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FELIX HOLLAND RICS FINAL CARDS > Ethics Rules Of Conduct > Flashcards

Ethics Rules Of Conduct Flashcards

1
Q

How much cash can you accept?

A
  • max of 10,000 euros if all necessary anti money laundering checks have taken place.
  • verify the source of where that money has come from
  • probs best to decline
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2
Q

What are the 3 roles of RICS?

A
  1. Maintain highest standards of education and training
  2. Protect consumers through strict rules of conduct and professional standards
  3. Be the leading source of information in property
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3
Q

What do you do if offered a bribe?

A
  • report to authorities
  • conduct internal investigation
  • fire the person responsible
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4
Q

What are the types of conflicts of Interest?

A
  1. Financial
  2. Professional
  3. Personal
  4. Firm
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5
Q

Aware of any RICS documents relating to COI?

A

Professional statement - Conflicts of Interest 2017

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6
Q

How would you deal with a COI?

A
  1. Recognise the conflict
  2. Make all parties aware of conflict
  3. If parties are fine, make sure information barrier is in place.
  4. Make sure COI can be managed, if not turn down instruction and recommend it wouldn’t be appropriate
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7
Q

what are the Rules of Conduct?

A
  1. Honesty and integrity
  2. Professional competency
  3. Quality Service
  4. Respect, inclusion and diversity
  5. Public Interest
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8
Q

What are the point of the RICS rules of conduct?

A
  1. gives clients and public comfort.
  2. knows we could face disciplinary action if not complied with
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9
Q

What are the principles and four offences of the Bribery act 2010?

A

Principles
- proportionality
- top level commitment
- due diligence
- risk assessment
- communication
- monitoring and review

Offences
- taking a bribe
- receiving a bribe
- not preventing a known bribe
- bribing a foreign official

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10
Q

what are the penalties for bribery?

A
  • Unlimited fine
  • Max 10 years in jail
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11
Q

Outline Countering bribery, corruption, money laundering and terrorism finance, 2019?

A

Aims to promote integrity, transparency and ethical conduct within the profession

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12
Q

RICS disciplinary action?

A
  1. Action by head of regulation
    (Impose a regulatory compliance order)
  2. Regulation tribunal
    (Conduct a hearing)
  3. Appeal Panel
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13
Q

what is an unconscious bias?

A

Unconscious biases are social stereotypes about certain groups of people that individuals form outside their own conscious awareness.

EXAMPLE - a team member doesn’t invite a teammate to an after-work social event because they assumed that they wouldn’t share similar interests with the group

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14
Q

Four types of discrimination?

A
  • direct
  • indirect
  • harassment
  • victimisation
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15
Q

What is is the appendix A : professional obligations to RICS?

A

RICS members

  1. members was comply with CPD
  2. members must cooperate with RICS
  3. members must promptly provide all info requested by standards and regulatory board

RICS firms

  1. Firms must provide complaints handling procedure
  2. Firms must ensure PII
  3. Firms must have a locum
  4. Firms must cooperate with RICS
  5. Firms must provide info to standards and regulatory board
  6. Firms must display they are regulated by RICS
  7. Firms must report to RICS under rule for registration of firms
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15
Q

Whats RICS Lion Heart?

A

Charity for all RICS members wherever they are within their career.

The support is global and ranges from:

Finance
Health & Wellbeing
Family related support
Work-related support and many more.

15
Q

why are firms required to register for regulation?

A

Provides a ‘gold standard’ of quality control for clients.

16
Q

Can you cut your fee in face of competition from another firm?

A

RICS guidance would state firms should try not to aggressively fee cut. However if it is profitable it is okay to enter into fee negotiations.

17
Q

When should you decline a instruction?

A
  • If COI present and cannot be managed
  • Not competent
  • the client will not sign Terms of engagement or complete the Money laundering checks
  • advice on a friendly or pro bono basis
  • insurance doesnt cover the work
18
Q

what is the PII requirements?

A

turnover under £100k = £250k insurance

turnover £100-200k = £500k insurance

turnover above £200k = £1m insurance

19
Q

what are the maximum levels of uninsured excess required by the RICS?

A

Liability up to £500k = max uninsured excess of the greater of 2.5% of the sum insured or £10,000.

liability over £500k = max uninsured excess of 2.5% of the sum insured.

20
Q

what is the minimum run off cover?

A

6 years run off cover for £250k for past and present employees however the RICS recommends 15 years.

21
Q

Who is the RICS president?

A

Tina palliet

22
Q

Setting up a firm?

A
  1. Inform RICS and register for regulation
  2. PI insurance
  3. Complaints handling procedure and officer
  4. Locum
  5. Procedure for client money
  6. Compliance with statues ie. Equality act health and safety, money laundering
23
Q

What will affect the ability to accept a gift or not

A
  • What is the value
  • Who is the gift for?
  • Is the gift reasonable and proportionate
  • Does the gift have a genuine business purpose
  • When is the gift given? In relation to tenders?
  • How easy is it to decline there and then?
24
Q

How do you check AML?

A

Smart search

FELIX HOLLAND RICS FINAL CARDS (13 decks)

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