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VT APC 2 > Legislation / Professional Standards Descriptions > Flashcards

Legislation / Professional Standards Descriptions Flashcards

1
Q

What does the Bichard Review (2022) set out?

A

36 recommendations in 7 key areas:

  1. Public interest
  2. Self-regulation
  3. Diversity and inclusion
  4. Younger generation
  5. Independent Review
  6. Simplified governance structure
  7. Greater leadership on sustainability and climate change
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2
Q

What does RICS Rules for the Regulation of Firms (2022) set out?

A
  • If 50% of Principals are RICS members the firm must be regulated
  • Each firm must nominate a ‘Responsible Principle’
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3
Q

What are the RICS Rules of Conduct (2021)?

A
  1. Honesty and integrity
  2. Competence and expertise
  3. Good quality and diligent service
  4. Respect and diversity and inclusion
  5. Act in public interest
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4
Q

What does Use of Social Media: Guidance for RICS Members (2021) set out?

A

Investigate posts where they involve:

  • Discrimination
  • Dishonesty
  • Abusive / threatening behaviour
  • Bullying / harassment
  • Pattern of frequent concerning communications
  • Ignoring previous warnings
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5
Q

What does the RICS Professional Standard: Conflicts of Interest - UK Commercial Property Market Investment Agency (2017) set out?

A

High-level principles for the identification and management of conflicts:

  • Dual agency (not allowed)
  • Multiple introductions (specify if exclusive / non-exclusive)
  • Incremental advice (allowed if informed consent / information barrier)
  • Personal / own Interest conflict
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6
Q

What does the RICS Professional Standard: Conflicts of Interest (2017, effective 2018) set out?

A
  • Provides definitions, including the definition of a COI
  • Types of conflict (party, own interest)
  • Informed consent
  • Information barriers
  • Confidential information
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7
Q

What does the Yianni vs Edwin Evans (1981) case set out?

A

A valuer instructed by a mortgagor lending institution could owe a duty of care in tort to a mortgage purchaser relying on a valuation

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8
Q

What does the Limitation Act (1980) set out?

A

Limitation periods for negligence:

  • Contract: 6 years from the date of the negligent act
  • Tort (civil): 6 years from the date the claimant suffered the loss
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9
Q

What does the Bribery Act (2010) set out?

A

6 principles of bribery:

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

4 offences:

  1. Bribing
  2. Receiving a bribe
  3. Bribing a foreign public official
  4. Failing to prevent to prevent bribery
  • Policed by Serious Fraud Office
  • Penalty: 10 years prison / unlimited fine
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10
Q

What is set out in Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (2017, amended 2023)?

A

Provisions include

  1. Risk assessments
  2. Systems, policies and controls
  3. Internal controls
  4. Staff training
  5. New customer / enhanced due diligence
  6. Comply with PEP requirements
  7. Record keeping
  8. AML checks to be undertaken
  9. Include high-risk factors when assessing the need for enhanced due diligence

Firms must scrutinise transactions that are:
- Complex / unusually large
- Unusual patterns
- Without apparent economic / legal purpose

Penalties:
- Assisting: 14 years prison / unlimited fine
- Tipping off: 5 years prison / unlimited fine

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11
Q

What is set out in RICS Professional Standard: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019)?

A

3 parts:

  1. Mandatory requirements
  2. Guidance for good practise
  3. Supplementary guidance
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12
Q

RICS Professional Standard: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019)

What is set out in Part 1 - Mandatory requirements?

A

Bribery and corruption:

  • Do not accept bribes
  • Procedures in place
  • Report suspicious activity
  • Due diligence
  • Retain records

Money laundering and terrorist financing:

  • Not to facilitate or be complicit
  • Systems in place
  • Report suspicion
  • Evaluate and review risks to firm
  • Use third party reliance for checks
  • Understand client and purpose of instruction
  • ID checks
  • Retain records
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13
Q

RICS Professional Standard: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019)

What is set out in Part 2 - Guidance?

A
  • Written policy in place for senior management to take control of
  • Code of behaviour
  • Transparency
  • Gifts register
  • Up to date with legislation
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14
Q

RICS Professional Standard: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019)

What is set out in Part 3 - Supplementary guidance?

