Ethics, Rules of Conduct & Professionalism (1,2,3) Flashcards
1
Q
Why do you want to become a member of RICS?
A
Personal motivations for joining RICS may vary.
2
Q
What is the role of RICS?
A
RICS (Royal Institution of Chartered Surveyors) is a professional body that promotes and enforces standards in the surveying profession.
3
Q
What are the key functions of RICS?
A
Key functions include setting standards, providing education, and offering professional qualifications.
4
Q
What is a Royal Charter?
A
A Royal Charter is a formal document issued by the monarch, granting rights and privileges to an organization.
5
Q
Who is the current RICS president?
A
Nic Maclean current acting president due to Justin Sullivan stepping down
6
Q
What do you understand by the term self-regulation?
A
Self-regulation refers to the ability of a profession to regulate itself without external intervention.
7
Q
Can you tell me what you understand by the principles of better regulation?
A
The principles of better regulation include transparency, accountability, and proportionality.
8
Q
What is a Bye-Law?
A
A Bye-Law is a rule made by an organization to regulate its own affairs.
9
Q
Give an example of one of the RICS Bye-Laws.
A
An example of an RICS Bye-Law is the requirement for members to maintain professional competence.
10
Q
Explain to me the new RICS Rules of Conduct - what do they replace?
A
The new RICS Rules of Conduct replace the previous standards and guidelines governing member behavior.
11
Q
When do they take effect?
A
The effective date for the new RICS Rules of Conduct should be confirmed from RICS communications.
12
Q
Who do they relate to?
A
The Rules of Conduct relate to firms and members of RICS.
13
Q
What are the ethical principles that the Rules of Conduct are based on?
A
The ethical principles include integrity, transparency, accountability, and professionalism.
14
Q
What are the 5 Rules?
A
The 5 Rules are: 1) Act with integrity, 2) Always provide a high standard of service, 3) Act in a way that promotes trust in the profession, 4) Treat others with respect, and 5) Take responsibility for your actions.
15
Q
Give an example behaviour for each.
A
1) Integrity: Being honest in all communications. 2) High standard of service: Meeting client expectations. 3) Trust: Disclosing conflicts of interest. 4) Respect: Listening to client concerns. 5) Responsibility: Acknowledging mistakes.
16
Q
What are the core professional obligations of firms and members to RICS?
A
RICS members and firms have core professional obligations based on ethical principles, including honesty, integrity, competence, service, respect, and responsibility, ensuring the highest standards in land, property, and the built environment.
Here’s a more detailed breakdown:
Ethical Principles:
The RICS Rules of Conduct are based on the following ethical principles:
Honesty and Integrity: Members and firms must act with honesty and integrity, avoiding conflicts of interest and any actions inconsistent with professional obligations.
Competence: Members and firms must maintain their professional competence and ensure that services are provided by competent individuals with the necessary expertise.
Service: Always provide a high standard of service, acting in a way that promotes trust in the profession.
Respect: Treat others with respect, including clients, potential clients, and colleagues.
Responsibility: Take responsibility for actions and ensure that work is undertaken competently.
17
Q
What disciplinary procedures can the RICS impose?
A
RICS can impose sanctions such as reprimands, fines, suspension, or expulsion from membership.
18
Q
In what circumstances can these be imposed?
A
Sanctions can be imposed for breaches of the Rules of Conduct or professional standards.
19
Q
When did RICS last update their disciplinary panel rules?
A
RICS last updated their disciplinary panel rules in 2020.
20
Q
What are the different levels of action within these procedures?
A
Levels of action include investigation, hearing, and sanction.
21
Q
What do you understand by the term professional practice?
A
Professional practice refers to the conduct and standards expected of professionals in their field.
22
Q
What money laundering regulations or legislation are you aware of?
A
Key regulations include the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017.
23
Q
What is a red flag of money laundering?
A
A red flag includes unusual transactions that do not fit a client’s profile.
24
Q
What bribery legislation are you aware of?
A
The key legislation is the Bribery Act 2010.
25
What is a bribe?
A bribe is a financial or other advantage offered to influence the actions of another.
26
What are the penalties for accepting a bribe?
Penalties can include imprisonment and fines.
27
What are the penalties for being involved in money laundering?
Penalties can include imprisonment, fines, and confiscation of assets.
28
What constitutes an offence under the Bribery Act 2010?
Offences include offering, promising, or giving a bribe to another person.
29
What constitutes an offence under the current money laundering regulations?
Offences include failing to report suspicious activities or transactions.
30
How long should you keep anti money laundering records for?
Records should be kept for at least five years.
31
What is Professional Indemnity Insurance (PII)?
PII is insurance that protects professionals against claims of negligence or malpractice.
32
Can you tell me about the RICS requirements in relation to PII?
Protects clients from financial loss due to professional negligence.
✅ Protects RICS members from costly legal claims.
✅ Ensures professional standards and compliance with RICS Rules of Conduct.
The amount of PII cover required depends on a firm’s annual turnover:
Firm’s Turnover Minimum PII Cover (Any One Claim) Run-off Cover (Per Year)
£100,000 or less £250,000 £250,000
£100,001 – £200,000 £500,000 £500,000
Above £200,000 £1 million £1 million
🔹 Any One Claim (AOC) Basis – Must cover each individual claim separately, rather than having a single total limit.
🔹 Run-Off Cover (6 Years Minimum) – Required for firms that stop trading, ensuring past work is still protected.
🔹 No Unfair Exclusions – Policies must not exclude fraud, dishonesty, pollution liability, or claims arising from previous professional work.
🔹 Insurer Must Be Approved – RICS mandates that insurers must be listed on their approved providers list.
33
What is a PII aggregation clause?
A PII aggregation clause limits the total amount payable for multiple claims arising from a single event.
34
What does 'claims made' mean in terms of PII?
'Claims made' means coverage is provided for claims made during the policy period, regardless of when the incident occurred.
35
Is a PII excess usually paid for per claim?
Yes, a PII excess is typically paid for each claim.
36
In a negligence claim, what would help to show that you acted with consideration and due process?
Good recoRAAC (Reinforced Autoclaved Aerated Concrete) is a lightweight, precast concrete material that was widely used in construction, particularly in the UK, from the 1950s to the 1990s. It is made from cement, lime, water, and aluminum powder, which creates air pockets, making it lighter than traditional concrete.
Issues with RAAC
Structural Weakness: RAAC is less dense and has a shorter lifespan than traditional concrete, leading to potential structural failures.
Water Absorption: It is highly porous and can deteriorate faster when exposed to moisture.
Collapse Risk: Many RAAC panels, especially those used in roofs and floors, have been found to be at risk of sudden collapse.
Recent Concerns
In the UK, RAAC has been identified in schools, hospitals, and public buildings, leading to closures and emergency repairs due to safety concerns. The UK government has issued warnings and guidance on identifying and replacing RAAC where necessary.
Would you like more details on specific cases or mitigation strategies?rd keeping and documentation of decisions and actions taken.
37
Can good record keeping help to provide a defence in a PII claim?
Yes, good record keeping can support your defence in a PII claim.
38
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?
You may need to inform your insurer and possibly adjust your coverage.
39
What is run off cover?
Run off cover is insurance that protects against claims made after a business ceases trading.
40
What RICS requirements are there relating to run off cover?
RICS requires firms to have adequate run off cover for a specified period.
41
What changes did RICS recently make to the Minimum Approved PII Wording?
In July 2024, RICS updated its Minimum Approved PII Wording, requiring listed insurers to provide PII cover for fire safety claims for professional services on buildings 5 storeys and above, on a negligence basis, and removed its own cyber exclusion clause, allowing insurers to adopt the IUA 04 017 clause.
42
Would a dictated report avoid the need to have any written site notes?
No, a dictated report does not replace the need for written site notes.
43
Explain PII requirements relating to fire safety cover and cyber cover.
PII must include coverage for fire safety advice and cyber incidents.
44
How long can a PII claim arise after the work is undertaken?
A PII claim can arise up to six years after the work is undertaken.
45
What is the Assigned Risks Pool (ARP)?
The ARP is a facility for firms that cannot obtain PII in the open market.
46
Who might need to access the ARP?
Firms with a poor claims history or new firms may need to access the ARP.
47
Explain your understanding of the RICS Professional Standard Risk, Liability and Insurance (1st Edition).
It outlines best practices for managing risk and liability in professional services.
48
Explain when you might agree a liability cap.
A liability cap may be agreed to limit exposure in contracts.
49
How would you set out third party reliance in Terms of Engagement?
Clearly state the extent to which third parties can rely on your work.
50
What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?
Key terms include scope of work, liability, and indemnity.
51
What is an annual return?
An annual return is a report submitted to RICS detailing compliance and activities.
52
Tell me what you understand about Complaints Handling Procedures (CHP).
CHP outlines the process for addressing and resolving complaints against members.
53
Who do they relate to?
The Rules of Conduct relate to firms and members of RICS.
54
What are the ethical principles that the Rules of Conduct are based on?
Honesty, integrity, competence, service, respect and responsibility.
55
What are the 5 Rules?
The 5 Rules are: 1) Act with integrity, 2) Always provide a high standard of service, 3) Act in a way that promotes trust in the profession, 4) Treat others with respect, and 5) Take responsibility for your actions.
56
Give an example behaviour for each.
1) Integrity: Being honest in all communications. 2) High standard of service: Meeting client expectations. 3) Trust: Disclosing conflicts of interest. 4) Respect: Listening to client concerns. 5) Responsibility: Acknowledging mistakes.
57
What are the core professional obligations of firms and members to RICS?
Core obligations include compliance with the Rules of Conduct, maintaining professional competence, and upholding the reputation of the profession.
58
What disciplinary procedures can the RICS impose?
RICS can impose sanctions such as reprimands, fines, suspension, or expulsion from membership.
59
In what circumstances can these be imposed?
Sanctions can be imposed for breaches of the Rules of Conduct or professional standards.
60
When did RICS last update their disciplinary panel rules?
RICS last updated their disciplinary panel rules in 2020.
61
What are the different levels of action within these procedures?
Levels of action include investigation, hearing, and sanction.
62
What do you understand by the term professional practice?
Professional practice refers to the conduct and standards expected of professionals in their field.
63
What money laundering regulations or legislation are you aware of?
Key regulations include the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017.
64
What is a red flag of money laundering?
A red flag includes unusual transactions that do not fit a client's profile.
65
What bribery legislation are you aware of?
The key legislation is the Bribery Act 2010.
66
What is a bribe?
A bribe is a financial or other advantage offered to influence the actions of another.
67
What are the penalties for accepting a bribe?
Penalties can include imprisonment and fines.
68
What are the penalties for being involved in money laundering?
Penalties can include imprisonment, fines, and confiscation of assets.
69
What constitutes an offence under the Bribery Act 2010?
Offences include offering, promising, or giving a bribe to another person.
70
What constitutes an offence under the current money laundering regulations?
Offences include failing to report suspicious activities or transactions.
71
How long should you keep anti money laundering records for?
Records should be kept for at least five years.
72
What is Professional Indemnity Insurance (PII)?
PII is insurance that protects professionals against claims of negligence or malpractice.
73
Can you tell me about the RICS requirements in relation to PII?
RICS requires members to have adequate PII to cover potential claims.
74
What is a PII aggregation clause?
A PII aggregation clause limits the total amount payable for multiple claims arising from a single event.
75
What does 'claims made' mean in terms of PII?
'Claims made' means coverage is provided for claims made during the policy period, regardless of when the incident occurred.
76
Is a PII excess usually paid for per claim?
Yes, a PII excess is typically paid for each claim.
77
In a negligence claim, what would help to show that you acted with consideration and due process?
Good record keeping and documentation of decisions and actions taken.
78
Can good record keeping help to provide a defence in a PII claim?
Yes, good record keeping can support your defence in a PII claim.
79
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?
You may need to inform your insurer and possibly adjust your coverage.
80
What is run off cover?
Run off cover is insurance that protects against claims made after a business ceases trading.
81
What RICS requirements are there relating to run off cover?
RICS requires firms to have adequate run off cover for a specified period.
82
What changes did RICS recently make to the Minimum Approved PII Wording?
