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RICS > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the role of the RICS

A

Promote and enforce the highest quality levels and standards in the development of land, real estate and construction.

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2
Q

What is a royal charter

A

A Royal Charter is an instrument of incorporation, granted by The King, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs. It allows self regulation and to turn a group of people into a single entity

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3
Q

Who is the current president of the RICS

A

Ann Gray

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4
Q

What do you understand by the term self regulation

A

Self regulation is the ability to manage and control ones own individuals

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5
Q

what is a bye law and give an example

A

A bye latw enables the head of regulation to make disciplinary decisions. Defines the levels of members.

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6
Q

What are the core professional obligations of firms

A
  1. Adequate and appropriate PII.
  2. Complaints Handling Procedure.
  3. Locum
  4. Provide all info required as necessary to SRB
  5. Co-operate with RICS.
  6. Logo
  7. Report matter to RICS if required under tules for registration of firms.
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7
Q

What disciplinary procedures can the RICS impose

A

Consent Order, Fine, Publish results in RICS Publications, suspension, referral to Disciplinary panel.

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8
Q

When did RICS last update their disciplinary rules

A

October 2019

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9
Q

What money laundering regulations or legislation are you aware of?

A

The Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017.

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10
Q

What is a red flag of money laundering?

A

Something that warns firms of suspicious transaction that may involve money laundering, some include PEPs, Ultimate beneficial owner is unclear.

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11
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

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12
Q

What is a bribe?

A

Offer, giving receiving or soliting of any item of value to influence actions of an official or other person

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13
Q

What are the penalties for accepting a bribe?

A

Unlimited fine or 10 year prison sentence

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14
Q

What are the penalties for being involved in money laundering?

A

14 years of jail time

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15
Q

What constitutes an offence under the Bribery Act 2010?

A

A UK national paying, receiving a bribe either directly or indirectly.

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16
Q

How long should you keep anti money laundering records for?

A

5 years

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17
Q

What is a PII aggregation clause?

A

allows or requires a number of usually similar or linked claims to be treated as a single claim

18
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A

Required to have cover for four storeys or under.

19
Q

Explain the claims made basis

A

Fully retroactive, claims made during the cover no matter when they were undertaken.

20
Q

What is double dipping (dual agency)?

A

Agency relationship with both the seller and the purchaser.

21
Q

How would you close down a regulated firm?

A
  1. Inform RICS
  2. Inform PI and arrange Run Off Cover.
  3. Retain client files for 15 years
22
Q

What are some of the key principles of this guidance? AML

A

gives guidance to members and firms about AML.

23
Q

What are the current RICS rules for registration of firms?

A

Firms must join if provide Surveying firms to the public, 50% principles are members

24
Q

What is a phoenix firm?

A

A commercial entity which has emerged following the collapse of another insolvent firm

25
Q

Who is a Responsible Principal?

A

A person who ensures firm complies with standards and regulation

26
Q

When did these rules last change?

A

Feb 2022

27
Q

When was guidance on client money last updated?

A

Oct 2022

28
Q

What is the current compensation limit?

A
29
Q

Explain the key themes from the RICS Futures 2020 Report.

A
30
Q

Explain the potential implications of the Hart v Large case.

A

Be clear on the report, recommend justifiable further investigation, take reasonable steps to ensure clients understand levels of service

31
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A

Case of free advice and negligence

32
Q

What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?

A

Act professionally

33
Q

Explain your understanding of the RICS Levitt review.

A

report into non executive members concerns and lack of responsibility over roles.

34
Q

Richard review- recommendations

A

Reorganise the structure, encourage RICS Matrics

35
Q

Why was the Register of Overseas Entities introduced?

A
36
Q

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.

A

Allowed government to move faster and harder on impassioning sanction

37
Q

Tell me about when you have provided a high standard of service.

A

Warrington Will Townson

38
Q

Tell me about how you have promoted trust in the profession.

A
39
Q

Explain how you have taken responsibility in your current role.

A
40
Q

Leicester – how did you carry out a fair tender?

A

RICS (11 decks)

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