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RICS APC - GD > Ethics, rules of conduct & professionalism > Flashcards

Ethics, rules of conduct & professionalism Flashcards

1
Q

Why do you want to become a member of the RICS?

A

I want to become part of a professional body that gives clients confidence and provides recognision in the marketplace conveying high levels of professional excellence in providing surveying services

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2
Q

What is the role of RICS?

A

To promote and enforce the highest professional qualifications and standards in the proffesion of surveying

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3
Q

What are the key functions of RICS?

A
  • Consumer protection
  • Influence policy
  • Set standards
  • Accredit professionals
  • Quality assurance
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4
Q

What is a Royal Charter?

A
  • An instrument of incorporation granted by the Privy Council
  • It allows independent legal personaility on an organisation and allows the organisation to define its own objectives, constitution and powers to goven its own affairs
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5
Q

Who is the current RICS President?

A

Ann Gray

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6
Q

What do you understand by the term ‘self-regulation’?

A

It means that it operates within it’s own published regulatory framework, rather than being legislated by Government

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7
Q

PACTT

Can you tell me what you understand by the principles of better regulation?

A
  1. Proportionality
  2. Accountability
  3. Consistency
  4. Targeting
  5. Transparency
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8
Q

What is a Bye-Law?

A

A law of local or limited application

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9
Q

Can you give an example of one of the RICS Bye-Laws?

A

Bye-law 3 - Designations - Chartered Members shall be entitled to use Designatory Initials or Desingations

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10
Q

Explain to me the new Rules of Conduct and what do they replace?

A

The new Rules of Conduct consist of one whole document that applies both to members and firms. It replaces the old style Rules of Conduct for Membes, Rules of Conduct for Firms & Ethical & Professional Standards

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11
Q

When do the new Rules of Conduct take effect?

A

2 Feburary 2022

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12
Q

Who do the Rules of Conduct relate to?

A

RICS Members & Regulated Firms

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13
Q

HICSRR

What are the 6 ethical principles that the Rules of Conduct are based on?

A
  1. Honesty
  2. Integrity
  3. Comptence
  4. Service
  5. Respect
  6. Responsibility
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14
Q

What are the 5 rules?

Rules of Conduct

A
  1. Members & firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS
    2.Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
    3.Members and firms must provide good-quality and diligent service
    4.Members and firms must treat others with respect and encourage diversity and inclusion
    5.Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
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15
Q

Give an example behaviour for each of the Rules of Conduct

A
  1. Members and firms do not mislead others by their actions or omissions, or by being complicit in the actions or omissions of others
  2. Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently
  3. Members and firms agree with clients the scope of the service to be provided and its limitations, and timescales for the work
  4. Members and firms do not bully, victimise or harass anyone
  5. Members and firms respond to complaints made against them promptly, openly and professionally
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16
Q

What are the core obligations of firms and members to RICS?

A

**Members **
* Members must comply with the CPD requirements set by RICS
* Members must cooperate with RICS
* Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

Regulated Firms
* Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
* Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS
* Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work
* Firms must cooperate with RICS
* Firms must promptly provide all information reasonably requested by the Standards and
Regulation Board, or those exercising delegated authority on its behalf.
* Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS
* Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

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17
Q

What disciplinary procedures can RICS impose?

A
  • When a complaint or concern is raised about a member the RICS will investigate and if the matter is considered serious enough and supported by evidence, they can consider taking discplinary action.
  • For less serious cases and the member admits allegations, a consent order can be ordered to ensure the member complies with standards. Examples include a fine, caution or condition to membership.
  • For the most serious cases, the RICS can refer the case to a discplinary panel, drawn from the independent regulatory Tribunal. The panel will conduct a hearing and determine the outcome. The panel can impose various sanctions. Some sanctions include a fine, expulsion and costs against the member.
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18
Q

In what circumstances can disciplinary procedures be imposed?

A

When a complaint or concern is raised against an RICS member

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19
Q

What are the differet levels of action within disciplinary panel rules?

