Brainscape's Knowledge GenomeTM

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


See full index

Harry's APC > Ethics > Flashcards

Ethics Flashcards

1
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 associated environmental issues’ (RICS 2015)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 5 RICS Rules of Conduct

A
  1. Honest & Integrity - Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

2.Competence - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

  1. Quality & Diligence - Members and firms must provide good-quality and diligent service.
  2. Respect - Members and firms must treat others with respect and encourage diversity and inclusion.
  3. Public Interest - Members and firms must act in the public interest, take responsibility for their
    actions and act to prevent harm and maintain public confidence in the profession.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does RICS stand for

A

Royal Institution of Chartered Surveyors

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

When was RICS founded

A

1868

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

When was the Royal Charter awarded to RICS and what is this?

A

1881

The royal charter requires RICS to “promote the usefulness of the profession for the public advantage in the UK and in other parts of the world.”

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

What is Blooms KYC initiative

A

This is Bloom’s Know Your Customer initiative. This involves bi-monthly visits to income producing assets to listen to customers and understand their business.

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

What does the Bribery Act 2010 seek to achieve?

A

It aims to reduce bribery in business in UK and abroad

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

What constitutes a bribe

A

A bribe can be the giving, offering, promising or receiving of an advantage such as a payment, gift service for an action which is illegal or a breach of trust

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

What are the 4 offences relating to bribery

A
  1. Bribing
  2. Receiving a bribe
  3. Bribing a government public official; and
  4. Failing to prevent bribery
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who polices the BA and what is the maximum penalty?

A

Serious Fraud Office (SFO)

If this Act is breached, there is a maximum penalty of 10 years imprisonment and /or an unlimited fine for individuals; companies face an unlimited fine.

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

What are the six key principles which the Bribery Act is based on?

A
  1. Proportionality
  2. Top level commitment
  3. Risk assessment
  4. Due diligence
  5. Communication
  6. Monitoring and review
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What steps can companies take to prove they have taken the steps to prevent bribery?

A
  1. Identification of potential risks,
  2. Staff training,
  3. Provision of clear policies
  4. Regular reviews
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the benefits of being an RICS member?

A

Status- Your professional credentials provide unrivalled client confidence.

Recognition- Promotion of your professional excellence to governments and markets.

Market advantage - RICS status and standards gives you a competitive advantage.

Knowledge - International practice standards, professional guidance, CPD & knowledge sharing.

5.Network- Access to 137,000 professionals worldwide.

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

What are the three benefits of regulation for firms?

A
  1. Confidence - for clients as regulated firms are monitored by RICS regulation.
  2. Professionalism - firms will have to provide clear, impartial and expert advice.
  3. Security - firms have to have a recognised complaints procedure, access to free independent redress and PII cover.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the two key pieces of legislation with regard to gifts, bribery and corruption?

A

Bribery Act 2010

Proceeds of Crime Act 2002

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

What would be your process when offered an incentive / gift?

A

Consult the Bribery Act

Check Proportionality

Add to company gifts register

17
Q

What is money laundering?

A

Money laundering is when proceeds of criminal activities are disguised or converted and then realised as legitimate assets.

18
Q

What are the key provisions of the ‘Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Pay Regulations, 2017 (as amended in 2019)?

A
  1. A requirement to have a written money laundering and terrorist financing risk assessment.
  2. Implement systems, policies and controls and procedures to address money laundering and terrorist financing risks and meet the requirements under the regulations
  3. Adopt appropriate internal controls
    Provide staff training.

4 Comply with new customer, enhanced, and simplified due diligence requirements.

5.Comply with the requirements relating to politically exposed persons (PEPs).

  1. Ensure appropriate record keeping, policies and procedures
  2. AML checks must be undertaken to confirm the identity of the proposed purchaser of a property and check the purchaser’s source of funds by the vendor’s agent before contracts are exchanged.
  3. To include additional high-risk factors when assessing the need for enhanced due diligence, and seek additional Information and monitoring in certain cases, e.g. where there are transactions between parties based in high-risk third countries
19
Q

What is required for money laundering checks on a private individual?

A

Copy of valid passport or driving licence with photo.

