Rics Questions Flashcards
What was the last thing you read in Modus?
Women on top: making surveying more female friendly.
It was about the only three RICS presidents talking about how the industry has become more inclusive over the course of their careers
Tell me about the last CPD session you completed?
Rating surveyors association covered leading cases such as Woolway v Mazars.
And the purpose of rating valuation
How can disciplinary procedure be triggered
By someone complaint to the Rics,
allegation by a client
information received by the Rics
What are the three levels of disciplinary action
Action by head of regulation
Regulatory tribunal
Appeal panel
What do you need to register as a regulated firm?
Business and stuffing details
Types of clients
Professional indemnity details
Complaint handling procedure and log
Confirmation of his clients money is held
What would you consider if hospitality was offered
Proportionality, timing, reciprocation
What are some of the principles of the bribery at 2010
Proportionality Risk assessment Top level commitment Due diligence Monitoring in review
Name the four offenses under the bribery act
To take a bribe
To receive a bribe
To know about a bribe
To bribe forward official
Who polices the bribery act
Serious fraud office and all national crime agency
How would you undertake a money laundering check?
Check the clients background and details
Establish the company structure
Establish the source of wealth
Establish the source of funds
Record all information within the CRM system to show our compliance with regulations
What are the global and professional ethical standards
Promote trust in the profession Treat others with respect Act with integrity Deliver a high level of service Take responsibility
What is the RSS decision tree
Provides a framework that members can use if faced with a potentially unethical decision
Do you have all the information
Is it legal
Is it in line with the global professional and ethical standards
What are the international ethical standards
Accountability, trust, confidentiality, conflict of interest, integrity, standard of service
How are the new rules of conduct changing?
The changes will make the rules of conduct be more in line with global professional and ethical standards.
Guided by three principles
Clarity
Effectiveness
Brevity
What are the five new rules
Honesty and integrity Maintaining competence Quality service, Care and diligence Respect Public interest
What professional obligations must members undertake?
Comply with CPD requirements
Cooperate with the RICS
Provide information to the RICS
Professional obligations for firms what are they?
Publish a complaint handling procedure
Professional indemnity
A sole principal must make appropriate arrangements for the professional work to continue in the event of the death
Cooperate with the RICS
Display The RICS designation on all business literature
What is the RICS valuer registration scheme?
A regulatory monitoring scheme to all Valley was carrying out Redbook global valuations
What are three aims of the scheme
To improve the quality of valuation and ensure the highest possible professional standards
To meet RICS requirements to self regulate effectively
To protect and raise the status of the valuation profession.
How do you register to be a RICS valuer?
Provide the following
Type of valuations
Number of valuations
Purpose of valuations
What data sources used
History of any negligence claims
Who has the power to remove a registered valuers status
The head of regulation
What scheme does the RICS run in relation to clients money
Clients money protection scheme
How do you close down a practice?
Inform the RICS
Inform your clients
Arrange run off cover for a minimum of six years
Return any client money
Retain a copy of client files and records for a minimum of six years
What are the professional indemnity limits
250,000 pounds for under 100,000 turnover
500,000 pounds for 100 to 250,000 pounds turnover
1 million for over 250 pounds turnover
Estimate if it is a new business
What are the Maximum excess limits
For under 500,000 it is 2.5% or 10,000 pounds
For over 500,000 turnover it is 2.5%
Why would you decline and instruction
Conflict
Competence
Pii limit
Timescales
Do not have all the facts
What penalties can the disciplinary panel issue
A compliance order
CPD sanction
Fine
Expulsion from membership
What are the benefits of regulation
Confidence
Professionalism
Security
But should a company do to ensure compliance with money laundering regulations?
Undertake a money laundering risk assessment
Implement systems and policies to address money laundering risks
Provide staff training
Comply with new customer due diligence and enhance do diligence checks