A
  • 3 ‘W’s
  • Who acting for / what you are doing / why you are being asked to do something
  • Dealing with PEPs
  • Identify beneficial ownership (by requesting Certificate of Incorporation or Annual Return)
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15
Q

What is set out in the Sanctions and Anti-Money Laundering Act (2018)?

A
  • Sanctions issued in light of geopolitical issues like Ukraine
  • HM Treasury’s Office of Financial Sanctions Implementation (OFSI) provides guidance regarding financial sanctions against countries, companies and individuals
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16
Q

What is set out in the Proceeds of Crime Act (2002)?

A

Provides powers for enforcement authorities to recover criminal money

3 offences:
- Concealing criminal property
- Arrangements
- Acquisition

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17
Q

What is set out in the Economic Crime (Transparency & Enforcement) Act (2022)?

A
  • Beneficial Ownership register (someone who enjoys the benefits of ownership even though the title to the asset is in another name)
  • Strengthens investigation powers regarding unexplained wealth orders (UWOs)
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18
Q

What is set out in RICS Professional Standard: Surveying Safely - Health and Safety Principles for Property Professionals (2018, effective 2019)

A

RICS firm must provide:

  • Safe working environment
  • Safe systems of work
  • Competent staff
  • ‘Safe person’ (individual assumes responsibility for themselves)
  • Up-to-date employer’s and public liability
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19
Q

What is set out in Health & Safety at Work (1974)?

A

Policed by Health and Safety Executive:

  • Every employer has responsibility
  • Report injuries and dangerous occurrences
  • Undertake and review risk assessments
  • Definition of hazard and risk

6 Pack of H&S Regulations (how employers must comply):

  1. Management of H&S at work
  2. Display screen equipment
  3. Manual handling operations
  4. PPE at work
  5. Provision and use of work equipment
  6. Workplace health, safety and welfare
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20
Q

What is set out in the PPE at Work regulations (2022)?

A
  • Legislation
  • Employers must provide PPE
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21
Q

What is set out in Reporting of Injuries, Diseases and Dangerous Occurrences (2013)?

A
  • Trigger date for reporting injuries is over 7 days incapacitated
  • Must be reported to HSE within 15 days
  • Keep record of all 3+ day injuries
  • Log in Accident Book (must be kept for 3 years after an accident)
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22
Q

What does the Corporate Manslaughter and Corporate Homicide Act (2007) set out?

A
  • Relates to gross breach of a duty of care leading to death

Penalties: Unlimited fine / imprisonment / disqualification

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23
Q

What is set out in the Fire Risk Management Regulatory Reform (Fire Safety) Order (2005)?

A

Based on a risk assessment with emphasis on fire prevention:

  • ‘Responsible person’ is the employer / occupier
  • Must be fire precautions in place (warning alarm system, fire-fighting equipment, exit routes, personal emergency evacuation plan, emergency lighting)
  • Record keeping

Aligned to Part B of the Building Regulations

24
Q

What is set out in the Fire Safety Act (2021) and Fire Safety Regulations (2022)?

A
  • Hackitt Review (2018)
  • Fire Safety Act (2021): This amends the Fire Risk Management Regulatory Reform (Fire Safety) Order (2005)
  • For all resi
  • FRAEW (fire risk assessment of external walls) must be undertaken for multi-occupied blocks. Must contain summary for mortgage valuer to establish whether remediation works are needed
  • Allows Fire Service to take enforcement against responsible persons
  • Regular inspections of lifts
  • Evacuation plans / personal evacuation plans in place
  • EWS1 form may still be used
25
Q

What is set out in the Building Safety Act (2022)?

A

Enhances regulations for building safety and ensure residents have a stronger voice

Incorporates recommendations from The Hackitt Review for high-rise resi buildings:

  • Introduced ‘Building Safety Regulator’, who are the Building Control Body
  • HSE responsible for verifying building works
  • Golden Thread for high-risk building
  • Occurrence Report required for high-risk building
  • High-risk buildings must be registered before occupied

Under Building Safety Act (2022), the Building Regulations: Approved Document B sets out the 2nd staircase guidance for buildings over 18m, which takes effect from 30th September 2026

26
Q

What is set out in the Occupier’s Liability Act (1957)?

A
  • Liability of occupiers and others for injuries caused to visitors / damages to goods due to the state of the property
  • A duty of case is also placed on visitors
27
Q

What is set out in Smoke-free (Premises & Enforcement) Regulations (2007)?

A
  • Illegal to smoke in enclosed spaces
  • No smoking signs must be displayed

Penalties: £50 - £2,500

28
Q

What is set out in the Defective Premises Act (1972)?

A
  • Obligation on landlord to ensure premises complies with requirements
  • Landlord owes a duty of care
  • Landlords are not requires to make a building safe
  • The Building Safety Act (2022) has extended the period of liability from 6 years after the date of completion of the works to 15 years for a claim after June 2022
29
Q

What is set out under The Control of Asbestos Regulations (2012)?

A

3 types of asbestos:

  • Amosite (brown)
  • Crocidolite (blue)
  • Chrysotile (white)

ACC

Obligations to:
- Duty holder (owner of premises)
- Employer

Surveys:
- Management (locate, assess and advise, NO sampling or analysis)
- Refurbishment / demolition (if doing works, samples taken and analysed, recommendations made for management)

5 steps to take:
1. Duty holder assess whether the premises contain asbestos and what condition it is in
2. Assess the risk and produce an asbestos management plan - is removal needed?
3. Produce an asbestos register
4. Register available to all parties
5. Review regularly (6 monthly)

30
Q

What is set out under the Health & Safety (Offences) Act (2008)?

A
  • Fines up to £20,000 / 12 months prison
31
Q

What is set out under the RICS Professional Standard: Asbestos (2021)?

A

Sets out best practise:

  • Common asbestos containing materials
  • How to commission a survey
  • Contents of an asbestos management plan
32
Q

What is set out in the Construction (Design and Management) (CDM) Regulations (2015)?

A

Three duty holders:

  1. Client
  2. Principal Designer (used to be CDM Co-ordinator)
  3. Principal Contractor (responsible for Construction Phase Plan)
  • All projects with more than one contractor must have a PD, PC and H&S file
  • HSE to be notified through a F10 form if project is more than 30 days with more than 20 workers, or 500 person days of construction work
33
Q

What is set out in the International Reporting Standards 16?

A

Lease accounting standard that all companies have to comply with when using IFRS.

  • The full cost of leases have to be accounted for on the balance sheet, unless they are less than 12 months long
34
Q

What is set out in the RICS Professional Standard: Conflicts of Interest Global (2017, effective 2018)

A
  • Provides definitions, including the definition of a COI
  • Types of conflict (party, own interest)
  • Informed consent
  • Information barriers
  • Confidential information

Used in Ethics, and also Conflict Avoidance & Management

35
Q

What is set out in the Arbitration Act (1996)?

A

An arbitrator decides a dispute acting in accordance with statute

36
Q

What is set out in the Construction Act (1996)

A

An adjudicator is encouraged for construction disputes

37
Q

What is set out under the Data Protection Act (2018)?

A

UK GDPR:

Principles of GDPR:
- Processed lawfully, fairly and transparently
- Collected for specific reasons
- Limited to what is necessary
- Accurate and up to date
- Kept in form that permits identification
- Processed securely

8 individual rights:
- Informed
- Access
- Rectification
- Erasure
- Restrict processing
- Data portability (for own purposes)
- Object
- Automated decision making and profiling

38
Q

What is set out by the Freedom of Information Act (2000)?

A

Gives individuals the right of access to information held by public bodies

39
Q

What is set out by the Proposed RICS Professional Standard: Data Handling and Prevention of Cybercrime?

A
  • Covers best practise and mandatory obligations
  • How surveyors capture, store and share data appropriately and securely
40
Q

What happens if you breach an NDA?

A

Legal action to enforce the agreement and seek damages for any losses

41
Q

What is set out under the Equality Act (2010)?

A

9 protected characteristics:

  1. Gender reassignment
  2. Sex
  3. Sexual orientation
  4. Age
  5. Disability
  6. Race
  7. Religion / belief
  8. Marriage / partnership
  9. Pregnancy / maternity
42
Q

What is set out under Rule 4 of the RICS Code of Conduct (2021) in relation to D&I?

A

Advice to firms of different sizes:

Sole Practitioners:
- Accessible offices
- Website accessible to all

Smaller firms:
- Recruit wide range talent
- Job alerts inclusive

Larger firms:
- Collect and publish EDI data
- Staff training

Guidance in relation to:
1. Inclusive culture
2. Everyday life at work
3. Inclusive environment
4. Career progression and development
5. Inclusive policies and procedures
6. Inclusion spaces

43
Q

What do The Building Regulations (2010) Approved Document M set out?

A

Promotes inclusive design that reflects the needs of all people:

  • Approach route: Safe & convenient (small gradient so wheelchairs can use it / step free / external ramps)
  • Provide lifts (suitable for wheelchairs)
44
Q

What is set out under the Equality Act (2010) in relation to inclusive environments?

A

4 illegal types of discrimination:
- Direct
- Indirect
- Harassment
- Victimisation

Reasonable adjustments for disabled people:
- Remove or alter the feature
- Reasonable means of avoiding the obstacle / alternative access

Test for reasonableness?
- Effectiveness
- Practicality
- Financial cost / disruption
- Financial / other resources available to the service provider

45
Q

What does RICS Professional Standard: Measured Surveys of Land, Buildings and Utilities (3rd Ed., 2014) set out?

A

Types of surveys:
- Project info (contacts, timescales, data management systems, site access, omissions and supply of existing information. It will assist in having a well-defined set of goals and expectations from a survey for all concerned)
- Topographic
- Measured building surveys
- Underground utility surveys
- Setting out surveys
- Monitoring and deformation surveys
- Deliverables

46
Q

What does the RICS Professional Standard: Sustainability and ESG Guidance in Commercial Property Valuation and Strategic Advice (2021) set out?

A

How sustainability or ESG features can impact a valuation e.g. how an asset meets the sustainability and ESG criteria typically expected within the context of its market (how a well-informed purchaser would take account of them in making a decision as to offer price)

47
Q

What does the Climate Change Act (2008) set out?

A
  • Updated in 2019 to require the UK to meet Net Zero by 2050
  • MEES regime and EPCs
48
Q

What is included in the UK Green Building Council’s framework?

A
  1. Establish Net Zero Carbon scope
  2. Reduce construction impacts
  3. Reduce operational energy use
  4. Increase renewable energy supply
  5. Offset any remaining carbon
49
Q

What is set out under the Heat Network (Billing and Metering) Regulations (2014, amended 2015 and 2020)?

A
  • Provision of communal heating systems in multi-occupied commercial and residential schemes
  • Consumers must be provided with accurate meter readings / bill information and competitively priced individual meters
50
Q

What is set out under the Climate Change Levy?

A
  • Tax on energy delivered to non-domestic users in the UK
  • Incentive to increase energy efficiency
  • Charged by energy providers
51
Q
A
52
Q

What are Display Energy Certificates?

A

Required for public buildings over 250 sqm

  • Display energy used and CO2 emissions
53
Q

What is BNG?

A

Improving natural habitats to deliver measurable positive impact (net gain)

  • Compulsory from 12th February 2024
54
Q

What is BREEAM?

A

Voluntary environment assessment tool for new, refurbished and operational assets

  • Based on 9 categories (energy consumption, water use, transport links, waste management and health and wellbeing)
  • Pass, Good, Very Good, Excellent, Outstanding
55
Q

What does the RICS Practise Information: The design, delivery and management of healthy buildings: a practical guide (2023) set out?

A
  • How healthy buildings impact our health in relation to design, construction materials, sound, light, water and air quality, building technology and management
  • Explores the role of health and wellbeing in ESG and advises when it should be considered during the design and construction process

VT APC 2 (13 decks)

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