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Marcus APC > Ethics > Flashcards

Ethics Flashcards

1
Q

Do you adhere to RICS Global Professional and Ethical Standards (2015) ?

A

No as the RICS Rules of Conduct came into effect in February 2022 and now superseded the RICS Global Professional and Ethical Standards (2015)

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1
Q

What’s the role of the RICS? [TIP] Training, Information, Protection,

A

“1. To maintain the highest standards of educating and training
2. To be the leading source of information and independent advice on land, property construction and associated environmental issues
3. To protect customers through strict regulation of professional standards”

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2
Q

What are the RICS 5 Rules of Conduct? [ICS RR]

A

“1. Members and firms must be honest and act with integrity
2. Members and firms must maintain their professional competence
3. Members and firms must provide good quality and diligent service
4. Members and firms must treat others with respect and encourage 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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3
Q

What are the benefits of the new Rules of Conduct?

A

One clear document, clear examples, focus on respect, diversity & inclusion, understanding technology, tackling global challenges

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4
Q

Why does the RICS have a rules of conduct?

A

”* To provide a framework that we can all work to and so the client knows they are getting a set level of service

  • As well as being an important tool for the institution, the Rules of Conduct are also a useful professional guide for individual institutional members
    “
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5
Q

Why do you want to be a member of the RICS? [KRS MN]

A

”* Knowledge - CPD, professional guides and knowledge sharing
* Recognition - in the market
* Status - Professional status provides client confidence

  • Market Advantage - RICS gives an advantage
  • International Network - over 136,000 members”
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6
Q

What is your firm’s gift policy?

A

“Written approval is required when the value of entertainment exceeds £150 or if the gift exceeds £100
No cash or equivalent
Put all gifts on a gift register”

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7
Q

What is the Ethical Decision Tree? [FLR CRP]

A

“It is a set of steps provided by the RICS to assist with making decisions to ensure they are ethical the steps include:
1. Do you have sufficient facts on the issue?
2. Is it legal?
3. Is it inline with the RICS Rules of Conduct?

  1. Have you consulted the appropriate people to make an informed decision?
  2. Do you have clear reasoning in reaching your decision? / Is your decision informed?
  3. Would you be content for your actions to be made public?”
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8
Q

Have you used the Decision Tree in practice?

A

“Yes - when in the valuations team a client put pressure on me to increase a valuation using the ethical decision tree I first considered if I had all the facts which I did, I then looked at if it would break the law which it wouldn’t.

I then considered if it was inline with the Rules of conduct which it wasn’t, it brok the first rule of conduct as it was not acting with integrity just increasing a value based on what the client wanted.

I reviewed the comparable evidence again and consulted with a partner in the team. Finally I advise the client the valuation could not be changed as there no scope to increase values .

Acting with integrity is doing what is right even it is not easy to do so.
“

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9
Q

What are 3 levels of disciplinary action?

A

“Disciplinary process set out in RICS Regulatory Tribunal Rule 2020

3 levels of disciplinary action
1. Action by head of regulation
2. Regulatory Tribunal
3. Appeal Panel

Head of regulation from RICS can initiate one of the following four actions
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 the Disciplinary Panel

”

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10
Q

How would you set up your own practice in line with the RICS?

A

“1. Inform RICS
2. Appoint a Contact Officer
3. Register with RICS for Regulation
4. Arrange Professional Indemnity Insurance
5. Set up Client Account for handling Client Money
6. Set up a complaints handling procedure
7. Set up staff training and CPD
“

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11
Q

How would you set up your own practice in line with the statutory requirements?

A

page 30 apc success

“1. Business Names Act 1985
2. Comply with the Equality Act 2010
3. Comply with the Bribery Act 2010
4. Appoint a Money Laundering Reporting Officer
5. Comply with the Health & Safety Act
6. Asbestos Register
7. Fire safety compliance
8. Register for data protection
9. Estate Agency Compliance
10. Inform HMRC
“

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12
Q

How would you close down a practice? [RCM IF]

A

“1. Inform the RICS of retirement / closure
2. Ensure clients are informed at earliest opportunity and hand over arrangements made to the new firm
3. Return monies ££ held by client to their own accounts
4. Inform insurers & procure PII run-off cover for a minimum of 6 years from the expiry of the policy
5. Retain a copy of the client files and record for a minimum of 6 years”

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13
Q

The incapacity of sole practitioner what needs to be in place?

