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APC > Legislation & Mandatory Practice Statements > Flashcards

Legislation & Mandatory Practice Statements Flashcards

1
Q

5 RICS Rules of Conduct?

A

1) Integrity - Honest, act with integrity and comply with personal & obligations to RICS.
2) Competency – Ensure services provided by competent individuals.
3) Service - Provide good quality, diligent service.
4) Respect - Treat other with respect and encourage D+I
5) Public Interest – Public Interest, act within and take responsibility for actions.

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2
Q

What is the aim of the Bribery Act (2010)

A

Reduce Bribery in business in UK and abroad

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3
Q

Bribery Act (2010) - 6 Key principles of managing bribery

A

1) Proportionality
2) Communication
3) Risk assessment
4) Due diligence
5) Top level commitment
6) Monitoring and review

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4
Q

Bribery Act (2010) - 4 offences relating to bribes?

A

Bribing
Receiving a bribe
Bribing a foreign official
Failure to prevent a bribe

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5
Q

Who is the Bribery Act policed by? & what are the penalties?

A

Serious Fraud Office
Maximum Penalty = 10 years imprisonment and/or unlimited fine.

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6
Q

Money Laundering, Terrorist Financing and Transfer of Funds Regulations (amended 2019) - Overview?

A

Outlines 9 key principles and requirements for firms

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7
Q

What are the 9 Key requirements in the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (Amended 2020)

A

1) Have written risk assessment
2) Implement systems, policies & controls
3) Adopt appropriate internal controls
4) Provide staff training
5) Comply with the 2 DD requirements
6) Comply with requirements for PEP’s
7) Appropriate record keeping
8) AML checks
9) Additional high-risk factors when assessing the need for enhanced DD

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8
Q

What are a firms main requirements as stated in the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (Amended 2020)

A

Firms’ main requirements:
- Register with HMRC
- Cash limit of 10k EUROS
- Enhance DD on clients
- Check purchaser as well as vendor
- Evidence of funds
- Maintain records for min 5 years
- Suspicion must be reported to National Crime Agency

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9
Q

Proceeds of Crime Act (2002) - What is it and what are the main areas of offences?

A

Provides power for enforcement authorities in the UK to recover in criminal and civil proceedings “proceeds of crime”
3 main areas of offence:
1) Concealing criminal property
2) Arrangements
3) Acquisition or possession of criminal property

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10
Q

RICS PS - Conflicts of interest (2017): What does it outline?

A

Mandatory statement, members must not advise or represent if at risk of a conflict. Highlights 3 types of conflicts and 3 step process when a conflict arises.

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11
Q

RICS PS - Conflicts of interest (2017): 3 types of conflict?

A

1) Party Conflict - (working on instruction for 2 different parties)
2) Own interest conflict (relates to a personal interest)
3) Confidential information conflict (relates to work between two parties that is confidential.

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12
Q

RICS PS - Conflicts of interest (2017): Process to follow when a conflict arises?

A

1) Conflict avoidance
2) Written advice to both parties
3) Conflict management (information barrier)

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13
Q

RICS PS - COI UK Commercial Property Market Investment Agency Professional Statement (2017) - What does it set out?

A

1) Dual Agency (Both seller and buyer)
2) Multiple Introductions (multiple buyers)
3) Incremental Evidence (related to an existing instruction)
4) Personal/Own Interest (EEA 1979, S.21)

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14
Q

Limitation Act (1980) - What is it? What are the limitations periods?

A

Claims for damages arising from negligence can be made:
Contract - 6 years from the date of the negligent act
Tort - 6 years from the date the claimant suffered the loss.

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15
Q

RICS GN: Complaints Handling (2016): Standard minimum procedures for the handling of a complaint?

A

Step 1 (In house) - RICS 7 days to acknowledge, 28 days to respond V CBRE 5 days + 20 days
Step 2 (Third Party ADR) – CEDR, Property Redress Scheme

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16
Q

RICS GN: Complaints Handling (2016): What must a firm have/do in relation to Complaints handling?

