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CRE APC 2024 > RICS > Flashcards

RICS Flashcards

1
Q

What is the RICS motto?

A

Est Modus in Rebus. There is measure in all things.

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2
Q

What is the RICS purpose

A
  1. To equip members to maintain the highest professional standards
  2. To promote and enforce standards
  3. To lead solutions to major build environment challenges
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3
Q

When was RICS founded?

A

1868

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4
Q

How is RICS structured?

A
  1. Royal charter issued by Privy Council.
  2. It’s self regulated.
  3. Bye-laws
  4. Governing council
  5. Regulatory board
  6. Audit committee
  7. Management board.
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5
Q

What are RICS rules of conduct

A
  1. Honesty, integrity and comply professional regulations. HIPO
  2. Maintain competency COMPETENT
  3. Quality diligent service QDS
  4. Treat others with respect. Diversity & inclusion. RESPECT D&I
  5. Public interest PUBLIC
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6
Q

What is the difference between RICS ethics and rules?

A

Ethics are a set of moral values.
Rules of Conduct are a framework that we adhere to.

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7
Q

How many global and ethical standards are there?

A

They were consolidated within the new Rules of Conduct 2022.

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8
Q

What are the Rules of Conduct?

A

Members and firms must:
1. Be honest, act with integrity, and comply with their professional obligations.
2. Must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3. Provide good-quality and diligent service.
4. Treat others with respect and encourage diversity and inclusion.
5. Must act in the public interest, take responsibility for their actions, and act to prevent harm and maintain public confidence.

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9
Q

Why did the previous rules of conduct change?

A

Following research and consultation members voting for a combined simpler system with a clearer focus on behaviours, technology, and climate change.

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10
Q

What are RICS members obligations?

A
  1. 20 hours CPD each year, 50% formal.
  2. Cooperate with RICS.
  3. Disclose information to the Standards and Regulation board.
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11
Q

What are RICS firms obligations?

A
  1. Publish compliant procedure, adhere to ADR, and keep a log.
  2. Adequate professional indemnity.
  3. Sole principals must have a succession plan.
  4. Cooperate with RICS
  5. Disclosure of information to Standards and Regulations board if requested.
  6. Display RICS designation.
  7. Report breaches as per the rules of conduct.
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12
Q

Why does RICS have rules of conduct?

A
  1. To provide a framework to maintain standards
  2. Useful guide for members
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13
Q

Relative breaches the code of conduct. What do you do?

A
  1. Verify facts
  2. Remind him of his duties
  3. Inform RICS of agreed corrective actions.
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14
Q

What is the procedure in case of a breach of RICS code of conduct?

A
  1. Measured approach to breaches.
  2. A formal investigation by Head of Regulation.
  3. Disclosure of information and a visit or inspection.
  4. Cooperate fully.
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15
Q

What triggers a disciplinary proceeding?

A
  1. Formal complaint
  2. Allegation by client or third party
  3. RICS identify breach
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16
Q

What disciplinary actions can RICS impose?

A
  1. Fixed penalty
  2. Consent order
  3. Disciplinary panel (suspension or explusion)
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17
Q

What are consent orders?

A

A written agreement between RICS and the breacher, to take corrective action or cease actions for set time.

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18
Q

When is a disciplinary panel applicable, and how does it work?

A
  1. For serious breaches of conduct.
  2. Publicly held.
  3. RICS has burden of proof
  4. Adopting a balance of probabilities approach.
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19
Q

How can you be expelled?

A
  1. Gross, persistent, or wilful failure to comply with rules of conduct.
  2. Fraud, dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate discrimination, misappropriation of a clients money.
20
Q

What are the procedures for a new firm?

A
  1. Get RICS start up pack.
  2. Inform RICS and register for regulations.
  3. Appoint a contact officer.
  4. Prepare complaint handling process
  5. Obtain professional indemnity insurance
  6. Abide by rules of conduct
  7. Use the RICS designation
21
Q

What insurance does a new firm need?

A
  1. Professional Indemnity Insurance
  2. Employers Liability
  3. Public liability
  4. Buildings insurance of an office premises
22
Q

What information do regulated firms have to supply to RICS?

A

Annual online return, including:
1. Type of business and staffing
2. Nature of clients
3. Training provision
4. Complaints handling procedure and records.
5. PI insurance
6. Whether they hold clients money

23
Q

What processes need to be in place if you handle clients money?

A
  1. Separate account, labelled client including bank account name.
  2. Clear segregation of duties.
  3. Appoint a principal to oversee the accounts
  4. Principals can not override controls.
  5. Training of staff, ensuring staff competence and absence cover.
  6. Secure data and accounting system
  7. Accessible funds.
  8. Agree terms and conditions
  9. Account must not be overdrawn
  10. Maintain client ledgers and provide a running balance.
24
Q

What are the different types of client money accounts?

A
  1. Shared General accounts
  2. Discrete single accounts
25
Q

What is the RICS mission statement?

A
  1. To qualify and equip members to offer the highest standards of professional service.
  2. To promote and enforce standards
  3. To lead solutions to the major challenges facing the built environment through professional expertise.
26
Q

What are the different types of client money accounts?

A

General accounts that hold money for more than one client.
Discrete accounts reference a single named account.

27
Q

What is negligence?

A

A breach of the duty of care owed to a clients. May result in a negligence claim. Need to have Professional Indemnity Insurance.

28
Q

What is the Merrit v Babb law?

A

2001, negligence claim against an individual surveyor who’s firm ceased. Run-off cover needed.

29
Q

What is the limitation period for an underhand and deed contract?

A

A contract (sometimes referred to as a contract underhand) and a deed are the two ways in which a binding legal agreement can be documented.

Limitation is time limit for breaches to be raised.
Underhand 6 years
Deed is 12 years

30
Q

What does a compliant procedure include

A
  1. RICS template
  2. Include redress method
  3. Issued with Terms of Business
  4. It must be clear, transparent, impartial and free of charge (1st stage)
  5. Nominated investigating person must be stated
  6. Investigated within 28 days
  7. Must be recorded
  8. Advise PI of complaint
  9. 2 stage min. 1. Senior staff member. 2. Independent 3rd party.
31
Q

What is an independent redress scheme?

A

Consumer scheme for small claims.
Judges ruling is binding.
Right to court retained.
RICS must specify ADR

32
Q

How do you handle a complaint?

A

Acknowledge receipt and forward to complaint handler.
Highlight the importance of informing PII

33
Q

What is Clients Money Protection Scheme?

A

RICS money protection scheme, through Insurance scheme.
Reimbursement for public.

34
Q

What is Clients Money Protection Scheme?

A

RICS money protection scheme, through Insurance scheme.
Reimbursement for public.

35
Q

Why would you have joint names on client account?

A

For dual authorisation.

36
Q

Why would you have joint names on client account?

A

For dual authorisation.

37
Q

What is PII

A

Professional Indemnity Insurance.

38
Q

Min levels of PII

A

Min
100,000 or less - £250,000
100001 to 200,000 - £500,000
200,001 + - £1,000,000

Max uninsured excess
£10,000,000 or less - 2.5% or £10,000 (greater)
£10,000,001 + no limit

39
Q

How to avoid PI claims?

A

Keep full and detailed records of meetings and conversations.
Record recommendations and advice given.
Use proper letters of engagement, scope of services and terms of engagement.
Don’t advise on specialism outside your field.
Use RICS guidelines.
Avoid poor management and excessive workloads.

40
Q

What elements are in a fee proposal (tender)?

A

Terms & conditions.
Scope of services
Exclusions
Assumptions

41
Q

When can you increase a fee?

A

If project scope, services, value increased.
If a mistake was made I wouldn’t request an increase.

42
Q

What is COI

A

Conflict of interest. Competing personal or professional interests impacting impartiality.

43
Q

What is COI

A

Conflict of interest. Competing personal or professional interests impacting impartiality.

44
Q

Can COI be managed internally?

A

Yes. Assign exclusive staff to a project, keep records separately, have separate communication lines. Separate offices. NDAs.

45
Q

If the client insists in working with you despite COI what do you do?

A

Check their understanding? Make them aware of reduced impartiality? Seek a letter of instruction. Agree working procedures to avoid conflict.

46
Q

What are the Bribery Acts main principles?

A

Offence to make or receive a bribe. Offence to bribe a foreign public official. Offence for a Corporate body not to prevent bribery.

Prevention procedures
1. Proportionate procedures
2. Top level commitment
3. Risk Assessment
4. Due diligence
5. Communication
6. Monitoring & review

47
Q

When is a bribe ok

A

Only under duress (real risk to life, limb or liberty).
Make the payment and the report it.

CRE APC 2024 (11 decks)

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