A

locum arrangement

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14
Q

When was the RICS Founded?

A

The Royal Institute of Chartered Surveyors was founded in 1868

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15
Q

What year did the RICS receive its Royal Charter?

A

They received their royal charter in 1881

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16
Q

What are the different types of memberships?

A

“FRICS
MRICS
AssocRICS
Trainee / Student “

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17
Q

How do you become a Fellow of the RICS?

A

“Submit evidence of four of the below characteristics to the fellowship assessor:
1. 5 years or more as a MRICS
2. A leadership role in the industry
3. Professional Technical Achievement
4. Academic Achievement
5. Raising the profile of the RICS
“

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18
Q

Who is the Current President of the RICS?

A

CHECK

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19
Q

Who is the Current Chief Executive Officer of the RICS?

A

CHECK

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20
Q

Would you accept a gift or offer of hospitality at work?

A

”* If it was reasonable and proportionate such as modest and occasional meals, sport and cultural events
* Gifts can be accepted if of nominal value, offered openly and must not be regular, cash or influence decisions.
* Actions - must be open and transparent, keep records in excess of £100, Consideration (value, timing, proportuante, giver, receiver) “

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21
Q

What are some steps you must take when handling a client’s money?

A

”* Clients must always have access to the funds
* Clients money must be kept separate and clearly identifiable
* Include ‘Client’ in the account name
* Interest on the account must be agreed with the client
* Maintain a running balance
* Agree terms and the client bank account details
* Account must not be overdrawn

RICS Professional Statement ‘ Client Money Handling’ 2019”

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22
Q

What are 5 RICS principles for better regulation? [PACTT]

A

“1. Proportionality
2. Accountability
3. Consistency
4. Targeting
5. Transparency
“

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23
Q

How do you handle a deposit?

A

“Same rules apply for handeling clinets money
Deposit is typically 3 months rent”

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24
Q

What percentage of members determine if a company can be a RICS regulated company?

A

”- 50% or more principles M/FRICS (MUST)
- 25% - 50% (MAY)
- Under 25% (CAN’T)”

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25
Q

What are the RICS professional obligations for members? [CCP]

A

“1. Comply with the CPD requirements
2. Cooperate with the RICS
3. Promptly provide all information reasonably requested by the Standards and Regulations Board, or those exercising delegated authority on its behalf
“

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26
Q

What are the CPD requirements for members?

A

“Members must undertake and record appropriate lifelong learning and, on request, provide evidence that they have done so to maintain and improve levels of professional competence introduced in Jan 2013
▪︎ Members must undertake a minimum of 20 hours CPD per year
▪︎ Of the 20 hours at least 10 hours must be formal
▪︎ Members must maintain a relevant and current understanding of RICS Rules of Conduct during a rolling 3 year period
▪︎ CPD must be recorded using the RICS CPD Management System available online in the RICS Website.
“

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27
Q

What are the RICS professional obligations for firms? [CPAC IBR]

A

“1. Publish a complaints handling procedure
2. Ensure all work is covered by Professional Indemnity Insurance
3. If having a sole principal have appropriate arrangements for their professional work to continue in result of their death [Locum Agreement]
4. Cooperate with the RICS
5. Promptly provide all information reasonably requested by the Standards and Regulation Board or those exercising delegated authority on it behalf
6. Display their business literature, in accordance with the RICS published policy on designation, designation to denote that they are regulated by the RICS
7. Report to the RICS any matter they are required to under the Rules for the Registration of Firms .”