A
  • CHP approved by the RICS
  • Notify PII insurer in event of a claim
  • Issue CHP in terms of business
  • Maintain complaints log
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17
Q

RICS PS: Clients Money Handling (2019): What are the 6 areas of good practice when handling clients money?

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

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18
Q

Equality Act (2010): Provide a summary of this legislation?

A

Anti-discrimination framework - service providers must, if reasonable to do so, remove or alter obstacles or provide alternative access for people of all abilities.
- 9 Protected characteristics

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19
Q

Equality Act (2010): What are the 9 protected characteristics?

A

Gender reassignment
sex
sexual orientation
Age,
disability,
race,
religion/ belief,
marriage & partnership,
pregnancy & maternity.

20
Q

What are the current MEES regulations?

A

04/2018 – New leases EPC of E
04/2023 – All existing leases EPC of E
04/2027 Rise to a C
04/2030 Rise to a B

21
Q

UK and CBRE Net Zero Carbon Targets?

A

UK = 2050
CBRE = 2040

22
Q

Environmental Protection Act (1990): What is the guidance for waste management?

A

Fundamental structure and authority for waste management and control of emissions into the environment.
Guidance for site contamination:
- Review site history
- Investigate nature & extent of contamination
- Remediation report

23
Q

RICS GN Contamination, the Environment and Sustainability (2010): Approach when valuing a site with contamination?

A
  1. Do not provide advice until a specialist report is commissioned
  2. Caveat advice with a disclaimer highlighting the issue/ use of a special assumption
  3. Deduct remediation costs from gross site value
24
Q

Control of Asbestos Regulations (2012)

A

Duty holder must undertake risk assessment, have an asbestos register and management plan.
- Non-compliance is a criminal offence.

25
Q

RICS GN - Asbestos: legal requirements and best practice for property professionals and clients (May 2021):

A

2 types of Asbestos Survey (management and Demolition)

5 steps to take:
1. Duty holder must assess whether the premises contains asbestos, where and what condition
2. Assess the risk & provide management plan
3. Produce an asbestos register
4. Make register available to parties who might disturb it
5. Review the register regularly (6 monthly)

26
Q

H&S at Work Act (1974): What are the key principles/inclusions for M&F?

A
  • Duty to every employer to ensure, the health, safety & welfare at work of all employees
  • Must report injuries & dangerous occurrences
  • Undertake, report, review risk assessment
  • Detailed H&S info to be held on site

Policed by Health & Safety Executive as criminal offence with fines or imprisonment

27
Q

RICS GN: Surveying Safely (2018): What does it cover?

A
  • Personal responsibilities for members & firms
  • Assessing hazards and risks
  • Workplace health & safety
  • Occupational hygiene & health
  • Visiting premises & site
  • Fire safety
  • Residential property surveying
  • Procurement & management of contractors
28
Q

RICS GN: Surveying Safely (2018): What must RICS regulated firms ensure they provide?

A
  • Safe working environment
  • Safe work equipment
  • Safe systems of work
  • Competent staff
29
Q

RICS GN: Surveying Safely (2018): What is a safe person?

A

individual behavioral responsibility for their own, their colleagues and others health & safety whilst at work. Individuals accept responsibility for their own actions & have tools to do their job safely.

30
Q

RICS GN: Surveying Safely (2018): Six Pack of H&S regulations?

A
  1. Management of H&S at work
  2. Display screen equipment
  3. Manual handling operations
  4. PPE at work
  5. Provision & use of work equipment
  6. Workplace Health, Safety & Welfare
31
Q

RIDDOR - Reporting of Injuries, Diseases, & Dangerous

A
  • Trigger date for reporting injuries is over 7 days incapacitation
  • Must be reported to HSE within 15 days from date of accident
  • Employers must keep record of all 3+ day injuries
32
Q

RICS PS Property Measurement (2018)

A

Introduced mandatory IPMS and practices aiming to avoid current inconsistent definitions of measurement in different countries.

