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APC STUDY > Ethics, Professional Practice > Flashcards

Ethics, Professional Practice Flashcards

1
Q

5 core values

A 
I - act with integrity
P - promote trust in the profession
H - always provide a high standard of service 
R - treat others with respect
R - take responsibility for your actions
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2
Q

How to deal with conflicts of interest?

A
  • tell the client or refuse the instruction
  • disclose that I cannot give unbiased advice
  • need written confirmation from BOTH parties
  • information barrier must be put in place (see rules of conduct)
  • RICS GUIDANCE ON CONFLICTS OF INTEREST 2012
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3
Q

Where have you applied the five core values

A

Kampus - another site which was competing for hotel interest

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4
Q

What are the cash limits for the money laundering act

A

£10,000 / 15,000EUR

Under money laundering regs 2007

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5
Q

What are the rules for members?

A
  1. Interpretation
  2. Communication
  3. Ethical behaviour
  4. Competence
  5. Service
  6. CPD
  7. Solvency
  8. Information to RICS
  9. Co-operation
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6
Q

What are the rules for firms?

A
  1. Interpretation
  2. Communication
  3. Professional behaviour
  4. Competence
  5. Service
  6. CPD and training
  7. Solvency
  8. Information to RICS
  9. Co-operation
  10. Complaints handling procedure
  11. Clients money
  12. Advertising
  13. PI Insurance
  14. Use of designations
  15. Arrangements to cover incapacity
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7
Q

What are the four principles of the bribery act?

A
  1. Must to take a bribe
  2. Must not give a bribe
  3. Bribe a foreign public official
  4. Not having measures in place to prevent bribery
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8
Q

What are your procedures on handling client money?

A
  • separate named bank account
  • pay RICS monitoring costs
  • RICS Guidance 2011 - Clients Money 2nd ed.
  • agreed by the client in writing
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9
Q

What is the RICS Money Protection Scheme?

A

Run by RICS to provide a safety net for clients to be reimbursed for their direct loss of funds.

Exceptions include market fluctuations and other external factors

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10
Q

What do you need to do when setting up on your own?

A

Contact RICS for guidance and to register for regulation
Appoint contact officer for RICS communication
Prepare PI cover
Prepare complaints handling procedure
Training and CPD
Use designation ‘regulated by RICS’ on all practice material

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11
Q

What are HBD’s rules on hospitality

A

Declare if over £100
Timing appropriate
Proportional to work

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12
Q

What are HBD’s complaints handling procedures?

A
  • investigated in 28 days
  • must advise PI of complaint
  • two stage process :
    • consideration of complaint by a senior member of firm
    • referral to third party with authority to award ADR
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13
Q

What is your company’s PI?

A

£20m.

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14
Q

What are the benefits for regulated firms/members?

A

Status - respect from clients
Recognition - promotion of professional standards and trust
Market advantage
Knowledge - RICS publishes guidance so my knowledge is up to date
Networking opportunities

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15
Q

What is run off cover?

A

Covers the surveyor in the event of a company going bust.

Merrett v. Babb (2011) - valuation found to be negligent but company no longer existed

Provided by company’s PI cover

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16
Q

What levels of PI cover are required for firms?

A

If a company turnover is

If a firms turnover is £100k or less - £250,000
If a firms turnover is £100 - £200k - £500,000
If a firms turnover is over £200k - £1,000,000

17
Q

Which firms of regulated by RICS?

A

Any firm with 50% or more partners / directors that are RICS members or those with less that have applied.

18
Q

What measure could be taken in a conflict situation in order to protect commercially sensitive information

A

Information barriers

  • staff confidentiality strictly enforced
  • security of sorted documentation
19
Q

What guidance is there on conflicts of interest?

A

RICS guidance note published in 2012, there’s a new one being written for 2017 that is out for consultation.

20
Q

What kind of disciplinary proceedings can RICS employ?

A

Fixed penalty - e.g. CPD (rule 8)
Consent order - ordering member to take corrective action, may include fine
Disciplinary panel - serious breaches. Unlimited fine, may be struck off

21
Q

What are the main elements of a fee proposal?

A

Terms and conditions, assumptions, scope of services, exclusions, fee breakdown

22
Q

If a client comes to you and wants to reduce your fee?

A

Can’t reduce fee but can reduce scope of works

APC STUDY (14 decks)

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