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Ethics Flashcards

1
Q

What was the purpose of the Levitt Review?

A

Public exposure of the lack of clarity, structure and purpose of the RICS and Levitt called for a full independent review.

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2
Q

What was the purpose of the Bichard review?

A

To clarify the purpose of the RICS
Recommendations on its governing structure
Proposals for incoming leadership and governing body.

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3
Q

What recommendations did Bichard make?

A

36 recommendations in 7 areas published in June 2022.
1. Increased focus on the public interest
2. Maintaining self regulation
3. Increased focus on D&I
4. Greater support for regional boards
5. Undertaking an independent review of RICS governance every 5 years.
6. A new simplified, clear accountably governance structure
7. Showing greater leadership on societal issues.

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4
Q

What is the role of the RICS

A
  1. To maintain the highest standards of education and training
  2. To protect consumers through strict regulation of professional standards
  3. To be the leading source of information and independent advice on land, property, construction and environmental matters.
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5
Q

What is your company’s gift policy?

A

All gifts over £50 must be recorded on my firms gift register.
All proposed gifts for clients over £50 must also be listed on the gift register.
Hospitality over £125 must be approved by your HOD and recorded
Client entertainment over £2,000 must be signed off by your financial representative.

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6
Q

Who would you report suspicious of money laundering to?

A

The national crime agency

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7
Q

What would you do if you suspected money laundering?

A

I would raise my suspicions to my firms AML officer who would then record it on an SAR and report it to the national crime agency.

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8
Q

Which firms must be regulated by the RICS

A

Firms with more than 50% of the principals are members of the RICS and are providing services to the public.

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9
Q

What is the purpose of the rules of conduct?

A

They are a set of rules that govern the profession so clients know they are getting a specific level of service.

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10
Q

What are the rules or conduct 2022

A
  1. Be honest, act with integrity and comply with your personal obligations and obligations to the RICS
  2. Maintain professional competence and ensure services are provided by competent individuals with the correct experience.
  3. Provide a good quality diligent service
  4. Treat others with respect and encourage diversity and inclusion
  5. Act in the interest of the public, take responsibility for your actions and act in a way that prevents harm to others and maintains public confidence in the profession.
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11
Q

What did you include within your TOB when working on property with development potential in Bassett?

A

Clients Name, property name, scope of works, name of surveyor, complaints handling procedure, fee, my firms responsible principal.

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12
Q

Why did you ensure you received signed terms of business?

A

To ensure my client agreed with my terms if I was to commenced the instruction. This is also required for compliance before marketing a property.

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13
Q

Name the 6 principals of the Bribery Act 2010.

A
  1. Proportionality
  2. Top-Level commitment
  3. Risk assessment
  4. Due-diligence
  5. Communication
  6. Monitor and review
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14
Q

What are the four offences of the Bribery Act 2010

A
  1. Bribery
  2. Receiving a bribe
  3. Bribing a foreign public official
  4. Failing to prevent a bribe
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15
Q

Why do you want to be a chartered surveyor

A

To maintain and promote usefulness of the profession for the public advantage.

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16
Q

What are the 4 levels of membership

A

FRICS
MRICS
Associate
Student/ trainee

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17
Q

How do you become a FRICS

A
  1. 5 years service
  2. Be in a leadership role
  3. Academic qualifications/ promoting the professional
  4. Professional or technical achievement
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18
Q

What are the benefits of becoming a member?

A
  1. Status
  2. Recognition
  3. Market Advantage
  4. Knowledge
  5. Network
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19
Q

What are the requirements to register an RICS firm?

A
  1. Type of business and staffing details
  2. Name of responsible principal
  3. Statutory regulated activities - such as financial services
  4. Nature of clients
  5. Complaints handling procedure details and records
  6. PII
  7. Whether the firm holds clients
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20
Q

What is the ethics design tree?

A

A range of supporting information provided on the RICS website to support the tulles including the rics ethics decision free

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21
Q

What is the hierarchy within the rics

A

Royal charter
Bi laws
Regulations

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22
Q

What would you include in your Terms of Business?

A
  1. Client
  2. The asset
  3. Identification and status of the surveyor
  4. Scope of works
  5. Reference to complaints handling procedure
  6. My firms responsible principal
  7. My fee
  8. Professional indemnity insurance
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23
Q

Which firms need to be regulated by the rics?

A

Firms with more than 50% principals are rics members

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24
Q

What is a principal?

A

A person on in a senior position who works autonomously.