RICS updated the wording to clarify coverage and exclusions.
83
Would a dictated report avoid the need to have any written site notes?
No, a dictated report does not replace the need for written site notes.
84
Explain PII requirements relating to fire safety cover and cyber cover.
PII must include coverage for fire safety advice and cyber incidents.
85
How long can a PII claim arise after the work is undertaken?
A PII claim can arise up to six years after the work is undertaken.
86
What is the Assigned Risks Pool (ARP)?
The ARP is a facility for firms that cannot obtain PII in the open market.
87
Who might need to access the ARP?
Firms with a poor claims history or new firms may need to access the ARP.
88
Explain your understanding of the RICS Professional Standard Risk, Liability and Insurance (1st Edition).
It outlines best practices for managing risk and liability in professional services.
89
Explain when you might agree a liability cap.
A liability cap may be agreed to limit exposure in contracts.
90
How would you set out third party reliance in Terms of Engagement?
Clearly state the extent to which third parties can rely on your work.
91
What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?
Key terms include scope of work, liability, and indemnity.
92
What is an annual return?
An annual return is a report submitted to RICS detailing compliance and activities.
93
Tell me what you understand about Complaints Handling Procedures (CHP).
CHP outlines the process for addressing and resolving complaints against members.
94
When and how can the RICS be involved in a complaint about a firm or member?
The RICS can be involved in complaints when there are allegations of misconduct or breaches of professional standards by a firm or member.
95
Can you tell me about the CPD requirements for members?
Members are required to undertake Continuing Professional Development (CPD) to maintain their professional competence.
96
Why is CPD important?
CPD is important as it ensures that members stay updated with industry standards and practices.
97
Tell me about the RICS' guidance on dealing with Conflicts of Interest.
The RICS provides guidance to help members identify and manage conflicts of interest effectively.
98
What is double dipping (dual agency)?
Double dipping refers to a situation where an agent represents both the buyer and seller in a transaction.
99
Why is double dipping (dual agency) an unacceptable practice?
It is considered unacceptable as it can lead to conflicts of interest and compromise the agent's duty to both parties.
100
How would you close down a regulated firm?
Closing down a regulated firm involves following specific procedures set by the regulatory body to ensure compliance and protect clients.
101
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
RICS guidance emphasizes the importance of ethical conduct and compliance with laws against bribery, corruption, and money laundering.
102
What status does it hold?
The guidance holds a significant status as it outlines the expectations for professional behavior and legal compliance.
103
What are some of the key principles of this guidance?
Key principles include integrity, transparency, and accountability in business practices.
104
What must/should firms/members do to comply with the guidance?
Firms and members must implement policies and training to ensure compliance with the guidance.
105
What are the current RICS rules for registration of firms?
The current rules require firms to meet eligibility criteria and adhere to professional standards for registration.
106
Who is a 'qualified member' of RICS?
A qualified member is someone who has met the educational and professional requirements set by RICS.
107
What is a phoenix firm?
A phoenix firm is a company that is created to continue the business of a previous firm that has been closed down.
108
When must a firm register for regulation?
A firm must register for regulation when it provides services that fall under RICS' regulatory framework.
109
What are the registration eligibility criteria?
Eligibility criteria include having qualified personnel and adhering to professional standards.
110
Who is a Responsible Principal?
A Responsible Principal is an individual within a firm who is accountable for compliance with regulatory requirements.
111
What happens if a firm cannot comply with the eligibility criteria?
If a firm cannot comply, it may face penalties or be barred from registration.
112
What are the rules around use of the RICS logo and 'Regulated by RICS' designation?
The rules stipulate that only registered firms can use the RICS logo and designation, ensuring proper representation.
113
Tell me about the restrictions to the use of the designation 'Chartered Surveyors' by firms.
Only members who have met specific qualifications and standards can use the designation 'Chartered Surveyors'.
114
What must be included in ToE relating to firm regulation?
The Terms of Engagement (ToE) must include details about the firm's regulatory status and compliance obligations.
115
What is a locum and who might need one?
A locum is a temporary professional who fills in for a regular member, often needed during absences.
116
How could a sole trader set up their CHP using a locum?
