Brainscape's Knowledge GenomeTM

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


See full index

Summary Of Experience Questions > Ethics, Rules of Conduct & Professionalism > Flashcards

Ethics, Rules of Conduct & Professionalism Flashcards

1
Q

Who is the president of the RICS?

A

Ann Gray FRICS

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

Who is the president elect of the RICS?

A

Tina Paillet FRICS

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

Who is the vice president of the RICS?

A

Justin Sullivan FRICS

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

Who is the head of the privy council?

A

Lord President - Penny Mordaunt MP

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

Who is the CEO RICS?

A

Justin Young

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

What is the role of the RICS?

A
  • Advancing the highest ethical and technical standards for professionals in land, property and the built environment
  • Protecting and providing benefits to consumers by enforcing standards and codes of best practice
  • Providing expert impartial advice to governments, business and the public
  • Equipping RICS members with leading edge advice, market insight and professional training
  • Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the Assigned Risk Pool?

A

The ARP panel is a facility for trading member / firms who find themselves unable to obtain insurance in the open market.
It comprises a panel of a RICS chairman, members of the professional indemnity insurers and RICS members.
The initial period of cover is 12 months, to allow the firm time to return to the open PII market.

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

What groups run RICS?

A

The Governing Council, The Standards and Regulations Board and the RICS board which also delegate authority to the ARAFC and Nominations and Renumeration committee.

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

If an estimate is incorrect, can the client claim damages against the QS?

A

Not necessarily, only if they can prove that the QS did not act with reasonable skill and care

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

What does the royal charter mean to you?

A

It is a decree that states the RICS must promote the usefulness of the profession
It shows RICS has a gold standard of excellence and integrity

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

If you are a sole trader, what shoud you have in place should you be unable to perform your duties?

A

You should have employed the services of a locum practitioner

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

Who is RICS preferred PI provider?

A

I would refer to RICS published list of approved suppliers

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

What is your firm’s complaints handling procedure?

A

“Complaints are made in writing to the project owner
Complaint is responded to in 28 days
If the complainant is not happy with resolution it is escalated to Director
If still not happy, may be a requirement to refer to the property ombusman”

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

What do you include in fee proposals?

A

Scope, fee breakdown, clarifications & exclusions, details of insurances & PII

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

What else do you need if setting up a business?

A

“Notify Companies House
Obtain PII & employers liab
Inform the RICS of your intentions
Prepare a complaints handling procedure
Set up financial accounts
Set up client’s money account
Abide by rules for member and firms
Use appropriate RICS designations”

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

When can you divulge confidential information?

A
  1. If a Court orders
  2. If you receive informed consent
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When is a firm required to be regulated (mandatory)

A

“If undertaking surveying services to public
In UK
If 50% or more of directors are RICS members”

18
Q

What would you do if you were setting up your own firm?

A

“Inform the RICS of your intentions
Obtain PII cover
Obtain Employer’s liability insurance
Prepare a complaints handling procedure
Set up financial accounts including client’s money account
Abide by rules for member and firms
Use appropriate RICS designations
Notify companies house”

19
Q

How would you determine time period run off cover would be required?

A

“Underhand (signed by paties - simple contract) - 6 years
Under seal (signed by parties & witnesses & executed as a deed) - 12 years
Latent defects - 15 years”

20
Q

What are Bye-Laws?

A

“A law or rule governing the internal affairs of an organization.
A secondary law.

The RICS has 10, as follows:

  1. Applications and definitions - Sets out who these apply to and definitions
  2. Membership & registration - Sets out the classes of membership, eligibility, procedures for joining, privileges and obligations
  3. Designations - Titles such as MRICS, FRICS, Chartered surveyor etc
  4. Contribution to funds - Fee payments
  5. Conduct - Conduct, behaviours and disciplinary procedures
  6. **Governing council, officers & staff ** - Composition, duties and powers, frequency and procedures for meeting, appointments and indemnity
  7. Subordinate boards, officers & staff - Sets out the roles of the Standards and regulation board, the management board, the audit comittee and makes provision for professional groups.
  8. Procedure for General meetings - Frequency and procedures for the Annual General Meeting, Ordinary General Meetings and Extraordinary general meetings
  9. Accounts and Audit - Accounts and audit procedure
  10. General - This covers property and funds, tustees, contracts, dissolution and administration.
21
Q

What needs to be in place if a business is to cease trading?

A

“PII run off cover
Return any client money
Hold client files for min 6 years
Hand over work to another company to ensure continuity of work”

22
Q

What would you do if you suspected money laundering?

A

“1. Report to line manager /money laundering officer
2. National crime agency and complete a suspicious activity report (SAR)”

23
Q

What must a regulated firm have in place to comply with the RICS bribery PS?

A

“Not to offer or accept (directly or indirectly) a bribe
Have plans in place to comply with bribery & corruption laws & ensure followed
Report any activities of breach
Act with due dilligence & evaluate risks that face company
Retain information noting how company met requirements of this PS.”

