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RICS APC - EVIE > Submission > Flashcards

Submission Flashcards

1
Q

ETHICS - What is the role of the Governing Council ?

A

It runs the RICS providing management and strategic direction.

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2
Q

ETHICS - How is the RICS governed?

A

By the terms of its royal charter and by various internal boards and councils.

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3
Q

ETHICS - What is the Governance structure ?

A

“1. Privy Council
2. Governing Council
3. Standard and Regulations Board
4. RICS board management
5. Audit, Risk, Assurance and finance committee
6. Nominations and reumeration committee
7. World regional boards and market advisory panel”

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4
Q

ETHICS - How many members are there in the Governing Council?

A

20

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5
Q

ETHICS - Can you provide some details of the Governing Council?

A

“Chaired by the RICS President - Tina Paillet
RICS President Elect - Justin Sullivan
RICS Senior Vice President - Nicholas Maclean
They sit above 6 professional group seats (Building Surveying, Building Control, Commercial Property, Valuation, Land & Natural Resources and Residential Property).
They sit across 13 geographical locations.”

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6
Q

ETHICS - Who is the CEO of the RICS?

A

Justin Young

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7
Q

ETHICS - How many specialist groups are there in the RICS ?

A

17 - Covering land property and construction.

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8
Q

ETHICS - Why do you want to be a chartered surveyor?

A

For international status and for giving my clients the upmost confidence in my work.

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9
Q

ETHICS - What is the RICS motto?

A

Est Modus in Rebus

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10
Q

What is the RICS mission?

A

To be recognised in worldwide markets as a leading body that sets and enforces standards. Offers access to sought after professional status in land, property and construction.

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11
Q

ETHICS - What are the 4 levels of membership?

A

Trainee/student, AssocMRICS, MRICS, FRICS

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12
Q

ETHICS - When was the RICS founded?

A

1868

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13
Q

ETHICS - When was the RICS granted its royal charter?

A

1881 by the privy council

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14
Q

ETHICS - How many members are there in the RICS?

A

140,000

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15
Q

ETHICS - What are the three main roles of the RICS?

A

1) Highest standards of education
2) Protect customers through strict regulation.
3) Leading source of information is land property, construction and environmental issues.

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16
Q

ETHICS - What are the 5 benefits to being an RICS member?

A

1) Status - client confidence
2) Recognition
3) Market Advantage
4) Knowledge
5) Network

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17
Q

ETHICS - What information is required by the RICS for firm regulation?

A

1) Type of business and staffing details
2) Name of the responsible principal
3) Nature of business
4) Statutory Activities
5) Complaints handling procedure
6) Professional Indemnity Insurance
7) Weather the client holds money

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18
Q

ETHICS - When were the new rules of conduct published ?

A

Oct - 21

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19
Q

ETHICS - When were the new rules of conduct effective ?

A

Feb 22

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20
Q

ETHICS - What was the rationale for developing new rules ?

A

1) Simpler structure
2) Clearer examples
3) Focus on Diversity and inclusion
4) Understanding evolving technologies
5) Greater focus on tackling global challenges such as climate change.

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21
Q

ETHICS - What are the five ethical principles?

A

“1.Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3. Members and firms must provide good quality and diligent service
4. Members and firms must treat others with respect and encourage 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.”

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22
Q

ETHICS - How many case studies accompany these rules?

A

12

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23
Q

ETHICS - What must regulated firms follow under ROC App A ?

A

“1. Publish a complaints handing procedure - including ADR and a complaints log.
2. Ensure current and previous work is covered by PII.
3. If sole practitioner, make arrangements in the event of death or inability to work.
4. Cooperate with the RICS
5. Promptly provide all information requested by the standards boards and regulations.
6. Display literature in accordance with RICS policy.
7. Report any matter that they are required to report under the rules for registration for firms.”

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24
Q

ETHICS - What must members follow under the ROC App A ?

A

1) Comply with CPD requirements set out by the RICS.
2) Cooperate with the RICS.
3) Promptly provide all information requested by the standards boards of regulations.

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25
Q

ETHICS - What is the purpose of the RICS decision tree?

A

1) To provide a framework to base decisions when surveyors are faced with situations that ask them to act unethically.
2) Asks surveyors to question the legality of their actions.
3) Ensures clear reasoning behind decision making

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26
Q

ETHICS - What are the two new categories of core material?

A

Professional standards and practice information

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27
Q

What do you do if you consider your directors advice to be incorrect?

A

“Consider:
The implications of the advice
Is it legal
Discuss with managers and collegues
Refer to the Ethics Decision Tree”

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28
Q

What is a three step process for Terms of Engagement ?

A

“1. Check if you are professionally competent
2. Check there are not conflict of interest
3. Confirm ToE in writing before you start work on the instruction.”

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29
Q

Why does a firm have Terms of Engagement ?

A

Creates a contract with the client and a clear definition of what is expected and on what terms.

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30
Q

What should be included within the Terms of Engagement?

A

“1. Proposed fee
2. Payment of expenses
3 Copy of the CHP to be available upon request.”

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31
Q

When would it be appropriate to decline an instruction ?

A

“1. If there is a conflict of interest.
2. If you are not professionally competent
3. If you do not have all the facts
4. If the proposed client will not sign the Terms of Engagement
5. If the Professional Indemnity Insurance Liability Cap cannot be agreed.
6. If the Client is on the UK sanctions list
7. If you would not make your decision public
8. If the advice is to a friend or on a probono basis.”

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32
Q

What should be considered when preparing a fee quotation ?

A

“Scope of services
Terms of Payment
Complaints handling procedure
Property details.”

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33
Q

What must you ensure during fee negotiations?