A sole trader can set up their Client Handling Procedures (CHP) by incorporating locum support to ensure continuity.
117
What RICS guidance relates to handling client money?
RICS guidance on handling client money emphasizes proper management and protection of client funds.
118
When was this last updated?
The guidance was last updated in 2021.
119
What do the RICS Rules of Conduct say about client money?
The Rules of Conduct require members to protect client money and maintain accurate records.
120
Explain your understanding of the RICS Scheme Rules relating to client money protection.
The Scheme Rules provide a framework for safeguarding client money and ensuring accountability.
121
What are the main schemes available to firms?
Main schemes include client money protection schemes and professional indemnity insurance.
122
When were these last updated?
These schemes were last updated in 2022.
123
What is the current compensation limit?
The current compensation limit is set at £50,000.
124
What does the annual regulatory review fee relate to?
The annual regulatory review fee relates to the costs of maintaining regulatory oversight.
125
What might client money include?
Client money may include deposits, retainer fees, and other funds held on behalf of clients.
126
How does this differ to office money?
Office money refers to funds used for operational expenses, unlike client money which is held for clients.
127
What are some of the key principles of the RICS Professional Standard relating to client money protection?
Key principles include transparency, accountability, and adherence to legal requirements.
128
Explain the key themes from the RICS Futures 2020 Report.
Key themes include innovation, sustainability, and the evolving role of technology in the profession.
129
Explain the potential implications of the Hart v Large case.
The case may set precedents regarding liability and professional standards in the industry.
130
Explain your understanding of precedent set in Burgess v Lejonvarn.
The case established important principles regarding duty of care and professional negligence.
131
What do RICS set out as good practice for the use of social media?
Good practice includes maintaining professionalism, transparency, and compliance with regulations.
132
Explain your understanding of the RICS Levitt review.
The Levitt review focused on improving standards and accountability within the profession.
133
What is whistleblowing?
Whistleblowing is the act of reporting unethical or illegal activities within an organization.
134
What does good governance mean to you?
Good governance means transparency, accountability, and ethical decision-making within an organization.
135
Explain what the Pandora Papers are, and the ethical issues raised within them.
The Pandora Papers are a leak of documents revealing offshore financial dealings, raising concerns about tax evasion and corruption.
136
Explain what you understand by the RICS Bichard Review.
The Bichard Review examined regulatory practices and proposed improvements for better governance in the profession.
137
When and how can the RICS be involved in a complaint about a firm or member?
The RICS can be involved in complaints when there are allegations of misconduct or breaches of professional standards by a firm or member.
138
Can you tell me about the CPD requirements for members?
Members are required to undertake Continuing Professional Development (CPD) to maintain their professional competence.
139
Why is CPD important?
CPD is important as it ensures that members stay updated with industry standards and practices.
140
Tell me about the RICS' guidance on dealing with Conflicts of Interest.
The RICS provides guidance to help members identify and manage conflicts of interest effectively.
141
What is double dipping (dual agency)?
Double dipping refers to a situation where an agent represents both the buyer and seller in a transaction.
142
Why is double dipping (dual agency) an unacceptable practice?
It is considered unacceptable as it can lead to conflicts of interest and compromise the agent's duty to both parties.
143
How would you close down a regulated firm?
Closing down a regulated firm involves following specific procedures set by the regulatory body to ensure compliance and protect clients.
144
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
RICS guidance emphasizes the importance of ethical conduct and compliance with laws against bribery, corruption, and money laundering.
145
What status does it hold?
The guidance holds a significant status as it outlines the expectations for professional behavior and legal compliance.
146
What are some of the key principles of this guidance?
Key principles include integrity, transparency, and accountability in business practices.
147
What must/should firms/members do to comply with the guidance?
Firms and members must implement policies and training to ensure compliance with the guidance.
148
What are the current RICS rules for registration of firms?
The current rules require firms to meet eligibility criteria and adhere to professional standards for registration.
149
Who is a 'qualified member' of RICS?
A qualified member is someone who has met the educational and professional requirements set by RICS.
150
What is a phoenix firm?
A phoenix firm is a company that is created to continue the business of a previous firm that has been closed down.
151
When must a firm register for regulation?
A firm must register for regulation when it provides services that fall under RICS' regulatory framework.
152
What are the registration eligibility criteria?
Eligibility criteria include having qualified personnel and adhering to professional standards.
153
Who is a Responsible Principal?
A Responsible Principal is an individual within a firm who is accountable for compliance with regulatory requirements.
154
What happens if a firm cannot comply with the eligibility criteria?
If a firm cannot comply, it may face penalties or be barred from registration.
155
What are the rules around use of the RICS logo and 'Regulated by RICS' designation?
The rules stipulate that only registered firms can use the RICS logo and designation, ensuring proper representation.
156
Tell me about the restrictions to the use of the designation 'Chartered Surveyors' by firms.
Only members who have met specific qualifications and standards can use the designation 'Chartered Surveyors'.
157
What must be included in ToE relating to firm regulation?
The Terms of Engagement (ToE) must include details about the firm's regulatory status and compliance obligations.
158
What is a locum and who might need one?
A locum is a temporary professional who fills in for a regular member, often needed during absences.
159
How could a sole trader set up their CHP using a locum?
A sole trader can set up their Client Handling Procedures (CHP) by incorporating locum support to ensure continuity.
160
What RICS guidance relates to handling client money?
RICS guidance on handling client money emphasizes proper management and protection of client funds.
161
When was this last updated?
The guidance was last updated in 2021.
162
What do the RICS Rules of Conduct say about client money?
The Rules of Conduct require members to protect client money and maintain accurate records.
163
Explain your understanding of the RICS Scheme Rules relating to client money protection.
The Scheme Rules provide a framework for safeguarding client money and ensuring accountability.
164
What are the main schemes available to firms?
Main schemes include client money protection schemes and professional indemnity insurance.
165
When were these last updated?
These schemes were last updated in 2022.
166
What is the current compensation limit?
The current compensation limit is set at £50,000.
167
What does the annual regulatory review fee relate to?
The annual regulatory review fee relates to the costs of maintaining regulatory oversight.
168
What might client money include?
Client money may include deposits, retainer fees, and other funds held on behalf of clients.
169
How does this differ to office money?
Office money refers to funds used for operational expenses, unlike client money which is held for clients.
170
What are some of the key principles of the RICS Professional Standard relating to client money protection?
Key principles include transparency, accountability, and adherence to legal requirements.
171
Explain the key themes from the RICS Futures 2020 Report.
Key themes include innovation, sustainability, and the evolving role of technology in the profession.
172
Explain the potential implications of the Hart v Large case.
The case may set precedents regarding liability and professional standards in the industry.
173
Explain your understanding of precedent set in Burgess v Lejonvarn.
The case established important principles regarding duty of care and professional negligence.
174
What do RICS set out as good practice for the use of social media?
Good practice includes maintaining professionalism, transparency, and compliance with regulations.
175
Explain your understanding of the RICS Levitt review.
The Levitt review focused on improving standards and accountability within the profession.
176
What is whistleblowing?
Whistleblowing is the act of reporting unethical or illegal activities within an organization.
177
What does good governance mean to you?
Good governance means transparency, accountability, and ethical decision-making within an organization.
178
Explain what the Pandora Papers are, and the ethical issues raised within them.
The Pandora Papers are a leak of documents revealing offshore financial dealings, raising concerns about tax evasion and corruption.
179
Explain what you understand by the RICS Bichard Review.
The Bichard Review examined regulatory practices and proposed improvements for better governance in the profession.
180
What are some recommendations of the Bichard Review?
The Bichard Review recommends improving information sharing, enhancing training for professionals, and establishing clearer accountability in safeguarding practices.
181
How will the recommendations of the Bichard Review be implemented by RICS?
RICS will implement the recommendations through updated training programs, revised policies, and enhanced monitoring and compliance measures.
182
How do professional integrity and professional ethics differ?
Professional integrity refers to the adherence to moral and ethical principles, while professional ethics are the specific rules and standards governing professional conduct.
183
What is modern slavery?
Modern slavery is a form of exploitation where individuals are forced to work against their will.
## Footnote
Red flags include signs of control, lack of freedom, and poor working conditions.
184
What are the implications of the Sanctions and Anti-Money Laundering Act 2018?
The Act imposes stricter regulations on financial transactions and requires organizations to implement robust anti-money laundering measures.
185
What is the Sanctions List?
The Sanctions List is a compilation of individuals and entities subject to sanctions, and awareness of it is crucial for compliance with legal obligations.
186
Why was the Register of Overseas Entities introduced?
The Register was introduced to increase transparency in property ownership and to combat money laundering.
187
What are the six RICS values published as a result of the Levitt review?
The six RICS values are integrity, respect, transparency, teamwork, excellence, and accountability.
188
Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.
The Act enhances the ability to tackle economic crime by improving transparency and enforcement mechanisms.
189
How do you ensure compliance with bribery legislation?
Compliance can be ensured by implementing clear policies, providing training, and conducting regular audits.
190
How do you ensure compliance with money laundering regulations?
Compliance is ensured through customer due diligence, transaction monitoring, and reporting suspicious activities.
191
How do you comply with your firm's bribery and gifts policy?
Compliance involves understanding the policy, seeking guidance when in doubt, and reporting any gifts received.
192
Tell me about an instance of when you have been offered a gift or hospitality by a client.
I was offered a dinner invitation by a client, which I politely declined in accordance with our firm's policy.
193
What would you do if you felt that an instruction was outside your scope of experience or knowledge?
I would communicate my concerns to the client and suggest involving a more experienced colleague.
194
Tell me about an instance of when you have handled client's money.
I managed a client's deposit for a property transaction, ensuring it was securely held in a designated account.
195
How would you keep client's money securely and safely held?
I would use a regulated client account and implement strict access controls and auditing processes.
196
How would you handle a client complaint?
I would listen to the client's concerns, acknowledge their feelings, and work towards a resolution in line with our complaints procedure.
197
What is your understanding of your firm's process for escalating a complaint to Alternative Dispute Resolution (ADR)?
The process involves documenting the complaint, attempting resolution, and if unresolved, referring to an external ADR provider.
198
Tell me about a conflict of interest check you have carried out.
I conducted a conflict check prior to accepting a new client to ensure there were no existing relationships that could compromise my impartiality.
199
If you identified a potential or actual conflict of interest, how could you handle this?
I would disclose the conflict to all parties involved and seek guidance on how to proceed, potentially involving a third party.
200
Give me an example of when you have acted with integrity.
I reported a mistake I made in a client's report, taking responsibility and correcting it promptly.
201
Tell me about when you have provided a high standard of service.
I ensured timely communication and thorough documentation for a client's project, leading to their satisfaction and repeat business.
202
How have you promoted trust in the profession?
I promote trust by being transparent with clients, adhering to ethical standards, and delivering consistent quality in my work.
203
Explain how you have taken responsibility in your current role.
I take responsibility by managing my projects independently and ensuring all deliverables meet the required standards.
204
How do you treat clients with respect?
I treat clients with respect by actively listening to their needs and valuing their opinions in the decision-making process.
205
How do you treat other surveyors with respect?
I treat other surveyors with respect by collaborating openly, acknowledging their expertise, and maintaining professional decorum.
206
What key steps would you take if you decided to set up in practice as a sole trader after qualifying?
I would conduct market research, develop a business plan, and ensure compliance with legal and regulatory requirements.
207
If a prospective purchaser offered you a financial incentive to accept their offer, how would you deal with this?
I would decline the incentive and inform the purchaser of my obligation to act fairly and ethically.
208
What would you do if you were asked by a client to reduce a fee proposal to win new work?
I would explain the value of the services provided and negotiate a fair fee without compromising quality.
209
What would you do if you became suspicious that a client was involved in money laundering?
I would report my suspicions to the relevant authorities and follow my firm's procedures for handling such concerns.
210
What would you do if you became suspicious that a client was involved in terrorist activities?
I would report my concerns to the appropriate authorities immediately and ensure compliance with legal obligations.
211
If you were to set up in practice on your own, what types of insurance would you need?
I would need professional indemnity insurance, public liability insurance, and employer's liability insurance.