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28
Q

What are 3 benefits for regulated firms the RICS States? [CPS]

A

“1. Confidence - for clients as regulated firms are monitored by RICS Regulations
2. Professionalism - firms will have to provide clear, impartial and expert advice
3. Security - firms have to have a recognised complaints handling procedure, access to free independent redress and PII cover (RICS, 2007)”

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29
Q

“What information do registered firms have to send to the RICS annually?

”

A

“▪︎ It is called annual return and done online. Failure to do so leads to a fixed penalty.
▪︎ Type of business and staffing
▪︎ Nature of clients
▪︎ Training provision
▪︎ Complaints handling procedures details and records
▪︎ PI insurance details
▪︎ Whether the firm holds clients’ money
“

30
Q

What must a complaints handling procedure include?

A

“▪︎ The RICS provides a model form
▪︎ Must include a redress mechanism
▪︎ Details should be issued to the client with the Terms of Business
▪︎ It must be clear, quick, transparent and impartial and free of charge
▪︎ Names and contact details of the nominated investigating person must be stated
▪︎ The complaint must be investigated within 28 days
▪︎ All complaints, their progress and outcomes must be recorded
▪︎ Note the need to advise PI insurers of a complaint
▪︎ Must have two stages as a minimum:
▪︎ Consideration of the complaint by a senior member of the firm
▪︎ If not resolved, referred to an independent third party with the authority to award redress

”

31
Q

What is your firm’s complaints handling procedure?

A

”* Record all details on the C&W complaints database
* Acknowledge within 7 days and investigate within 28 days
* Notify PII insurers
* EMEA legal team assigns an internal investigation partner and informs insurers
* Investigation partner ensures that corrective action is taken to resolve the complains
* If complainant disputes the finding, then they will need to consider mediation from an independent redress scheme i.e Centre for Effective Dispute Resolution (CDR) or from Ombudsman Service.”

32
Q

What is the purpose of Professional Indemnity Insurance (PII)?

A

“To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty e.g. neglect, error or omission
“

32
Q

You are now Chartered, how would you deal with a situation if a friend asked for surveying advise ?

A

“▪︎ I could not offer advice on my own without PI insurance.
▪︎ If I did have my own PI insurance I would ensure that the information given was subject to the thorough checking process given to all information prior to issue regardless of who it was to.
▪︎ Inform them they can contact you during working hours to discuss T&Cs of appointment.
▪︎ If you are not comfortable acting for them, advise them to use the RICS “find a surveyor scheme”
▪︎ Adhere to rules of conduct.
“

33
Q

What are the benefits of PII to the Professional?

A

“▪︎ The professional is protected from financial loss
▪︎ Does not have to meet the claim from their own assets and resources
“

34
Q

What basis should it be underwritten?

A

“▪︎ On a claims made basis which means that it is the insurance policy that is in place at the time the breach is discovered that is claimed under NOT the insurance policy in place when the breach was made.
“

35
Q

Can you tell me about the Merrett v Babb Case (2001)?

A

“Facts
▪︎ Court case in 2001
▪︎ Babb had done a valuation as an employee of a company for a house purchased by Merrett
▪︎ Valuation later found to be negligent
▪︎ The original company no longer existed
▪︎ Court ruled Merrett could pursue the individual – Babb – for the losses
▪︎ Big shock in the industry

Significance
▪︎ Considered if a professional employee was vulnerable to claims brought directly against them for advice given on behalf of their employers
▪︎ Highlights importance of run off cover
▪︎ Professional individuals and firms must ensure that run off cover is in place after they leave or their firm’s employment or a firm ceases trading
▪︎ Individuals should ensure that their ex company keeps up this cover on their behalf
“

36
Q

How long should run off cover be in place?

A

“Depends on the type of contracts the professional has been involved with
▪︎ Usually 6 years if contract executed under hand
▪︎ 12 years if executed as a deed

RICS Recommeds 12- 15 years”

37
Q

Requirements of Professional Indemnity (PI) by the RICS?

A

“▪︎ Must be made on an ‘each and every’ claim basis
▪︎ Sets out minimum levels of indemnity
▪︎ Sets out maximum levels of uninsured excess
▪︎ Run off cover must be in place for at least 6 years
▪︎ Should include cover for past and present employees, directors and partners
“

38
Q

How to determine level of Professional Indemnity (PI) cover?

