Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RICS APC - Mandatory Competencies > Ethics, Rules of Conduct and professionalism > Flashcards

Ethics, Rules of Conduct and professionalism Flashcards

1
Q

What is bribery?

A

Giving or receiving a financial or other advantage in exchange for the improper performance or a function or activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the The Bribery Act 2010?

A

The Bribery Act creates a strict liability offence of failing to prevent bribery.

Under the Bribery Act, companies will be liable if anyone acting under its authority commits a bribery offence.

Such persons can include employees, consultants, agents, subsidiaries and joint venture partners.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the 4 main offence under The Bribery Act 2010?

A
  1. Take or receive a Bribe.
  2. Offer a Bribe.
  3. Bribing a Foreign Public Official.
  4. Failure to prevent a bribe.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

In relation to bribery and corruption RICS-regulated firms must?

A

· Do not offer or accept, directly or indirectly, anything
that could constitute a bribe.

· Have plans in place to comply with applicable laws
governing bribery and corruption.

· Report any activity breaching anti-bribery and
corruption laws to the authorities.

· Undertaker period written evaluations of the risks the
Firm face regarding facilitation of bribery and
corruption.

· Retain records as to how the firm has met the r
requirements of the professional statement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

In relation to bribery and corruption RICS members must?

A

· Do not offer or accept, directly or indirectly, anything
that could constitute a bribe.

· Have adequate knowledge of bribery and corruption
to comply with the professional statement.

· Report any activity relating to anti-bribery and
corruption breach to authorities or a senior manager.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What should you do if you are offered a gift?

A

· Firms must keep a clear record of gifts and hospitality.
Called a Gift Register.

· Gifts should only be accepted when justifiable and
proportionate, timing and reciprocation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When should a firm have a whistleblowing policy?

A

Depending on size, it may be appropriate for RICS Regulated Firms to have a formal whistleblowing policy covering when and how employees should report concerns and how reports should be treated.

· Should be confidential
· Should be Separate from the normal chain of
command

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Money Laundering?

A

The concealment of illegally obtained money by moving it through banks, property and legitimate businesses.

Money laundering is the process of concealing the origin of funds produced by criminal activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

In relation to money laundering and terrorist financing RICS-regulated firms must?

A

· Not facilitate or be complicit in money laundering or
terrorist financing activities.

· Have systems in place to comply with relevant laws.

· Report any suspicions to the relevant authorities.

· Evaluate and review risks.

· Verify the identity of clients.

· Retain records as to how the firm has met the
requirements of the professional statement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

In relation to money laundering and terrorist financing RICS members must?

A

· Not facilitate or be complicit in money laundering or
terrorist financing activities.

· Report any suspicions to the relevant authorities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is a Politically Exposed Person (PEP)?

A

These people are high risk from a money laundering and corruption perspective as they hold positions of influence.

A correct approach to dealing with a PEP is to have a policy that enables a PEP to be detected on a risk basis. EDD should be applied to the PEP. Deeper assessment of transaction type and source of funds. Senior managers should be involved in decisions regarding PEPs.

Dealing with companies, the same principles should be applied if the beneficial owner of the company is a PEP.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is Rule 8 of the RICS Rules of Conduct for Firms?

A

A firm shall preserve the security of client money entrusted to their care in the course of practice or business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When handling clients money RICS members must?

A

· Hold the money in a client bank account (which the
firm has exclusive control over).

· Ensure the account only hold sums provided by the
client

· Do not hold office money in the account. Must be
separate from firm money or other client money.

· The bank account must include the word ‘client’ and
the name of the firm in the title of the account.

· Ensure money is immediately available (Even at the
sacrifice of interest).

· Given instructions to hold funds in a high interest
account with penalties for instant access, penalties are
only paid by the client with client consent and
provided this will not cause the account to go
overdrawn.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the Client Money objective obligations for both RICS Members and Firms?

A

· Ensure money is kept safe
· Client money is used for appropriate purposes only.
· RICS regulated firms have appropriate controls and
procedures to safeguard client money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the RICS money protection scheme?

A

RICS Regulated firms that hold client money must ensure they are registered with the appropriate RICS scheme;

· RICS Client Money Protection Scheme for Surveying
Services, applies to RICS Regulated Firms in the UK.

· RICS Client Money Protection Scheme for Property
Agents, applies to letting agency and property
management work in England only.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the requirements for RICS members handling clients money?

