Ethics- Flashcards

Question

What are the three stages of disciplinary procedures?

Answer 1

Action by Head of Regulation Disciplinary Panel Appeal Panel

Answer 2

Formal – structured learning, organised. Informal – personal study, podcasts etc.

Answer 3

Protects firm, client and public against negligence

Answer 4

Professional Indemnity Insurance

Answer 5

- Regulated - Each and every claims basis (not aggregate) - Run-off coverage in place - Cover past and present employees – fully retroactive - Turnover / indemnity limits - Uninsured excess

Answer 6

- Can agree with client to cover set amount in total or case by case - whether underlying losses are grouped together to form a single claim

Answer 7

- lessens ambiguity - lowers risk

Answer 8

When firm has no adequate cover and pool covers this (RICS pool)

Answer 9

risk pool is a form of risk management that is mostly practiced by insurance companies, which come together to form a pool to provide protection to insurance companies against catastrophic risks such as floods or earthquakes

Answer 10

Practice information 2023 Risk, Liability and Insurance: Top tips describes court's approach to professionals' liabilities. Liability caps – RICS recommends regulated firms use liability caps, where legally permissible and following the principles of good practice set out in the guidance note, as a way to manage the risk of their professional work, and to ensure that there is a fair allocation of risk and reward between members and their clients. Third party reliance – Regulated firms need to be aware of third-party reliance and make clear in their contracts/engagement terms that their advice may only be relied upon by the named client, so as to ensure that they are aware of and have control over future requests for third party reliance. Terms and conditions – There are at least three key terms that should be considered from a risk perspective in the context of every instruction that a surveyor undertakes: the scope of the work the basis on which the fee will be calculated and the liability cap. Professional Indemnity Insurance (PII) – PII is a key part of managing risk and in arranging PII, regulated firms should ensure that the amount of cover purchased is consistent with the nature of their practice, proportionate to the risks taken by the firm and consistent with the RICS PII requirements. PII – Although larger firms sometimes have designated partners or employees who manage the firm’s insurance arrangements, it is important that all partners and senior members are involved to an appropriate extent and have at least a working knowledge of the firm’s professional indemnity insurance.

Answer 11

Liability caps – RICS recommends regulated firms use liability caps, where legally permissible and following the principles of good practice set out in the guidance note, as a way to manage the risk of their professional work, and to ensure that there is a fair allocation of risk and reward between members and their clients.

Answer 12

- Cap level of claim so any claim does not go against you – regulates risk

Answer 13

Modus is a digital publication from RICS, that brings you award-winning insight and opinion on the built environment from around the world. Topics covered include real estate, construction, sustainability, technology and urban planning

Answer 14

Est modus in rebus – there is measure in all things.

Answer 15

1. Be honest and act with integrity 2. Maintain professional competence 3. Provide a good quality and diligent service 4. Respect others and encourage D&I 5. Act in the public interest, take responsibility to reduce harm and maintain public confidence in the profession

Answer 16

Conflict of interest arises in a situation where there may be an actual, perceived or potential risk that the professional judgement of an RICS-regulated firm or member will be compromised when undertaking an assignment.

Answer 17

Step 1 – Conflict Avoidance Step 2 – Written advice to both parties - Disclose nature of conflict - Be clear & let clients make their own decision - Request written confirmation of their informed consent Step 3 – Conflict management - Information barrier

Answer 18

is a criminal offence under the Bribery Act 2010, and involves offering, promising, giving or accepting any financial or other advantage: to induce that person or other person(s) to act improperly.

Answer 19

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

Answer 20

1. Receiving a bribe 2. Offering a bribe 3. Failure to prevent a bribe 4. Bribing a foreign official

Answer 21

Aims to reduce bribery in business in UK and abroad – bribe is giving, offering, promising or receiving advantage / benefit for an illegal or in breach of trust action

Answer 22

‘Safecall’ – hotline

Answer 23

- Verify identity - Do not facilitate - Written risk assessments - Have systems and training in place - Appoint senior person to be responsible for AML checks

Answer 24

Christine Cox (Chris Lee deputy)

Answer 25

Contact MLRO / on connect intranet

Answer 26

Policed by the Serious Fraud Office Max penalty of 10 years imprisonment and/or unlimited fine for company/individual.

Answer 27

The company, unless they could show they had adequate policies and procedures in place to combat bribery.