A

“Minimum Levels of Indemnity
▪︎ This depends on the firm’s turnover
▪︎ If turnover is £100k or less it is £250k
▪︎ If turnover is £100 - £200k it is £500k
▪︎ If turnover is above £200k it is £1m

Maximum Levels of Uninsured Excess
▪︎ Depends on the level of indemnity
▪︎ Liability of up to £500k(turnover up to £10m) = 2.5% of insured sum or £10,000 (what ever is more)
▪︎ Liability of over £500k = 2.5% of the insured sum
Turnover greater than £10m no limit set
“

39
Q

What is C&Ws PII cover?

A

lesser of 5x fee or £2m

40
Q

Measures to avoid Professional Indemnity (PI) claims?

A

“▪︎ Keep full and detailed records of meetings, conversations etc
▪︎ Record recommendations and advice given
▪︎ Use proper letters of engagement, scope of services and terms of engagement
▪︎ Don’t advise on a specialism outside your field of experience
▪︎ Use RICS guidelines
▪︎ Avoid poor management and excessive workloads
“

41
Q

If you have under forecasted your resources for a fee proposal, would you go back to the client and ask for more money?

A

“▪︎ If project requirements (services, scope, value) have increased, then would go back to client for more fees
▪︎ But if remained the same, it is a mistake so deal with it and get it right next time.
▪︎ Do not reduce level of service you offered originally.
“

42
Q

What is the RICS Motto?

A

“Est Modus In Rebus (Latin for there is measure in all things)
“

43
Q

What is the Bichard Review?

A

“Following the Independent Review of internal governance failings within the RICS carried out by Alison Levitt QC in 2021 Lord Bichard was commissioned by the RICS to undertake a further review to:

  1. Clarify the purpose of the RICS, including its responsibility to act for the public advantage
  2. Make recommendations on its governing structure to deliver that purpose and
  3. Provide proposals for the incoming leadership and governing body on the future culture and strategy of the institution
    “
44
Q

When was it published and what recommendations did it make

A

“The Review, published in June 2022, made 36 recommendations in seven key areas relating to the purpose and governance structure of RICS, providing advice on values, culture and strategy. RICS has accepted all the recommendations

  1. A renewed and increased focus on the public interest remit of the RICS, including meaning the Royal Charter and creating a public interest panel to advise Governing Council
  2. Maintaining self-regulation, through greater independence for regulatory functions
  3. Increased focus on diversity and inclusion across the profession and within RICS governance
  4. Empowering and enabling members though greater support for regional boards, alongside increased member engagement, with renewed focus on younger members
  5. Undertaking an independent review of the RICS governance and effectiveness at delivering against its Charter for the public advantage once every 5 years
  6. A new simplified, clear , accountable governance structure
  7. Showing greater leadership on issues that matter most to society, such as sustainability and climate change “
45
Q

What Bichard review recommendations has the RICS stated to implement?

A

”* Governing Council will implement a new composition of Council to better reflect the geographic location and disciplines of members

  • As many Council seats as possible will be directly elected by members: members will elect Governing Council seats covering the professional disciplines (7), geographic regions (13), and the community of younger members (1).
  • Governing Council has asked the Nomination and Remuneration Committee to review the election process for Governing Council seats. This will see Governing Council elections reformed and simplified to encourage a broad and diverse range of applicants from across the profession.
  • Finally, Governing Council has confirmed that the RICS President will also Chair the Governing Council for the duration of their one year presidential term, in line with Lord Bichard recommendations. Under the new arrangement, the current President, Clement Lau FRICS will serve until 31st December 2022 – extending his office by a few days – before being succeeded by President elect, Ann Gray FRICS on 1st January 2023.

