Mandatory Flashcards
When are courts used for dispute resolution and what are the pros and cons
Where points of law and liability are at issue.
Likely to be under pressure from volume of cases - may be slow
Parties encouraged to find other methods to resolve dispute
What is arbitration and when is it used
Arbitration is used to obtain a fair resolution of disputes by impartial tribunal without unnecessary delay or expense
Relies on evidence from parties
Good for technical issues where relevant professional is appointed as arbitrator
Arbitration Act 1996
What is expert determination and when is it used?
Where an independent expert is employed to answer a question, usually where two parties have opposing views on the answer.
No legislative framework
Good for smaller, valuation based disputes
Answer is not final and binding, however expert witness can offer contract to make decision final and binding
What is mediation and when is it appropriate
Encourages discussion between parties to encourage a resolution.
Not legally bound to come to solution
Mediator does not have to have subject knowledge
When did RICS get the royal charter
1881
What is the official name of the rules of conduct?
Rules of conduct, global, October 2021
What is the importance of CPD
Ensure you are up to date with
What do you need if you are a sole practitioner in case you are off unwell
A locum agreement
What are the types of client account are there?
General - an account which your firm holds for clients, not necessarily one specific client
Discreet - accounts for money related to a specific client
What is the data protection legislation?
General Data Protection Regulations 2018
Data protection Act 2018
What are the key principles of data protection?
Lawfulness fairness and transparency
Storage limitation
Purpose limitation
Accuracy
Accountability
Integrity and confidentiality
Data minimisation
Who is FG’s Data protection officer?
Clare Phillipson
Who is FG’s complaints handling officer?
Sanjay Patel
What do the ISO:14001 standards men within FG?
Set environmental targets for the business.
This includes things such as printing targets, increasing knowledge and awareness of sustainability through eLearning and understanding base levels of energy consumption and efficiency in office buildings
What is RICS’s motto?
There is measure in all things
What is RICS’s charity
Lionheart
Provides support to RICS members and their families through to retirement
What are the three types of COI
Party conflict
Confidential information conflict
Own interest conflict
What insurance would be required if you are setting up a business
Professional indemnity insurance
Employer liability insurance
Public liability insurance
Buildings insurance
Directors and officers cover
Contents insurance
Business interruption insurance
What should happen to unidentified client money?
Should be held securely for 6 years before being donated to charity
What is the RICS guidance relating to client money?
Client Money Handling RICS professional standard, October 2019 (effective jan 2020]
When would you use Subject to Contract
Within negotiations where the party has no intention of being legally bound at that stage. No contract can be created from correspondence.
What is without prejudice
Used where there is an existing dispute and means that statements made cannot be used as evidence in any dispute resolution on the future.
Who is the CEO of RICS?
What are his objectives and background
Justin Young (June 2023)
Promoting diversity in real estate
Knight Frank
Who is the president of RICS?
Ann Gray
What are the Rules of Conduct?
- Members and firms must be honest, act with integrity and comply with their professional standards, including those set my the RICS.
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals with the necessary expertise.
- Members and firms must provide a good quality and diligent service.
- Members and firms must treat others with respect and promote diversity and inclusion.
- 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.
What is the document for the Ethics Rules?
RICS Rules of Conduct 2021 effective of 2nd February 2022
Example of when you have been honest, acted with integrity & complied with professional standards?
Ensure COI checks are carried out for each project I am working on and obtain informed consent if required.
What is the RICS Guidence on COIs
RICS Professional Standard Conflicts of Interest 1st edition 2017
What is a conflict of interest?
Where the duty owed to one client within a professional assignment is conflicted with the requirement or appetite to act in another way.
Example of when you have maintained your professional competence?
I attend regular formal CPD days put on by my firm as well as recently signing up for Lunch & Learn CPD sessions to ensure my knowledge in my area of practice is up to date.
Example of when you have provided a good quality and diligent service?
WHen my client experienced a hot tap, I made my way to site in the early hours of the morning.
When have you treated others with respect and promoted diversity and inclusion?
A member of my team works part time and has non-working days. When arranging team meetings, I ensure that these are on days they are in the office to promote diversity and inclusion .
