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Ethics, Rules of Conduct and Professionalism > Instructions > Flashcards

Instructions Flashcards

1
Q

What are the three steps to follow before undertaking an instruction?

A
  1. Check if you are professionally competent
  2. No conflicts of interest or personal interests
  3. Confirm terms of engagement in writing and get written approval from the client
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2
Q

Section 18 of the Estate Agents Act 1979 and money laundering checks (Money Laundering Regulations) are required for what type of work?

A

Agency

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3
Q

What does the Consumer Rights Act 2015 allow for?

A

A 14 days cooling off period from the date of the agreement

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4
Q

What are some reasons it may be appropriate to decline an instruction?

A
  1. You are not competent to undertake the work
  2. You do not have sufficient facts on the issue
  3. The client will not sign Terms of Engagement or complete AML checks
  4. A PII liability cap cannot be agreed
  5. The client is on a sanctions list
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5
Q

What is conflict avoidance?

A

When you do not accept the instruction

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6
Q

What is conflict management?

A

When the instruction is accepted, and steps are agreed and put in place to manage the conflict, with the written agreement of all parties

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7
Q

When did the RICS Global Professional Statement on Conflicts of Interest 2017 come into effect?

A

January 2018

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8
Q

What is a party conflict?

A

Relating to work on the same or related instruction for two different parties

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9
Q

What is an own interest conflict?

A

Relating to a personal interest

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10
Q

What is a confidential information conflict?

A

Relating to work between two parties that is confidential

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11
Q

What must be acquired before carrying out an instruction with a conflict?

A

Informed consent from all parties

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12
Q

What is the three step process for handling a conflict?

A
  1. Conflict avoidance
  2. Written advice to both parties
  3. Conflict management
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13
Q

When writing to parties regarding a conflict, what three points should you cover?

A
  1. Disclosure the nature of the conflict
  2. Be as clear as you can
  3. Request written confirmation from both clients of their informed consent
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14
Q

When did RICS Professional Statement: Conflicts of Interest - UK commercial property market investment agency, 2017 come into effect?

A

January 2018

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15
Q

Is Dual Agency allowed under RICS Professional Statement: Conflicts of Interest - UK commercial property market investment agency (2017)?

A

No

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16
Q

What section of the Estate Agents Act should you declare when dealing with personal interests in agency work?

A

21

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17
Q

How long should all old files be held for?

A

A minimum of 6 years

18
Q

Which RICS Guidance Note deals with complaints handling procedures?

A

RICS Guidance Note on Complaints Handling (2016)

19
Q

What must firms include in their Complaints Handling Procedure?

A

An RICS approved Alternative Dispute Resolution (ADR) mechanism

20
Q

What are the two stages of standard minimum procedures for the handling of a complaint?

A
  1. In house
  2. Alternative dispute resolution - third party resolution
21
Q

How should the complaint be made?

A

In writing

22
Q

Within what time frame should a complaint be acknowledged?

A

7 days

23
Q

Within what time frame should a complaint be investigated?

A

28 days

24
Q

How many hours of CPD should be undertaken upon qualification?

A

20 hours

25
Q

What can be used to decipher formal and informal CPD?

A

RICS Decision Tree

26
Q

What is the purpose of Professional Indemnity Insurance?

A

To protect clients, surveyors and third parties against negligence claims

27
Q

What are the current minimum requirements based on turnover of the firm?

A

£100,000 or less - £250,000
£100,001 to £200,000 - £500,000
£200,001 and above - £1,000,000

28
Q

What is the maximum level of uninsured excess by RICS?

A

Up to £10 million - The greater of 2.5% of the sum insured or £10,000
Over £10 million - No set limit

29
Q

On what basis do PII policies work?

A

Claims Made Basis

30
Q

Run off cover following cessation of trading should be..

A

Adequate and appropriate

31
Q

For consumer claims, what is the minimum amount of aggregate cover over a minimum of 6 years?

A

£1 million

32
Q

For commercial claims, firms must consider what is adequate and appropriate for at least how many years?

A

6

33
Q

Where can firms apply for coverage is they are unable to obtain run-off cover?

A

RICS Run-off Pool

34
Q

Who does duty of care exist for?

A

Clients and third parties

35
Q

Which case established that a residential valuer instructed by a mortgagor lending institution could owe a duty of care in tort to a mortgagee purchaser relying on a valuation?

A

Yianni v Edwin Evans

36
Q

Name two other cases that relate to duty of care

A

Scullion v Bank of Scotland
Burgess v Lejonvarn

37
Q

Under the Limitation Act 1980, what are the current limitation periods for negligence under contract?

A

6 years from the date of the negligent act, breach of contract or omission. Also, Section 14A provides an alternative limitation period of 3 years from the date of knowledge of the damage subject to the 15 years long stop from the negligent act or omission

38
Q

Under the Limitation Act 1980, what are the current limitation periods for negligence under tort?

A

6 years from the date the claimant suffered the loss

39
Q

State some of the ways negligence claims can be avoided?

A
  • Undertake the work in accordance with the relevant RICS Standards and Guidance Notes
  • Ensure you are competent to undertake the instruction
  • Make detailed file notes and take photographs
  • Cap the professional liability excess on your PII policy in the Terms of Engagement
40
Q

There are six main areas of good practice as set out in the RICS Professional Statement - Client Money Handling, 1st Edition 2019 (effective January 2019), what are they?

A
  1. Holding client money
  2. Providing information to clients
  3. Receipts of client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
41
Q

Name some procedures surveyors must be aware of when handling clients’ money

A
  • Client accounts must be kept separately and clearly identifiable
  • The word ‘client’ is on the bank account and cheque book
  • A client must be able to have their monies on demand
  • Accurate records are kept with a running balance available

Ethics, Rules of Conduct and Professionalism (8 decks)

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