IPMS 1,2,3 (mandatory for offices & residential)
GIA, NIA, GEA

33
Q

RICS PS Code of Measuring (2015)

A

GEA, GIA, NIA

34
Q

UK GDPR (2018): Overview & 6 key principles?

A

Single data protection regime affecting businesses & empowering individuals to take control of how their data is used by third parties.
6 Key Principles:
- Processed lawfully, fairly & in a transparent manner
- Collected for specified, explicit & legitimate purposes
- Adequate, relevant & limited to what is necessary/ purpose
- Accurate & kept up to date
- Not kept longer than necessary
- Processed ensuring appropriate security of the personal data

35
Q

Freedom of Information Act (2000)

A
  • Gives public right to request information from public bodies.
  • Must supply info within 20 working days.
  • Exemptions – GDPR / Prejudices criminal investigations
36
Q

RICS Valuation - Global Standards 2021 (Red Book Global): What is its aim?

A

Aim to achieve high standards of integrity, clarity, and objectivity in adopted valuation best practice.

New updates aim to promote:
Consistency
Objectivity
Transparency

37
Q

International Valuation Standards (2022)

A

Key guidance for valuation professionals globally & underpins consistency, transparency, and confidence in valuations.

Governed by International Valuation Standards Council.

38
Q

RICS GN: Comparable Evidence in Real Estate Valuation (2019): Key information

A

Hierarchy of Evidence - relative weightings attached to different types of evidence.

Category A – direct comparables
Category B – general market data
Category C – other sources

39
Q

RICS GN: Sustainability and ESG in commercial property valuation & strategic advice (2021)

A

Glossary of terms which valuers should incorporate into their valuation approaches such as terms of engagement, valuation purpose, inspection & reporting.

Also provides advice relating to relevant sustainability characteristics, considerations & risks to consider when analysing comparables & market information & how these should be reflected in valuation methodology choice.

40
Q

Estate Agents Act (1979): What are the 7 key principles?

A

7 key principles:
- Terms of Agency (S18)
- Honesty and accuracy
- Interests, personal interests (S21)
- Discrimination
- Offers, must report to client
- Costs, disclose all in TOE
- Clients, money separately
s.18 discloses fee calculation and timings in ToE and all costs and disbursements
s.21 disclose personal interests, a connected person is someone who could benefit financially from transaction

41
Q

Consumer Protection Regulations 2008 (amended 2014)

A
  • Extends agents duty of care from client to viewers/ potential purchasers (consumers) to give accurate and/or necessary material information and not to make any misdescriptions.
  • Prohibits unfair business to consumers, must not exert undue pressure on purchaser.
  • Policed by Trading Standards of LA – breach unlimited fine and/or prohibition. Up to £25k compensation.
42
Q

Consumer Rights Act (2015): What must agents do and who polices/fines?

A

Agents must clearly disclose summary of charges for letting and management online and in office.

Policed by Local Authority, penalty fine up to £5k per breach.

43
Q

Misrepresentation Act (1967)

A
  • Misrepresentation or a false statement made during pre-contractual enquiries, which has the effect of inducing the purchaser.
  • Agent has a duty of care to check advice, info or opinion is reliable.
    Vendor/agent can be sued for damages. Civil offence (tort) can be fraudulent, negligent, or innocent.
  • 3 tests for reasonableness: Foreseeability, Proximity, Fairness
  • Caveat Emptor
44
Q

Land Registration Act 2002

A

Aiming to achieve comprehensive registration of all property and land by 2030.

45
Q

RICS PS: UK Commercial Estate Agency (2016): What are the 12 key principles?

A
  1. Act in an honest, fair and professional manner
  2. Carry our work with due skill, care and diligence
  3. Terms of business that are fair and clear
  4. Avoid conflicts of interest
  5. Not to discriminate
  6. All communications to be clear and timely
  7. Marketing material to be honest and truthful
  8. Clients’ money to be held in separate accounts
  9. Hold appropriate PII
  10. Make clear your obligations to your client/ each party
  11. Realistic assessments of prices/ rents
  12. All meetings, inspections and viewings to be carried out with clients wishes and safety
46
Q
A

APC (6 decks)

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