Ethics Flashcards
What is the role of the RICS
Promote and enforce the highest quality levels and standards in the development of land, real estate and construction.
What is a royal charter
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
Who is the current president of the RICS
Ann Gray
What do you understand by the term self regulation
Self regulation is the ability to manage and control ones own individuals
what is a bye law and give an example
A bye latw enables the head of regulation to make disciplinary decisions. Defines the levels of members.
What are the core professional obligations of firms
- Adequate and appropriate PII.
- Complaints Handling Procedure.
- Locum
- Provide all info required as necessary to SRB
- Co-operate with RICS.
- Logo
- Report matter to RICS if required under tules for registration of firms.
What disciplinary procedures can the RICS impose
Consent Order, Fine, Publish results in RICS Publications, suspension, referral to Disciplinary panel.
When did RICS last update their disciplinary rules
October 2019
What money laundering regulations or legislation are you aware of?
The Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017.
What is a red flag of money laundering?
Something that warns firms of suspicious transaction that may involve money laundering, some include PEPs, Ultimate beneficial owner is unclear.
What bribery legislation are you aware of?
Bribery Act 2010
What is a bribe?
Offer, giving receiving or soliting of any item of value to influence actions of an official or other person
What are the penalties for accepting a bribe?
Unlimited fine or 10 year prison sentence
What are the penalties for being involved in money laundering?
14 years of jail time
What constitutes an offence under the Bribery Act 2010?
A UK national paying, receiving a bribe either directly or indirectly.
How long should you keep anti money laundering records for?
5 years
What is a PII aggregation clause?
allows or requires a number of usually similar or linked claims to be treated as a single claim
Explain PII requirements relating to fire safety cover and cyber cover.
Required to have cover for four storeys or under.
Explain the claims made basis
Fully retroactive, claims made during the cover no matter when they were undertaken.
What is double dipping (dual agency)?
Agency relationship with both the seller and the purchaser.
How would you close down a regulated firm?
- Inform RICS
- Inform PI and arrange Run Off Cover.
- Retain client files for 15 years
What are some of the key principles of this guidance? AML
gives guidance to members and firms about AML.
What are the current RICS rules for registration of firms?
Firms must join if provide Surveying firms to the public, 50% principles are members
What is a phoenix firm?
A commercial entity which has emerged following the collapse of another insolvent firm
