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EHAPC > PE Ethics, Rules of Conduct and Professionalism > Flashcards

PE Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

What is the maximum level of uninsured excess for firm turnover in the preceding year of £10m and above?

A

No limit

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2
Q

Who chaired the Independent Review of RICS in September 2021?

A

Alison Levvit

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3
Q

What is RICS incorporated by?

A

Royal Charter

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4
Q

What is part of the RICS structure?

A

Governing Council
Presidential Team
Executive Team
Regulatory Board
Management Board
Presidential Team

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5
Q

How many years after an instruction has been completed can a Pofessional Indemnity Insurance claim be made?

A

15 years

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6
Q

What type of cover is needed to cover a claim brought after a firm or member ceases to trade?

A

Run off cover

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7
Q

What are the roles of the Royal Institution of Chartered Surveyors?

A

Global leading professional body promoting the highest standards in the property industry

Gold standard of professional regulation

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8
Q

In relation to Professional Indemnity Insurance, what is the minimum limit of indemnity for turnover under £100,000 (in the preceding year)?

A

£250,000

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9
Q

When did the Bribery Act 2010 come into force?

A

1 July 2011

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10
Q

When was the RICS founded?

A

1868

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11
Q

What is the key objective of RICS?

A

To promote usefulness of the profession for the public advantage

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12
Q

What is the role of the Privy Council?

A

Grants and awads the Royal Charter

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13
Q

Are RICS members regulated by Government as well as RICS?

A

No - the profession is self-regulated. However, there are Government proposals to regulate RICS but these have not been legislated yet

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14
Q

What are functions of the RICS?

A
  1. Set standards
  2. Accredit professionals
  3. Consumer protection
  4. Quality assurance
  5. Influence policy
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15
Q

If you are a sole practitoner, what do you need to have in place?

A

A loum to cover your incapcity/death

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16
Q

What are protential sanctions by RICS?

A
  1. Fixed penalty notice
  2. Consent order
  3. Interim measure
  4. Panel hearing
  5. Expulsion
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17
Q

What is the purpose of Professional Indemnity Insurance?

A

To protect firms from financial loss in the event of a negligence claim and consequences to pay third party damages

To protect clients from financial losses which the firm cannot meet

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18
Q

What are requirements of the RICS in relation to Professional Indemnity Insurance?

A
  1. Minimum policy wording
  2. Each and every claim basis/fully retroactive
  3. Covers past and present employees
  4. Minimum level of indemnity based on turnover
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19
Q

What are requirements of the RICS in relation to Professional Indemnity Insurance?

A
  1. Minimum policy wording
  2. Each and every claim basis/fully retroactive
  3. Covers past and present employees
  4. Minimum level of indemnity based on turnover
  5. Underwritten by an approved insurer
  6. Includes run off cover
  7. Provides a maximum level of uninsured excess
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20
Q

What does ‘fully retroactive’/each and every claim basis mean?

A

Covers claims made during the insurance cover period irrespective of when the original act occurred

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21
Q

What should you do if you receive notification of a Professional idemnity Claim?

A
  1. Inform your line manager
  2. Inform your insurer
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22
Q

What is a bribe?

A

Exchange of something of value in return for someone doing or agreeing to do something improper in a business context

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23
Q

Can you accept a gift if it is proportionate and promotes/improves your firm’s image in the usual course of doing business

A

Yes - providing it doesn’t compromise your impartiality/integrity

24
Q

What are the 5 principles of better regulation?

A
  1. Transparent
  2. Proportional
  3. Accountable
  4. Consistent
  5. Targetted
25
Q

Would it be wise to accept a gift close to the award of a key decision/tender?

A

No - it could be perceived as a bribe

26
Q

Does the Bribery Act 2010 apply to non-UK businesses operating in the UK?

A

Yes

27
Q

What are the penalties for breaching the Bribery Act?

A
  1. 10 years’ imprisonment
  2. Unlimited Fine
  3. Directors can be disqualified
  4. EU-wide ban in relation to public procurement
28
Q

Is it a corporate criminal offence to fail to prevent bribery?

A

Yes

29
Q

Who should you report acts of bribery to?

A

RICS

Serious Fraud Office

30
Q

When did the RICS Conflict of Interest Professional Statement take effect from?

A

1 January 2018

31
Q

What are the three types of conflict under the RICS guidance?

A

Party conflict
Own interest conflict
Confidential information conflict

32
Q

Can information barriers still be used under the new RICS Conflict of Interest guidance?

A

Yes - if appropriate

33
Q

What is dual agency/double dipping?

A

Acting for the buyer and seller of the same property

34
Q

How many hours of CPD do qualified members need each year?

A

20

35
Q

What is the latest Money Laundering guidance called?

A

5th Anti Money Laundering Directive (2020)

36
Q

What is Customer Due Diligence in relation to money laundering?

A

Must carry out due diligence on both parties (leasing/letting) before entering into a business relationship

37
Q

What are offences under the Proceeds of Crime Act 2002?

A
  1. Concealing, disguising, converting or transferring criminal property
  2. Becoming involved in an arrangement relating to criminal property
  3. Acqusition, use or possession of criminal property
  4. Disclosing/tipping off that a SAR has been submitted
38
Q

What do the RICS advise you should do if you wanted to set up a practice after qualifying?

A
  1. Register for Regulation by submitting a firm detail form (free)
  2. Purchase PII and other insurances, e.g. employers’ liability, public liability
  3. Implement company policies, e.g. health & safety, equal opportunities
  4. Use RICS designation appropriately
  5. Comply with regulations for holding clients’ money
  6. Have a written CHP
  7. Train any staff appropriately
  8. Comply with legislation, e.g. Business Names Act 1985, Companies Act 1985
39
Q

What RICS guidance relates to handling client money?

A

RICS Professional Statement, Client Money Handling (1st Edition, October 2019)

RICS Client Money Protection Scheme

40
Q

When holding client’s money, what actions are requirements of RICS?

A
  1. Desigated client accounts
  2. Name of firm and client in account name
  3. Terms of account handling confirmed in writing to the client
  4. Authorised and properly trained staff handle money
  5. Regular ‘three way’ reconciliations signed off by a Principal/senior member of staff
  6. Accounting software securely controlled and protected
  7. Funds banked within 3 working days
  8. Accounts should not be overdrawn
41
Q

Is a Professional Statement mandatory for members to follow?

A

Yes

42
Q

Is a Code of Practice mandatory for members to follow?

A

It could be mandatory or recommended good practice

43
Q

Are guidance notes and information papers mandatory for members to follow?

A

No - but they can provide a defence in case of negligence

44
Q

What is Lionheart?

A

RICS’ benevolent fund

45
Q

Can an organisation be held liable under the Bribery Act 2010 if they didn’t know about the bribe?

A

Yes - strict liability applies

46
Q

What is a conflict of interest?

A

Anything that impedes or might be perceived to impede an individual’s or firm’s ability to act impartially and in the best interest of a client

47
Q

What type of business must register via HMRC under the new Money Laundering Regulations?

A

Estate Agency businesses and letting agencies

48
Q

What RICS guidance relates to money laundering and bribery?

A

Professional Statement - Countering bribery and corruption, money laundering and terrorist financing

49
Q

When was the Professional Statement - Countering bribery and corruption, money laundering and terrorist financing PS effective from?

A

1 September 2019

50
Q

When do the new RICS Rules of Conduct apply from?

A

2 February 2022

51
Q

What do the new Rules of Conduct replace?

A

Ethical and Professional Standards

Rules of Conduct for Members

Rules of Conduct for Firms

52
Q

How many new Rules of Conduct are there?

A

5

53
Q

What is Rule 1 (Rules of Conduct)?

A

Rule 1: Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS

54
Q

What is Rule 2 (Rules of Conduct)?

A

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

55
Q

What is Rule 3 (Rules of Conduct)?

A

Members and firms must provide good-quality and diligent service

56
Q

What is Rule 4 (Rules of Conduct)?

A

Members and firms must treat others with respect and encourage diversity and inclusion

57
Q

What is Rule 5 (Rules of Conduct)?

A

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

EHAPC (41 decks)

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