Answer 28

The Government guidance states that hospitality is not prohibited under the Act. Offering a client reasonable and proportionate hospitality will not constitute as an offence, such as tuckets to a major sporting event or taking a client for meals. Must be accurately recorded on gift/hospitality register.

Answer 29

restaurant under £50, did not deem it to affect my position

Answer 30

RICS Professional Standard, Countering Bribery, corruption, money laundering and terrorist financing, 2019.

Answer 31

Firms: - Not offer, accept anything that could constitute a bribe - Have plans to comply with laws and ensure they are followed - Report activity - Act with due diligence and carry out the right levels of due diligence - Retain info on how the firm has met requirements. Members: - Not offer or accept anything that could constitute a bribe - Adequate knowledge of bribery and corruption to comply with requirements - Report any activity that breaches.

Answer 32

- ROC 1 - Rules for holding client money - Info to clients - Receipts of client money - Accounting records and controls - Compliance

Answer 33

- Arbitration, mediation, - Adjudication - Expert determination - litigation

Answer 34

Litigation

Answer 35

return to client, it cannot be kept unless confirmation by client

Answer 36

litigation

Answer 37

in a discrete bank account in the client's name

Answer 38

follow AML guidelines,

Answer 39

use of illicit funds that are then cleansed via legitimate businesses or puchases

Answer 40

to counter money laundering

Answer 41

WIAP PHARN - Written ML & Terrorist financing Risk assessments - Implement systems, procedures, protocols and controls - Adopt appropriate internal controls - Provide staff training - Comply with the regulations on PEPs - High risk situations – high risk 3rd Countries - Record keeping, procedures, protocols - AML chekcs to confirm identity of proposed purchaser and source of funds before contracts exchanged - Include additional high-risk factors when assessing - enhanced due diligence and simple DD. Estate agent legal obligations - Lettings agents must register w HMRC if letting individual properties over £10k EUR/ month Firms must have policies to identify and scrutinise strange transactions DD checks: - Customer DD – ID, if company on companies house, - EDD – more detailed examination of background and purpose of transaction and increased monitoring Other: - 10k limit EUR for cash - Ongoing business relationship of client should be monitored - Detailed record keeping - Senior staff member responsible for compliance - Nominated person MLRO must be appointed to report to NCA of Suspicious Activity Report - Firms maintain records min. 5 years

Answer 42

You may have to register with HMRC if your business operates as a high value dealer. A high value dealer under money laundering regulations is any business or sole trader that accepts or makes high value cash payments of 10,000 euros or more (or equivalent in any currency) in exchange for goods.

Answer 43

Money Laundering Regulations 2017?

Answer 44

- ID – is person who they say they are - PEP? - Source of funds

Answer 45

Estate agent legal obligations - Lettings agents must register w HMRC if letting individual properties over £10k EUR/ month

Answer 46

DD checks: - Customer DD – ID, if company on companies house, - EDD – more detailed examination of background and purpose of transaction and increased monitoring

Answer 47

Politically Exposed personsSomeone who has been entrusted with prominent public function – higher risk for involvement in bribery and corruption

Answer 48

Large amounts of cash Change of business entity mid way through a transaction Not using a solicitor Offering to pay large amounts up front Rushing a transaction Lack of ID Foreign bank account If client acts suspiciously when asked for proof of funds

Answer 49

enhanced due diligence

Answer 50

Firms must have policies to identify and scrutinise strange transactions

Answer 51

Max 14 years prison and/or unlimited fine for assisting with money laundering Max 5 years prison sentence and/or unlimited fine for tipping off a person and informing them they are under suspicion.

Answer 52

Politically exposed person, family member of a politically exposed person, high risk third country.

Answer 53

Unconscious bias is when we make judgments or decisions on the basis of our prior experience, our own personal deep-seated thought patterns, assumptions or interpretations, and we are not aware that we are doing it.

Answer 54

ageism - disregarding someone's view due to their age perhaps older or younger - 'boomer' or gen z

Answer 55

They provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs.

Answer 56

There are 10 Bye-Laws, which include: Bye-Law 1 – Application & Definitions Bye-Law 2 – Membership & Registration Bye-Law 3 – Designations Bye-Law 4 – Contribution to Funds Bye-Law 5 – Conduct Bye-Law 6 – Governing Council, Officers and Staff Bye-Law 7 – Subordinate boards, committees and groups Bye-Law 8 – Annual General Meeting Bye-Law 9 – Accounts and Audit Bye-Law 10 - General

Answer 57

Member Firm Regulated non member Person covered by an agreement made under article 20 of the Charter.

Answer 58

Encourage people to be open to recognising and managing biases. Training to make people aware of it and what we can do as a business to prevent it. Training can help to develop the empathy that combats bias, diversify their networks and commit to improvement.

Answer 59

At a minimum all our policies comply with local legislation in the jurisdictions we operate in. We have a number of internal policies one of which that deals with anti-slavery and human trafficking Carry out appropriate due diligence/vetting and investigation of our supply chain (contractors, sub-contractors etc. Paying all staff at least the minimum wage Encouraging staff to report their concern (Group speak up policy) Not knowingly supporting of dealing with any business involved with slavery or human trafficking .

Answer 60

That the RICS operates within its own published regulatory framework, rather than being legislated by the Government.

Answer 61

Gold standard Professional Development Professional recognition Opportunity to promote and contribute to the RICS, for example on DEI

Answer 62

Honesty, integrity, competence, service, respect, and responsibility.

Answer 63

Regulating the surveying profession in order to Protect the Public Uphold public confidence in the profession Uphold professional standards

Answer 64

Standards and regulatory board

Answer 65

Someone complaining to the RICS Allegations by a client or 3rd party Information received by the RICS

Answer 66

Not all, but failure to follow any RICS guidance will be considered.

Answer 67

RICS Regulatory Decision Making 2022 – provides out line of the approach by the RICS.

Answer 68

In the RICS Regulatory Tribunal Rules 2022.

Answer 69

Action by head of regulation Disciplinary Panel Appeal Panel

Answer 70

- Serve a fixed penalty notice - Make a regulatory compliance order - Refer the matter to a single member of the regulatory tribunal for consideration - Refer matter directly to disciplinary panel

Answer 71

- For low level breaches, may include a fine/caution - For breaches of the Rules relating to the supply of info by the RICS

Answer 72

- Used for low level breaches, that can be easily corrected - Written doc states the action the member or firm must take and agreement to pay a fine - May cover issues as failure to comply with CPD

Answer 73

- More serious breaches - Includes lay members - Penalties available may be: Fines Expulsion from RICS Made public on Modus/RICS Website

Answer 74

- Where a member/firm can appeal against a review of decision - Also includes lay members - Evidence previously presented and new representations

Answer 75

The Independent Review contains 18 specific recommendations. These are set out in detail here. These include recommendations on governance, executive remuneration, whistle blowing and legal advice. RICS commissioned a Treasury Management audit in 2018. Four non-Executive Board members of RICS then raised concerns that the audit had been suppressed and were subsequently dismissed from the Management Board. RICS Governing Council commissioned the Independent Review in January 2021, which was initially dealt with by Peter Oldham QC and later passed to and published by Alison Levitt QC. The terms of reference for the Independent Review set out three core objectives: To consider the way in which the internal report was commissioned and dealt with and to determine whether there were any shortcomings To consider whether any shortcomings represented a failure of governance To make recommendations for the future.

Answer 76

Lord Michael Bichard has published his independent Bichard RICS Review which was commissioned by the RICS Governing Council to review the Institution’s purpose, governance and strategy

Answer 77

36 recommendations and suggests a phased timetable for implementation. The report's recommendations include: A renewed and increased focus on the public interest remit of RICS, including amending the Royal Charter and creating a public interest panel to advise Governing Counci

Answer 78

RICS compliance: - Inform RICS filling in Firm Details Form - Appoint Responsible Principal - Register with RICS for regulation of firm - Arrange PII and send details to RICS - Set up procedures for client money handling - Register for VRS if undertaking valuations - Obtain RICS approval for complaints handling - Set up complaints log - Appoint complaints handling officer - Plan for succession - Ensure CPD logged online - Ensure completion of online RICS Annual Return at end of year Statutory Compliance: - Must disclose business name - Insurance compliance for public and employer liability - Disability Discrimination compliance (Equality Act) - Financial services compliance - Bribery Act 2010 compliance - Appoint Money Laundering Reporting Officer (MLR 2017) - H&S compliance (HS Act 1974 ) - Asbestos Register (Control A Reg 2012) - Fire safety compliance - Register for Data Protection (GDPR DPA 2018) - ICO - Inform HMRC for VAT - Ensure compliance with employment laws - And insurance – employer liability, director - Recruitment of staff (Don’t talk about this)

Answer 79

Only serious breaches of the rules are likely to result in disciplinary action; minor breaches can be dealt with through self-correction or firms' processes. RICS disciplinary processes are not intended to replace other processes for resolving fee disputes or compensating for poor service or mistakes.