A

Fixed penalty notice

Compliance order

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20
Q

What do you understand by the term professional practise?

A

It refers to the conduct and work of someone from a particular profession

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21
Q

What money laundering regulations or legilsation are you aware of?

A
  • Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
  • Money Laundering Regulations 2007
  • Proceeds of Crime Act 2002
  • Terrorism Act 2000
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22
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

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23
Q

What is a bribe?

A

The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust

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24
Q

What are the penalties for accepting a bribe?

A
  • 10 years imprisonment
  • EU-wide ban in relation to public procurement
  • Unlimited fine
  • Disqualification of directors
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25
Q

What are the penalties for being involved in money laundering?

A
  • Up to 14 years in prison
  • Large fine
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26
Q

What constitues an offence under relevant money laundering regulations?

A
  • Concealing, disguising, converting or transferring criminal property
  • Becoming involved in an arrangement relating to criminal property
  • Acquisition, use or possession of criminal property
  • Disclosing/tipping off that a SAR has been submitted
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27
Q

How long should you keep anti money laundering records for?

A

5 years from the date the business relationship ends

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28
Q

What is Professional Indemnity Insurance?

A

Insurance that covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or individual

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29
Q

Can you tell me about the RICS requirements in relation to PII?

A
  • An each and every claim basis or aggregate plus unlimited round the clock reinstatement basis
  • RICS minimum policy wording or more comprehensive wording. As a minimum, you should ensure that your policy wording is written on a full civil liability basis and the minimum levels of indemnity based on the firms turnover in the previous year (or estimated for a new firm)
  • Be fully retroactive
  • Underwritten by an RICS approved insurer
  • Cover all past and present employees, including all partners, director, members and employees
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30
Q

What would you do if you received a notice of a PII claim from a client of their solictor?

A

Inform my line manager and insurers will have to be informed

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31
Q

What is an annual return?

A

A document that is submitted by Regulated Firms on an annual basis to RICS. The document contains a number of details such as PI details, levels of staff, nature of work carried out etc.

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31
Q

Tell me what you understand about Complaints Handling Procedures?

A

They are a mechanism held by firms that ensure complaints are effectively managed and dealt with.

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32
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

RICS generally only investigate matters if they are in the public interest in order to take disciplinary action to protect the public, rather than to punish the professional or firm

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33
Q

Can you tell me about the CPD requirements for members of RICS?

A

Members must carry out a minimum of 20 hours a year. Minimum of 10 must be formal and must ensure they matain a current understanding of RICS ethical standards on a rolling 3 year basis.

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34
Q

Why is CPD important?

A

We work in an industry that is constantly involving so it is important that we make sure our understanding remains keeps up with changing conditions

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35
Q

What is double dipping?

A

Acting for buyer and seller in the same transaction

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36
Q

Why is double dipping an unacceptable practise?

A

Its a conflict of interest

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37
Q

How would you close down a regulated firm?

A
  • Agree the closure date (with other partners or directors if necessary).
  • If the firm is insolvent, seek appropriate advice.
  • Inform staff and take any necessary legal steps to end their employment, or allow them to seek government support if available.
  • Inform clients of the firm and seek instructions.
  • Deal with client money outstanding in your client account.
  • If you have professional indemnity insurance notify your professional indemnity insurers and arrange run off cover.
  • Make arrangements in respect of files and digital records you are holding to keep them safe and confidential for as long as required.
  • Notify former clients for whom you are holding leases or other original documents.
    Confidentially destroy any documents you do not need to keep (bearing in mind the need to retain documents for tax and professional indemnity purposes).
  • Inform RICS, apply to deregister your firm and ensure your contact details are up to date.
  • When you have ceased to practise, ensure that anyone trying to contact you will be notified that you have closed.
  • Consider who else should be contacted about the closure of your practice.
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38
Q

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

A

Professional Standard Countering Bribery, Corruption, Money Laundering & Terrorist Financing 1st Edition 2019

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39
Q

What status does the RICS Bribery guidance hold?

