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Apc > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When was the RICS Royal Charred granted by the Privy council?

A

1881

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3
Q

What is the rics motto?

A

Es modus in rubus (there is measure in all things)

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4
Q

Roughly how many rics members are there?

A

Over 140,000

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5
Q

What is the RICS governance structure?

A

Governing Council runs the RICS. The Standards and Regulation board and the Management Board report to the Governing Council. There are then 17 specialist professional groups covering different specialisms.

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6
Q

Who is the RICS CEO?

A

Justin Young

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7
Q

Who is the RICS president?

A

Tina Paillet

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8
Q

What are the Roles of the RICS?

A
  1. Maintain high standards of education and training
  2. Protect consumers through strict regulation of professional standards
  3. To be the leading source of information and independent advice on land, property, construction, and associated environmental issues.
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9
Q

Why did the Bichard Review occur?

A

Followed an independent review carried out by Alison Levitt, and aimed to clarify the purpose of the RICS.

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10
Q

How many recommendations did the Bichard Review make?

A

36

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11
Q

What are some key areas of the Bichard Review?

A
  1. Show more leadership on sustainability
  2. A more simplified governance structure
  3. Increased focus on diversity
  4. Renewed focus on younger members
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12
Q

What are the 5 benefits of being an RICS member?

A
  1. Status
  2. Recognition
  3. Market advantage
  4. Knowledge
  5. Network
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13
Q

What % of principles who are rics members mean it must be regulated?

A

50% and above

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14
Q

What % of principles who are rics members mean they can apply to be regulated?

A

25% and above (up to 50%)

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15
Q

What is a Principal?

A

Someone able to act without supervision in a firm (e.g sole practitioners, directors, partners, board members)

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16
Q

What is a Responsible Principle?

A

A nominated person who makes sites steps are taken to ensure compliance with RICS requirements

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17
Q

Who handles disputes associated with firm registration?

A

Standards & Regulation Board

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18
Q

What information is needed to register as a company with the rics?

A
  1. Type of business
  2. Name of Responsible Principle
  3. Statutory regulated activities (e.g financial services
  4. Nature of clients
  5. Complaints handling procedure
  6. PII
  7. Whether the firm holds client money
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19
Q

What are the RICS rules of conduct?

A

Single set of rules that apply to firms and individuals.

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20
Q

What amendments were made to the rics rules of conduct in 2024?

A

Amendments relating to diversity and inclusion, sustainability, technology, and data management

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21
Q

What amendments were made to the rics rules of conduct in 2024?

A

Amendments relating to diversity and inclusion, sustainability, technology, and data management

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22
Q

When was the Rics rules of conduct published and when we’re they effective?

A

Published in 2021, effective from 2022

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23
Q

What is rule 1 of the rics rules of conduct?

A
  1. Members and firms must be honest, act with integrity and comply with their personal obligations
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24
Q

What is rule 2 of rics rules of conduct?

A

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

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25
Q

What is rule 3 of the rics rules of conduct ?

A

Members and firms must provide good quality and diligent service.

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26
Q

What is rule 4 of the rics rules of conduct?

A

Members and firms must treat others with respect and encourage diversity and inclusion

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27
Q

What is rule 5 of the rics rules of conduct?

A

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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28
Q

What 3 professional obligations are there for rics members?

A
  1. Comply with cpd
  2. Cooperate with the rics
  3. Provide any necessary information to Standards and Regulation Board
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29
Q

What professional obligations are there for rics registered firms?

A
  1. Public complaints handling procedure
  2. Ensure adequate PII cover
  3. If sole practitioner, have inactivity plans
  4. Cooperate with rics
  5. Provide any info to Standards and Regulation Board
  6. Denote they are regulated by the rics
  7. Report to rics any necessary matters
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30
Q

What is the purpose of the ethics decision tree?

A

Acts as a framework of questions members should act themselves in situations they are unsure it is ethical.

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31
Q

What service is there if members cannot make a decision after using the ethics decision tree?

A

Rics regulation confidential hotline

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32
Q

What are the 3 levels of disciplinary procedures?

A
  1. Action by head of regulation
  2. Disciplinary panel
  3. Appeal panel
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33
Q

What are the possible outcomes from disciplinary procedures?

A
  1. Fixed penalties
  2. Regulatory compliance order
  3. Referral to regulatory tribunal
  4. Action by disciplinary panel
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34
Q

What are the reasons for discipline?

A
  1. Complaint from individual
  2. Complaint from client
  3. Complaint from rics
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35
Q

What are the 3 reasons for regulation?

A
  1. Upholding professional standards
  2. Protect the public
  3. Uphold public confidence in the profession
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36
Q

What is the key publication on social media?

A

Use of Social Media: Guidance for RICS Members, 2021

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37
Q

Why might the rics investigate social media?

A

Bullying, harassment, discrimination etc

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38
Q

What are Professional Standards?

A

Set of requirements or expectations for rics members and regulated firms

39
Q

What is RICS practise information?

A

Information to support practise, knowledge and performance of rics members

40
Q

What are rics practise alerts?

A

Alerts for emerging areas of risk to members

41
Q

What must rics members avoid when negotiating fees?

A
  1. Price fixing
  2. Collusion
  3. Aggressive fee cutting
42
Q

Can you drop fee quotes and level of service provided?

A

Yes, as long as the client agrees to this and professionalism is maintained and rules of conduct are still applied

43
Q

Where must there be a statement that the CHP is available?

A

Terms of engagement

44
Q

What is included in terms of engagement?

A
  1. Client details
  2. Scope of work
  3. Fees
  4. Timelines
  5. CHP link
45
Q

What must be checked prior to accepting work?

A
  1. Professionally competent
  2. No CoI
  3. CDD
  4. Signed terms of engagement (before starting)
46
Q

What are the types of Conflict of interest?

A
  1. Party conflict
  2. Own interest
  3. Confidential information
47
Q

What is the key publication on conflict of interest?

A

Rics global professional standard: conflict of interest, 2017

48
Q

What is informed consent?

A

Consent to proceed with an instruction despite a known CoI. Must be given in writing.

49
Q

What are the steps of handling CoI?

A
  1. Conflict avoidance - first port of call
  2. Informed consent - if proceeding
  3. Conflict management - on going management of the conflict following acceptance of instruction
50
Q

What is the key method CoI management?

A

Information barrier

51
Q

What steps must be undertaken in an information barrier?

A
  1. Physical separation
  2. IT barrier
  3. Maintain clear audit trail
52
Q

When was dual agency (acting on buy and sell side) banned?

53
Q

What must be done if multiple introductions are made on a property?

A

When ToE are signed, it must state whether the client is acting on a exclusive or non-exclusive basis.

54
Q

Under what circumstances is incremental advice allowed?

A

If consent is gained, and an information barrier is set up

55
Q

How long must files be stored for before being securely destroyed?

56
Q

What must be done if confidential information is received in error?

A

Dispose of this securely

57
Q

What are the key aspects of a complaints handling procedure?

A
  1. Requirement for rics regulated forms
  2. Must be clear in ToE
  3. PII insurer must be notified of possible claims
  4. Must include ADR
  5. Complaints log maintained
58
Q

How is CHP handled if sole practitioner?

A

Advised to nominate a surveyor at another firm to be the Complaints Handling Officer

59
Q

What are the steps for in-house complaints handling?

A
  1. Issue CHP
  2. Issue details of nominated person who will investigate the claim
  3. Ensure complaint is made in writing
60
Q

How long until a complaint must be acknowledged and investigated?

A

Acknowledged - 7 days
Investigated - 28 days

61
Q

What can an individual do if they are unhappy with in-house dispute resolution?

A

Alternate dispute resolution

62
Q

What are members cpd requirements annually?

A

10h formal (min)
10h informal

63
Q

What is negligence?

A

When there is a breach of duty of care leading to loss and damages

64
Q

Who does a duty of care exist to?

A

Clients and 3rd parties

65
Q

What is the Limitation Act 1980?

A

Sets timelines for the period an individual or company can be negligent.

Contract - 6 years from date of negligent act

Tort - 6 years from the date the claimant suffered loss

66
Q

What steps can be undertaken to help avoid negligence?

A
  1. Understanding client aims
  2. Ensuring competence prior to accepting instruction
  3. Keep detailed notes and photographs
67
Q

What is professional indemnity insurance?

A

Cover that protects against negligence claims. It is mandatory for surveyors.

68
Q

What are the key aspects of PII?