Answer 80

- Inform RICS - Ensure clients informed - Return monies held by clients - Inform insurers and procure PII runoff for min 6 years - Retain copy of client files and records for min. 6 years

Answer 81

Action by Head of Regulation Disciplinary Panel Appeal Panel

Answer 82

Step 1 – Conflict Avoidance Step 2 – Written advice to both parties - Disclose nature of conflict - Be clear & let clients make their own decision - Request written confirmation of their informed consent Step 3 – Conflict management - Information barrier

Answer 83

PS: Client Money handling 2019 - Rules for holding client money - Info to clients - Receipts of client money - Accounting records and controls - Compliance Main points: - Client accounts separate and identifiable - Name client must be on bank account - Client must get monies on demand - Payment of interest is agreed and accounts must be kept in credit

Answer 84

RICS compliance: - Inform RICS filling in Firm Details Form - Appoint Responsible Principal - Register with RICS for regulation of firm - Arrange PII and send details to RICS - Set up procedures for client money handling - Register for VRS if undertaking valuations - Obtain RICS approval for complaints handling - Set up complaints log - Appoint complaints handling officer - Plan for succession - Ensure CPD logged online - Ensure completion of online RICS Annual Return at end of year Statutory Compliance: - Must disclose business name - Insurance compliance for public and employer liability - Disability Discrimination compliance (Equality Act) - Financial services compliance - Bribery Act 2010 compliance - Appoint Money Laundering Reporting Officer (MLR 2017) - H&S compliance (HS Act 1974 ) - Asbestos Register (Control A Reg 2012) - Fire safety compliance - Register for Data Protection (GDPR DPA 2018) - ICO - Inform HMRC for VAT - Ensure compliance with employment laws - And insurance – employer liability, director - Recruitment of staff (Don’t talk about this) -

Answer 85

1. Be honest and act with integrity 2. Maintain professional competence 3. Provide a good quality and diligent service 4. Respect others and encourage D&I 5. Act in the public interest, take responsibility to reduce harm and maintain public confidence in the profession

Answer 86

- understand what the complaint is - acknowledge the complaint and ensure this is done within 7 days - escalate to line manager - 2 rounds of review by directors - finally offer to go to CEDR centre of effective dispute resolution

Answer 87

Bribery Act 2010

Answer 88

36 recommendations : A renewed and increased focus on the public interest remit of RICS, including amending the Royal Charter and creating a public interest panel to advise Governing Council. most recent Governing Council meeting, RICS said 30 out of 36 Bichard Review recommendations were now complete, with three more partially completed. It said a "full top-down review "of the structure and organisation would now take place in 2025, three years after the Bichard Review, and then every five years after that. The continuing development of Matrics, the early career community, will

Answer 89

The aim of the Bichard Review was to 'create a new sense of purpose and direction so that RICS can once more stand tall as an exemplar professional institution, capable of tackling the challenges which will shape the way we all live in the years to come'

Answer 90

to consider rules of conduct and how these relate to ethics in everyday life and work

Answer 91

- Party - own interst - confidential information 'own interest; relating to my relationship with potential client

Answer 92

- with written agreement of all parties, - information barrier

Answer 93

- only if written informed consent is provided with full transparency and - when all relevant parties are best served by doing so

Answer 94

TOE: name of client, address, etc.; name of property, address; currency; bases of value; scope of work; title interests; date of valuation, fee amount title name

Answer 95

so that all parties are clear and know where they stand this is especially important to avoid future conflicts and, if this does happen there is a recorded document to show the facts

Answer 96

Client money handling 2019

Answer 97

usually will allocate to the oldest

Answer 98

to avoid disputes in the future

Answer 99

timing and proportionality £50 and under no registration but However, must be notified in writing to your Head of Office / Manager within 3 days of receipt, stating the name of the giver, a description of the gift, an assessment of value, the business relationship between the giver and Savills, and the personal relationship between the employee and the giver. Registration: Required Gifts over £50 should be declined however if a gift over £50 has been accepted you must, in addition to the above, log the gift in the gift register including detail of what action has been taken (e.g., raffle the goods for charity, or share amongst the team).

