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RICS APC 2023 - My SoE > Mandatory > Flashcards

Mandatory Flashcards

1
Q

When are courts used for dispute resolution and what are the pros and cons

A

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

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2
Q

What is arbitration and when is it used

A

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

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3
Q

What is expert determination and when is it used?

A

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

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4
Q

What is mediation and when is it appropriate

A

Encourages discussion between parties to encourage a resolution.
Not legally bound to come to solution
Mediator does not have to have subject knowledge

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5
Q

When did RICS get the royal charter

A

1881

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6
Q

What is the official name of the rules of conduct?

A

Rules of conduct, global, October 2021

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7
Q

What is the importance of CPD

A

Ensure you are up to date with

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8
Q

What do you need if you are a sole practitioner in case you are off unwell

A

A locum agreement

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9
Q

What are the types of client account are there?

A

General - an account which your firm holds for clients, not necessarily one specific client
Discreet - accounts for money related to a specific client

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10
Q

What is the data protection legislation?

A

General Data Protection Regulations 2018
Data protection Act 2018

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11
Q

What are the key principles of data protection?

A

Lawfulness fairness and transparency
Storage limitation
Purpose limitation
Accuracy
Accountability
Integrity and confidentiality
Data minimisation

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12
Q

Who is FG’s Data protection officer?

A

Clare Phillipson

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13
Q

Who is FG’s complaints handling officer?

A

Sanjay Patel

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14
Q

What do the ISO:14001 standards men within FG?

A

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

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15
Q

What is RICS’s motto?

A

There is measure in all things

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16
Q

What is RICS’s charity

A

Lionheart
Provides support to RICS members and their families through to retirement

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17
Q

What are the three types of COI

A

Party conflict
Confidential information conflict
Own interest conflict

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18
Q

What insurance would be required if you are setting up a business

A

Professional indemnity insurance
Employer liability insurance
Public liability insurance

Buildings insurance
Directors and officers cover
Contents insurance
Business interruption insurance

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19
Q

What should happen to unidentified client money?

A

Should be held securely for 6 years before being donated to charity

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20
Q

What is the RICS guidance relating to client money?

A

Client Money Handling RICS professional standard, October 2019 (effective jan 2020]

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21
Q

When would you use Subject to Contract

A

Within negotiations where the party has no intention of being legally bound at that stage. No contract can be created from correspondence.

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22
Q

What is without prejudice

A

Used where there is an existing dispute and means that statements made cannot be used as evidence in any dispute resolution on the future.

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23
Q

Who is the CEO of RICS?
What are his objectives and background

A

Justin Young (June 2023)
Promoting diversity in real estate
Knight Frank

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24
Q

Who is the president of RICS?

A

Ann Gray

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25
What are the Rules of Conduct?
1. Members and firms must be honest, act with integrity and comply with their professional standards, including those set my the RICS. 2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals with the necessary expertise. 3. Members and firms must provide a good quality and diligent service. 4. Members and firms must treat others with respect and promote 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.
26
What is the document for the Ethics Rules?
RICS Rules of Conduct 2021 effective of 2nd February 2022
27
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.
28
What is the RICS Guidence on COIs
RICS Professional Standard Conflicts of Interest 1st edition 2017
29
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.
30
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.
31
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.
32
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 .
33
When have you promoted trust within the profession and taken responsibility for your actions?
I once sent an older version of a fee estimate over to one of my clients which contained incorrect figures. When I realised my mistake I made contact with my client as soon as possible to inform them of the error and sent them the updated version of the document.
34
RICS Guidence on complaints handling?
Complaints handling professional standard 2016
35
Who is the FG complaints handling officer?
Sanjay Patel
36
FG Complaints Handling Procedure and RICS requirements?
FG acknowledge complaint within 5 days, respond in full in 15 days RICS, acknowledge within 7 days, respond in 28
37
What happens if a complaint cannot be resolved?
Independent redress, approved by the RICS regulatory board
38
What is the legislation surrounding bribery?
Bribery Act 2010
39
What are the sanctions for bribes?
Unlimited fine and up to 10 years inprosinment
40
What are the 4 offences under the Bribery Act 2010?
- Give a Bribe - Receive a bribe - Fail to prevent a bribe - Bribe a public official
41
What is a bribe?
The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal unethical or a breach of trust.
42
RICS guidence in relation to Bribery?
RICS Professional Standard Countering Bribery, Corruption, money laundering and terrorist financing 2019
43
What would you do if you were offered a gift?
Make an assessment as to whether it is proportionate to the work I have carried out. If so, and the value os over £50 I would declare it via a gifts and hospitality Form. This would need to be signed by the DMP and returned to HR
44
FG guidence relating to bribery?
FG anti-bribery and Corruption Policy
45
What is the RICS Motto?
There is measure in all things
46
What are the COI types?
Party Conflict Own interest conflict Confidential Information
47
What is the legislation surrounding Data Protection?
Data Protection Act 2018 General Data Protection Regulations 2018
48
What does data protection legislation do?
Controls the way in which personal information is used my organisations, businesses and the government
49
What are examples of personal Data?
Race Genetics Sexual Orientation Health
50
Who is FG Data Protection Officer?
Clare Phillipson
51
What are the Data Protection Principles
Lawfulness Fairness and Transparency Storage Limitation Purpose Limitation Data Minimisation Accuracy Accountability Integrity and Confidentiality
52
What information does the data protection policy include
Data protection officer Information as to how the data protection principles are addressed and the data subject rights
53
What is the difference between push, pull and interactive communication?
Push is where information is sent to stakeholders. You control who receives it but there is no urgency and it is good for fulfilling a large group of communication quickly. Pull communication is when you put information in a location for stakeholders to view if they wish. You do not necessarily expect a response from this kind of communication but you do not know who has received it and if it has been understood. Interactive communication is multi directional and you get instant feedback so any issues can be addressed quickly. Good for sensitive information.
54
What is the RICS guidance on Health and Safety?
RICS Surveying Safely Guidence note. 2nd Edition 2018
55
What is the legislation surrounding health and safety?
The Health and Safety at Work etc. Act 1974
56
What risks would you consider prior to attending site?
How you are getting there Traffic Access routes Parking Occupiers Flood Risk Site boundaries Awareness of construction - Asbestos Invasive species - Japanese Knotweed
57
What are your responsibilities in relation to H&S at work according to FG Policy?
Understand Risks Follow H&S Training Comply with policies Be Proactive Report and failings in H&S
58
What are the responsibilities for employee and employer under the H&S at Work etc. Act 1974?
Section 7 - Employee must take reasonable care and co-operate with employer to fulfill their legal duty Section 2(1) - Ensure health safety and welfare as far as reasonably practical
59
Who has the main responsibility for H&S?
Managing Partner - Andrew Bridge
60
WHo is FG's Money Laundering Reporting Officer (MLRO)?
Alisdaire Dunne
61
What is the Money Laundering Legislation?
The Money Laundering, Terrorist Financing and Transfer of Funds (Information To the Payer) Regulations 2017 Proceeds of Crime Act 2002
62
What steps do you take to prevent Money Laundering?
SMART Search for money laundering Send anything you are unsure about to the risk team. Report anything suspicious to the MLRO
63
What are CPS requirements for APC Candidates and Members of the RICS?
48 hours for APC Candidate 20 Hours for member per calendar year (50% must be formal)
64
What is the difference between formal and informal CPD?
Decision tree on RICS website Formal CPD is structured learning with clear objectives and outcomes. Informal CPD - Self managed learning that is related to professional role.
65
What is PI Insurance?
Professional Indemnity. It insures a firm against claims for negligent work which result in a loss to the client.
66
What are the levels for PI Insurance?
< £100,000 = £250,000 cover £100,000 - £200,000 = £500,000 cover > £200,000 = £1m cover
67
What are the RICS principles of Better Regulation?
Proportionality Accountability Consistency Targeting Transparency
68
What is the purpose of the RICS
Promote and enforce the highest professional qualifications and standards Be the leading source of information and independent advice Accountable to members and the public Provide independent advice to government
69
What is Cash Flow, Balance Sheet, and Profit and Loss Account?
Cash Flow - Predicted Income and Expenditure, usually on month to month basis Balance Sheet - Shows business' assets, liabilities and capital Profit and Loss - Shows income and expenditure - shows whether business has made or lost money
70
What steps can you take in relation to business plan at FG
Gain an understanding of services offered to allow cross selling to clients where applicable. Keep up to date with time sheets to reduce lock up and allow for more accurate fee income forecasting.
71
What is the RICS Dispute Resolution Services
It appoints dispute resolvers to cases to work towards resolving disputes in a number of areas within the built environment sector.
72
What legislation relates to equality?
Equality Act 2010
73
What is the Equality Act 2010? How does it impact employers?
Makes it an offence to discriminate or harass someone due to a protected characteristic (i.e. age, disability, pregnancy). Employers must make reasonable adjustments to address the disadvantages these people may face.
74
What is ISO:14001?
Provides for the best practices to reduces environmental footprint by adopting an environmental management system.
75
Level of uninsured excess for PI?
Depends on the level insured... <£500,000 - 2.5% of insured sum or £10k (Highest) >£500,000 - 2.5% sum insured
76
What is FG's level of cover?
£35 million
77
RICS PII guidence?
RICS Professional Indemnity Insurance Requirements, 9th edition 2022
78
What level of run off cover would you expect? How long for?
£1,000,000 for 6 years It is recommended that risk assessments are undertaken, and up to 15 years may be more appropriate
79
Discuss the Ethics Decision Tree
Assists RICS member in making ethical decisions by asking questions like 'do you have enough facts' 'is it legal'
80

RICS APC 2023 - My SoE (9 decks)

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