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APC Commercial Real Estate 2021 > Ethics - JL > Flashcards

Ethics - JL Flashcards

1
Q

Why do you want to become a member of RICS? What is the role of RICS?

A

I would like to pursue surveying as a career and such becoming chartered surveyor would be the next step in securing that career for me and would allow me to serve at the highest level.

Role of RICS:
To maintain the highest standards of education and training.
To protect consumers through strict regulation of professional standards
To be the leading source of information and independent advice on land , property, construction and associated environmental issues (RICS 2015)

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2
Q

What are the key functions of RICS? What is a Royal Charter?

A

The Royal Institution of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Granted by royal prerogative. The body in question has to demonstrate not just pre-eminence and financial stability but also that bringing it under public regulation in this manner is in the public interest

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3
Q

Who is the current RICS president?

A

Kath Fontana

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4
Q

What do you understand by the term self-regulation?

A

RICS self-regulates, meaning that it operates within it’s own published regulatory framework, rather than being legislated by Government.

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5
Q

Can you tell me what you understand by the principles of better regulation? What is a Bye-Law?

A

PACTT -
Proportionality - penalty proportional to the breach
Accountability to all members and the public
Consistency - treating all members the same
Targeting - serious breaches
Transparency to all members, clients and the public.

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6
Q

Give an example of one of the RICS Bye-Laws.

A

Bye-Law 5.2.1 requires all members to conduct themselves in a manner befitting membership of the RICS.

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7
Q

Tell me what are the 5 professional & ethical standards.

A

Act with Integrity
Always provide a high standard of service
Act in a way that promotes trust in the profession
Treat others with respect
Take responsibility

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8
Q

Tell me about a key principle of the Rules of Conduct for Firms.

A

Responsible principle
Professional behavior
Competence - A Firm shall carry out its professional work with due skill, care and
diligence and with proper regard for the technical standards expected of it.
Service
Training and Continuing Professional Development (CPD)
Complaints handling- Alternative Dispute Resolution (ADR) mechanism
Clients’ money
Indemnity

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9
Q

Tell me about a key principle of the Rules of Conduct for Members. What disciplinary procedures can the RICS impose?

A

Ethical behaviour -
Members shall at all times act with integrity and avoid conflicts of interest
and avoid any actions or situations that are inconsistent with their
professional obligations.
Competence - Members shall carry out their professional work with due skill, care and
diligence and with proper regard for the technical standards expected of
them.
Service
Continuing Professional Development (CPD)
Solvency
Information to RICS
Cooperation

Action by Head of Regulation
Regulatory tribunal
Appeal panel

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10
Q

In what circumstances can these be imposed?

A

This can be triggered by someone complains to the RICS, an allegation by a client or third party because of information received or established by the RICS.

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11
Q

When did RICS last update their disciplinary panel rules?

A

1st October 2019

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12
Q

What are the different levels of action within these procedures? What do you understand by the term professional practice?

A

Disciplinary
Compliance order
Unlimited fine per breach proportionate to offence
Impose restrictions upon future continued RICS registrations
Expulsion from membership or removal of firm
Require publications of results of hearing in the Modus magazine on the RICS website and in local newspaper local to where firm or member is based.

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13
Q

What money laundering regulations or legislation are you aware of? What is a red flag of money laundering?

A

Answer

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14
Q

What bribery legislation are you aware of? What is a bribe?

A

Answer

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15
Q

What are the penalties for accepting a bribe?

A

Answer

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16
Q

What are the penalties for being involved in money laundering? What constitutes an offence under the Bribery Act 2010?

A

Answer

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17
Q

What constitutes an offence under the current money laundering regulations? What is Professional Indemnity Insurance (PII)?

A

Answer

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18
Q

Can you tell me about the RICS requirements in relation to PII?

A

Answer

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19
Q

What would you do if you received a notice of a PII claim from a client or their solicitor?

A

Answer

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20
Q

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

A

Answer

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21
Q

What is an annual return?

A

Answer

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22
Q

Tell me what you understand about Complaints Handling Procedures (CHP). When and how can the RICS be involved in a complaint about a firm or member? Can you tell me about the CPD requirements for members of RICS?

A

Answer

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23
Q

Why is CPD important?

A

Answer

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24
Q

Are you aware of any new guidance?

A

Answer

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25
Q

What is double dipping (dual agency)?

A

Answer

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26
Q

Why is double dipping (dual agency) an unacceptable practice? How would you close down a regulated firm?

A

Answer

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27
Q

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

A

Answer

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28
Q

What status does it hold?

A

Answer

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29
Q

What are some of the key principles of this guidance?

A

Answer

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30
Q

What must/should firms/members do to comply with the guidance? What are the current RICS rules for registration of firms?

A

Answer

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31
Q

When did these last change? What were the key changes?

A

Answer

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32
Q

When must a firm register for regulation? What are the registration eligibility criteria? Who is a Responsible Principal?

A

Answer

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33
Q

What happens if a firm cannot comply with the eligibility criteria?

A

Answer

34
Q

Tell me about the restrictions to th euse of the designation “Chartered Surveyors” by firms.

A

Answer

35
Q

When did these rules last change? What changes were made?

A

Answer

36
Q

What are the rules around the use of the RICS logo and “Regulated by RICS” designation?

A

Answer

37
Q

What must be included in ToE relating to firm regulation? What is a locum and who might need one?

A

Answer

38
Q

How could a sole trader set up their CHP using a locum? What RICS guidance relates to handling client money? When was this last updated?

A

Answer

39
Q

What do the RICS Rules of Conduct say about client money?

A

Answer

40
Q

Explain your understanding of the RICS Scheme Rules relating to client money protection.

A

Answer

41
Q

What are the main schemes available to firms? When were these last updated?

A

Answer

42
Q

What is the current compensation limit?

A

Answer

43
Q

What does the annual regulatory review fee relate to? What might client money include?

A

Answer

44
Q

How does this differ to office money?

A

Answer

45
Q

What are some of the key principles of the RICS Professional Statement relating to client money protection?

A

Answer

46
Q

Explain the key themes from the RICS Futures 2020 Report. Explain the potential implications of the Hart v Large case.

A

Answer

47
Q

Explain what you understand by the RICS consultation on ethics and the Rules of Conduct.

A

Answer

48
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A

Answer

49
Q

Tell me about RICS guidance on dealing with conflicts of interest

A

Answer

50
Q

Who is a “qualified member” of RICS

A

Answer

51
Q

How do you ensure that you comply with bribery legislation?

A

Answer

52
Q

How do you ensure you comply with money laundering regulations?

A

Answer

53
Q

Tell me about an instance of when you have been offered a gift or hospitality by a client.

A

Answer

54
Q

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.

A

Answer

55
Q

Tell me about how you would handle a client complaint.

A

Answer

56
Q

Tell me about your understanding of your firm’s process for escalating a complaint to Alternative Dispute Resolution (ADR).

A

Answer

57
Q

Tell me about a conflict of interest check you have carried out.

A

Answer

58
Q

If you identified a potential or actual conflict of interest, how could you handle this?

A

Answer

59
Q

Tell me about an instance of when you have handled client’s money

A

Answer

60
Q

How would you keep clients money securely and safely held?

A

Answer

61
Q

How do you ensure you comply with your firms bribery and gifts policy

A

Answer

62
Q

How did you ensure confidential information was not divulged?

A

Answer

63
Q

Why did you decline it?

A

Answer

64
Q

How did you record this internally?

A

Answer

65
Q

When might you accept a gift?

A

Answer

66
Q

Explain how you considered the agents gift?

A

Answer

67
Q

Give me an example of when you have acted with integrity?

A

Answer

68
Q

Tell me about when you have provided a high standard of service. Tell me about how you have promoted trust in the profession.

A

Answer

69
Q

Explain how you have taken responsibility in your current role. Tell me about how you treat clients with respect.

A

Answer

70
Q

Tell me about how you treat other surveyors with respect.

A

Answer

71
Q

Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.

A

Answer

72
Q

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.

A

Answer

73
Q

What would you do if you were asked by a client to reduce a fee proposal to win new work?

A

Answer

74
Q

What would you do if you became suspicious that a client was involved in money laundering?

A

Answer

75
Q

What would you do if you became suspicious that a client was involved in terrorist activities?

A

Answer

76
Q

If you were to set up in practice on your own, tell me about the types of insurance you would need.

A

Answer

77
Q

At South London, how did you ensure the tenant understood the service charge without advising them.

A

Answer

78
Q

Why is it important to avoid advising a party who is not your client? How did you act ethically?

A

Answer

79
Q

At Freshfields, how did you act ethically during negotiations?

A

Answer

80
Q

Did you apply your understanding of any specific RICS guidance here?

A

Answer

APC Commercial Real Estate 2021 (27 decks)

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