Answer 100

Valuation - client pressured to provide information on a deal they knew my team was working on - I politely refused if pressed further I would relay to my line manager

Answer 101

1.2 Members and firms do not allow themselves to be influenced improperly by others (as a result of, for example, giving or receiving work referrals, gifts, hospitality or payments) or by their own selfinterest - consider timing and proportionaliyu

Answer 102

provides standards to members, upholds public interest, provides training for members

Answer 103

Impact of Artificial Intelligence on the Industry. Harris Debate 2024, Ethics in The Age Of AI. RICS Professional Fee Updates. RICS 2024 Sustainability Report. RICS Leadership Updates. RICS Rules of Conduct Updates. Labour Government Impact on the Industry. RICS Business Plan. AI, sustainability, Diversity, skilled employees

Answer 104

- Use of social media guidance (regulation) – V2 – sep 24 - Same standards as rules of conduct (1,3,4) - V2 specific guidance RICS will investigate sm posts ivolving: - Discrimination - Dishonesty - Threatening/abusive behaviour - Bullying harassment - Pattern of frequent concerning comms - Ignoring warnings/ advice about concerns Unlikely to investigate: - Critical of org - Use of professional respectful language - Are removed when requested RICS may take disciplinary action

Answer 105

Discriminatory. Dishonest. Abusive or threatening. Likely to cause significant harm, distress or offence to a person. Shows a pattern of frequent or large number of concerning communications. Ignores previous advice or warnings about concerns.

Answer 106

Matrics Expansion into South Asia – The Governing Council is prioritising support for the next generation of early career professionals with Matrics networks expanded to South Asia, Greater China and Southeast Asia and Australia markets. Sustainability Leadership – RICS aims to lead on global issues such as decarbonisation, climate resilience, biodiversity, and the circular economy. This involves strengthening carbon measurement standards, influencing policymakers, and equipping members with training and tools to address sustainability challenges. Attracting Diverse Talent – Efforts are underway to attract a wider range of individuals into the profession. This includes modernising the assessment process, increasing support for early-career professionals, and creating grants and bursaries for underrepresented groups. Enhancing Member Engagement – The RICS is working on improving the value and experience for its members. This includes better understanding of their needs through data insights, creating stronger connections among members and promoting their work and professionalism publicly. Strengthening Trust – The institution plans to enhance public trust by refining its regulatory processes, ensuring transparency, and maintaining high standards for ethical and technical practices.

Answer 107

The RICS has announced a 3.5% increase in professional subscription fees for 2025, marking the first adjustment in five years. The decision was made to address rising operational costs and inflation, which RICS had been absorbing. A new subscription framework has also been introduced to create a fairer and more regionally equitable system, taking into account member grades, benefits, and local economic conditions. For example, UK-based professional members will pay £558, while fellows will pay £681. The framework is designed to reflect affordability, with fees varying internationally based on local market conditions and exchange rates. In some regions, like parts of Africa, fees have decreased to enhance affordability. Members under two years and those pursuing qualifications will see tiered rates depending on their status.

Answer 108

The RICS has setup ‘Diversity & Inclusion leadership’ which is a knowledge hub allowing the RICS to share ideas on how and why diversity & inclusion is so important to the RICS. This has included initiatives such as: International Women’s Days celebrating the achievement of Women in our profession. Pride 2023: LGBTQ+ equality pledge focusing on the importance of LGBTQ+ representation in the profession. The McGregor-Smith Review – aiming to develop black and ethnic minority talent within the profession.

Answer 109

Following the Birchard Review and its recommendations the RICS have introduced two new definitions for Professional guidance which are now split into Professional Standards and Practice Information. These supersede the former definitions including Professional Statements, Guidance Notes and Codes of Practice. Professional Standards – set out requirements or expectations for RICS members and regulated firms with a focus on baseline expectations for competence and ethical behavior. They contain mandatory requirements that surveyors must follow, where the word ‘must’ is used with best practice that surveyors should follow, where the word ‘should’ is used. Practice Information – set out supporting guidance to advise surveyors in delivering specific services or working in specific areas of practice. The guidance is not mandatory and does not provide explicit recommendations. Practice Information can refer to processes, toolkits, checklists, insights, research and technical information or advice.

Answer 110

Having reviewed the example behaviours in adhering to Rule 1 RICS Members and firms should not allow themselves to be influenced improperly through the acceptance of work referrals, gifts or hospitality. Members and Firms must also be sure to identify conflicts of interest and not provide services or advice where these conflicts of interest occur. This could be a scenario where you have reduced impartiality due to an existing relationship, for example being friends with a Main Contractor who has subsequently been selected to submit a tender would form a conflict of interest.