A

Its a Professional Standard so it sets mandatory requirements for members and Regulated Firms

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40
Q

What must members and firms do to ensure they comply with RICS money laundering guidance?

A
  • Must not facilitate or be complicit in money laundering or terrorist financing activities
  • Have systems and training in place to comply with these laws, and ensure these are followed
  • Verify the identify of their client by undertaking basic identity checks
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41
Q

What are the current RICS rules for registration of firms?

A

Version 7 which took effect from Februrary 2022

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42
Q

Who is a ‘qualified’ member of RICS?

A

Associate - AssocRICS
Chartered - MRICS or FRICS

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43
Q

When must a firm register for regulation?

A
  • The Firm provides surveying services to the public
  • the Firm is operating in Regulated Area A
  • at least 50% of the Firm’s Principals are RICS Members
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44
Q

What are the registration eligibility criteria?

A
  • The Firm provides surveying services to the public
  • At least 25% of the Firm’s Principals are RICS Members
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45
Q

Who is a Responsible Principal?

A

Somebody within a Regulated Firm who is responsible for ensuring that the firm complies with regulatory and statutory obligations

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46
Q

What is a phoenix firm?

A

Firms that close in a disorderly way and rapidly re-establish themselves as a new entity

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47
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

A
  • The RICS logo may only be used by a Member or a Registered Firm, unless otherwise authorised by RICS
  • The RICS Registered Firm designation may only be used by an RICS Registered Firm
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48
Q

When did the RICS logo use rules last change?

A

February 2022

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49
Q

Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms

A
  • 50% or more of partners or directors are chartered members
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50
Q

What must be included in terms of engagement relating to firm regulation?

A

Firms must include the chartered by RICS paragraph set out in the guidance

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51
Q

What is a locum and who might need one?

A

Someone who provides cover in the event of sickess/death of a sole practioner

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52
Q

What RICS guidance relates to client money handling?

A

RICS Professional Standard Client Money Handling 1st Edition 2019

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53
Q

When was the RICS client money handling guidance last updated?

A

2019 but reissued in October 2022 as Professional Standard

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54
Q

What are the main client money handling schemes available to firms?

A

RICS Client Money Protection Scheme

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55
Q

What does the annual regulatory review fee relate to?

A

All Regulated Firms who hold clients’ money pay a regulatory review fee

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56
Q

What might client money include?

A
  • Rent
  • Service Charge
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57
Q

How does office money differ to client money?

A
  • Payments received for fees due to the RICS member or RICS-regulated firm against a bill or written notification of costs incurred, which has been given or sent
  • Money paid in advance in respect of an agreed fee for surveying services (but not property agent work in England)
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58
Q

What are some key principles of the RICS Professional Statement relating to client money protection?

A
  • Hold all client money in an exclusively controlled client money account
  • Ensure that the account name includes the word client and the name of the firm
  • Confirm the bank operating conditions in writing, including confirmation that the bank wil not be set-off or counterclaim against the client money account for any sum owned to it by another account held by the firm
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59
Q

Explain the key themes from the RICS Futures 2020 Report?

A
  • Population growth
  • Urbanisation
  • Sustainability
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60
Q

Explain the potential implications of Hart v Large

A
  • We need to be clear and appropriately advise clients on the survey level and scope of inspection, limitations and caveats
  • We need to recommend justifiable further investigation
  • We need to consider whether any new information provided after inspecting or reporting affects our original advice, and updating advice if justified to do so
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61
Q

Explain your understanding of Burgess v Lejonvarn

A
  • Lejonvarn was an architect who provided services to Burgess in relation to a landscaping project
  • Lejonvarn wasn’t paid for the services as she was a friend of Burgress and recently started her own practise
  • Burgess made a claim against Lejonvarn as they claimed their services were negligent
  • The court decided that Lejonvarn had a duty to use reasonable skill in providing the services and was liable for damages even though she did not receive payment for the services
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62
Q

What do RICS set out as good practise for the use of social mediain their Regulation document (June 2021)?