A

· Ensure compliance with all anti-money laundering
legislation, rules and regulations for all receipts of
client money.

· Ensure compliance with Mandatory requirements for
Countering Bribery and Corruption, money
laundering and terrorist financing RCIS Professional
statement.

· Follow all client money handling procedure for the
firm they work for.

· Do not override any controls in place to protect client
money.

· Disclose any risk of or actual misappropriation of
client money to a senior member of the firm and
record it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What information must be provided to clients in writing?

A

· Confirmation money will be held in a client account
including the account details.

· Advice to clients who pay fees in advance for
surveying services that the money is not covered by
the Client Money Protection Scheme.

· Disclosure of commissions earned while managing
their property.

· Disclosure of commissions earned while managing
their property.

· How unidentified funds are dealt with.

· A copy of the firms written procedures for handling
client money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is a complaint?

A

An expression of dissatisfaction. Usually when expectations have not been met.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How to deal with a Complaint?

A

· Allocate the complaint the appropriate person as per
Company CHP.

· Respond to the complaint within the timescales
detailed in the CHP.

· Investigate the complaint using the defined
procedures.

· Identify an outcome or route for closing the
complaint.

· Formally record the process.

· Communicate lessons learnt internally.

· Review at a pre-determined date in the future.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What does Rule 7 of RICS’ Rules of Conduct for Firms state?

A

A firm shall operate a complaints handling procedure and maintain a complaints log. The complaints handling procedure must have an ADR mechanism approved by the regulatory board.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the minimum requirements a firm must have?

A
  1. All Firms should have CHP
  2. Quick, Transparent and Impartially Implemented.
  3. Appoint a person to carry out investigation.
  4. Make info about CHP available to clients.
  5. If Complainant still unhappy, they have the right to a
    separate review or mediation.
  6. If Complainant still unhappy, they have the right to
    independent dispute resolution.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

How would you complain about a RICS Member or Firm?

A

Initially to the firm via the complaints handling procedure.

If no action, complain to the RICS.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What can the RICS investigate if a complaint isn’t handled properly?

A 
· Failure to use the CHP.  
· Conflicts of interest. 
· Misuse of client’s money.
· Negligence.
· Failure to answer correspondence.
· Convictions of a criminal offence.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is the 2 stages of CHP that RICS regulated firms must have?

A

· Consideration by the firm.
· Refer to an independent redress scheme (ADR /
Ombudsman) if not resolved.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is acknowledgement of complaint?

A

A defendant must acknowledge service within 14 days of receipt of the complaint.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is submission of defence?

A

A defence must be filed within 28 days of service of the Complaint, although the parties can agree an extension of up to 28 days (or long if the court agrees).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is without prejudice?

A

It is found at the head of legal correspondence, where its intention is render the contents inadmissible as evidence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What should an effective CHP have?

A

It should be fit for purpose - Reflect the size and structure of the business.

Made available to all staff - A CHP is intended to provide clarity and consistency to staff and clients.

Be understood by all staff - Keep records of staff training.

Readily be shared - supplying them with a copy should be routine.

Be regularly reviewed at senior level - Record evidence of the review, to include reviewer details and review date.

Be agreed with PII brokers/providers - The CHP should reflect processes that do not compromise the PII cover.

ADR - Provide details of access to an independent redress system if the firm can not resolve the complaint.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What does the RICS Professional Statement say on

Conflicts of Interest?

A

RICS members or firms must not advise or represent a client where in doing so would involve a conflict of interest or a significant risk of a conflict of interest; other than where all of those who are or may be affected have provided their prior informed consent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Every RICS member or firm must?

A

· Identify and manage Conflicts of Interest in
accordance with the professional statement.

· Keep records of the decisions made in relation to
whether to accept individual professional
assignments, obtain Informed Consent, and any
measures taken to avoid Conflicts of Interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What are the Requirements for RICS Regulated Firms?

A

RICS firms must have effective systems and controls in place for the firm and employees to manage compliance regarding Conflicts of Interest.

These systems must be appropriate for the size and complexity of the firm.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What is Informed Consent?

A

Consent willingly given by a party who may be affected by a Conflict of Interest. The party must understand;

A. That there is a Conflict of Interest or significant risk
of a conflict of interest.

B. The facts known by the RICS member or firm
material to the Conflict of Interest.

C. What the Conflict of Interest may be.

D. The conflict of interest may affect the ability of the
RICS member or firm to act fully in the interests of
the client.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

In what instance may Informed Consent be sought?