Answer 111

Election of the Labour government may have the following impacts:- House Building Targets – Labour has pledged to build 1.5 million homes over the next parliamentary term, reinstating mandatory housing targets and updating the National Planning Policy Framework (NPPF). Infrastructure Projects – Significant funding is planned for public infrastructure, including transportation networks, renewable energy projects, and urban development. This will create opportunities for large scale construction projects, likely driving economic growth and job creation. Sustainability Focus – Labour has committed to embedding green practices across the industry, with policies focusing on eco-friendly materials, retrofitting existing buildings for energy efficiency, and integrating biodiversity in urban planning. This could lead to increased demand for sustainable construction practices through regulations such as MEES. Skills Development – Labour plans to address the construction sector’s skill shortages through youth training initiatives and improved working conditions, such as banning zero-hour contracts. This could create a more skilled and stable workforce but will require significant investment to meet labour demands.

Answer 112

Currency fluctuations – The value of the US dollar often fluctuates sharply during and after an election. These shifts directly affect the exchange rate between the dollar and the pound, which in turn impacts the attractiveness of UK property to overseas investors. A weaker pound against the dollar could mean heightened interest from the US and other international buyers, particularly in prime markets like London driving higher property prices. Impact on Interest Rates – The US election influences the Federal Reserve’s economic policies, which in turn affect global financial markets. Changes in US monetary policy could lead to adjustments by the Bank of England. For UK property, interest rates are crucial as a rise could dampen demand by making mortgages more expensive. Conversely, if rates stay low, the market could remain buoyant, with borrowing costs staying affordable for longer. Supply Chains and Construction – Changes in US trade policy or tariffs could ripple through the global economy affecting the cost of materials like steel and timber. Higher costs for builders could slow the pace of new developments or push prices higher for buyers in England. Tech Development & Remote Working – If the election results encourage further growth in the tech sector & remote working, it could bolster demand for homes in England’s regional cities, which have become increasingly popular with remote workers seeking affordability and a better work-life balance.

Answer 113

COP29 was held in Baku, Azerbaijan in November 2024 and focused on addressing the climate finance gap through the loss and damage fund, designed to support vulnerable nations. Other key takeaways include:- Some progress was made on working towards a global carbon market where the buying and selling of carbon emissions is facilitated to help reduce global emissions. This market would incentivise lower global emissions for companies, countries and other entities. By putting a price on carbon, it incentivises industries to innovate and invest in cleaner technologies, helping to reduce the global carbon footprint. Progress was made on the NCQG or New Climate Finance Goal to replace the previous $100bn Goal. This is intended to ensure that sufficient financial resources are mobilised to support developing countries to address the impacts of loss and damage from climate-related disasters. A consensus on the amount and scope of the funds required was discussed.

Answer 114

The RICS Sustainability Report 2024 provided a detailed analysis of the current state of sustainability within the built environment sector. The key findings include:- Identification of an increase in market demand for green buildings however the adoption of sustainable practices remains limited. High upfront costs and insufficient government incentives form significant barriers to widespread implementation of greener building methods. The report highlighted a need for consistent sustainability measurement across projects. Tools like the RICS Whole Life Carbon Assessment (WLCA) standard aim to address this issue by providing a unified framework for assessing and reducing carbon emissions. The RICS emphasises that the level of commitment and action needs to increase substantially to achieve 2050 net-zero targets. RICS continues to play a pivotal role in shaping sustainability policies and standards globally. Its involvement in initiatives like the UN’s Buildings Breakthrough highlights the importance of harmonising sustainability standards worldwide.

Answer 115

Carbon life cycle is a holistic view of the carbon footprint of a building. This considers the carbon impact from:- Material extraction. Manufacturing. Transportation. Construction works. Maintenance. Repairs or replacement of materials. Consumption of energy. Carbon use at the end of the buildings life. The represents a shift in simply selecting low carbon building products and encourages a longer term view during the building design process.

Answer 116

Placemaking is a holistic approach to the development of public spaces that considers planning, design, implementation and management. This aims to deliver public spaces that offer unique value to their occupants such as:- A greater sense of belonging. Increased security. A unique atmosphere. Inspiration and experience. A sense of pride in community. This concept is thought to result in an improved quality of life to occupants, greater happiness, better work productivity and a possible increase in property values.

