Ethics, rules of conduct and professionalism L1 Flashcards
L1
Why do you want to become a member of RICS?
A
What is the role of RICS?
B
What are the key functions of RICS?
C
What is a Royal Charter?
D
Who is the current RICS president?
E
What do you understand by the term self-regulation?
F
Can you tell me what you understand by the principles of better regulation?
G
What is a Bye-Law?
H
Give an example of one of the RICS Bye-Laws.
A
Explain to me the new RICS Rules of Conduct - what do they replace?
B
When do they take effect?
C
Who do they relate to?
D
What are the ethical principles that the Rules of Conduct are based on?
E
What are the 5 Rules?
F
Give an example behaviour for each.
G
What are the core professional obligations of firms and members to RICS?
H
What disciplinary procedures can the RICS impose?
A
In what circumstances can these be imposed?
B
When did RICS last update their disciplinary panel rules?
C
What are the different levels of action within these procedures?
D
What do you understand by the term professional practice?
E
What money laundering regulations or legislation are you aware of?
F
What is a red flag of money laundering?
G
What bribery legislation are you aware of?
H
What is a bribe?
A
What are the penalties for accepting a bribe?
B
What are the penalties for being involved in money laundering?
C
What constitutes an offence under the Bribery Act 2010?
D
What constitutes an offence under the current money laundering regulations?
E
How long should you keep anti money laundering records for?
F
What is Professional Indemnity Insurance (PII)?
G
Can you tell me about the RICS requirements in relation to PII?
H
What is a PII aggregation clause?
A
What does ‘claims made’ mean in terms of PII?
B
Is a PII excess usually paid for per claim?
C
In a negligence claim what would help to show that you acted with consideration and due process?
D
Can good record keeping help to provide a defence in a PII claim?
E
If you were providing services outside of your usual scope to a client what might you need to do in relation to your PII cover?
F
What is run off cover?
G
What RICS requirements are there relating to run off cover?
H
What changes did RICS recently make to the Minimum Approved PII Wording?
A
Would a dictated report avoid the need to have any written site notes?
B
Explain PII requirements relating to fire safety cover and cyber cover.
C
How long can a PII claim arise after the work is undertaken?
D
What is the Assigned Risks Pool (ARP)?
E
Who might need to access the ARP?
F
Explain your understanding of the RICS Professional Standard Risk Liability and Insurance (1st Edition).
G
Explain when you might agree a liability cap.
H
How would set out third party reliance in Terms of Engagement?
A
What are the three key terms that should be considered from a risk
B
perspective in the context of every instruction you undertake?
C
What is an annual return?
D
Tell me what you understand about Complaints Handling Procedures (CHP)
E
When and how can the RICS be involved in a complaint about a firm or member?
F
Can you tell me about the CPD requirements for members of RICS?
G
Why is CPD important?
H
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
A
What is double dipping (dual agency)?
B
Why is double dipping (dual agency) an unacceptable practice?
C
How would you close down a regulated firm?
D
What can you tell me about RICS guidance relating to bribery corruption or money laundering?
E
What status does it hold?
F
What are some of the key principles of this guidance?
G
What must/should firms/members do to comply with the guidance?
H
What are the current RICS rules for registration of firms?
A
Who is a ‘qualified member’ of RICS?
B
What is a phoenix firm?
C
When must a firm register for regulation?
D
What are the registration eligibility criteria?
E
Who is a Responsible Principal?
F
What happens if a firm cannot comply with the eligibility criteria?
G
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
H
Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.
A
What must be included in ToE relating to firm regulation?
B
What is a locum and who might need one?
C
How could a sole trader set up their CHP using a locum?
D
What RICS guidance relates to handling client money?
E
When was this last updated?
F
What do the RICS Rules of Conduct say about client money?
G
Explain your understanding of the RICS Scheme Rules relating to client money protection.
H
What are the main schemes available to firms?
A
When were these last updated?
B
What is the current compensation limit?
C
What does the annual regulatory review fee relate to?
D
What might client money include?
E
How does this differ to office money?
F
What are some of the key principles of the RICS Professional Standard
G
relating to client money protection?
H
Explain the key themes from the RICS Futures 2020 Report.
A
Explain the potential implications of the Hart v Large case.
B
Explain your understanding of precedent set in Burgess v Lejonvarn.
C
What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?
D
Explain your understanding of the RICS Levitt review.
E
What is whistleblowing?
F
What does good governance mean to you?
G
Explain what the Pandora Papers are and the ethical issues raised within them.
H
Explain what you understand by the RICS Bichard Review.
A
Explain some of the recommendations of the Bichard Review.
B
How will these recommendations be implemented by RICS?
C
How do professional integrity and professional ethics differ?
D
What is modern slavery and how would you identify red flags of it?
E
Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.
F
What is the Sanctions List and why should you be aware of it?
G
Why was the Register of Overseas Entities introduced?
H
What are the six RICS values published as a result of the Levitt review?
A
Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022
B