*RICS has made the first of its new governance appointments for an Interim Senior Independent Governor, to which Lord Michael Bichard has been appointed”

46
Q

What are the 10 RICS Bye-Laws [AMDCC GSPAG] Updated Feb 2020

A

“1) Application and Definitions
2) Membership and Registration
3) Designations
4) Contributions to Funds
5) Conduct

6) Governing Council, Officers & Staff
7) Subordinate Boards, Committees and Groups
8) Procedure for General Meetings (Annual general meetings, Ordinary general meetings and extraordinary general meetings)
9) Accounts & Audit
10) General
“

47
Q

What does the Bribery Act 2010 state?

A

“A bribe can be the giving, offering, promising, or receiving of an advantage such as a payment, gift, or a service for an action which is illegal or a breach of trust.

Based on SIX principles: [PTR DMC]
1. Proportionality
2. Top level commitment
3. Risk assessment

  1. Due diligence
  2. Monitoring and review
  3. Communication

FOUR offences include:
1. Bribing
2. Receiving a bribe
3. Bribing a foreign public official
4. Failing to prevent bribery

If the act is breached there is a maximum penalty of 10 years imprisonment and or an unlimited fine for individuals, companies face and unlimited fine.
“

47
Q

What steps are in place to mitigate money laundering?

A

“1. Identify client and verify their identity based on passport or driving licence
2. For a company the name, company number and address of registered office are required
3. Names of directors are required unless the company is listed on a regulated market
4. Obtain information on the purpose and intended nature of the business relationship and proposed funding

Enhanced Due Diligence in place for people from a high risk third country or a politically exposed person

”

48
Q

What are the penalties for assisting with Money Laundering under Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) 2017?

A

If you are found to be assisting in the laundering of money you can face up to 14 years in prison and an unlimited fine. If you fail to report money laundering, and or tip someone off that they are under investigation for money laundering you can also face up to 5 years in prison and an unlimited fine.

49
Q

What report would a firm’s money laundering reporting officer produce should they suspect suspicious activity and where would they send it?

A

They would produce a Suspicious Activity Report (SAS) and would send it to the National Crime Agency.

50
Q

What is the limit on cash acceptance under Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) 2017?

A

10,000 euros

51
Q

What position/role must each firm have in place under Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) 2017?

A

Money Laundering Reporting Officer

52
Q

What are some red flags for suspected money laundering?

A

”* Inability or unwillingness of parties to prove identity documents
* Changes to parties involved in the transaction
* Unusual transaction features e.g. unexpected urgency required by both parties, potential loss making or an unusual transaction for a client
* Using unusual currencies

RICS had a red flag indicator document “

53
Q

What does the RICS Professional Statement on Countering bribery, corruption, money laundering and terrorist financing 2019 say?

A

“1 Mandatory requirements for anti-bribery and corruption and for anti-money laundering and terrorist financing
2 Guidance setting out supporting good practice for anti-bribery and corruption and for anti-money laundering and terrorist financing”

54
Q

Money Laundering, Terrorist Financing and Transfer of Funds (information to the payer) Regulations (2017)

A

“The MLR 2017 sets out the additional obligations of private sector firms working in areas of higher money laundering risk. They aim to stop criminals using professional services to launder money by requiring professionals to take a risk-based approach. Firms must put measures in place to identify their clients and monitor how they use their services.

  1. Requirement to have a written money laundering and terrorist financing risk assessment
  2. Implement systems, policies, controls and procedures to address money laundering and terrorist financing risks and meet the requirements under the MLR 2017
  3. Adopt appropriate internal controls
  4. Provide training to staff
  5. Comply with new customer due diligence, enhanced due diligence and simplified due diligence requirements
  6. Comply with requirements relating to politically exposed persons
  7. Make sure your record keeping and data protection systems, policies and procedures meet the requirements of the regulations
  8. AML checks must be inplace to confirm the identity of the proposed purchaser of a property and check the purchaser’s source of funds by the vendor’s agent before contracts are exchanged
  9. Include additional high risk factors when assessing the need for enhanced due diligence and seek additional information and monitoring certain cases eg transactions between third countries
    “
55
Q

What does the RICS say about Pro-Bono Work for Charities or Friends?

A

You are still required to draw up terms of business, and you still need Professional Indemnity Insurance, which would be stated therein.