A

Where the RICS member or firm is satisfied that proceeding despite a conflict of interest is;

A. In the interest of all those who may be affected, and;

B. Is not prohibited by law, and that the conflict will not
prevent the member or firm from providing
competent and diligent advise to those who may be
affected.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

What is an information barrier (or Chinese wall)?

A

The physical and/or electronic separation of individuals (or groups) within the same firm that prevents confidential information passing between them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What is confidential information?

A

Confidentiality is a primary professional duty. The RICS Rules of Conduct expect a member to treat as confidential information relating to a client where the information becomes known as a result of that professional relationship and is not in the public domain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What must RICS members or firm do with confidential information?

A
    1. RICS members and firms must maintain confidentiality of Confidential Information unless disclosure is required by law, or the member or firm concerned can demonstrate that the relevant party consented to the disclosure before it was made.
    1. Every RICS member must provide to every client all the information that is material to that client’s professional assignment of which the RICS member has knowledge.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What are the 3 types of Conflicts?

A
  1. Confidential Information Conflict
    A conflict between the duty of an RICS member or firm to provide a client with all information material to the clients instruction (2.2), and the duty of that RICS member or firm to another client to keep that same information confidential (2.1).
  2. Own Interest Conflict
    A professional assignment conflicts with the interests of that same RICS member or firm.
  3. Party Conflict
    A professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

What is RICS Rules of Conduct for Firms: Rule 9?

A

Professional Indemnity Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What is the purpose of PII?

A

· To ensure that if the firm faces a claim, it is protected
from financial loss that it cannot meet from its own
resources.

· It protects the insured member or firm against the
consequences of its liability to pay damages to third
parties for breaches of professional duty that it
commits through professional services.

· Ensures the firms client’s do not suffer financial loss,
which the firm cannot meet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

What are the RICS PII Standards?

A

· An ‘each and every’ claim basis.
· RICS ‘minimum policy wording’ or comprehensive
working
· The minimum level of indemnity based on the firm’s
turnover in the previous year (or estimated for a new
firm).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

What are the Minimum Level of Indemnity based on Firm Turnover in Previous Year?

A

£100,000 or less = £250,000

£100,001 - £200,000 = £500,000

£200,001 and above = £1,000,000

42
Q

What is the maximum level of uninsured excess (the part of each claim a firm must pay itself)?

A

Up to and including £500,000 = The greater of; 2.5% of the sum insured, or £10,000.

Over £500,000 = 2.5% of the sum insured.

43
Q

Can an RICS regulated firm or member choose any PII available?

A

No - It must be underwritten by a listed insurer

44
Q

What is ‘Fully Retroactive’ cover?

A

· PII policies work on a ‘Claims Made’ basis.

· Policy covers claims under the insurance regardless
of when a negligent act occurred.

· Policy retroactive date should read ‘None’ for all
previous work to be covered.

45
Q

What employees does the PII need to cover?

A

All past and present Partners, Directors, Members and Employees to protect the firm and work carried out in the firms name.

46
Q

What is Run-off Cover?

A

Ensures that firms, members and their clients are not exposed to financial detriment in the period following a firm cessing to trade, RICS requires firms to obtain fully retroactive run-off cover.

47
Q

What is the run-off cover for consumer and non-consumer claims?

A

Consumer Claims
· A limit of £1,000,000 in all for a period of six years
from the expiry date of the policy.
· Consumer = any natural person acting for the
purposes outside of their trade, business or
profession.

Non-consumer Claims
· The requirement is for firms to have adequate and
appropriate run-off.
· RICS would expect run-off to be a maintained for a
minimum period of six years from the cessation of the
practice.

48
Q

What is an Assigned Risk Pool (ARP)?

A

To ensure the availability of professional indemnity insurance (PII) the RICS has a market facility.

The ARP is open to all UK RICS regulated firms that are unable to obtain PII, which meets the minimum requirements of the RICS, in the insurance market.

49
Q

When can you entering the ARP?

A

The RICS recommend any approach is made 14 days prior to the expiry date of your policy.

You will then be required to submit the following to the ARP Manager:

· Provisional Application Form
· Proposal Form
· Confirmed claims experience for the past six years
· Details of any claim in excess of £25,000
· Expiry policy schedule (including details of broker
commission)
· Details of the insurers approached at renewal and
evidence of declinature from your existing insurer.
RICS would normally expect 10 insurers to have been
approached.

