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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the RICS background
(2 Points)

A

Founded in 1868
Granted Royal Charter by Privy Council in 1881

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2
Q

Role of RICS
(3 Points)

A

1) Maintain high standards of education and training
2) Protect consumers through regulation of professional standards
3) Leading source of information

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3
Q

Major Challenges to the RICS
(3 Points)

A

Lord Bichard Review
- New Sense of Purchase and Direction-
- 36 Recommendations across 7 areas-
- I.e Desire to make RICS population more diverse by surveyors reaching out to schools

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4
Q

What is a Royal Charter/ RICS Royal Charter

A

Formal document issued by the King, granting a right or power to an individual or a corporate body. It defines its objectives, constitution and powers to govern its own affairs.

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

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5
Q

Ultimate Duty

A

Duty to Public Good

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6
Q

Who is the current CEO

A

Justin Young

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7
Q

Who is the current president

A

Tina Pailet FRICS (Wef 1st Jan 2024)

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8
Q

5 Benefits of being an RICS member

A

1) Status- Provide Client Confidence
2) Recognition- Promote professional excellence to governments and markets
3) Market Advantage
4) Knowledge- CPD, Professional Standards
5) Network- Access to professionals worldwide

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9
Q

Who is your Responsible Principle

A

Nicola McGinnis CFO

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10
Q

5 Rules of Conduct

A

Effective 2nd Feb 2022:
1) Members and firms must act with honesty and integrity
2) Members and firms must maintain their professional competence and ensure that all services provided by competent individuals who have the necessary expertise
3) Members and firms must provide a good quality and diligent service
4) Members and firms must treat others with respect and promote diversity and inclusion
5) 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

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11
Q

Requirements for Registration
(2 Points)

A
  • If 50% of principles are RICS members must be regulated, if 25% can apply to be.
  • Firm must have a responsible principle
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12
Q

Rules of Conduct- Appendix A
(3 Points)

A

Sets out Professional Obligations:
Member Must:
- CPD requirement of 20 hours per year
Firms Must:
- Have a Complaints Handling Procedure - including a ADR approved by RICS
- Professional Indeminity Insurance

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13
Q

RICS Future Foundations
(6 Points)

A

Published Nov 2023, following Bicard Review
- Vision
-Mission
-Strategic Goals
-Values
- World Class Organisation

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14
Q

Three Types of Conflict

A

Party - work on same instruction
Own- personal interest
Confidential Information Conflict

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15
Q

Terms of Engagement- 3 Steps

A

1) Check professional competence
2) Check no conflicts
3) Confirm terms in writing with written approval

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16
Q

General Terms of Engagement- What they need
(3 Points)

A

Proposed Fee Basis
Payment of Expenses
Copy of Firms Complaints Procedure

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17
Q

What is the RICS document for Conflict of Interest

A

RICS Global Professional Standard: Conflict of Interest, 2017
- Came into effect Jan 2018

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18
Q

Complaints Handing Procedure Stages

A

S1- In House
- Send details of CHP, including a nominated person
- Must be made in writing
- Acknowledge in 7 days, investigated in 28

S2- ADR- Alternative Dispute Resolution
- Independent redress system

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19
Q

What is the CPD requirements for member? ( 4 Points)

A

1) 20 hours of cpd in a calendar year
2)10 must be formal
3)Members must maintain a understanding of Rules of Conduct
4)Record cpd on RICS CPD Management System

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20
Q

What is Negligence

A

When a duty of care is breached, could result in a loss and then claim for damamge

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21
Q

What is the Act in relation to Negligence Claims

A

Limitations Act 1980
- 6 Years…

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22
Q

What is PII and relevent RICS Material

A

Professional Indemnity Insurance- Protect clients, suveyors and 3rd Parties when duty of care is breached
RICS PII Requirements wef july 2024

23
Q

Minium Requirements of PII

A

Based on Turnover
100,000 or less - £250,000
100,000-200,000- £500,000
200,000 or more - £1,000,000

24
Q

RICS Requirements for New Practice (5 Points)

A
  • Responsible Principle
  • Register with RICS for regulation
  • Arrange PII with RICS approved insurer
  • Set up CHP, with a log and officer
  • Complete RICS annual Return
25
Q

Legal Requirements for New Practice
(4 Points)

A
  • Appoint a Money Laundering Reporting Officer
  • Register for Data Protection
  • Public Liability Insurance
  • Inform HMRC for VAT and Tax registation
26
Q

What is a red flag of money laundering? (4 Points)

A
  • Unwillingness to provide documents
  • Unusual patterns of transaction i.e. undue urgency, potential loss-making
  • Changing currencies/ unusual currency
  • Changes to parties involved
27
Q

What money laundering regulations or legislation are you aware of?

A

Terrorist Financing, and Transfer of Funds Regulations (Amended 2023)

It covers estate agency.

28
Q

What is Money Laundering

A

When proceeds of criminal activities are disguised or converted and then realised as legitimate assets.

29
Q

What is a bribe?

A

The giving or receiving of an advantage such as payment for an action - which is illegal.

30
Q

What bribery legislation are you aware of?

A

Bribery Act 2010 - Aims to reduce bribery in business

31
Q

What are the penalties for accepting a bribe?

A

Maximum 10 years in prison and /or unlimited fine.

32
Q

What are the penalties for money laundering? (2 Points)

A

Assisting - Max 14 years imprisonment and/or unlimited fine
Tipping off someone- Max 5 years and/or unlimited fine

33
Q

What constitutes an offence under the Bribery Act 2010? (4 Points)

A

Bribing
Receiving a bribe
Bribing a foreign public official
Failure to prevent bribery

34
Q

How long should you keep anti money laundering records for?

A

5 years

35
Q

Can you give me an example a key regulation in the TF and ToF regs (4 Points)

A
  • Provide staff training
  • Complete due diligence checks i.e passport, bank statement
  • Comply with PEPs
  • Have policies and risk assessments
36
Q

What is the RICS document which covers money laundering and bribery

A

RICS Professional Standard: Countering bribery , corruption, money laundering and terrorist financing, 2019

37
Q

What are the 4 disciplinary actions by the head of regulation

A

1) Fixed Penalty Notice
2) Regulatory Compliance Order
3) Refer to a single member of the regulatory tribunal
4) Refer the matter to the disciplinary board

38
Q

Give 4 examples of action by the disciplinary board

A

1) Regulatory Compliance Order
2) Expulsion
3) Reprinmand
4) Unlimited Fines

39
Q

Three Levels of Disciplinary Action by RICS

A

1) Action by Head of Regulation
2) Disciplinary Panel
3) Appeal Panel

40
Q

When can you proceed with a Conflict of Interest

A

When it is in the best interest of both parties to do so.

41
Q

What is the last step of the RICS decision tree

A

Would you be happy for your actions to be made public.

42
Q

Outcomes of RICS decision tree

A

Act and reflect, and record OR do not proceed

43
Q

What is a regulatory compliance order?

A

Written document which states terms for which a member/firm must take , and a agreement to pay a fine.

44
Q

What actions must you take when closing a firm

A
  • Inform the RICS
  • Inform your clients
  • Return any monies
  • Have a minimum of 6 years run off cover and retain client records for that period
45
Q

What is Run off cover and what is required?

A

Aqequate and appropriate run-off cover is required when a firm stops trading

46
Q

What is the RICS Risk pool

A

RICS offer coverage for those firms unable to obtain run off cover.

47
Q

What would you do if a client offers you 5,000 euros in cash

A

I am aware the legal limit to accept it 10,000 euros. however, it is my company’s policy not to accept cash.

48
Q

What is formal CPD and gives an example of when you have done it?

A

Structured learning that has clear objectives and outcome e.g Argus Developer Training

49
Q

Guidelines on RICS logo

A

Split between personal and firms
RICS specific guidelines
As a member you could use it on a business card or email but colour and font must not be adjusted

50
Q

What is the Levitt Report

A

Commissioned by the RICS following a treasury audit: led to the reform of the governing council

50
Q

As part of version 10 of the prof indemnity insurance regulation doc (2024) what changes were included?

A

include updating the requirements for
surveyors engaged in work relating to asbestos and external wall surveys/ fire risk
appraisal of external walls and general insurance work.

51
Q

if you were offered a sizeable gift what would you do?

A

Decline and REPORT (FAILING TO REPORT BREACHES BRIBERY ACT 2010)

52
Q

what if your client tried to give you a gift over £50 and insisted / it would cause offence ?

A

Take the gift, report it and then give it to firm - it may be used in a raffle for charity

53
Q

What is your firms gift policy!!?

A

APC (32 decks)

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