A
  • Networking
  • Information sharing
  • Business generation
  • Marketing and advertising
  • Raising awareness
  • Reaching a wider audience
  • Gaining reviews and recommendations
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63
Q

Explain your understanding of the RICS Levitt Review

A
  • RICS commissioned a Treasury Management audit in 2018
  • Four non-exec board members raised concerns that the audit had been suppressed and were subsequently dismissed from the Management Board
  • RICS Governing Council commissiond the Independent Review in January 2021
  • The Review found that the non-exec board members concerns were legitimate and were wrongly dismissed
  • A key factor was the lack of clarity around the roles and responsibilites of the various boards. This led to a lack of scrutny over the actions of the CEO and COO. This led to a power struggle rather than a cover up.
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64
Q

What is whistleblowing?

A

Sombody that reveals information about activity within an organisation that is deemed illegal or imorral

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65
Q

What does good governace mean to you?

A

Processes and institutions that produces results that meet the needs of society while making the best use of resources

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66
Q

Explain what the Pandora Papers are and the ethical issues raised within them

A
  • The Pandora Papers are a 2021 leak nearly 12 million documents incriminating hundreds of global politicians and wealthy elite for tax avoidance and corruption.
  • The papers details how such individuals sheltered money in offshore accounts, shell companies, and real estate investments.
  • While offshore assets and accounts are not always illegal, hiding assets and avoiding taxation are
67
Q

Explain what you understand by the RICS Bichard Review

A
  • Independent review of the RICS purpose, governance and strategy
  • Commissioned by Governing Council in December 2021 following the Levitt Review
  • Aim was to introduce and create a new sense of purpose and direction so that RICS can once more stand tall as an exemplar professional institution, capable of tackling the challenges which will shape the way we all live
68
Q

Explain some of the recommendations of the Bichard Review

A
  • A Diversity and Inclusion Panel should be established to provide advice to the RICS Board and Standards and Regulation Board.
  • RICS needs to significantly improve its technology.
  • The RICS should reaffirm its commitment to work in the public interest and for public advantage.
69
Q

How will the recommendations of the Bichard Review be implemented by RICS?

A

The RICS have published a timeline in which they aim to implement a number of the recomendaitns from the review

70
Q

How do professional integrity and professional ethics differ?

A
  • Ethics are principles that guide behaviour
  • Integrity suggests that we shoudl carry out ethical principles, rather than espousing an ideal then doing something contradictory
71
Q

What is modern slavery and how would you identify red flags of it?

A
  • Recruitment, movement, harbouring or receiving of children,women or men through the use of force, coercion, abuse, deception for the purpose of exploitation
  • Isolation
  • Restricted freedom of movement
  • Reluctance to seek help
72
Q

Explain the implications of the Sanctions and Anti-Money Laundering Act 2018

A
  • Introduced to allow the UK to impose economic and other sanctions, and money laundering and terrorist financing regulations
  • Allows the secretary of state and the treasuary as the appropriate minister to impose sanctions regulations that would prevent terrorist acts
  • Be in the interest of national security
  • Global peace and security
73
Q

What is the Sanctions List and why should you be aware of it?

A
  • A list of countries which is published by the government that has details of those designated under the sanctions list
  • Need to be aware so we do not coopretate with anybody on the list
74
Q

What is and why was the Register of Overseas Entities introduced?

A
  • Requires overseas entities that own UK property or land to declare their beneficial owners or managing officers
  • Was introduced in an effort to tackle global economic crime
75
Q

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022

A
  • Expands provisions in relation to sanctions and financial crime that was fast tracked through Parliment in response to the 2022 Russia invasion of Ukraine
  • Introduced the Register of Overseas Entities
76
Q

Who is the chair of the RICS Scotland Board?

A

Mark Devlin

77
Q

Explain what the Scottish Register of Controlled Interest in Land is and why you need to be aware of it?

A
  • It shows who controls the decisions of owners or tenants (for more than 20 years) of land and property in Scotland
  • Need to be aware of it in order to establish who has control of what
78
Q

How do you ensure that you comply with bribery legislation?

A
  • By complying with my firms anti-bribery policy
  • By refusing anything that is or may be seen as a bribe
  • By reporting any attemps of bribery to my line manager and if necessary the NCA
79
Q

How do you ensure you comply with money laundering regulations?

A
  • By carrying out anti-money laundering checks on any potential agency clients before entering a business relationship with them
80
Q

How do you ensure you comply with your firms bribery and gifts policy?

A
  • Behaving honestly and being trustworthy at all times
  • By refusing any gifts that are not proportiante and timely to the services provided
81
Q

Tell me about an instance of when you have been offered a gift or hospitality by a client

A

Bottle of wine at Gilcomston Park

82
Q

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge

A

When I was carrying out an inspection of a flat, I was asked by the owner about carrying out a valuation of their shop. I informed them that I did not practise as a commercial surveyor and that would be outwith my area of expertise and experience. I informed them that I could pass their request on to our commercial department who would be able to better assist them

83
Q

How would you keep client’s moeny securely and safely held?

A
  • Keep it in a seperate bank account that is clearly labelled client account with the name of the client in the account name
  • I would confirm the terms of the account in writing with the bank and ensure that they are aware its for holding client money
84
Q

Tell me about how you would handle a client complaint?

A
  • If its not a full complaint yet and there is the oppurtunity to put something right if appropriate to do so then I would do it.
  • If the client wants to make a formal complaint I would refer them to the chp
85
Q

Tell me about your understanding of your firms process for escalating a complaint to ADR?

A

If a client is not happy with the outcome of the complaint investigation they have the option to have it reviewed by somebody else in the firm. If they are still not happy after further investigation then we would raise the complaint with CEDR

86
Q

Tell me about a conflict of interest check you have carried out

A

Buy-to-let valuation

87
Q

If you identified a potential or actual conflict of interest, how could you handle this?

A
  • Establish whether or not the conflict can be handled and if so how
  • If deemed appropraite to continue then decision about the conflict and how it was handled would be recorded
  • If the conflict could not be handled then it would declined
88
Q

For the BTL Valuation, why did you decline the instruction?

Level 2 - SOE

A

As we did the Home Report for the property. Acting would be a conflict of interest that cannot be mangaged.

89
Q

What type of conflict was the BTL valuation?

Level 2 - SOE

A

Party conflict

90
Q

How did you record your decision?

Level 2 - SOE

A

Recorded in writing

91
Q

How are you fair and transparent with clients around fees?

Level 2 - SOE

A
  • Always make the client aware of the full cost of fee ie inclusive of VAT
  • Make the client aware of any additional fees may be incurred during the process
92
Q

Give an example of when you have acted with integrity?

A

Refused to increase valuation without sufficient evidence

93
Q

Tell me about when you have provided a high standard of service?

A

EPC in Ballater

94
Q

Tell me about how you have promoted trust in the profession?

A

By always acting ethically. I carry out conflict of interets check and ensure that conflicts are appropriately managed

95
Q

Explain how you have taken responsibility in your current role

A

I take responsibility in my work and ensure that I work hard and produce quality work. I ensure that my site notes are well recorded and comprehensive.

96
Q

Tell me about how you treat clients with respect

A
  • I am always polite to clients regardless of whether or not they are polite to me
  • I listen to clients and their needs
  • I follow through on anything I offer the client
  • I respect their time and ensure I stick to agreed timescales
97
Q

Tell me about how you treat other surveyors with respect?

A

I always talk to other surveyors in a professional and respectful manner. I do not talk down upon other surveyors and their professional opinions.

98
Q

Explain the key steps you would take if you decided to set up in practise as a sole trader after qualifying

A
  • Contact RICS for guidance and obtain a company start up pack
  • Inform the RICS and register for regulation
  • Appoint a contact officer for all RICS communication (which would be myself)
  • Prepare a CHP
  • Obtain relevant insurance required
  • Notify HMRC
99
Q

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you would deal with this?

A

I would decline the incentive. I then record the offer and notify my line manager.

100
Q

What would you do if you were asked by a client to reduce a fee proposal to win new work

A

Explain to the client that we are unable to reduce the fee. If we reduce a fee then the scope of work will also have to be reduced.

101
Q

What would you do if you became suspicous that a client was involved in money laundering?

A

Submit a SAR

102
Q

What would you do if you became suspicous that a client was involved in terrorist activities?

A

Submit a SAR

103
Q

If you were to set up in practise on your own, tell me about the types of insurance you would need

A
  • PI
  • Employers Liability
  • Public Liability
  • Buildings insurance for workplace
104
Q

How did you deal with your dissatisfied client?

Level 3 - SOE

A

I explained that valuations have to be backed up by relevant and justifiable information and rationale. I talked the client through my comparables and rationale.

105
Q

How did you stand firm on your valuation opinion?

Level 3 - SOE

A

I explained my comparables and valuation. I also informed the client that I checked the value with several colleagues.

106
Q

How did you record this incident?

Level 3 - SOE

A

Made a file note that client tried to push value

107
Q

Would you change your adivce if the client presented new evidence you were not aware of?

Level 3 - SOE

A

If the information was relevant, verifiable and suggested a different opinion of value then yes

108
Q

How did you deal with the gift?

Level 3 - SOE

A

I informed the client that I was appreacitive of the offer but could not accept it

109
Q

Why was the timing inappropraite?

Level 3 - SOE

A

The timing was inappropraite as I had just finished the inspection and key stages of the instruction such as valuation and reporting was still to be carried out. Accepting the gift now could impede my ability to act impartially throughout the remainder of the instruction.

110
Q

When might you accept this type of gift?

Level 3 - SOE

A

If the instruction was fully done and dusted and there was no further work to be required. For example, the property has sold and there is still no requirement to provide a transcript to a lender.

111
Q

How did you record your decision around the gift?

Level 3 - SOE

A

I made a note of it for the file

112
Q

What principles did you apply when making this decision?

Level 3 - SOE - GREEN

A
  • Honesty
  • Integrity
  • Responsibility
113
Q

What is your level 2 example?

Summary of Experience

A

I turned down a BTL MVR instruction as my firm carried out the Home Report on the property

114
Q

What is the role of the RICS?

Ethics, Rules of Conduct & Professionalism - Level 1

A

Regulate and enforce the highest qualification and standards in the surveying industry

115
Q

What levels of membership are there?

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Associate member - obtained after completing associate assessment
  • Chartered member - applies to MRICS & FRICS
116
Q

What type of standards do RICS publish?

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Professional Standard
  • Practise Information
  • Professional Statements
  • Guidance Notes
  • Code of Measuring
117
Q

What do the new Rules of Conduct replace?

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Rules of Conduct for Members
  • Rules of Conduct for Firms
  • Global & Ethical Standards
118
Q

Why was the Rules of Conduct updated?

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Previous versions had been in place since 2007
  • New version provides a simpler structure to follow and aims to tackle global challenges such as sustainability
119
Q

Can you tell me the Rules of Conduct

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS
  • Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
  • Members and firms must provide a good-quality and dilligent service
  • Members and firms must treat others with respect and encourage diversity and inclusion
  • Members and firms must act in the public interest, take responsibilty for their actions and act to prevent harm and maintain public confidence in the profession
120
Q

Can you give me some example behaviours for each of the Rules of Conduct

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Rule 5 - Investigating complaints
  • Rule 1 - Checking and managing Conflicts of Interest
121
Q

What ethical principles are the Rules of Conduct based on?

Ethics, Rules of Conduct & Professionalism - Level 1

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
122
Q

Why did you decline the buy-to-let instruction?