Copy of a bank statement, credit card bill, council tax statement or utility bill to show evidence of address, not more than 3 months old

20
Q

What is required for money laundering checks on a private limited company?

A

Certificate of Incorporation

Full name, registered number, registered office, business address, names of all directors and names of all shareholders with 25% or more holding.

Identification of a higher risk client (PEP)

N.B. Report any discrepancies to Companies House

21
Q

What is required for money laundering checks on a PLC?

A

London Stock Exchange listing

22
Q

RICS Global Professional Statement on Conflicts of Interest, 2017 states that…

A

A member must not advise or represent a client where doing so would involve a conflict of interest or significant risk of a conflict of interest, other than where those who are, or may be affected have provided their informed consent.

Informed consent may only be sought where the RICS member or regulated firm is satisfied that proceeding despite a conflict of interest is in the interests of all of those who are or may be affected is not prohibited by law.

23
Q

What was the Levitt Review (2021)

A

The Levitt Review was an independent review which took place in 2021 exposing the lack of clarity, structure and purpose of RICS governance arrangements.

24
Q

What is the Bichard Review

A

The Bichard Review followed the Levitt Review in June 2022 making seven key recommendations:

P - Increased focus on the public remit interest of the RICS.

E - Renewed focus on engaging with members, especially younger members.

R - Independent review every 5 years.

S - Maintaining self-regulation through independent regulation.

S - Simplified governance structure.

S - Greater leadership on issues that matter most to society, such as sustainability.

D - Increased focus on diversity.

NB. DCF became the preferred valuation method

25
Q

How do you ensure that you uphold the reputation of
RICS and adhere to RICS Rules of Conduct when interacting with clients, such as the Bloom tenants?

A

When working with Bloom tenants, I ensure that I adhere to the RICS Rules of Conduct by providing a high standard of
service and conducting myself ethically. This includes following Bloom’s Know Your Customer (KYC) initiative to maintain transparency and integrity in our interactions.

26
Q

What is CPD and how many hours are you expected
to complete?

A

Continued Professional Development.

20 hours (10 of which is to be formal CPD)

27
Q

What is meant by informal CPD?

A

Informal CPD is any self-managed learning that is relevant or related to your professional role.

This could include activities
such as private study, on-the-job training, attendance at informal seminars or events where the focus is on knowledge sharing.

28
Q

What is meant by formal CPD?

A

Formal CPD can be any form of structured learning that has clear learning objectives and outcomes.

Such as a professional course, structured online training, technical authorship, learning that includes an assessment measure.

29
Q

What is the complaints handling procedure at your firm?

A

Acknowledge receipt within 5 working days.

Provide a written response within a further 10 working days.

The complainant should confirm within 10 working days whether they wish to take the matter further
If they do, then within 5 working days of such written notification, the person dealing with the complaint will write to the complainant informing them of what action has been, or will be taken.

If the complainant is still dissatisfied, it can be referred to Centre for Effective Dispute Resolution (CEDR) or the RICS Dispute Resolution Service (DRS)
If still not resolved then it can be referred to the Independent Dispute Resolution Scheme (IDRS) for arbitration

30
Q

What do you require to set up an RICs registered firm?

A
  1. Types of business and staffing details
  2. Statutory regulated activities - such as financial services
  3. Nature of clients
    Complaints handling procedure details and records
  4. Professional indemnity insurance details

5.Whether the firms holds clients’ money

31
Q

When should you decline an instruction?

A

CIT

Lack of information / facts
UK Government

Sanctions list

PI liability cannot be agreed.

You aren’t content for actions to be made public

32
Q

What are the three types of CofI?

A

A ‘Party Conflict’ relating to work on the same or related instruction for two different parties.

An ‘Own Interest Conflict’ relating to a personal interest.

A ‘Confidential Information Conflict’ relating to work between two parties that is confidential.

33
Q

Firms must include an RICS approved A… D… R…
mechanism in their complaints handling procedure.

A

Alternative Dispute Resolution

34
Q

What is Bloom’s PII Cap

A

5 & 2

35
Q

Under the Limitation Act 1980, the limitation period for negligence on a contract is what?

A

6 years from the date of the negligent act, breach of contract or omission.

36
Q

What are the key themes in Bloom’s staff handbook?

A

Harry's APC (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions