Ethics, Rules of Conduct & Professional - Level 1 Flashcards
Why do you want to become a member of RICS?
What is the role of RICS?
What are the key functions of RICS?
What is a Royal Charter?
Who is the current RICS president?
What do you understand by the term self-regulation?
What is a Bye-Law?
Give an example of one of the RICS Bye-Laws.
Explain to me the new RICS Rules of Conduct - what do they replace?
When do they take effect?
Who do they relate to?
What are the 6 ethical principles that the Rules of Conduct are based on?
What are the 5 Rules?
Give an example behaviour for each.
What are the core professional obligations of firms and members to RICS?
What disciplinary procedures can the RICS impose?
In what circumstances can these be imposed?
When did RICS last update their disciplinary panel rules?
What are the different levels of action within these procedures?
What do you understand by the term professional practice?
What money laundering regulations or legislation are you aware of?
What is a red flag of money laundering?
What bribery legislation are you aware of?
What is a bribe?
What are the penalties for accepting a bribe?
What are the penalties for being involved in money laundering?
What constitutes an offence under the Bribery Act 2010?
What constitutes an offence under the current money laundering regulations?
How long should you keep anti money laundering records for?
What is Professional Indemnity Insurance (PII)?
Can you tell me about the RICS requirements in relation to PII?
What is a PII aggregation clause?
What does ‘claims made’ mean in terms of PII?
Is a PII excess usually paid for per claim?
In a negligence claim, what would help to show that you acted with consideration and due process?
Can good record keeping help to provide a defence in a PII claim?
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?
What is run off cover?
What RICS requirements are there relating to run off cover?
What changes did RICS recently make to the Minimum Approved PII Wording?
What precedent has caselaw set in terms of keeping adequate site notes (and therefore providing a defence in a PII claim)?
Would a dictated report avoid the need to have any written site notes?
Explain PII requirements relating to fire safety cover and cyber cover.
How long can a PII claim arise after the work is undertaken?
What is the Assigned Risks Pool (ARP)?
Who might need to access the Assigned Risk Pool?
Explain your understanding of the RICS Guidance Note Risk, Liability and Insurance (1st Edition).
Explain when you might agree a liability cap.
How would set out third party reliance in Terms of Engagement?
What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?
What is an annual return?
Tell me what you understand about Complaints Handling Procedures (CHP).
When and how can the RICS be involved in a complaint about a firm or member?
Can you tell me about the CPD requirements for members of RICS?
Why is CPD important?
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
What is double dipping (dual agency)?
Why is double dipping (dual agency) an unacceptable practice?
How would you close down a regulated firm?
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
What status does RICS guidance relating to bribery, corruption or money laundering hold?
What are some of the key principles of this guidance?
What must/should firms/members do to comply with the guidance?
What are the current RICS rules for registration of firms?
When did the current RICS rules for registration of firms last change?
What were the current RICS rules for registration of firms key changes?
Who is a ‘qualified member’ of RICS?
What is a phoenix firm?
When must a firm register for regulation?
What are the registration eligibility criteria?
Who is a Responsible Principal?
What happens if a firm cannot comply with the eligibility criteria?
What are the rules around use of the RICS logo and ‘Regulated by RICS’
designation?
When did ‘Regulated by RICS’ designation’ rules last change?
What changes were made?
Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.
What must be included in ToE relating to firm regulation?
What is a locum and who might need one?
How could a sole trader set up their CHP using a locum?
What RICS guidance relates to handling client money?
When was this last updated?
What do the RICS Rules of Conduct say about client money?
Explain your understanding of the RICS Scheme Rules relating to client money protection.
What are the main schemes available to firms?
When were these last updated?
What is the current compensation limit?
What does the annual regulatory review fee relate to?
What might client money include?
How does this differ to office money?
What are some of the key principles of the RICS Professional Statement relating to client money protection?
Explain the key themes from the RICS Futures 2020 Report.
Explain the potential implications of the Hart v Large case.
Explain your understanding of precedent set in Burgess v Lejonvarn.
What is the new maxim of RICS in relation to compliance?
What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?
Explain your understanding of the RICS Levitt review.
What is whistleblowing?
What does good governance mean to you?
What are the key values of the interim Governing Council statement relating to ethics, behaviour and culture?
Explain what the Pandora Papers are and the ethical issues raised within them.
Explain what you understand by the RICS Bichard Review.
Explain some of the recommendations of the Bichard Review.
How will these recommendations be implemented by RICS?
How do professional integrity and professional ethics differ?
What is modern slavery and how would you identify red flags of it?
Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.
What is the Sanctions List and why should you be aware of it?
Why was the Register of Overseas Entities introduced?
What are the six RICS values published as a result of the Levitt review?
Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.