56
Q

Does a residential valuer acting on behalf of a lending bank have a duty of care to a mortgagor purchaser?

A

Yes, there is a duty of care, and this was established in Yianni v Edwin Evans (1981). However, if the advice is in respect of a buy-to-let purchase, then it may be argued that there is an obligation on the “commercially astute” borrower, as established in the Court of Appeal case; Scullion v Bank of Scotland (2010).

57
Q

What are C&Ws Terms of Business?

A

“1. Client Engagement
2. Definitions
3. Fees, expenses
4. Client Obligations
5. Measurements
6. Confidentiality
7. Data Protection and Data Handling
8. Documents and Reliance
9. Service Quality
10. Conflicts of Interest
11. Liability and insurance
12. Complaints Handling Procedures
13. Termination
“

58
Q

How do you undertake a conflict of interest check at your firm? How would you undertake one if your firm didn’t have software?

A

“Using my firm internal software called BAIT which keeps a log of all previous jobs done and will check of there any conflicts with the address, the name of Client, the Tenant, and the name of the Borrower.

If I was at a small company that didn’t have this software I would send round a company email and check historic records”

59
Q

What is the difference between conflict avoidance and conflict management, could you give an example of when you might use both?

A

”* Avoidance is saying no e.g a client wouldn’t sign terms
* Management is saying yes but putting protocols in place e.g would continue with management procedures if two c&w parties acting and you put info barriers in place

”

60
Q

What are the different types of conflicts ? [POCi]

A

“1. ‘Party Conflict’ relating to work on the same or related instruction for two different parties
e.g. vals or agency or both sides transaction

  1. An ‘Own Interest Conflict’ relating to a personal interest
  2. ‘Confidential Information Conflict’ relating to work between two parties that is confidential
    e.g. if signed NDA to sell a building, and asked to value ensure the NDA information is not shared with the valuers

”

61
Q

What is contained within Valuation terms of engagement?

A

“Status of valuer, Client, Asset, Currency, Purpose of valuation, Basis of value, Valuation date, Assumptions / SA, Conformation of Red Book compliance, Fee basis
“

62
Q

What do you do as well as undertaking a conflict of interest check before starting a valuation?

A

Ensuring you were competent to complete the instruction and the team had capacity to do so

63
Q

Could you report on a valuation before receiving signed terms of engagement? What work would you undertake without signed terms in place?

A

None

64
Q

What does the Misrepresentation Act 1967 say? How do you comply with it in your work?

A

“The Misrepresentation Act exists to protect consumers from false or fraudulent claims that induce you into buying something or entering into a contract.
I comply with this by double checking all information provided by the vendor used in brochures or other marketing material”

65
Q

What disclaimer do you include in your brochure? [Good faith, Measurements approximate, Date of issue]

A

“C&W Misrepresentation Notice
- All the information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact.
- Any areas, measurements or distances referred to are approximate only.
- Include date of issue “

66
Q

Would it have been possible to act on both sides of the transaction? Why did you take the action you did?

A

Yes it is possible to act on both sides of a letting if both clients agree in writing (give informed consent)….

67
Q

What did you do when you accepted the instruction?

A

“1. Disclose the nature of conflict (Party conflict)
2. I was clear and made sure both made their own decision
3. Requested written information from the clients of their informed consent that my firm could act for “

68
Q

How did you ensure that an appropriate information barrier was in place?

A

“Spoke to both parties and advise joint agent to act for LL

I received written informed consent from both parties

Joint agent and LL had communion on that deal

Occupier needs agency representing their best interests

LL needs best deal on the lease

Acted with integrity by allowing the joint agent “

69
Q

Are there any circumstances where you could you change your valuation after reporting to the client?

A

Yes - when new comparable evidence is presented

70
Q

How would you report the new valuation if the value had changed

A

I would outline the previous valuation figure alongside the new comparable evidence I had regard to when changing the valuation and report the new value

71
Q

how would you handle info if you went to a competitor

A

Marcus APC (8 decks)

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