Answer 117

(Answer: offices in London)

Answer 118

lower rate for meeting certain esg targets e.g. EPC B or above

Answer 119

(answer: recommend that it is returned to client)

Answer 120

(answer: ethics) – acted with integrity

Answer 121

RICS Members: 1. Comply with CPD requirements 2. Cooperate with RICS 3. Provide all info reasonably requested by Stands and Regulation Board Firms: 1. Publish complaint handling procedure 2. Ensure all previous and current professional work covered by PII 3. If sole principal, make appropriate arrangements for their professional work to continue in event 4. Cooperate with RICS 5. Provide all info reasonably requested by Stands and Regulation Board 6. Display in business literature, in accordance with RICS published policy on designations 7. Report to RICS any matter that they are required to report under Rules for Register

Answer 122

Within 1 year of submission of APC . After qualification once every 3 years

Answer 123

- RICS members can negotiate on behalf of clients. - Be clear about when you are giving professional opinion and when you are acting as an advocate. - Don’t bully the other side or take unfair advantage of vulnerability. - In the absence of any provision in legislation in a specific circumstance, clients who own property in a market economy are entitled to ask any rent they consider appropriate from a tenant. - There is a public interest in those clients being advised by an appropriately qualified professional as this protects the client and other stakeholders. - Professional work should be done diligently in accordance with a client’s instructions. Rules 1,3,4,5

Answer 124

- RICS members can negotiate on behalf of clients. - Be clear about when you are giving professional opinion and when you are acting as an advocate. - Don’t bully the other side or take unfair advantage of vulnerability. - In the absence of any provision in legislation in a specific circumstance, clients who own property in a market economy are entitled to ask any rent they consider appropriate from a tenant. - There is a public interest in those clients being advised by an appropriately qualified professional as this protects the client and other stakeholders. - Professional work should be done diligently in accordance with a client’s instructions. Rules 3 + 5 Professional competence?

Answer 125

Red book reports: 1/3 of value I’m aware our standard level is between £7-£12m but I have been asked not to divulge this as it is commercially sensitive

Answer 126

- Inform RICS - Ensure clients informed - Return monies held by clients - Inform insurers and procure PII runoff for min 6 years - Retain copy of client files and records for min. 6 years

Answer 127

- The client against financial loss that the firm can't or won't pay, also surveyors and third parties - RICS Professional Indemnity Insurance Requirements Jul 2024 – assigned risk pool now call run-off pool ; policy wording must be written on full civil liability basis - RICS PI – Risk, Liabilirt, Insurance 2023: recoomends liability caps to manage risk ; be clear reliance can only be by client named in TOE

Answer 128

- All members must ensure appropriate level of insurance: Firm TO/ in previous year : Min level £100k or less: £250k 101-200k : 500k Over 200k: £1m Max level: Up to £10m to: greater of 2.5% of sum insured of £10k Over 10m: no set limit

Answer 129

Nicola Mcginnis , CFA

Answer 130

This is undertaken by the standards and Regulation Board. First, action by the head of regulation. Second, Disciplinary Panel. Third, Appeal Panel. 1, serve a fixed penalty notice. 2, make a regulatory compliance order. 3, refer the matter to a single member of the Regulatory Tribunal for consideration. 4, refer the matter directly to a disciplinary panel.

Answer 131

First, by someone complains the RSS. Second, an allegation by clowns or third party. Third, because if information received or established by the RCS.

Answer 132

Fixed penalty notice. This is used for breaches of rules relating only to the supply of information directors by firms and members. This consists of a fine and or a caution. Regulatory compliance orders. This is for low-level breaches of the rules. It's a written documents which states the terms number of firm must take or desist. You can cover issues such as non compliance with roles, including failure to undertake appropriate CPD. This can lead to further sanctions, such as fixed penalty and disciplinary panel action resulting in expulsion. Action by disciplinary panel. This is for more serious breaches of conduct ahead of regulation can consider hearing is required under the disciplinary rules. This membership includes lay members and the penalties can be issued. Regulatory Compliance order, reprimand. Caution, fine unlimited amount appropriate and proportionate to offense, impose conditions upon future continued registration, expulsion or removal of firm, and requirements publication of resource in Modus Magazine, Rick's website. All local newspaper publication. Appeal panels can consider appeals against the decision.

Ethics- Flashcards

(184 cards)