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DJ > Ethics, Rules of Conduct & Professionalism > Flashcards

Ethics, Rules of Conduct & Professionalism Flashcards

1
Q

What are the updates to the 2020 Rules of Conduct?

A

Rules of Conduct for Firms

  • 25% principals minimum to be regulated
  • 50% principles must be regulated
  • Use of the RICS logo has been restricted to members and regulated firms only
  • Company can use the designation ‘chartered surveyor’ in a trading name only
  • Regulated firms must nominate responsible principal. (Provides accountability for firms responsibilities)
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2
Q

How does RICS maintain standards?

A
  • Regulation

- Disciplinary action for non-compliance

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3
Q

Principles of the Bribery Act (2010)?

A 
P
T
R
D
C
M
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4
Q

How do you identify bribes?

A

Will a gift impact my independence/impartiality?

  • Value
  • Timing
  • Gift policy

Gift Register if appropriate

Compliance officer for any uncertainty

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5
Q

What AML guidelines do you abide by?

A

Money Laundering, Terrorist Financing and Transfer of Funds (2017)

Information on the Paper

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6
Q

How do YOU apply principles of Money Laundering, Terrorist Financing and Transfer of Funds (2017) to ensure no money laundering?

A

SDD

EDD for PEP (prominent public function)

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7
Q

How does BNP apply principles of Money Laundering, Terrorist Financing and Transfer of Funds (2017) to ensure no money laundering?

A
  • Risk assessments
  • Systems in place (SDD, EDD)
  • Staff training
  • Identify PEPs
  • Record keeping
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8
Q

What did you lean in your training on AML guidelines?

A

BNP requirements for various types of client

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9
Q

Project Vesta

What was included in your Terms of Engagement?

A

Consultancy

  • ID of Client
  • Address
  • Purpose
  • Extent of investigation
  • Costs/disbursements
  • Source of info
  • Extent of investigation
  • Fee basis
  • Fee timeline
  • CHP
  • AML requirements
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10
Q

Project Vesta

What else did you provide the client asides from CHP?

A
  • ToB
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11
Q

Project Vesta

What was included inside the CHP?

A

ADR mechanism

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12
Q

Project Vesta

How did you undertake AML and Conflict of Interest Checks?

A

AML

  • referred to Money Laundering, Terrorist Financing & Transfer of Funds (2017)
  • SDD as no PEP

Conflict of Interest

  • referred to RICS PS Conflict of Interest 2017
  • Ran through BNP conflict system
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13
Q

Project Vesta

How did you decide that this was a sensitive instruction?

A

Client requested that nature of the instruction remained confidential

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14
Q

Project Vesta

How did you ensure that details remained confidential in this sensitive instruction?

A

Referred to RIC Bye Laws

  • Secure files
  • Calls taken in meeting rooms
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15
Q

Project Vesta

How did you ensure compliance with Estate Agents Act 1979

A

CHAP DOC

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16
Q

Project Vesta

How did you ensure compliance with Misrepresentations Act (1967)

A

When this project evolved into an agency agreement

  • Ensured no false statement of facts
  • Disclaimer used in particulars
17
Q

Project Vesta

How did you ensure compliance with Consumer Protection from Unfair Trading Regulations (2008)?

A
  • No undue pressure
  • Ensured duty of care as agent
  • Declare all known facts
18
Q

St Johns Road

How was your colleague connected?

A

Party conflict

19
Q

St Johns Road

Talk through your process of identifying and dealing with the conflict

A

Consulted RICS PS Conflict Management (2017)

  • Avoid vs manage
  • Informed consent
  • Information barriers

Keep record

20
Q

St Johns Road

What advice did you give in regards to informed consent?

A

Makes parties aware of any material facts of a conflict

Should only seek informed consent if it is in the best interest of all parties.

21
Q

Oakwood Park

What part of the Estate Agents Act (1979) did the request for information about competitors bids relate to?

A

Honesty

Discriminating
- providing one party with an unfair advantage over others

22
Q

What is a property redress scheme?

A

Allows consumers to escalate a complaint they have against the member of the scheme

DJ (26 decks)

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