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25
What would you say to someone joining the profession?
There are 5 main benefits of becoming a chartered surveyor: 1. Status 2. Recognition 3. Market advantage 4. Knowledge 5. Network
26
What is a bribe?
The offer or promise given or received to an again advantage which is illegal, unethical or a breach of trust.
27
What needs to be included in an annual rics return?
Clients money held PII levels Complaints handling procedure Nature or clients Staffing detail Business activity
28
What are the 6 principles of Bribary?
Proportionality Top level commitment Risk assessment Due diligence Communication Monitor and review
29
What are the four offences of bribery?
Bribing Reviving a bribe Brining a public official Failing to prevent bribery
30
Who police’s bribery?
Serious fraud office
31
What are the penalties for bribery?
Maximum of 10 years in prison and/or an unlimited fine
32
What is the main regulation that covers money laundering?
Money laundering, terroirs financing and transfer of fund regulation 2017
33
What are the key provisions in the money laundering regulations?
Written risk assessment Implement systems, policies and controls Adopt appropriate internal controls Staff training New customers DD Pep DD Record keeping Counter party AML checks Assessing factors for enhanced DD
34
What is the limit on accepting cash payments?
€10,000
35
How long should AML data be held for?
5 years
36
When do AML checks need to be renewed?
Every 12 months
37
What are the penalties for AML?
14 years in prison for assisting 5 years for tipping off
38
What is the RICS motto?
Est Modus en Rebus
39
When was the rics founded?
1868
40
When was the royal charter given?
1881
41
What is a royal charter?
The oldest form of sovereign incorporation commonly given to institutions or charities that work in the public interest.
42
What are the levels of membership?
FRICS MRICS ASSOCRICS Trainee/ student
43
How can you become FRICS?
5 years as a member In a leadership role A personal or academic achievement Raising the profile of the RICS
44
What are the 5 benefits of becoming a member?
Status Regocnition Market advantage Knowledge Network
45
Who the president?
Ann Gray
46
Who is the CEO?
Justin Young
47
What information is required by the rics for registration?
Type of business/ staffing detail Name of responsibly principle Statutory regulated activities Nature of clients Complaints handling procedure PII Whether you hold clients money
48
What are the new guidance documents called and what do they replace?
Professional standards Practice information Replacing Professional statements Guidance notes
49
How many bi-laws are there?
10
50
Name a Bi-law
The rules of conduct - 5
51
When we’re the bi-laws updated
February 2020
52
What we’re the 2015 ethical standards?
Honesty, integrity, competence, good quality service, respect and responsibilities.
53
What must rics members do?
Comply with CPD requirements Cooperate with the rics Provide information requested by the standards and regulations board
54
Are the rules of conduct supported by case studies?
Yes there are 12
55
What is the rics guidance on social media?
Use of social media guidance for rics members
56
Who is the interim chair for the standards and regulation board?
Nigel Clarke
57
Who would you report suspicious money laundering to?
National crimes agency HMRC Financial conduct authority
58
What are the disciplinary procedures?
Fixed penalty notice Regularity compliance order Regularity tribunal Disciplinary panel
59
What firms must be regulated?
Where 50% or more principles are members
60
What is the purpose of the rules of conduct?
A set of rules that governs the profession so clients know they are getting a good level of service
61
Why were the rules of conduct updated in 2022?
To help the global profession respond to new risks and opportunities
62
Why did you ensure you received signed terms of business?
Under the estate agency act 1979 you cannot commence marketing without signed terms. It also voids your PII
63
What is a principle?
A person in a senior position who works autonomously
64
What is the rics governance structure?
Governing council Standards and regulation board Management board
65
What is the hierarchy within the rics?
Royal charter Bi laws Regulation
66
What is the rics guidance on bribery?
Countering bribery and corruption, money laundering and terrorist financing 2019
67
Why have professional standards and practice information been issued?
Following the bishard review, the rics have taken steps to amend their corporate structure
68
What did the money laundering, terrorist financing and transfer of funds regulation amalgamate?
Proceeds of crime act 2002 Terrorist act 2000
69
What are the steps for setting up a new rics practice?
Filling in firm details form Appointing responsible principle Register with rics Arrange PII Set up procedures for handling clients money RICS valuer registration scheme Obtain rics approval for complaints handling procedure Set up complaints log Appoint complaints handling officer Use rics logo kit Plan for succession Ensure CPD is logged Ensure Rics annual return is completed
70
Setting up a firm statutory compliance?
Disclose business name Compliance with equality act 2010 Financial services compliance Bribery act complaint Appoint money laundering officer Health and safety compliance Asbestos register Fire safety compliance Register data protection Estate agency compliance Inform HMRC Compliance with employment law Correctly insured
71
Closing a practice
Inform rics Inform clients Return moneys held Inform insurers Procure run off clover - minimum 6 years and £1,000,000 PII Retain copy of clients files for a minimum of 6 years
72
When acting as an Acquistions agent what must you disclose?
Whether you’re acting exclusively or not.
73
What is negligence?
Duty of care
74
What is case law for negligence?
Merit vs Babb
75
What are Firms requirements?
Cooperate with the RICS Report to standards and regulation board Provide information to the RICS annually Complaints handing procedure PII Sole principle - appropriate measures in place for incapacitation Display business literature
76
Where would you find members and firms obligations?
In the rules of conduct appendix A
77
What are the three types of insurance you would need when starting a new practice?
Employers liability Public liability Professional indemnity
78
What are the three benefits of regulated firms?
Public confidence Professionalism Security
79
What are firms obligations in appendix A of Rules of Conduct?
Have a complaints handling procedure in place Have the correct level of insurance Display RICS literature Cooperate with the rics Comply with the standards and regulations board Have a successor Ensure that locum insurance is in place incase of incapacitation
80
What is biodiversity net gain?
It is contributing to the preservation of nature while developing land
81
What is bio diversity?
It is altering a specific use to include other natural uses - for example changing a grass field into a while meadow, woodland and keep part of the grassland.
82
What is the rics guidance for complaints handling?
Complaints handling
83
What is the guidance for handling clients money?
Clients money handling 2019
84
What is the guidance set out in Clients Money Handling 2019
Handling clients money Information to clients Receipts of client money Payments from client account Account records and control Compliance
85
What is lion heart?
Lion heart is an independent charity for past, present and future RICS professionals

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