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HJB APC > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the role of the RICS?

A

Training
Regulation
Information

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2
Q

What are the five rules of conduct?

A

Be honest, act with integrity.
Maintain their professional competency, ensure work carried out by a competent individuals.
Provide a good and diligent service.
Treat eachother with respect and promote diversity and inclusion.
Act in the public interest.

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3
Q

How do you abide by the rules in your daily work?

A

I ensure that I complete my CPD requirements.
Use the ethics decision tree if unsure of decision making.

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4
Q

What is the RICS’ view on bribery?

A

Shouldn’t partake in a bribe unless danger to life.

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5
Q

What is considered a bribe?

A

Giving or receiving of a financial or other advantage for an illegal action or a breach of trust.

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6
Q

What are the six principles of the Bribery Act?

A

Proportionality
Top level commitment
Risk assessment
Due diligence
Communication
Monitor and review

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7
Q

offences of bribery

A

Giving a bribe
Receiving a bribe
Failing to prevent a bribe.
Bribing a foreign public official

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8
Q

Bribery penalties

A

10 years unlimited fine

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9
Q

What did you learn during the professionalism module?

A

I learnt and recognised the difficulties associated with unconscious bias and the benefits of a diverse workforce.

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10
Q

What is a conflict of interest?

A

When a member’s independence is threatened due to the existence of a conflict between two clients

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11
Q

What is the purpose of undertaking a COI check?

A

To ensure there is no conflict.

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12
Q

What are the three types of conflict?

A

Party conflict – work on same instruction for two different parties.
Own Interest conflict – personal interest
Confidential Information Conflict – work between two parties that is confidential.

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13
Q

What RICS guidance is there on conflicts?

A

RICS Global Professional Standard on Conflicts on Interest, 2017.
Must not advise a client where there is a conflict.
Informed consent may only be given if member/firm happy that can proceed despite the conflict and not prohibited by law.

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14
Q

What is the difference between conflict avoidance and conflict management?

A

Conflict avoidance = don’t accept instruction.
Conflict management = instruction accepted; steps taken to manage the conflict with written agreement from all parties.

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15
Q

What would you do if you came across a conflict?

A

Understand nature of conflict and whether can be managed.
Inform client of conflict and either don’t accept instruction or how the conflict can be managed.
Only proceed on instruction if informed consent from client in writing.

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16
Q

How do you undertake a conflict of interest check?

A

Internal system, put postcode and client name in. Flags if there is a conflict.

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17
Q

What is included within a terms of engagement?

A

Agent/Valuer, client, property, client handing procedure, PII, fee basis, currency,

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18
Q

What is informed consent?

A

Given in writing by party explaining position to them is transparent about material factors and the party understands what they are doing.

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19
Q

Why is CPD important?

A

Keep up to date with market knowledge.
Educational, understanding changing processes in the RICS.

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20
Q

What are CPD requirements?

A

20 hours, 10 formal.
Maintain relevant and current understanding of RICS RoC on 3 year rolling basis.
Log all CPD on RICS CPD management system by 31st January each year.

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21
Q

Why do you want to be a member of the RICS?

A

Status, recognition, market advantage, knowledge and network.

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22
Q

What is the Ethics Decision Tree? What are some of the questions?

A

A series of questions to determine the ethical solution to a scenario.
Is it legal, sufficient facts, if actions made public.

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23
Q

How do you ensure you act in a professional manner at all times?

A

I align myself with the RICS RoC and ethical decision making use decision tree if unsure.

24
Q

Give me an example of how you provide a high standard of service?

A

Fulfil ToE with the agreed timelines.
Marketing strategy Wolverhampton – acceptable report to the board for clear and concise options for strategy. Regular update on occupier interest for the scheme.

25
Q

Give an example of how you act in a way to promote trust in the profession?

A

Whilst reporting, I may include relevant published data to back up reasoning behind using certain inputs in a development appraisal.

26
Q

What are the main changes from the previous Rules of Conduct?

A

Changed from separate rules for firms and members to a single set.

27
Q

Why were the rules updated?

A

Simpler structure.
Clear examples.
Include diversity and inclusion.
Understand evolving technologies.
Tackle global challenges.

28
Q

To whom do you owe a duty of care?

A

public and client

29
Q

What is the procedure for setting up an RICS regulated firm (RICS procedures)?

