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APC > RICS Rules of Conducts > Flashcards

RICS Rules of Conducts Flashcards

1
Q

What is the main documentation around ethics ?

A

RICS: Rules of Conduct - Effective from Feb 2022

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2
Q

Why does the RICS have rules?

A
  • Behaving ethically is at the heart of what it means to be a professional.
  • Clear rules give members guidance and promote confidence in the surveying profession.
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3
Q

What is the RICS Governance Structure

A

Governing Council

RAM (Regulation Board - Management Board - Audit Committee)

18 Specialist professional groups - each has an elected board.

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4
Q

Who is the current CEO of RICS?

A

Richard Collins

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5
Q

Who is Scotland’s chair person?

A

Mark Delvin

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6
Q

What is the update to the RICS rules of conduct ?

A

In Feb 2022 the rules of conduct were updated to replace the old the old documents to form one single document for members and firms.

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7
Q

There are 5 main rules. What are they ? (HC - QRP)

A
  1. Honest:

Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS at all times.

  1. Professional Competence:

Members & Firms must maintain their professional competence and ensure that services are provided by competent individuals, with the correct levels of expertise.

  1. Quality

Members & Firms must provide good quality and diligent service.

  1. Respect

Members & Firms must treat others with the respect and encourage diversity and inclusion.

  1. Public

Members & Firms must act in the public interest , take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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8
Q

What is the RICS Rules of conduct No.1

A

Member and Firms must be honest, act with integrity and comply with their professional obligations, including their obligations to the RICS.

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9
Q

What is the second Rule of conduct ?

A

Members and Firms must maintain professional competence and ensure that services are provided by competent individuals, who have the right level of expertise.

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10
Q

What is the 3rd rule of conduct ?

A

Members & Firms must provide a good quality and diligent service.

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11
Q

What is the 4th Rule of Conduct ?

A

Members & Firms must treat others with respect and encourage diversity and inclusion.

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12
Q

What is the 5th Rule of Conduct?

A

Members & Firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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13
Q

What is the RICS disciplinary procedures ? (ADA)

A
  1. Action by Head of Regulation
    - Fixed penalty notice
  2. Disciplinary Panel
    - Serious breaches
  3. Appeals Panel
    - New evidence
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14
Q

Handling Clients Money. What does the include ?

A

It could included deposits, rent collection, service charges etc.

  1. Accounts should be kept separate
  2. Client must be able to have money on demand
  3. Agree interest payment procedures.
  4. Keep accurate records
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15
Q

What are some of the RICS disciplinary penalties ?

A
  1. Consent order
  2. Unlimited fine
  3. Future registration conditions
  4. Expelled from RICS
  5. Publish results of hearing.
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16
Q

Provide examples of using RICS 5 Core Values ?

A
  1. Integrity (act honestly)
  2. Service (phone back policy)
  3. Trust (confidential)
  4. Respect (help younger less experienced staff)
  5. Responsibility (accept when errors are made)
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17
Q

What are the 5 Core values of RICS?

A
  1. Integrity
  2. Service
  3. Trust
  4. Respect
  5. Responsibility
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18
Q

What is Bribery governed by ?

A

Bribery Act 2010

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19
Q

What does the Bribery Act 2010 cover ?

A
  1. Bribing
  2. Receiving a Bribe
  3. Bribing a public official
  4. Failing to prevent bribery
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20
Q

What is the Savills gift policy?

A

Gifts under £59 can be accepted but must be put on the gift register and you must tell line manger . Anything above £100 must be rejected.

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21
Q

What is the main RICS publication in regards to Bribery ?

A

RICS: Counting Bribery, Corruption, Money Laundering and Terrorist Financing (Feb 2019)

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22
Q

What does RICS: Counting Bribery, Corruption, Money Laundering and Terrorist Financing include ?

A
  • Introduction
  • Glossary
    -Foreword from Transparency International
  • Part 1: Requirements
  • Part 2: Guidance
  • Part 3: Supplementary Guidance
23
Q

Describe the AML process within your firm? or for an instruction.

A

I always refer to RICS: Counting Bribery, Corruption, Money Laundering and Terrorist Financing (Feb 2019).

And follow the relevant AML procedures.

  • Risk Assessment
  • Passport, Drivers License, Utility Bill
  • Smartsearch
24
Q

What legislation should you consider in regards to AML ?

A
  1. Proceeds of Crime Act (2002) - Covers 3 areas of offence:
  • Tipping off
  • Assisting
  • Not reporting
25
Q

Who does your firm report to if there are any suspected money laundering behaviours ?

A

National Crime Agency

26
Q

How long should records on AML be kept?

A

At least 5 years.

27
Q

What are the RICS disciplinary procedures ?

A
  1. Action by Head of Regulation (serve a fixed penalty notice)
  2. Disciplinary Panel (for more serious breaches)
  3. Appeals Panel
28
Q

What are the different types of Disciplinary penalties ?

A
  1. Consent order
  2. Unlimited fine
  3. Future registration conditions
  4. Expulsion from RICS
  5. Publish results of hearing.
29
Q

What are 4 offences in regards to Bribery ?

A
  1. Bribing
  2. Receiving a bride
  3. Brining a foreign public official
  4. Failing to prevent briber
30
Q

What is the minimum PII cover needed for RICS Regulated firms?

A

£100,000 or less = £250,000
£100,001 - £200,000 = £0.5m
£200,001 and above = £1m

31
Q

What is the main guidance notes in regards to Bribery ?

A

Countering Bribery + Corruption, Money Laundering and Terrorist Financing (Feb 2019)

32
Q

What are the mandatory requirements for Firms in regards to Bribery ?

A
  • Must not offer or accept bribes
  • Prepare a written policy
  • Must have plans in place to comply with the law
  • Appoint an officer
  • Must report any activity that breaches the law
  • Act with the appropriate level of due diligence
33
Q

What are the mandatory requirement for members in regards to bribery ?

A
  • must not offer or accept a bribe
  • report any activity
  • Declare gifts on gift register
  • Attend relevant training
34
Q

What are the mandatory requirements for firms in regards to Money Laundering ?

A
  • Must not facilitate
  • Ensure systems and training is in place
  • Prepare a written policy
  • Appoint an officer
  • Report any suspicious behaviour
  • Conduct check on clients
  • Understand the client / instruction
35
Q

What are the mandatory requirements for members in regards to Money Laundering ?

A
  • Do not facilitate such activities
  • Report any suspicious behaviour
  • Attend training
36
Q

Explain money laundering ?

A

Money laundering involves using the proceeds of crime to purchase legal assets such as property in order to clean the money.

37
Q

What does the term ‘departure’ mean in AML ?

A

It refers to a situation whereby,

38
Q

What AML checks are required for a University ?

A
  • Risk Assessment
  • SMART Search
  • Confirm existence of the university and gather ID of 2 senior individual on the board of governors.
39
Q

What is the RICS decision tree ?

A
  • The decision tree is a framework of questions which members should ask themselves, when dealing with a potentially unethical situation.
  • It asks questions like would a member be happy for their actions to be made public.
40
Q

What is the RICS Regulation Confidential Hotline?

A

A service offering members assistance with any ethical issue.

41
Q

What are the Ethical Standards (2016)

A

An ethical framework for the global property market, which is promoted by RICS.

42
Q

What is ‘consent order’ ?

A

A procedure used for low level breaches of the rules. It is a written document laying what actions a firm/individual must take.

43
Q

Name 3 International standards ?

A

International Valuation Standards
International Property Measurement Standards
International Financial Reporting Standards

44
Q

Name 3 Professional Statements ?

A

RICS: Conflicts of Interest (2017)
RICS: UK Commercial Real Estate Agency (2017)
RICS: Countering Bribery and Corruption, Money Laundering and Terrorist Financing (2019)

45
Q

Name a Practice Statement ?

A

RICS: Code of Measurement Practice (6th edition) (2015)

46
Q

What is an information barrier ?

A

It’s used when a firm is acting on behalf of two clients.

  • The barrier must be robust
  • Reasonable steps must be taken
  • Surveyors should be physically separated
  • All relevant info should be securely stored.
47
Q

Can you act for the buyer and the seller at the same time?

A

No - this should not be undertaken at any time.

48
Q

What does the RICS: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019) consist of?

A

3 parts.

  • Mandatory requirements
  • Guidance (good practice)
  • Supplementary Guidance

There is also a useful glossary

49
Q

Why do firms need professional indemnity insurance ? what are the current minimum requirements based on?

A

To protect surveyors against negligence claims.

Firms turnover.

50
Q

What is the minimum level of indemnity insurance requirements ?

A

£0 - £100,000 = £0.25m
£100,001 - £200,000 = £0.5m
£200,001 and above = £1m

51
Q

What is the maximum uninsured excess required by RICS?

A

Up to £500,000 = The greater of 2.5% or £10,000
Over £500,000 = 2.5% of the sum insured

52
Q

How does PII work?

A

It’s on a ‘claim made’ basis.

53
Q

Tell me about a recent CPD event you attended ?

A

Recently completed the RICS: Conduct and Rules module.

APC (25 decks)

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