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RICS APC - Autumn 2023 > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

Could you please name the 5 global professional and ethical standards?

A

Honesty, Integrity, Competence, Service, Respect and Responsibility.

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2
Q

When were the 5 Global and Professional Standards replaced?

A

2nd February 2022 with RICS rules of Conduct

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3
Q

What is the purpose of the RICS global professional and ethical standards?

A

Simpler Structure

Clear Examples

Focus on Respect, diversity and Inclusion

Tackling Global Challenges e.g. sustainability

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4
Q

When were the RICS PROFESSIONAL STANDARDS introduced?

A

2nd February 2022

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5
Q

What did you learn as part of the professional module?

A

The important of ethical behaviour within the property industry and how this can continue to improve.

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6
Q

What key topics were covered in the professionalism module?

A

Trust and trustworthiness.

Impartiality, objectivity, and conflicts of interest.

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7
Q

What triggered the update to the RICS rule of conduct?

A

To provide a simpler structure with clear example behaviours for members and firms

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8
Q

What are the professional standards expected from members and firms?

A

Honesty, Integrity, Competence, Service, Respect and Responsibility.

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9
Q

What is the RICS CPD policy?

A

Members = 20 hours of CPD in a calendar year with 10 being formal CPD

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10
Q

Why is CPD important?

A

CPD is important as RICS is a standard based organisation and its members operate in a constantly changing environment

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11
Q

Could you please name some of the differing boards within the RICS and explain their purpose?

A

Standards and Regulation Board = overseeing education and qualification, professional standards and regulatory policy

Management Board = to direct RICS affairs under delegated authority from Governing Council. The Board is comprised of non-members (independent), members of RICS

There are 17 specialist groups within the RICS covering property etc.

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12
Q

What kind of support do the RICS provide to firms and members?

A

Lionheart - wellbeing charity run by memebers.

Chartered Surveyors Training Trust - An apprenticeship route into the industry.

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13
Q

Other than undertaking a COI check, what other procedures would you follow prior to accepting an instruction?

A

Terms of Engagement
Due Diligence
Agree Fee
Ensure i was competent

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14
Q

What is a conflict of interest?

A

A conflict of interest would arise when a member or firm’s independence and impartiality is threatened due to the existence of a conflict e.g. a financial interest.

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15
Q

What are the different types of COI?

A

A party conflict (Same instruction for different parties)

Own Interest Conflict (a personal interest)

Confidential Information Conflict (confidential work between parties)

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16
Q

Why is it important that clients are aware of a conflict of interest?

A

To allow them to make an informed decision as to whether they wish to proceed with your involvement in the project.

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17
Q

What is your companies protocol relevant to COI’s?

A

In line with the RICS:

1) Conflict avoidance (impartiality compromised?)
2) Written Advice to both parties (Notify of conflict and request written approval to proceed)
3) Conflict Management (Information Barrier)

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18
Q

What is the difference between a professional standard and professional statement?

A

Professional standard is replacinga professional statement

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19
Q

What is a professional standard?

A

Mandatory to follow, Set requirements or regulations for RICS accredited firms a and members.

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20
Q

Could you please outline some of the key features within the RICS conflict of interest professional standard?

A

States a member must not advise or represent a client where doing so would involve COI or a risk of COI other than when consent is received.

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21
Q

What is the process that you would follow if a conflict of interest is flagged?

A

In line with the RICS:

1) Conflict avoidance (impartiality compromised?)
2) Written Advice to both parties (Notify of conflict and request written approval to proceed)
3) Conflict Management (Information Barrier)

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22
Q

Would you accept an instruction if a COI was present?

A

If I was sure that my impartiality was not compromised, I had received my clients informed consent and I thought an appropriate information barrier could be applied then I would proceed.

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23
Q

What was this ethics training you have attended?

A

Savills training of COI’s, Client due diligence

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24
Q

Why is regular training on topics such as ethics important?

A

It is a constantly evolving topic that can have substantial consequences if not in-line with latest information.

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25
Q

What is client due diligence?

A

Performing background checks, and screening to ensure they’re not involved in illegal activity.

  • The contracting party and legal status
  • Statutory directors (or equivalent)
  • ID documents for directors and beneficial owners
  • Ownership structure including the names of individuals owning or controlling more than 25% or more of the contracting party (beneficial owners)
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26
Q

Could you please provide some examples of suspicious activity and the process you would follow if you identified suspicious activity?

A
  • Inability to provide identification documents
  • Changes to parties involved in Transactions
  • Payment of fees in strange currencies.
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27
Q

What gift did your client hand you during the festive period?

A

A relatively expensive bottle of wine.

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28
Q

What is your companies gift policy?

A

All gifts with a value of more than £50, meals where the value is more than £125 per head and entertainment or
hospitality with a value of more than £250 per head must be recorded in your business’ Gifts & Hospitality Register

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29
Q

Why is your client not currently undertaking work with you at the time relevant to you accepting the gift?

A

It helped me assess whether the gift was in exchange for a service and whether it was proportional to my involvement with them.

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30
Q

Would your actions be different if your client was undertaking work with your company?

A

I would still have declined the gift.

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31
Q

What are the offenses under the bribery act 2010?

A
  • failure to prevent a bribe
  • bribing a foreign official
  • accepting a bribe
  • bribing a uk resident
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32
Q

Did you feel as though your client was bribing you in this scenario?

A

No, however I did not feel as though the gift was proportional.

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33
Q

Why did this gift not make you feel comfortable?

A

Due to its high value making it feel unproportionable.

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34
Q

Did declining this gift offend your client?

A

No, I explained my feelings and they understood.

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35
Q

Could you have accepted this gift and registered on your companies gift register? If so, why didn’t you?

A

The gift was in excess of £50 and therefore would have needed to be logged in the company gift register. I didn’t accept as I felt the gift was not proportionate.

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36
Q

How did the client go about requesting a fee from yourself?

A

The client sent an RFP to myself, I reviewed this and felt as though I was competent to undertake the work.

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37
Q

Did you issue any other documentation when submitting your fee to the client?

A

Companies terms of engagement and a copy of my PII certificate.

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38
Q

What was the clients reasoning for challenging the level of fee provided?

A

They noted to me that they had received lower fees from my competitors.

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39
Q

What is a resource schedule?

A

A table showing my hourly involvement within a project and the fee associated with this hourly involvement.

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40
Q

What was your hourly involvement for the project where your client challenged your fee level?

A

12 hours a week

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41
Q

How did you go about working out the necessary hourly involvement for the project where your client challenged your fee?

A

Reviewing the RFP, my understanding of the client, visiting the building.

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42
Q

Could you not have altered the scope of your involvement to lower your fee instead of declining to lower your fee when asked by the client?

A

This would have impacted my ability to provide a good quality and diligent service to my client.

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43
Q

What was the result of not lowering your fee, did you win this instruction?

A

I still won the instruction, I provided my client with adequate justification for my fee level incl. high quality service, PII,

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44
Q

What is the current Governance Structure of the RICS?

A

Privy Council
Governing Council
Standards and Regulation Board
Management Board

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45
Q

What are the main roles of the RICS?

A
  • To maintain the highest standards of education and training.
  • To protect consumers through strict regulation of professional standards.
  • To be the leading source of information on land and property issues.
46
Q

What was the purpose of the Bichard Review

A

Commissioned following the Levitt review, the Bichard review set out to clarify the purpose of the RICS and its responsibility to act on behalf of the public. Also make recommendations on the governing structures.

47
Q

What were some of the Bichard Review recommendations?

A
  • New simplified governance structure.
  • Showing greater leadership on societal issues.
  • Maitaining self regulation.
48
Q

Please name some of the benefits to be a RICS member?

A
  • Status
  • Market advantage
  • Knowledge
  • Network
  • Recognition
49
Q

What are the requirements for RICS regulation of firms?

A
  • 50% of principals are RICS members then it has to be regulated.
  • 25% are RICS members then can apply to be regulated.
50
Q

Information required by the RICS for regulation?

A
  • Type of business
  • Name of responsible principal
  • Nature of clients
  • Complaints handling procedure and records.
  • PII details
51
Q

What is professional indemnity insurance?

A

Protects clients, surveyors and third parties against negligence claims where a duty of care is breached?

52
Q

What are the minimum PII

A

£100k or less = £250k PII

£100,001 - £200k = £500k PII

£200,001+ = £1m PII

53
Q

Could you please name some statutory requirements when starting a new practice?

A
  • Compliance with Equality Act
  • Bribery Act Compliance
  • Appoint Money Laundering Officer
54
Q

Could you please name some of the requirements to follow when handling clients money?

A
  • Client accounts kept separately.
  • Word client is in bank account.
  • Payment of interest is agreed with client.
  • Client can have their monies on demand.
55
Q

What are the six principles in the bribery act 2010?

A
  • Proportionality
  • Top Level Commitment
  • Risk Assessment
  • Due Diligence
  • Communication
  • Monitoring and Review
56
Q

How does the JCT contract address dispute resolution?

A

The contract has a clause that provides the following procedures available for resolving disputes:
- Mediation.
- Adjudication.

57
Q

What is unconscious Bias?

A

The associations we hold, outside our conscious awareness and control.

58
Q

How do you manage unconscious bias?

A

Be aware of your unconscious biases.
Make considered decisions.
Monitor your and your team’s behaviour.

59
Q

What are the 6 principles of the bribery act 2010

A
  • proportionality
  • top level commitment
  • risk assessment
  • due diligence
  • communication
  • monitor and review
60
Q

What are the regulations relevant to Anti Money Laundering?

A

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

61
Q

What are some of the key elements of the terrorist financing and transfer of funds regulations?

A
  • Written Money Laundering and terrorist financing risk assessment.
  • Provide staff training
  • Ensure adequate record keeping, policies and procedures
62
Q

Who is the Savills AML officer?

A

Lola Coker

63
Q

What is the RICS guidance note relevant to money laundering and Bribery?

A
  • Countering Bribery and Corruption, Money Laundering and Terrorist Financing.
64
Q

What individuals are particularly exposed to bribery / money laundering

A
  • Politically exposed persons
65
Q

What are the levels of due diligence checks to be undertaken relevant to AML?

A
  • Customer due diligence
  • Enhanced due diligence
66
Q

Where would any suspicions relevant to anti-money laundering be reported?

A
  • AML officer
  • National crime agency
67
Q

What are some examples of customer due diligence?

A
  • Identify client and verify identity
  • Identify beneficial owners if possible
  • Company name, number and address
  • Name of directors
68
Q

What are some examples of enhanced due diligence?

A
  • Requiresa more detailed examination of the background and purpose of the transaction
69
Q

What types of people require enhanced due diligence checks?

A
  • Politically exposed persons
70
Q

What are the penalties for money laundering?

A
  • 14 years prison sentence
  • Unlimited fine
71
Q

What are the typical requirements for CDD for differing types of organisation

A
  • Public limited company - London stock exchange listing
  • Private limited company - Cert of incorporation, registered office, registered number
  • Public accountable body - Government ownership / control
72
Q

When was the latest RICS manifesto issued?

A

29th September 2023

73
Q

What are some of the key topics within the RICS manifesto?

A
  • Increase supply of rented homes to meet demand.
  • Deliver a joined-up quality and sustainability strategy
  • Review skills shortages
74
Q

What is contractors all risk insurance?

A
  • Insurance for contractors.
  • Protects building works in progress.
  • protects against loss or damage that occurs during construction
75
Q

What is public liability insurance

A
  • Covers claims made by members of the public that are in connection with business activities.
76
Q

What is employer’s liability insurance

A
  • Claims made my employee as a result of employer’s negligence.
77
Q

What is the RICS guidance provided on insurance?

A
  • Risk, liability and insurance 2023 (issued as Practice Information)
78
Q

What is the RICS skills panel?

A
  • Panel of dispute resolves / expert witnesses
79
Q

What does the RICS royal charter allow?

A
  • self regulation
  • Act in public interest
80
Q

What are the current limitation periods negligence?

A

Contract - 6 years from the date of negligent act. Section 14 a provides an alternative limitation period of 3 years from the date of knowledge of the damage subject to the 15 years long stop date.

Tort - 6 years from the date the claimant suffered loss.

81
Q

What is Donoghue vs Stevens?

A

An example of Negligence. Snail in drink.

82
Q

Can you please provide an overview of the Modern Slavery Act?

A
  • Businesses to have transparency within their supply chains
  • Prepare an annual statement on slavery and human trafficking
83
Q

What is the role of the RICS?

A
  • To maintain the highest standards of education and training.
  • To protect consumers with strict regulation of professional standards.
  • To be a leading source of information and independent advice on land and property.
84
Q

How you comply with the RICS rules of conduct outside of work?

A
  • I encourage diversity and inclusion by working at a local charity for disabled children once a month.
  • If I were to witness an example of a business not complying with building regulations then I would notify them and ensure this was rectified (fire door). Thus acting in the public interest.
85
Q

What would you do if a colleague was not complying with the RICS rules of conduct?

A
  • If minor then I would notify my colleague and remind them of their duties as a RICS accredited member.
  • If a re-occurring or a serious breach then I would notify the RICS and the police if this were a matter of law.
86
Q

How can a firm comply with the RICS rules of conduct?

A
  • Providing training on diversity and inclusion.
  • Providing training to ensure all staff are competent.
  • Act in a way that maintains public confidence in the profession i.e. by providing a good quality service.
87
Q

What is the RICS’ charity?

A

Lionheart (Mental Health / Support)

88
Q

Is a professional standard mandatory?

A

Not all are mandatory, they must be read to determine the contents that is mandatory.

89
Q

What is a professional standard?

A

Set requirement or expectations for RICS members and regulated firms about how they provide services.

90
Q

What is an ethical conflict of interest breach?

A

a distant relative (cousins, brothers, sisters girlfriend) being appointed on a project I am managing

91
Q

What client due diligence to you typically undergo prior to accepting an instruction?

A
  • ID
  • Identify any beneficial owners of the client.
  • Company name and registered office.
  • Verify directors on companies house.
92
Q

What made you feel comfortable to accept this gift?

A
  • It was proportional.
  • I felt as though it could be reciprocated.
93
Q

In relation to the bribery act, how did you ensure this gift was not a bribe?

A
  • It was proportional.
  • I felt as though it could be reciprocated.
94
Q

Who polices the bribery act?

A
  • Serious fraud office.
95
Q

After not lowering your fee, did you win this instruction?

A
  • Yes I did.
96
Q

What are the requirements to become a fellow of the RICS?

A

Achievement of four Fellow characteristics which include:

  • 5 or more years MRICS
  • A leadership role
  • Professional / Technical achievement
  • Raising the profile of the RICS
97
Q

What guidance governs the RICS disciplinary procedures?

A
  • Regulatory Decision Making 20222
98
Q

What action can be taken if a complainant is not satisfied with response provided as part of procedure?

A
  • RICS complaint
  • Redress (Property Redress Scheme)
99
Q

What is a net contribution clause?

A

Only liable for works relating to your involvement in the project.

100
Q

What court would a dispute regarding buildings and surveying be governed by?

A
  • Court of Technology and Construction
101
Q

What is the current interest rate?

A

5.25%

102
Q

What is an Uxo survey?

A

Unexploded object survey

103
Q

Who is the president elect for the RICS?

A

Justin Sullivan

104
Q

What is Hertzbergs motivational theory?

A

Motivation at work is split into two factors:

  • Hygiene Factors
  • Motivators
105
Q

What are hygiene factors?

A
  • Relationship with peers
  • Status
  • Security
106
Q

What are motivational factors?

A
  • Achievement
  • Recognition
  • Promotions
107
Q

What is Maslows Motivational theory?

A

Based on a hierarchy of needs which are as follows:

  • Physiological
  • Safety
  • Social
  • Self Esteem
  • Self actualisation
108
Q

Could you please outline when the RICS would likely investigate a social media post?

A
  • Involves discrimination
  • It’s dishonest
  • Bullying / harassment
  • Abusive
109
Q

When would the RICS be unlikely to investigate a social media post?

A
  • Critical of an organisation.
  • If removed on request
110
Q

When can the RICS take disciplinary action on a social media post?

A
  • If it damaged the public confidence or trut in the profession.
111
Q

What are some of the key requirements of social media guidelines?

A
  • Published photos must be authorised internally.
  • Company name must not be used in accounts unless authorised.
  • The company logo must not be used on personal accounts.

RICS APC - Autumn 2023 (22 decks)

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