Ethics, Rules of Conduct & Professionalism - Level 2

A
  • Accepting it would be acting in a COI
123
Q

How did you record your decision to turn down the instruction?

Ethics, Rules of Conduct & Professionalism - Level 2

A
  • Written response recording reason for decline saved
124
Q

What are some additional fees clients may face?

Ethics, Rules of Conduct & Professionalism - Level 2

A
  • Travel fees
  • Reinspection fees
  • Additional services (floors plans)
125
Q

Talk me through your Margaret Place example

Ethics, Rules of Conduct & Professionalism - Level 3

A
  • Client wasn’t happy with my valuation and tried to persuade me to value it higher. I informed them that valuations are prepared objectively and that there was no evidence to support the higher value.
126
Q

Talk me through your Gilcomston Park example

Ethics, Rules of Conduct & Professionalism - Level 3

A
  • Finished inspection for Home Report and client tried to give me a bottle of wine. I declined the gift and informed them that I was unable to accept the gift as the timing was inappropriate.
127
Q

Why did you not accept the bottle of wine?

Ethics, Rules of Conduct & Professionalism - Level 3

A
  • Timing wasn’t appropriate
128
Q

What do you mean by the timing wasn’t appropraite?

Ethics, Rules of Conduct & Professionalism - Level 3

A
  • We had just finished the inspection and a large proportion of the work was still to be carried out
129
Q

Would it ever be acceptable to accept a gift and if so how would you do it?

Ethics, Rules of Conduct & Professionalism - Level 3

A
  • If it was appropriate timing and proportiante then yes
130
Q

You are marketing a property and receive an offer an hour after the closing date. What do you do?

A

I would inform the client of the offer and allow them to make the decision on whether they would happy to consider it or not

131
Q

If a client approaches you with a bottle of champagne for some work you’ve done what do you do?

A
  • If the gift is proportinate and appropriately timed then I would consider accepting it
  • If I accept it I would do so in accordance with policy and ensure to inform my line manager and complete the gift register
132
Q

How do you manage a conflict?

A
  • Ensure the work is carried out by an individual whos impartialness wouldn’t be affected
133
Q

What is a conflict of interest? Give examples.

A
  • Anything that may impede, or perceive to impede, the impartiality of an individual or firm
  • Acting for buyer and seller in the same transaction
134
Q

How much run-off cover is required? And what is the case that relates to this?

A
  • £1,000,000
  • Meritt v Babb
135
Q

What are the levels of PI cover?

A

Goes on firms turnover in the preceding year:
* £100,000 or less - £250,000
* £100,001-£200,000 - £500,000
* £200,001 and above - £1,000,000

136
Q

Why is PI cover needed? Who does it protect?

A
  • Ensure that if the firm faces a claim, it is protected from financial loss that it cannot meet from its own resources
  • Protect 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 its professional activity
  • Ensure that the firms clients do not suffer financial loss, which the firm cannot meet
137
Q

Other than PI Insurance, what else might you need?

A
  • Employers Liability
  • Public Liability
  • Buildings insurance for workplace
  • Vehicle Insurance
138
Q

If and when you qualify and set up your own practice, what must you do?

A
  • Contact RICS for guidance and obtain a company start up pack
  • Inform the RICS and register for regulation
  • Appoint a contact officer for all RICS communication
  • Prepare a CHP
  • Obtain relevant insurance required
  • Contact HMRC and potentially companies house
139
Q

Where is the Scottish Headquarters of RICS?

A
  • Charlotte Sqaure in Edinburgh
140
Q

Where is the administrative centre of RICS?

A
  • Birmingham
141
Q

Where is the UK Headquarters of RICS?

A
  • Parliment Square in London
142
Q

A very good family friend who you have known all your life has had some problems of late. You meet out shopping and he/she insists on taking you for a coffee in order to seek your advice on the purchase of a flat/small shop. What do you do?

A
  • Depends on the context of the question
  • If he is asking general questions about the market as a whole then there would be no obstruction not to answer
  • If its specific, personal advice relating to his own circumstances then I would advise him to contact the office and we can arrange for something formal to occur
143
Q

How much cash can you accept if working in this country? Or working abroad?