24
Q

In relation to bribery & corruption what must a RICS member do ?

A

“Not offer /accept a bribe
Knowledge of bribery & corruption to comply with PS
Report any breaches”

25
Q

What sort of things must a regulated firm do in relation to money laundering & terrorism financing?

A

“Not facilitate or be complicit
Have training in place
Report suspicions
Understand client and purpose of transactions
Verify client & basic identity checks
Record & retain how firm met the req of RICS PS”

26
Q

What must a member do in relation to money laundering & financing terrorism?

A

“Not facilitate to be complicit in money laundering / financing terrorism
Report suspicions”

27
Q

Who Chairs the Governing Council?

A

Ann Gray FRICS

28
Q

What are the 6 ethical Principles the rules of conduct are based on?

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
29
Q

Has the RICS published anything with regard to bribery?

A

They have published the “Countering Bribery, corruption, money laundering and terrorist financing” professional standard

It requires that firms must:
- Not offer or accept a bribe
- Have plans in place to comply with Bribery and corruption laws
- Report any breaches to authorities
- Act with due diligence to evaluate the risks
- Retain information detailing how the firm has met the requirements of this professional standard

30
Q

What does the “countering bribery, corruption, money laundering and terrorist financing” professional statement require of RICS members with regard to bribery and corruption?

A

They must not offer or accept a bribe
They must ensure they have adequate knowledge of bribery and corruption to comply with the professional standard
They should report any activity that breaches bribery laws to the authorities

31
Q

What does the “countering bribery, corruption, money laundering and terrorist financing” professional standard require from firms with regard to money laundering and terrorist financing?

A

Firms Must:
- Not facilitate or be complicit in ML or TF
- Have systems and trainings to comply with these laws
- Report Suspicions to the authorities
- Evaluate and review the risks that business relationships present
- Ensure appropriate risk response; incl conducting checks on clients
- Use reliance only where confident in third party
- Take appropriate measures to understand the client
- Verify the identity if the client by undertaking basic identity checks
- Retain info on how firm has met professional standard’s requirements

32
Q

What does the “countering bribery, corruption, money laundering and terrorist financing” professional standard require from members with regard to money laundering and terrorist financing?

A

Members must:
- Not facilitate or be complicit in ML or TF activities.
- Report any suspicions of ML and TF to relevant authorities?

33
Q

What are the three types of conflict of interest?

A
  • Own interest conflict
  • Party Conflict
  • Confidential information conflict
34
Q

Can you give me an example of when you have applied the RICS rules of conduct?

A

Yeah, i make sure to maintain my professional competence by regularly undertaking CPD in order to improve my knowledge and to keep up to date with hot topics / changes in lefislation.

35
Q

What ethical issues could arise in the workplace?

A

Conflicts of interests, errors (whether to own up to or not), bribery, corruption for personal gain

36
Q

Tell me about a recent CPD session you attended

A

I attended a CPD session on the building safety act. It went through what classified as high risk buildings, the role of the building safety regulator and how it will affect projects in terms of gateways.

37
Q

Give some examples of how you reflect the RICS ethical standards in your work.

A
  • Honest & Integrity - turning down an invitation from the client whilst bidding for consultancy services
  • Competence - referring clients to specialists when scope is outside competence EG. VAT is not my speciality.
  • Service - communicating with clients in a way they understand, including graphs, diagrams and marked up drawings. Powepoint presentation accompanying VE proposal
  • Respect - Despite being in a dispute over a variation, I spoke in a respectful manner
  • Responsibility - reporting dangerous practices on site, such as spanner falling between scaffold board.
38
Q

Can you name some of the professional groups?

A
  • Quantity Surveying and Construction.
    • Project Management.
    • Building Surveying.
    • Planning and Development
    • Commercial Property
  • Residential
    • Dispute Resolution.
39
Q

RICS requirements for money handling?

A

In line with RICS Client Money Handling October 2019

 client money must be protected
 client money must be held in a separate client account
 client money used for agreed purposes only
 firms must have procedures and policies in place

40
Q

What key components do the RICS require in a money handling procedure?

A

RICS Professional Standard on Client Money Handling, October 2019 requires the following:

  • Client must always have access to the funds
  • Client money is separate and clearly identifiable
  • Interest on the account must be agreed with client first
  • Account must not be overdrawn
  • Controls in place to keep account secure
  • Competent and knowledgeable staff to process clients’ money with cover provided for long term absence
  • Client ledger must be maintained
  • Annual audit and reporting obligations by certified accountant employed by RICS
  • RICS Regulatory Review Visits can be undertaken by RICS usually on a routine 3 yearly basis
41
Q

What form of consultant appointment do you usually work under?

A

The RICS Standard form of consultant appointment

42
Q

How many members are there of the RICS?

A

The RICS website states around 134,000

Summary Of Experience Questions (15 decks)

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