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APC GC > Ethics, rules of conduct > Flashcards

Ethics, rules of conduct Flashcards

1
Q

When was RICS founded

A

1868

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2
Q

When did they gain the royal charter and from who?

A

privy council in 1881

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3
Q

Governance of the RICS

A

councils, boards, associations.

Governing council at the top. then standards and regulation board then RICS board underneath.

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4
Q

What was the review in 2021

A

levitt review - states we need clarity, purpose, strategy and governance restructuring.

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5
Q

3 main roles of the RICS`

A

maintain high standards
protect consumers
leading source of info

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6
Q

What is the bichard review and date?

A

lord bichard appointed in 2022 to do a review of the RICS and come up with 7 key recommendations.

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7
Q

what are some of bichards reccomendations

A

increase diversity and inclusion
increase focus on public interest
undertake a review every 5 years
new, simplified, clear, accountable structure.

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8
Q

5 benefits to being an RICS surveyor

A

knowledge
status
recognition
market adv
network

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9
Q

3 benefits of regulation of a firm

A

confidence
professionalism
security

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10
Q

Requirements for registering an RICS firm

A

50% of principles provide service - you must register
25% can register
must have a responsible principle
must provide an annual return
PI certificate
CHP
types of clients
clients money handling
types of business

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11
Q

RICS rules of conduct

A

integrity, professionalism, and obligations
competence
good service
diversity and inclusion
act in public interest, responsibility and prevent harm

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12
Q

Firms professional obligations to RICS

A

publish CHP
SHow PII certificate
cooperate with the RICS
provide info to the RICS if requested

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13
Q

Surveyors professional oligations to the RICS

A

comply with CPD requirements
cooperate with the RICS
provide info to the rics if requested

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14
Q

reasons for new rules of conduct

A

simple structure
clear examples with 12 case studies
focus on respect, diversity and inclusion
understand evolving technology
tackling global challenges

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15
Q

ethics decision tree, what is it for?

A

gives surveyors support on considering the legality of ones actions.

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16
Q

Who regulates the RICS surveyors

A

Standards and regulatory board

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17
Q

What are the 3 levels of disciplinary action on surveyors?

A

action by head of regulation
Diciplinary panel
appeal panel

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18
Q

Head of regulation carries out formal investigation, what are the four actions he can take?

A

serve a fixed penalty notice
make a regulatory compliance order
refer matter to regulatory tribunal
refer matter straight to diciplinary panel

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19
Q

what can the regulatory diciplinary tribunal panel do?

A

issue a regulatory compliance order
reprimand
fine
expulsion from the profession

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20
Q

How do you negotiate a fee?

A

avoid price fixing
no collusion of firms
do not under cut the market
be transparent with clients

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21
Q

What are the 3 steps to TOE

A

check competence
carry out COI
agree TOE

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22
Q

When can an instruction be declined?>

A

if you do not have enough info
do not have sufficient facts
client will not sign
PII liability cap not agreed

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23
Q

What are the 3 steps to handling a COI

A

conflict avoidance Vs conflict management

24
Q

What is the professional statement for COI

A

RICS proff statement on conflicts of interest 2015
All about informed consent

25
Q

at are the 3 types of conflict

A

party conflict
own interest conflict
confidential information conflict

26
Q

Rules behind CHP

A

always inform your PII insurer
must maintain a complaints log
firms must include an RICS approved ADR in the CHP

27
Q

CPD requirements

A

20 hours. 50% formal

28
Q

what is PII cover and what are cluttons limits and talk about it?

A

Professional indemnity insurance
min cover £1m max cover £50m
agreed on an ad hoc basis different for each instruction
any vals with estimated value over £5m we look to agree 33% of the MV

29
Q

hat is run-off cover and what are the requirements?>

A

required following cessation of trade. minimum 6 years.

30
Q

what is negligence?

A

duty of care exists to clients and third parties

break = loss = damages/ negligence

31
Q

how to avoid negligence

A

understand clients objectives
ensure you are competent to carry out the work
make detailed filed notes

32
Q

what is the proff statement on client money handling?

A

Proff statement on client money handling 2019

33
Q

What is involved in client money professional statement

A

holding client money
providing info to clients
receipts of client money
payments from client accounts

34
Q

Should your complaints handling procedure be approved by the RICS?

A

Yes

35
Q

What are the 3 types of conflict?

A

party conflict
own interest conflict
confidential info conflict

36
Q

How did you agree your fee?

A

by negotiation.

It was fair, didn’t undercut the market, no collusion

37
Q

What are the requirements for setting up a new practice?

A

must inform the RICS
appoint a principle
Arrange PII cover - certificate
set up procedure for handling clients money
Register for RICS valuer Registration Scheme
appoint CHO
Ensure CPD is logged
complete an annual return

38
Q

What is the statutory compliance for firms?

A

health and safety act 1974
equality act 2010
bribary act 2010
money laundering officer
asbestos register

39
Q

How do you close a practice?

A

inform the RICS
inform clients at your earliest opportunity
hand over arrangements made to a new firm
return money to clients
inform insurers
make sure you have adequate run off cover min 6 yrs
retain copy of client files for a minimum of 6 years

40
Q

what is the legislation behind bribery

A

bribery act 2010

41
Q

what does the bribary act state?

A

giving, offering, promising or receiving. Includes six principles

42
Q

what are the 4 offences under the bribery act?

A

Bribing
receiving a bribe
bribing a public foreign official
failing to prevent a bribe

43
Q

what is the other act in relation to crime>

A

Proceeds of crime act 2002

44
Q

what is the professional statement on bribery>

A

countering bribery, corruption, money laundering and terrorist financing 2019

45
Q

Six principles of the bribery act 2010

A

proportionality
top level commitment
risk assessment
due dilligence
communication
mentoring

46
Q

what is the UK gov sanctions list

A

sanctions on people around the world. e.g russian lot

47
Q

levels of DD?

A

Due dilligence and enhanced DD.

48
Q

PEP ?

A

politically exsposed person

49
Q

what are the penalties for money laundering>

A

max 14 years in for assisting.
5 years in prison for tipping off.

50
Q

What are CPD requirements for members?

A

Members must carry out a minimum of 20 hours per annum.
10 hours must be formal
members must also carry out an ethics test every 3 years
members must add their CPD using the RICS CPD management system by 31st Jan each year.

51
Q

Are there any documents for social media? States?

A

RICS guidance Note on the use of social media 2021

States that act in line with the rules of conduct.
RICs can request that certain content is removed.

52
Q

Are you aware of any recent elections within the RICS?

A

Yes, there was a new governing council re-election. Appointed a new head of diversity and equality and inclusion.

53
Q

What are the red flags to look out for with money laundering?

A

cash, unusual currency, unwilling to provide proof of address or ID.

54
Q

What are the 2 typed of DD to carry out on individuals?

A

Customer Due Dilligence
Enhanced DD.

55
Q

What are the procedures when a member breaches their obligations?

A

Appeal panel, disciplinary panel and action by head of regulation.

56
Q

What can the head of regs do in terms of fines etc?

A

fixed penalty, which is usually a sum of money.
Regulatory compliance order - usually for CPD and is written document stating what the member must do and they can also fine you.
Action be the regulatory tribunal board - they can fine you, send you to court, take away your membership.

57
Q

What is the role of the RICS?

A

maintain the highest standards, education and training.
be the leading source of information
protect consumers through strict regulation.

APC GC (18 decks)

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