A
  1. Must be underwritten by an rics approved insurer
  2. If a new business, PII must be based on estimated turnover and adjusted over time
  3. Needed for unpaid work
  4. Rics recommend liability caps
69
Q

What is run off cover?

A

Covers negligent claims following ending trading

70
Q

How much run off cover is needed?

A

Min of 1M aggregate cover over 6Y period

71
Q

What can be done if unable to acquire run off cover?

A

Use of the rics run off pool (at a cos)

72
Q

What are the 6 key areas of the RICS professional standard: client money handling (2019)?

A
  1. Handling client money
  2. Providing information to clients
  3. Receipts of client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
73
Q

What are the procedures for handling client money?

A
  1. Clients accounts must be separate
  2. Have the word ‘client’ on the bank account
  3. Clients must be able to have their money on demand
  4. Payment of interest is agreed with the client
  5. Two signatures required
  6. Annual audit and reporting obligations by certified accountant
74
Q

What service is available if an rics regulated firm is unable to repay client money?

A

Use of the RICS Clients’ Money Protection Scheme

75
Q

What are the necessary steps for opening a new practise?

A
  1. Inform the rics
  2. Appoint Responsible Principle
  3. Register with RICS for regulation
  4. Arrange PII
  5. Arrange procedures for handling client money
  6. Set up complaints log
  7. Appoint complaints handling officer
76
Q

What is the statutory compliance that an rics registered firm must comply with?

A
  1. Equality act (2010)
  2. Bribery act 2010)
  3. Fire safety
  4. Inform HMRC and Tax registration
  5. Ensure insurance compliance
  6. Appoint money laundering officer
77
Q

What steps must be undertake to close a registered practise?

A
  1. Inform RICS
  2. Inform clients
  3. Return client money
  4. Inform insurers
  5. Hold client docs for min of 6 years
78
Q

What are the 6 key principles the Bribery Act (2010) is based upon?

A
  1. Proportionality
  2. Top level commitment
  3. Risk assessment
  4. Due diligence
  5. Communication
  6. Monitoring and review
79
Q

What are the four offences under the Bribery Act (2010)?

A
  1. Bribing
  2. Receiving a bribe
  3. Bribing a foreign public official
  4. Failing to prevent bribery
80
Q

What are the possible outcomes of bribery?

A
  1. Max penalty of 10 years and / or unlimited fine
81
Q

What is the key publication relating to AML?

A

Terrorist Financing and Transfer of Funds Regulations (2017)

82
Q

What are the key elements of Terrorist Financing and Transfer of Funds Regulations (2017)?

A
  1. Requirement to have written money laundering and terrorist financing risk assessment
  2. Implement controls and policy (e.g CDD)
  3. Staff training
  4. Comply with requirements relating to Politically Exposed Persons (PEPs)
  5. Include additional high risk factors and seek additional info on these (e.g transactions with high risk countries)
83
Q

What are the key things needed for customer due diligence?

A
  1. Identify client and verify their identity
  2. Try to identify the owner of the client
  3. If the client is a company, it’s nameC company number, and address of registered office
84
Q

When is enhanced client due diligence necessary?

A
  1. Dealing with person from high risk country
  2. Politically exposed persons
85
Q

When is enhanced client due diligence necessary?

A
  1. Dealing with person from high risk country
  2. Politically exposed persons
86
Q

What is the maximum amount to accept in cash?

A

10,000 euros

87
Q

What is the penalty for partaking in money laundering?

A

14Y prison sentence (max) and / or unlimited fine

88
Q

What is the penalty for tipping someone off / not reporting money laundering?

89
Q

What is the necessary CDD to complete for a PLC?

A

Their London Stock Exchange listing details

90
Q

What is the necessary CDD for a publicly accountable body?

A

Details of government ownership / control

91
Q

What are the typical CDD requirements for a private company

A

Certificate of incorporation, name, registered address, registered number

92
Q

What is the typical requirements for CDD for a private individual?

A

Passport, drivers license, copy of bank statement showing address (no more than 3 months old)

93
Q

What are the key things to refer to if asked about acceptance of cash, gifts, or hospitality?

A
  1. Bribery act 2010
  2. Rics professional standard
  3. KF procedures
  4. Professional objectivity & transparency
  5. Proportionality

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