Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

My Cards > Ethics APC > Flashcards

Ethics APC Flashcards

1
Q

When was the RICS founded

A

1968

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who is the CEO

A

Justin Young

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does Ethics mean

A

Moral principle that governs a persons behaviour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Rics 3 Main roles

A
  • Education & Training
  • Leading source of info in land and property sector
  • Protect consumers through PS
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Benefits of being RICS Member

A
  • Knowledge
  • Network
  • Recognition
  • Market advantage
  • Status
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Requirements to register

A

If 50% of directors/principals in a firm are members then must be regulated
25% Can apply to be regulated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Info required to register

A
  • Type of business
  • Responsible principal
  • CHP
  • PII
  • Whether firm holds clients money
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the ROC ?

A
  • Honestly & integrity
  • Competent
  • Provide good quality service
  • Diversity and inclusion
  • Act in public intrest
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are Mandatory obligations RICS members must do ?

A
  • Co-operate with RICS
  • Do CPD
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are Mandatory obligations RICS Firms must do ?

A
  • Publish CHP
  • Ensure work is covered by PII that meets standards
  • Co operate with RICS
  • Sole principal make arrangements for work to continue after death/inability to work
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the RICS Decision tree ?

A

Questions members must ask themselves when faced with something unethical.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Who undertakes Disciplinary procedures ?

A

Standards and regulatory board

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When can RICS members decline instructions

A
  • Not competent enough.
  • Cant agree on a suitable liability cap.
  • Client on sanctions list
  • There is a COE that cant be managed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the three types of COE

A
  • Party conflict
  • Personal conflict
  • Confidential information conflict
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How do you handle a conflict ?

A
  • Avoid
  • Written informed consent
  • Information barrier
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How long must files be held for

A
  • minimum 6 years but rics recommends upto 15 in case of a claim for negligence
17
Q

Whats my firms CHP and Sole Practitioner

A
  • Acknowledge within 2 WD
  • Investigate within 28 Working days
  • If not happy with outcome can either seek advice from CEO or ADR provided which is CEDR and readdress scheme.
  • If sole Practitioner then advised to nominate surveyor from another firm to be CHP officer
18
Q

What is the meaning of Negligence?

A

Duty of care breached and loss incurred

19
Q

What Acts are relevant with negligence ?

A

Limitations act 1980

20
Q

What does the limitations act say and what is a contract and tort ?

A

Current limitation for negligence are:
- Contract – 6 yrs from date of negligent act, breach of contract. Contract is when one party fails to fulfil obligations as agreed in contract eg : not completing report on time
- Tort – 6 years from date the claimant suffered loss. Tort is a breach of duty imposed by law not contract eg : surveyor inspecting and fails to identify a significant defect

21
Q

What is tort

A

Loss

22
Q

What is contract

A

Breach of terms

23
Q

What are the minimum pii

A

Firms Turnover in preceding year Minimum level of Indemnity required for each and every claim
£100,000 or less £250,000
£100,001 - £200,000 £500,000
£200,001 £1,000,000

24
Q

What is the maximum level of uninsured excess

A

Firms Turnover in preceding year Maximum uninsured excess
Upto £10m Greater of 2.5% of sum insured or £10,000
Over £10m No set limit

25
Q

What is run off cover

A

‘Run – off cover – required following cease of trading’
For Consumer claims - minimum of £1m of aggregate cover over a period of 6yrs
For Commercial claims – Must consider what is adequate and appropriate for minimum of 6 yrs.

26
Q

What are RICS compliance when starting a firm ?

A
  • Inform RICS of practice.
  • Appoint Responsible principle for RICS Communication.
  • Register RICS for Regulation of the firm.
  • Arrange PII and send details to RICS.
  • Register for RICS valuer Registration scheme.
  • Obtain RICS approval on complaints handling scheme.
  • Set up complaints log.
  • Appoint CHP officer.
  • Ensure CPD is logged.
  • Ensure Completion of an online RICS annual return.
27
Q

What are the statutory compliance

A
  • Requirement to disclose business name.
  • Disability discrimination compliance - Equality act 2010
  • Appoint ML Officer ( Money Laundering act 2017)
  • Health and Safety Compliance (Health and safety act v1974)
  • Asbestos register
  • Estate agency compliance (Estate agency act 1979, misrep act 1967)
  • Inform HMRC for Tax registration.
28
Q

When closing a practice what do you do

A
  • Inform RICS of closure.
  • Ensure clients are informed at earliest opportunity and hand over arrangements made to new firm.
  • Return any monies held by clients to their own accounts.
29
Q

What is bribery

A

My Cards (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions