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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the key role of the RICS?

A
  1. Maintain the highest standards of education and training
  2. Protect consumers through strict regulation of professional standards
  3. Be the leading source of information and independent advice on land, property, construction and environmental issues
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2
Q

What are the RICS rules of conduct?

A
  1. Act with honesty, integrity and comply with professional obligations
  2. Maintain professional competence and ensure services they provide are done by competent people
  3. Must provide good quality service
  4. Must treat others with respect and encourage diversity
  5. Must act in the public interest to prevent harm and maintain public confidence
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3
Q

What are the obligations of RICS members?

A
  1. Comply with CPD
  2. Cooperate with RICS
  3. Provide information if required
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4
Q

What are the obligations of RICS firms?

A
  1. Complaints handling procedure
  2. PII
  3. Arrangements to be made in the case of death or inability to work
  4. Cooperate with RICS
  5. Provide information if required
  6. RICS logo must be on published business literature
  7. Reporting to the RICS
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5
Q

What are the RICS bye-laws?

A
  1. Application: bye-laws apply to members
  2. Membership and registration
  3. Designations: MRICS members FRICS fellows
  4. Contributions to funds: annual subscription
  5. Conduct: follow rules of conduct
  6. Governing council: 66% elected
  7. Subordinate boards
  8. Procedure for general meetings: annual, general, extraordinary
  9. Accounts and audits: open accounts and appointment of a professional auditor
  10. General
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6
Q

How many hours of CPD are chartered members required to do?

A

20 per year - at least 50% formal

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7
Q

Who polices the Bribery Act 2010?

A

Serious Fraud Office

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8
Q

What are the penalties for breaching the Bribery Act 2010?

A

Maximum 10 years imprisonment or unlimited fine

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9
Q

What are the 6 principles of the Bribery Act 2010?

A
  1. Action must be proportional to the risks you face and size of your business
  2. Those running the business must be active in showing they do not tolerate bribery
  3. Consider the risks you may face and do a risk assessment
  4. Know who you are dealing with and do checks before conducting business
  5. Communicate policies and procedures to all staff
  6. Keep up-to-date with all changes regarding your procedures
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10
Q

What are the 4 offences in the Bribery Act 2010?

A
  1. Bribing
  2. Being bribed
  3. Bribing a foreign official
  4. Failing to prevent a bribe
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11
Q

What sanctions and legislation do CBRE follow regarding AML checks?

A

US company so US and UK

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12
Q

What system do CBRE use to undertake AML checks?

A

Work Check - global licensed system

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13
Q

What is a ‘risk register’?

A

To determine how risky a person or company is when undertaking AML checks

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14
Q

When doing an AML check, what do you do if someone is considered to be ‘very risky’?

A

Hire an independent agency to perform a more through investigation

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15
Q

Can CBRE work with someone with EU sanctions?

A

They must obtain a licence with HMRC

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16
Q

If CBRE work with someone with EU sanctions and they do not register with HMRC, what is the penalty?

A

An automatic £1million fine

17
Q

What RICS document relates to Conflicts of Interests?

A

RICS Professional Statement on Conflicts of Interest 2017

18
Q

What is a conflict of interest?

A

When a firm or individual can have their impartiality threatened or compromised due to the existence of a conflict

19
Q

Do firms need to do Conflict of Interest checks?

A

Yes - they must have a system in place appropriate to the size of the company

20
Q

What are the types of conflict?

A
  1. Party conflict
  2. Own interest conflict
  3. Confidential information conflict
21
Q

What is a party conflict?

A

Working on the same or a related instruction for two separate parties

22
Q

What is an own interest conflict?

A

A personal interest

23
Q

What is a confidential information conflict?

A

Work between two parties that is confidential

24
Q

How do you handle a conflict?

A
  1. Consider whether a conflict should be avoided or managed
  2. Disclose the conflict to both parties and request confirmation from both parties of their informed consent
  3. Once confirmation is received, set up an information barrier
25
Q

What is informed consent?

A

Agreement from parties that they are aware of a potential conflict of interest, setting out the provisions of the instruction

APC (12 decks)

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