50
Q

For what period does the ARP cover?

A
  1. Full Period - provide terms on a 12 month basis on an
    aggregate plus unlimited round the clock
    reinstatement basis.
  2. Provisional Period - (a minimum of 120 days) and the
    policy limit will be on an aggregate basis only (which
    means this is the total amount the policy will pay for
    all claims).
51
Q

What if the insurer does not provide run-off cover?

A

The RICS has a market facility, the Run-off Pool (ROP).

The ROP is collectively underwritten by all RICS Listed Insurers and managed on behalf of insurers and the RICS by Miller Insurance Services LLP.

52
Q

What happened in the case law of Merrett vs. Babb?

A

Babb’s firm overvalued Claimants house. The Claimant was entitled to pursue Babb personally after his firm became insolvent and compensate Merrett for her losses from his negligence.

53
Q

What are the five ethical standards?

A

Integrity - Act with Integrity.

Trust - Act in a way that promotes trust in the
profession.

Responsibility - Take Responsibility.

Service - Always provide a high standard of service.

Respect - Treat others with respect.

54
Q

How can you act with integrity?

A

· Being trustworthy in all you do.
· Being open and transparent in the way you work.
· Respecting confidential information of your clients
and potential clients.
· Don’t divulge information to others unless it is
appropriate to do so.
· Not taking advantage of a client, colleague, a third
party or anyone to whom you owe a duty of care.
· Not allowing bias, or conflict of interest or the undue
influence of others to override your professional or
business judgements and obligations.
· Making clear to all parties a conflict of interest (or
potential), arises between you or your employer and
client.
· Not offering or accepting gifts, hospitality or services
which might suggest an improper obligation.
· Acting consistently in the public interest when it
comes to making decisions or providing advice.

55
Q

What behaviours or actions do you take to ensure you always provide a high standard of service?

A

· Be clear about what service your client wants and the
service you are providing.
· Acting within your scope of competence. If it appears
that services required are outside that scope then be
prepared to do something about it. Make it known to
your client to obtain expert input or consultation. If
you are unable to meet the service requirements,
then explain you are not best placed to act for the
client.
· Be transparent about fees and any other costs or
payments such as referral fees or commissions.
· Communicate with your client in a way that will allow
them to make informed decisions.
· If you use the services of others then ensure that you
pay for these services in the agreed timescale.
· Encourage the firm or the organisation that you work
for to put fair treatment of clients at the centre of its
business culture.

56
Q

How do you act in a manner, both in your professional life and private life, to promote you, your firm or the organisation you work for in a professional and positive way?

A

· Promoting what you and the profession stand for -
the highest standards globally.
· Understand that being a professional is more than
just about how you behave at work; its also about
how you behave in your private life.
· Understand how your actions can affect others and
the environment and, if appropriate, questioning and
amending that behaviour
· Fulfilling your obligations. Doing what you say you
will.
· Always trying to meet the spirit of your professional
standards and not just the letter of the standards.

57
Q

What behaviours or actions do you take to treat others with respect?

A

· Always be courteous, polite and considerate to
clients, potential clients and everyone else you come
into contact with.
· Never discriminate against anyone for whatever
reason. Always ensure that issues of race, gender,
sexual orientation, age, religion, country of origin or
disability have no place in the way you deal with
other people or do business.
· As much as you are able, encourage the firm or
organisation you work for to put fair and respectful
treatment of clients at the centre of its business
culture.

58
Q

How do you take responsibility and be accountable for your actions?

A

· Act with skill, care and diligence.
· If someone makes a complaint about something you
have done, then respond in an appropriate manner
and aim to resolve the matter to the satisfaction of
the complainant as far as you can.
· If you think something is not right, be prepared to question it and raise the matter as appropriate with your colleagues, within your firm or the organisation that you work for, with the RICS or with any other appropriate body or organisation.

59
Q

What are the 9 rules of conduct for members?

A 
· Interpretation
· Communication 
· Professional behaviour 
· Competence (skill, care and diligence) 
· Service (good standard of service) 
· CPD 
· Solvency 
· Information to the RICS 
· Co-operation with the RICS
60
Q

What are the CPD requirements for members?

A

· Minimum of 20 hours CPD each calendar year.
· Of the 20 hours at least 10 must be formal CPD. The
remainder can be informal CPD.
· All members must maintain a relevant and current
understanding of our professional and ethical
standards during a rolling three year period.
· Members must record their CPD activity online by the
31st January.

61
Q

What are the five Areas of Professional Conduct the RICS provide standards for?

A 
· Rules of conduct
· Ethics 
· Conflicts of Interest 
· Anti-money laundering, Bribery & Corruption 
· Client Money
62
Q

What are the RICS designations?

A

AssocRICS - Associate Members

MRICS - Professional Members

FRCIS - Fellows

HonRICS - Honorary Members

63
Q

What are the five principles of better regulation?

A 
· Proportionality 
· Accountability 
· Consistency 
· Targeting 
· Transparency
64
Q

What core material does the RICS publish for members and firms?

A 
· International Standards and Professional Statements 
  (Mandatory)
· Practice Statements (Mandatory)
· Guidance Notes (Voluntary)
· Codes of Practice (Mandatory or Good Practice)
· Information Papers (Hot topics)
· Help Sheets
· Consumer Guides
65
Q

What is the role of the RICS?

A

Promoting and enforcing highest international standards in the built environment profession.

66
Q

Who is the RICS president?

A

Kathleen Fontana

67
Q

When was the RICS established?

A

Established 1868

68
Q

What is their motto?

A

Est modus in rebus (“There is measure in all things”)

69
Q

When was the royal charter granted and why is it important?

A

Granted Royal Charter in 1881 by Queen Victoria.

Allows Self-regulation.

70
Q

What is the RICS Matrics?

A

A division of the RICS dedicated to trainees and chartered surveyors with less than 10 years’ experience.

Established in 1889 and named ‘Matrics’ in 2003.

71
Q

What is Modus?

A

Monthly Magazine issue providing professionals with in depth features, updates and advice across the surveying profession.

72
Q

Can you tell me about the RICS structure?

A

· Privy Council
· Governing Council
· Regulatory Board
· Management Board

73
Q

What is the International Ethics Standards Coalition (IESC)?

A

· Established at the United Nations in 2014.
· Comprises of 120 Professional bodies.
· RICS a leading body and founding member.

74
Q

What are the Rules of Conduct for Firms?

A 
· Interpretation.
· Communication.
· Professional Behaviour. 
· Competence (skill, care and diligence). 
· Service (good standard of service).
· CPD to staff. 
· *Complaints Handling Procedure.*
· *Clients Money.*
· *PI Insurance with run-off cover.*
· *Advertising (Truthful)* 
· Solvency 
· *Arrangements for incapacity or death of a sole 
  practitioner.*
· *Use of Designations.* 
· Information to the RICS as required. 
· Co-operation with the RICS.

Five rules that are different for firms

75
Q

What is the difference between an MRICS and FRICS

Member?

A

· Both are chartered surveyors
· FRICS are leaders in their field or have made a
special contribution to the profession.

76
Q

Why become MRICS? What are the Benefits?

A

· Global recognition
· Elite professional status
· Become part of an international professional
community

77
Q

How will you contribute to the RICS once qualified?

A

· Promote best practices
· Display competence
· Promote RICS core values
· Set a good example for graduates and help support
their development and progress to being MRICS.

78
Q

How should you display / use the RICS logo?

A

· Minimal spacing around the logo the size of the
capital R.
· Do not change the colour or add any effects.
· Do not draw boxes around the logo.
· Do not distort the logo.
· No use of TM versions in the UK.
· Use minimum sizes for paper sizes.

79
Q

What services do RICS provide?

A 
· ISurv - Online training 
· RICS Books - Book publications 
· BCIS - Cost information 
· Dispute resolution offering 
· Modus Magazine
80
Q

What are the RICS Bye Laws?

A

Bye Law 1 - Application and Definitions
Bye Law 2 - Membership and Registration
Bye Law 3 - Designations
Bye Law 4 - Contributions to Funds
Bye Law 5 - Conduct
Bye Law 6 - Governing Council, Officers & Staff
Bye Law 7 - Subordinate boards, Committees & Groups
Bye Law 8 - Procedure for general meetings
Bye Law 9 - Accounts & audits
Bye Law 10 - General

81
Q

Name the professional groups / technical specialisms of the RICS?

A 
There are 17 professional groups; 
· Building Control
· Building Surveying
· Commercial Property
· Dispute Resolution
· Environment and Resources
· Facilities Management
· Geomatics
· Machinery and Business Assets
· Management Consultancy
· Minerals and Waste Management
· Planning and Development
· Personal Property/Arts and Antiques
· Project Management
· Quantity Surveying and Construction
· Residential Property
· Rural
· Valuation

Professional groups are the way that RICS segments the various technical specialisms of the profession.

82
Q

What are the time periods if the RICS request information?

A

Provide information to the RICS within 90 days in accordance with Rule 41 to avoid fines.

83
Q

What are some hot topics / RICS news?

A

RICS Rules for Registration of Firms – Effective from 1st April 2020 – Requirement for a Responsible Principal

Corona Virus – Effects on construction projects and contracts

Brexit – UK exit of the European Union, Effects on Industry

Fire Safety – Grenfell Tower / Hackitt Report

Artificial Intelligence

GDPR 2018 – Use of Client Data

Surveying Safely 2018 – Mental Health Inclusion.

84
Q

What are the key roles of the RICS?

A
  1. Regulate and promote the profession.
  2. Maintain the highest professional standards.
  3. Protect clients through strict codes of ethics.
  4. Provide impartial advice, analysis and guidance.
85
Q

What is the meaning of a ‘firm’?

A

· A company.
· A limited liability partnership.
· A partnership.
· The unincorporated practice of a sole practitioner.
· A practice which is the equivalent to any of the above
in the part of the world in which it operates / is
established.
· A regulated practice division.

86
Q

What do you need to setup an RICS regulated practice?

A
  1. Inform the Institution
  2. Follow professional conduct
  3. Procedures for Handling Clients Money
  4. Take PI insurance
  5. Establish a Complaints Handling Procedure
  6. Follow advertising rules
  7. Pay RICS registration fees
  8. Avoid Insolvency
87
Q

What is the procedure for registration?

A

Application to register must:

· Provide information to the RICS as prescribed by the
regulatory board.
· Agree that the RICS may share information about the
firm with the government and other regulatory
bodies.
· Agree the RICS may publish any decision to decline
your firms registration.

A firms application can either be granted, granted with conditions or refused.

88
Q

When is a firm required to register with the RICS?

A

A Firm is required to register for regulation by RICS if;

  1. The Firm provides surveying services to the public.
  2. The Firm is operating in a ‘Regulated Area A’ (UK).
  3. At least 50% of the firms principals are RICS
    members.

RICS Members whom are Principals of a Firm required to register must take reasonable steps to ensure an appropriate application for RICS regulation is made for the Firm.

89
Q

When is a firm eligible to register with the RICS?

A

A Firm is eligible to register for regulation by RICS if;

  1. The Firm provides surveying services to the public.
  2. At least 50% of the firms principals are RICS
    members.
90
Q

What are a firms obligations after registering with the RICS?

A

Must take reasonable steps to ensure the Firm complies with Regulatory and Statutory obligations. Including;

· Comply with the RICS ‘Rules of Conduct for Firms’.
· Act in accordance with RICS Royal Charter & Bye
laws.
· Inform the RICS Head of Regulation of any findings
against the firm by; a court, statutory authority,
disciplinary or regulatory body.
· Inform the Head of Regulation of insolvency.
· Inform the Head of Regulation of firm material change
within 7 days of said change.

91
Q

What fees must an RICS regulated firm pay?

A

· Annual fees for registration set by the Regulatory
Board.
· Pay any other fees, or fines levied under disciplinary,
registration and appeal panel rules.

92
Q

How may a firm be deregistered from the RICS?

A

Firms can apply to be deregistered. The Head of Regulation will deregister them with immediate effect.

Head of Regulation may refuse, if a Firm has breached the rules of conduct for firms, has not paid due fees, or costs and fines form Disciplinary rules.

93
Q

What the role of a ‘Responsible Principal’?

A

They must take reasonable steps to ensure the firm complies with Regulatory and Statutory obligations including;

· Act as a primary regulatory contact for the firm.
· Compliance with legal obligations.
· Compliance with all RICS standards.
· Compliance with requirements for RICS regulated
firms.
· Ensure information given to the RICS is truthful and
adequate.
· Ensure processes are in place to record failure to
comply with RICS regulations and statutory
obligations.

94
Q

Who can be the ‘Responsible Principal’ in a firm?

A

A Registered or Registering Firm must have a Responsible Principal at all times.