A

Firm starter form, appoint responsible person, formaly apply to RICS, set up CHP, PII, client money handling, alternative options if become unable to work

30
Q

What is the procedure for setting up an RICS regulated firm (Statutory procedures)?

A

Disclose business name, inform HMRC, comply with Bribery Act, Equality act, H&S compliant, fire safety compliant.
set up public and employee liability insurance

31
Q

What is the procedure should you wish to close the firm?

A

Inform client, RICS, insurer.
Return client monies.
Set up ‘run-off’ cover.
Hold accounts and client info for 6 years.

32
Q

What is PII and what level of PII is required for your firm?

A

Professional Indemnity Insurance to protect both yourself, the client and third parties against negligence claims.
Turnover 0-100k = £250k, 100-200k- 500k, 200+ = £1m.

33
Q

What are the RICS PII requirements?

A

All members must ensure have appropriate level of insurance in place.

34
Q

What is the maximum level of uninsured excess required by the RICS?

A

Turnover less than £10m = greater of £10k or 2.5% of sum
Turnover greater than £10m = no set limit.

35
Q

What is the difference between PII cover and limitation of liability?

A

Your PII cover is the total liability cover, where as a limitation of liability can be agreed with the client on a lower basis.

36
Q

What is run off cover and how much do you need?

A

Insurance set up for after closing a practice for 6 years.
Need minimum cover of £1m.

37
Q

What is negligence?

A

Failure to provide duty of care to client or third parties, there is loss and a claim for damages arises.

38
Q

If you are in a social setting and someone asks you for some advice on a piece of land they are selling what do you do?

A

Explain that you would be unable to give advice. However, can schedule a call within working hours to discuss this.

39
Q

What is the key legislation regarding gifts? What else would you consider?

A

Bribery Act 2010.

40
Q

What is your company’s gift policy?

A

Log all gifts on the gift register. If the gift has a value of greater than £, has to be approved by my manager

41
Q

What would you do if you did accept a gift? Is there any type of gift you would never accept?

A

Consider the timing and proportionality of a gift.
Never except a financial payment.

42
Q

What legislation leads ML And Bribery practices?

A

Terrorist Financing and Transfer of Funds Regulations, 2017.
Bribery Act 2010

43
Q

What is money laundering?

A

The process of ‘cleansing’ illegally obtained money through investing in legitimate assets.

44
Q

What are the key provisions of the AML regulations?

A

Have a written money laundering and terrorist financing risk assessment.
Implement policies and systems to address ML and TF.
Provide staff training.
Comply with new customer, enhance and simplified DD requirements.

45
Q

What are the different levels of due diligence checks?

A

Customer Due diligence and enhanced due diligence

46
Q

What are the penalties for non-compliance of ML?

A

14 years prison unlimited fine for accepting/receiving a fine
5 years for failing to report / tipping off people involved in fine.

47
Q

What are some examples of red flags?

A

Unable to present ID
Paying in cash
Changing personnel
Wanting to make a deal happen quickly
Multiple transactions under £10k.

48
Q

What does the Proceeds of Crime Act 2002 provide? What are the main areas of offence?

A

Enforcement to recover assets from individuals who used illegal money to obtain them.

concealing criminal property, arrangement acquisition, use and possession

49
Q

What are the three parts of the RICS Professional Statement – Countering Bribery, Corruption, Money Laundering and Terrorist Financing?

A

Mandatory requirements
Guidance for good practice
Supplementary guidance on some concepts set out in parts 1 and 2

50
Q

What do you do if receive bribe?

A
  1. Don’t accept bribe
  2. Alert supervisor
51
Q

If receive 2 of the same gifts from two separate clients (one you knew well the other you didn’t), what would you do?

A

If proportionate to the work carried out, with timing acceptable (around Christmas, not before an instruction), and it was in line with my company’s gift policy, I would accept the gift.

52
Q

Benefits of being RICS regulated firm

A

Confidence
Professionalism
Security

53
Q

RICS Future Foundation

A

Vision
mission
values
strategic goals
world class organisation

54
Q

what is a conflict of interest

A

when a firm or member’s independance and impartiality is threatened due to a conflict between two parties.

55
Q

6 main areas of good practice

A

holding clients money
providing information to clients
receipts of clients money
payments from clients account
accounting records and controls
compliance

HJB APC (10 decks)

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