
Q

Firms must register for regulation when?

A

If 50% of principles are MRICS
If 25% are MRICS can apply

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13
Q

Information required in an annual return?

A

Type of business and staffing
Statutory regulated activities
Nature of clients
CHP details
PII details
If the firm hold clients money

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14
Q

Rules of conduct 2021

A

xxx

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15
Q

Rules of conduct 2021
Appendix A Members

A
  1. Comply with CPD requirements
  2. Cooperate with RICS
  3. Provide all information requested by the RICS Standards and Regs board
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16
Q

Rules of conduct 2021
Appendix A Firms

A
  1. Publish complaints handling, ADR and complaints log
  2. Ensure all current and previous work is covered by PII
  3. Sole principle make arrangments
  4. Cooperate with the RICS
  5. Provide all information requested
  6. Display on business literature
  7. Report any matter required to
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17
Q

What were the reasons for developing the new rule of conduct?

A
  1. Simple structure
  2. Clear examples
  3. Greater focus on DI and global challanges
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18
Q

Ethics Tree what is it?

A

A framework of questions a member can ask themselves.
E.g
Do I have the full facts
Is it legal
Would you mind it being public information

19
Q

What are the three levels of disciplinary action?

A
  • Action by head of regulation
  • Regulatory Tribunal
  • Appeal Panel
20
Q

Disciplinary procedure

A
  • Serve fixed penalty
  • Make a regulatory compliance order
  • Refer to a single member of regulatory tribunal
  • Refer direct to disciplinary pannel
21
Q

Fixed penalties

A

Fine/Caution usually relate to the supply of information

22
Q

Regulatory Compliance Order

A

Written document states the term which the member must take or desist from taking

Normally for low level breaches

23
Q

Action by Regulatory Tribunal

A

More serious breaches
Unlimited Fine
Conditions on future membership
Expulsion
Publication of hearings in Modus

24
Q

Guidance note on Social Media

A
25
Q

Fee negotiation

A

Avoid price fixing or aggressive cutting
Market based
Can negotiate further once you have submitted initial fee proposal

26
Q

Terms of engagement
Three steps to follow?

A

C - Competence
I - Independence
T - Signed terms before you start working

27
Q

Why might you decline an instruction

A

Not competent
Don’t have full facts
Cant agree a liability cap
No signed terms
They’re is a conflict

28
Q

What is a conflict of interest

A

When a members or firms independence is threatened due to an existing relationship

28
Q

Three types of conflict of interest

A

Party conflict
Own interest conflict
Confidential Information conflict

29
Q

How would you manage a conflict of interest?

A

I would need to have informed consent
I would need to be satisfied it was in the intrest of all those affected

30
Q

What do you need to consider when acting as a buying agent

A

Terms of engagement stating you are acting on an exclusive or non-exclusive basis

31
Q

Incremental advice

A

For example providing a valuation on a site you are selling for the purchaser.

32
Q

Confidentiality

A

RICS bylaws state client confidentiality must be maintained at all times

33
Q

Confidentiality

A

RICS bylaws state client confidentiality must be maintained at all times

34
Q

What to do when you receive a complaint

A

Try and resolve

Stage 1
If you cannot ask for the complaint to be made in writing
Contact PII Insurers
Complaints officer will acknowledge within 5 days and investigate within 10 further days

Stage 2
If complainant is still not happy they can rely on ADR

35
Q

What is negligence

A

Where there is a breach in duty of care which leads to a loss
Yianni V Edwin Evans

36
Q

PII what are the levels?

A

£0 - £100k - £250,000
£100 - £200k - £500,000
£200k and above - £1,000,000

37
Q

Maximum level of uninsured excess

A

£10,000,000 or less - 2.5% or £10,000
£10,000,000 + - no limit set

38
Q

Yianni V Edwin Evans

A

Case established the valuer owed a duty of care in tort to a mortgagee purchaser.

39
Q

Limitation act

A

Limitation periods for negligence
Contract - 6 years from the breach or 3 years from the date of knowledge of the damage to a long stop of 15 years.

40
Q

What must you do when handling clients money

A

Kept separately and identifiable
Word client to be in the account name
Client must have monies on demand
Payment of intrest agreed
Account but never go overdrawn

41
Q

RICS requirements for starting a practice

A

Inform rics
Appoint a responsible principle
Register for regulation
Arrange and send PII
Register for the VRS
Obtain complaints procedure
Set up complaints log
Appoint complaints handling officer
Use a logo kit
Plan for secession
Ensure completion of anual return

42
Q

Statutory Compliance

A

Ensure employer and public liability insurance
Inform HMRC
Written health and safety policy
Appoint an AML officer
Register for data protection

43
Q

Closing a practice

A
  • Inform the RICS
  • Inform clients
  • Return any clients money
  • Inform insurer and get run off cover
  • Retain files and records for 6 years

APC Jack Sadler 2023 (17 decks)

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