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APC > Ethics L1 > Flashcards

Ethics L1 Flashcards

1
Q

Why do you want to become a member of RICS?

A

I want to become a member of the RICS so that I can inspire a level of professionalism in my clients and join a respected body of like-minded professionals.

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2
Q

What is the role of RICS?

A

The role of RICS is to

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3
Q

What are the key functions of RICS?

A

Key functions include

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4
Q

What is a Royal Charter?

A

A Royal Charter requires members to promote the profession for the public benefit

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5
Q

Who is the current RICS president?

A

The current president is Kathleen Fontana.

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6
Q

What do you understand by the term self regulation?

A

Self-regulation is

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7
Q

What are the five principles of better regulation?

A
  1. PROPORTIONALITY
  2. ACCOUNTABILITY
  3. CONSISTENCY
  4. TARGETING
  5. TRANSPARENCY
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8
Q

What is a bylaw?

A

A bylaw is

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9
Q

Give an example of one of the RICS bylaws?

A

An RICS bylaw might be

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10
Q

What are the five professional and ethical standards?

A
  1. Provide a high level of SERVICE.
  2. Promote TRUST in the profession.
  3. Act with INTEGRITY.
  4. Treat others with RESPECT.
  5. Take RESPONSIBILITY.
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11
Q

Tell me about a key principle of the rules of conduct for firms?

A

..

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12
Q

Tell me about a key principle of the rules of conduct for members?

A

..

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13
Q

What disciplinary procedures can RICS impose?

A

The RICS can

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14
Q

In what circumstances can these disciplinary procedures be imposed?

A

These procedures can be imposed

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15
Q

When did RICS last update the disciplinary panel rules?

A

The rules were last updated

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16
Q

What are the different levels of action within RICS disciplinary procedures?

A

The different levels of action are

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17
Q

What do you understand by the term professional practice?

A

Professional practice

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18
Q

What money-laundering regulations or legislation are you aware of?

A

I am aware of

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19
Q

What primary legislation are you aware of?

A

I am aware of

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20
Q

What is a bribe?

A

A bribe is something given an expectation of a change in behaviour

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21
Q

What are the penalties for accepting a bribe?

A

For an individual: unlimited fine/up to 10 years in prison.

For a company: an unlimited fine.

22
Q

What are the penalties for being involved in money-laundering?

A

The penalties can be

23
Q

What constitutes an offence under the bribery act 2010?

A

An offence under the bribery act might be

24
Q

What constitutes an offence under the current money-laundering regulations?

A

An offence might be

25
Q

What is professional indemnity insurance (PII)?

A

Professional indemnity insurance is

26
Q

Tell me about the RICS requirements in relation to PII?

A

The RICS

27
Q

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

A

I would

28
Q

What is an annual return?

A

An annual return is

29
Q

What do you know about complaints handling procedures?

A

I know

30
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

RICS can be involved

31
Q

Tell me about the CPD requirements for members of RICS?

A

RICS members must undertake a minimum of 20 hours CPD each year, 10 of which must be formal.

32
Q

Why is CPD important?

A

CPD is important

33
Q

Tell me about the RICS guidance on dealing with conflicts of interest?

A

The guidance

34
Q

Are you aware of any new guidance in dealing with conflicts of interest?

A

I am aware of

35
Q

How would you close down a regulated firm?

A

A Regulated firm would be closed down by

36
Q

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

A

RICS guidance

37
Q

What are some of the key principles of the RICS guidance relating to bribery corruption or money-laundering?

A

Some of the key principles are

38
Q

What are the current RICS rules for registration of firms?

A

The current rules are

39
Q

When must a firm register for regulation?

A

A firm must register for regulation when at least 50% of the directors are RICS members.

40
Q

What must be included in terms of engagement relating to firm regulation?

A

Terms of engagement must include

41
Q

What is a Locum and who might need one?

A

A Locum agreement Ensures business continuity in the case of long-term absence from illness or death, or unforeseen circumstances.

Can be another RICS member or suitably qualified professional (solicitor)

42
Q

How could a sole trader set up their complaints handling procedure using a Locum?

A

A sole trader could

43
Q

What RICS guidance relates to handling client money?

A

The guidance relating to handling client money is

44
Q

What do the RICS rules of conduct say about client money?

A

The RICS rules of conduct say

45
Q

What are some of the key principles of the RICS professional statement relating to client money protection?

A

Some of the key principles are

46
Q

What are the 9 rules of conduct for members?

A
  1. Interpretation of member
  2. Communication
  3. Ethical behaviour
  4. Competence
  5. Service
  6. Continuing professional development (CPD)
  7. Solvency
  8. Information to RICS
  9. Cooperation
47
Q

What are the 15 rules of conduct for firms?

A
  1. Definition of a firm
  2. Communication
  3. Professional behaviour
  4. Competence
  5. Service
  6. Training and CPD
  7. Complaints handling
  8. Clients money
  9. Professional indemnity insurance (PII)
  10. Advertising
  11. Solvency
  12. Arrangements to cover death or incapacity (Locum agreement)
  13. Use of designations
  14. Information to RICS
  15. Cooperation
48
Q

Why are ethics important?

A

Ethics are about choosing the right thing to do.

Professionals have a high standing in society.

With this comes responsibility to act in the public interest and for the good of the profession.

49
Q

Can you tell me about the RICS mission statement?

A

To advance and enforce standards and land, property and the built environment to promote the usefulness of the profession for the public good

50
Q

Tell me about the fifth money-laundering directive 2019.

A

The fifth money-laundering directive

APC (35 decks)

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