A
  • There is no limit to cash that can be accepted
  • If the cash payment is 10,000 euros or more then there is the requirement to be registered with HMRC as a high value dealer
144
Q

You provide a report to a good solicitor client at no fee and receive a bottle of wine as a thank you. What do you do?

A
  • If the bottle of wine is proportianate and timed appropraitely then I would accept it but do so in accordance with our policy
145
Q

What do understand by the fact the RICS is a Designated Professional Body?

A
  • Means they are a DPB under the Financial Services & Markets Act 2000
  • DOB are required to cooperate with the FCA in a number of ways, including information sharing, in order for the FCA to be able to perform its functions
146
Q

Who is RICS President elect?

A
  • Tina Pailett
147
Q

What are the requirements for CPD? How is it recorded?

A
  • At least 20 hours a year, 10 of which of which must be formal
148
Q

What is the VRS?

A
  • Valuer Registration Scheme
  • It is a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book
149
Q

What is an information barrier (Chinese wall)? When? Why? How?

A
  • The physical and/or electronic separation of individuals within the same firm that prevents confidential information passing between them
  • Used when there is a need to maintain confidentiality within an organisation to prevent conflicts of interest
  • An example would be password protecting documents
150
Q

What would you do if you suspected a colleague had been bribed? What if your line manager failed to take action? What if it was your line manager?

A
  • Inform my line manager
  • Inform somebody higher up to establish whether they will take action
  • They may decide to report the offence or leave it up to myslef to report
  • If the latter I would inform the RICS & Serious Fraud Office
151
Q

What legislation governs: shady cash fees, inducements?

A
  • Bribery Act 2010
  • Proceeds of Crime Act 2002
152
Q

Why does the RICS have rules of conduct?

A
  • They promote and enforce the highest ethical standards within the industry
153
Q

What is formal CPD?

A
  • Structured learning that has clear learning outcomes
154
Q

What is Matrics?

A
  • Early career community designed to support students, apprentices, trainees and those who are newly qualified (up to 10 years), as they move into the industry
155
Q

What is a locum and why would you need one?

A
  • Someone who provides cover in the event of sickess/death of a sole practioner
  • If you are a sole practionert
156
Q

What limits are there for new traders in terms of cover levels?

A
  • Its the same levels of cover but it goes by estimated turnover rather than previous turnover
157
Q

What is the difference between formal and informal CPD?

A
  • Formal is structured learning that has clear learning outcomes whereas informal is unstructured learning that members carry out in their own time
158
Q

What restrictions are there on; logos, RICS logos, letterheads, advertising?

A
  • Only Regulated Firms can use the RICS Designation & Logo
  • The Logo must be displayed in certain ways and cannot be altered
  • Regulated Firms must display the Regulated by RICS status on official documents
159
Q

Is there time limit on joining and qualifying as MRICS?

A

6 years from date of enrollment in APC

160
Q

What is the annual subscription for a MRICS member?

A

Less than 2 years PQE - £354
Over 2 years PQE - £539

161
Q

What are the differences between AssocRICS, MRICS and FRICS?

A
  • AssocRICS - obtained after completing the associate assessment
  • MRICS - obtained after completing the APC
  • FRICS - obtained after completing application that has to demonstrate various characteristics
162
Q

What is the web address for the RICS?

A

www.rics.org

163
Q

If turn up at property and recognise the owner as a friend or relative what do you do?

A
  • Consider whether or not I should go about the inspection
  • If I feel the relationship is a potential to impede my impartialness then I would advise them that I can’t go about the survey because of the conflict and would need to get a colleague to return to carry out the survey
164
Q

Does your firm have a gifts register?

A

Yes

165
Q

What types of identification do you need to obtain for AML checks?

A
  • Name
  • Photograph on an official document which confirms their identity
  • Residential address and date of birth

RICS APC - GD (20 decks)

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