A person being appointed as a Responsible Principle must satisfy Conditions A, B & C;

A. The Head of Regulation is satisfied the person
selected is appropriate for the role.

B. Head of Regulation is satisfied that the person is
able to influence the strategic objectives and
significant decisions made by the firm. Or has
delegated authority to do so. Or reports directly to
someone who has the authority.

C. The person must be an RICS MRICS member, or the
non-MRICS person has sufficient experience and
understanding of the Regulatory Compliance.

95
Q

What is your firms complaint handling procedure?

A

· Project Leader reports verbal or written complaint to
Team Manager.
· Team Manager informs the Partner responsible for the
project.
· Partner then informs the Office Managing Partner
(OMP).
· Partner and OMP then assess if they need to notify
the Ridge PI Insurers.
· Partner requests complainant to submit a formal
written complaint.
· Within 14 days, the Partner issues written
acknowledgement of the complaint with the Ridge
version of events.
· Within 28 days, the Partner gives a full complaint
response.
· Partner conducts negotiation with OMP approval and
PII approval if notified.
· Negotiations are made on a ‘without prejudice’ basis
(Contents of letter are inadmissible in a court case,
nor used as a last word on the matter).
· If a settlement cannot be agreed, Ridge can offer
mediation. Both parties must agree to this, it is not
compulsory.
· If a settlement still cannot be agreed. The dispute
goes to the Surveyors Arbitration.

96
Q

What is your firms gifts and hospitality procedure?

A

· Do not accept cash or loans from any clients,
customers, applicants, contractors or suppliers in
which you may have a contract during employment.
· Gifts must be normal, justifiable and appropriate.
· Always consider the intentions behind the gift.
· Anything over £100 must be approved by the
compliance officer.
· Gifts cannot include cash or cash equivalents.
· Gifts or entertainment over the value of £100 should
be registered on the ‘Gift Register’ and approved by
the compliance officer.

97
Q

What is your firms professional indemnity insurance?

A

· £1,000,000 Indemnity level.
· Any one claim basis
· Limit of £1,000,000 to any one claim
· Turn over in 2019; in excess of £40m
· Also provide PII cover of up to £20m for large
projects.
· Excess: £100,000.00
· Limitations: An annual cap of £10M in the aggregate
exists for asbestos, pollution and contamination.

98
Q

What is your firms anti bribery policy?

A

· Do not give a bribe, accept a bribe or bribe a foreign
official.
· You must tell your manager as soon as possible if you
believe that a conflict with this policy has occurred.
· Any employee who breaches this policy will face
disciplinary action, which could result in summary
dismissal for gross misconduct.
· If an individual is successfully prosecuted under the
Act, they, partners and senior managers could face up
to 10 years imprisonment and/or an unlimited fine.

99
Q

What are your firms Terms and Conditions (T&Cs)

A

· Services - Ridge will provide the agreed services with
due care and skill.

· Client Obligations - To provide decisions in a timely
manner, provide information/documents in a timely
manner, obtain any necessary licences to complete
services, comply with CDM regs.

· Payment Terms - Pay Ridge fees in accordance with
agreed contract, Ridge will submit invoices monthly or
at the timescales agreed in the contract. Final date for
payment 17 days after the payment due date.

· Variations - Ridge entitled to payment of additional
fees for additional services outside of the agreed
contract.

· Client Money - Ridge will retain client monies in
accordance with RICS members accounts rules.

· Confidentiality - All information will remain confidential
and only be used for the purposes of the agreed
services.

· Suspension and Termination - Ridge can suspend
performance with written notice if the client fails to pay
invoices, client can terminate contract providing all
invoices are paid, either party should give one-months
notice.

· Complaints - If not amicably resolved, go to the
Surveyors Arbitration.

100
Q

What is your firms Health, Safety and Wellbeing Policy?

A

· Maintain an accident frequency rate below industry
average.
· Increase all near miss reporting.
· All technical staff to hold CSCS training.
· Review competencies of Principal Designers.
· Undertake annual meetings with Health and Safety
Technical Group.

101
Q

What is your firms modern slavery act statement?

A

· Annual salary reviews undertaken by Partners
· Annual review of Employers Conditions undertaken
by Partners.
· Ensure government legislation is complied with,
particularly with regard to minimum wage for
permeant employees and apprentices.
· Undertake due diligence on suppliers and contractors
and to ensure they also comply.

102
Q

What other insurances do your firm hold?

A

Employers Liability - £20,000,000
Public Liability - £20,000,000
Products Liability - £20,000,000

RICS APC - Mandatory Competencies (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions