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Ethics PB > Level 1 > Flashcards

Level 1 Flashcards

1
Q

What is the role of the RICS?

A

Promote and enforce the highest professional qualification and standards

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2
Q

When was RICS founded

A

1868

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3
Q

Who is CEO of RICS

A

Justin Young

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4
Q

Who is president of RICS?

A

ANNE GRAY

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5
Q

Why do you want to be a member of the RICS?

A

I want to be part of a recognised institution and act in the public interest.

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6
Q

Why are RICS governance under review?

A

Levitt Repot (2021) showed lack of clarity in RICS.

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7
Q

What challenges are the RICS facing?

A

RICS’s standards and regulation board recently walked out

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8
Q

What was the Bichard Review?

A

Made 36 recommendations on how RICS can be improves.

e.g focus on diversity and inclusion

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9
Q

What are the benefits of being an RICS member?

A

Status
Recognition
Knowledge
Network (125,000 professionals)

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10
Q

What is needed for you to register a firm with RICS?

A
  1. RICS member responsible
  2. Type of business
  3. Nature of clients
  4. Complaints handling procedure
  5. Indemnity insurance
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11
Q

When were the new RICS rules of conduct published?

A

2021

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12
Q

Why were the 2021 new rules of conduct published?

A
  1. Simpler structure
  2. Focus on diversity and inclusion
  3. Evolving technology
  4. Global challanges
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13
Q

What are the 5 Rules of conducts

A
  1. Members and firms must be honest and act with integrity and comply with there professional obligations and the RICS
  2. Members and firms my maintain there professional competence and ensure the services are provided by competent individuals who have the necessary expertise.
  3. Members and firms must provide good-quality and diligent service
  4. Members and firms must treat others with respect and encourage diversity and
    inclusion.
  5. Members and firms must act in the public interest, take responsibility for their
    actions and act to prevent harm and maintain public confidence in the profession
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14
Q

How do you comply with rule 5?

A

Always ensure I conduct conflict of interest and AML checks

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15
Q

How do you comply with rule 3?

A

Make sure I take on the amount of work i can manage

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16
Q

How do you comply with rule 4?

A
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17
Q

How do you comply with rule 2?

A

Ensure i do not undertake instructions outside my competence

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18
Q

How do you comply with rule 1?

A

Own up to mistakes. E.g broken door handle

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19
Q

What is the RICS ethics decision tree?

A

Follow when you are asked to act in unethical way

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20
Q

What are the steps of the ethics decision tree?

A

Have you got facts
Have you consulted with others to make informed decision
Is it in line with RICS Rules of conduct
Do you want it made public?

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21
Q

What is the ultimate test of the RICS decision tree?

A

Would you want your decisions or actions made public?

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22
Q

What are the three levels of disciplinary actions?

A
  1. Action by head regulation
  2. Disciplinary Panel
  3. Appeal Planel
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23
Q

What is generally included in Terms of Engagement

A
  • Client name
  • Address
  • Fees
  • Conflict f interest
  • Terms of business (complaints handling procudere)
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24
Q

What are included in Terms of engagement for a Land disposal instruction?

A
  1. Address
    2.Disposal strategy
  2. Marketing collateral and budget
  3. Fees
  4. Conflicts of interest
  5. Terms of business
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25
Q

What is a conflict of interest?

A

When your impartiality is threatened.

26
Q

What are some examples of a conflict of interest?

A
  • Financial interest
  • Personal relationship
  • Acting on both sides of a transaction
27
Q

What is the RICS Professional statement for conflicts of interest?

A

RICS Global Professional Statement on Conflicts of Interests, 2017

28
Q

What happens if you come across a conflict of interest?

A

Be transparent

  1. Conflict avoidance
  2. Written advice to both parties (ask for consent)
  3. Conflict management
29
Q

What are the three steps when you run into a conflict?

A
  1. Conflict Avoidance
  2. Written Advice
  3. Conflict Management
30
Q

What happens if someone files a complaint?

A
  1. Acknowledge in 5 days
  2. Written response a further 10 working days
  3. Complainant respond within 10 working days to escalate
  4. 5 days for Savills to send suggested resolute
31
Q

What happens if People are not happy with complaints handling?

A
  • Can call for Alternative Dispute Resolution (ADR)
  • Call for Property Redress Scheme
32
Q

Who is the Complaints Handling Officer for Savills?

A

CAROLE BRATT

33
Q

What is professional indemnity insurance?

A

Policy designed to protect your client and your business against claims for financial loss or damage

Mandatory for surveyors

34
Q

What is the minimum level of indemnity for each claim?

A

Linked to turnover of the company

35
Q

What needs to occur for a negligence claim to be made?

A

When duty of care is breached - loss - damages

36
Q

How can you avoid negligence?

A
  • Understand clients objectives?
  • Competent to undertake work
  • Adhere to professional standards
  • File notes
  • Cap professional liability excess
37
Q

Name RICS compliance for starting a new practice?

A
  • Register with RICS
  • Professional Indemnity insurance
  • Client money handling procedure
  • Complaints handling procedure (log book, complaints officer)
  • Complete RICS annual return
38
Q

Name statutory compliance for starting a new practice?

A
  • Disability discrimination compliance
  • Bribery Act 2010 compliance
  • Health and safety compliance
  • Fire safety compliance
  • GDPR
  • Inform HMRC
39
Q

What is the RICS Compliance for closing a business?

A
  • Inform RICS
  • Inform clients
  • Return all monies to clients accounts
  • Retain clients files for 6 years
40
Q

What is a bribe?

A

Something to induce or reward Improper conduct

41
Q

What are some of the principles of the Bribery act 2010

A
  1. Proportionality
  2. Risk Assessment
42
Q

If you were offered a free holiday what would you do?

A

I would decline Inline with the Bribery Act 2010 because it is not proportional to the work i did.

I would report to my line manager inline with Savills procedures.

43
Q

What are the bribery penalties?

A
  • Max 10 years imprisonment
  • Unlimited fines
44
Q

What is the Savills gift policy?

A

Giving or receiving up to £50 does not need approval.

45
Q

What is savills meal and event policy

A
  • £125 per person per meal no approval required
  • 250 per person per event no approval required
46
Q

What is required for gifts over £50

A
  • Inform manager
  • Log in company gift register
47
Q

You are attending a client/supplier sponsored conference where you are told that you have
won an expensive prize - an ipad.

A

Do not accept.

48
Q

You are organising a client ski trip and it is expected that Savills will pay for the client’s travel
and accommodation costs.

A

Do not pay

49
Q

Should you every give cash as a gift?

A

no

50
Q

What regulation is associated to money laundering?

A

Terrorist Financing and Transfer of Funds Regulations (2017) amended (2022)

(MLR, 2017)

51
Q

What was amended in 2022 to MLR?

A
  • Sanction lists - Ukraine war
  • Using HM Treasury sanctioned list
  • Focus on technology
52
Q

What is the requirement for money laundering checks for an individual?

A
  1. Valid passport
  2. Bank statement to show address
53
Q

What is the requirement for money laundering checks for Private Company?

A
  1. Registered number
  2. Office address
  3. Names of directors
  4. Business address
54
Q

What are the money laundering penalties?

A
  1. Max 14 years imprisonment and unlimited fine
55
Q

What is a bribe?

A

Something to induce or reward Improper conduct

56
Q

What is the Savills Anti Money Laundering Policy?

A
  • Act inline with Terrorist Financing and Transfer of Funds Regulations (2017) amended (2022) (MLR)
  • Appoint money laundering officer
  • Ensure checks and procedures are in place to comply with law
  • Training for employees
57
Q

What are the red flags for money laundering?

A
  • Inability to provide documents
  • Unusual transactions
  • Payment in unusual currencies
58
Q

What is the RICS professional statement for bribery and money laundering?

A

RICS Professional Statement: Countering Bribery, Corruption, Money Laundering and terrorist financing, 2019

59
Q

Why is it important for people to be solvent?

A
60
Q

What happened if there was an envelope left in office after meeting?

A

Do not open, make contact with superiors, return back to person
Follow decision tree

Ethics PB (7 decks)

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