A

“1. Transparency
2. You are able to provide a high quality service. “

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34
Q

What should fees be based on ?

A

“Market based
agreed on an ad hoc bases.”

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35
Q

How must referral fees be delt with ?

A

“Referral fees must be agreed within the Terms of Engagement
Transparrency must be ensured - the client should be advised if you are in receipt or are offering a referral fee.
Granting or acception of a referral fee must be considered in the context of the bribery act 2010 and the ROC.”

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36
Q

What is a client brief ?

A

“A recorded document that animates the project. The brief explains the ins and outs of the project and the goals and targets. It may include:
Client objectives
Exclusions and limitations.”

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37
Q

What is it important to define the scope of works and client objectives at an early stage?

A

To ensure the clients understands my involvement and fees in relation to the works.

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38
Q

Name the types of conflict between 2 parties?

A

Financial conflict, commercial conflict, personal conflict, acting on both sides of a transaction.

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39
Q

What is conflict avoidance ?

A

When you do not accept an instruction because there is a conflict.

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40
Q

How do you undertake a conflict of interest check ?

A

We have a database which keeps a record of our existing clients to determin if there is potential for a conflict.

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41
Q

What is conflict management?

A

When the instruction is accepted but steps are taken to manage the instruction.

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42
Q

What is the guidance in respect to conflicts of interest?

A

Conflicts of interest 2023 (professional standard)

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43
Q

What are the three types of conflict?

A

“1. Party Conflict
2. Own interest conflict
3. Confidential information interest”

44
Q

When can informed consent be given ?

A

“Can only be given in writing
Can only be given when the person explaining has been transparent about any material factors.”

45
Q

When should survyeors seek informed consent?

A

when there is a conflict of interest and they are satisfied that all parties are best served by doing so

46
Q

What is the three step process for when a conflict arises ?

A

“1. Conflict avoidance
2. Written informed consent
3. Conflict management “

47
Q

Explain conflict avoidance when dealing with a conflict ?

A

“1. Request all the facts
2. Consider if your impartiality is impacted
3. Can it be managed by transparency and openess
4. Decide weather or not you want to accept or deny and instruction.”

48
Q

Explain written advice when dealing with a conflict ?

A

“Set out in writing to both clients:
1. Disclose the nature of the conflict, relavent facts and how the firm intend to deal with the conflict.
2.Be as clear as possible and ensure that all parties are able to make their own decision.
3. Request written consent “

49
Q

Explain ‘Conflict Management’ when dealing with a Conflict?

A

Upon receiving written consent to you declaration of a conflict and management proposals, set up an information barrier according to the proposals agreed between both parties.

50
Q

What is an example of Conflict Management ?

A

Information/ ethical barrier

51
Q

When do personal / own interest arise ?

A

“When acting for a family member, close business associate or someone whom you have a financial personal interest.
You must not let a personal interest interfere with your judgement.
Declare facts in writing before accepting an instruction
Have regard to Section 21 of the Estate Agency Act 1979 for agency work. “

52
Q

What are the 4 requirements for CPD?

A

“A minimum of 20 hours and at least 10 hours must be formal.
All members must maintain a relavant understanding of the rules of conduct.
All members must record CPD using RCIS CDP management systems.”

53
Q

What is formal CPD?

A

“Structured learning
Clear learning objectives and outcomes.”

54
Q

What is informal CPD?

A

Self managed learning related to your professional role

55
Q

What is your CPD strategy ?

A

My CPD plan is dictated by my skills and or knowledge gap considering future requirements and sectors etc.

56
Q

Can you rely on someone elses due diligence ?

A

No it is your responsibility to ensure the checks are suitable and suffient.

57
Q

Where do the RICS outline confidentiality and what do they state?

A

“RICS Bye-laws
Client confidentiality must be maintained for all client affairs.”

58
Q

What information is included under confidentiality ?

A

Historic information and information provided by the client prior to instruction.

59
Q

Are third parties allowed to access your client files?

A

You must have approval from the client first unless you are subject to a statutory duty overriding confidentiality rights such as to the police or HMRC.

60
Q

How long are files kept for?

A

6 Years

61
Q

As a survyeor, you receive an email not meant for you - what do you do ?

A

“1. Understand that you cannot use the information for your personal gain.
2. Notify both client and sender of the error.
3. Notify the complaints officer.
4. Dispose of the email securely.”

62
Q

How do you know you are competent ?

A

“Having the knowledge and skills to undertake instruction. If you have dealt with that type of property and location and you have carried out that task before - you are deemed competent.
This can be defined as:
Skills
Knowledge
Attitude
Training
Experience “

63
Q

What is the key legislation in regards to gifts and bribery ?

A

Bribery Act 2010

64
Q

What do hospitality events seek to do ?

A

Promote and improve the image of a firm

65
Q

What is the main aim of the Bribery Act 2010?

A

To reduce bribery in business in the UK and abroad.

66
Q

What is a bribe ?

A

Giving, offering, promising or receiving of an advantage in return for a service or action which is illegal or a breach of trust.

67
Q

What are the 6 principals of the Bribery Act 2010?

A

“1. Proportionality
2. Top level commitment
3. Risk assessment
4. Due Diligence
5. Communication
6. Monitoring and review”

68
Q

What are the 4 offenses of the Bribery Act 2010?

A

“1. Bribing
2. Receiving a bribe
3. Bribing a foreign public official
4. Failing to prevent bribery”

69
Q

Who polices the Bribery Act 2010?

A

Serious fraud office

70
Q

What is the maximum penalty for breaching the bribery act 2010

A

10 years imprisonment or an unlimited fine.

71
Q

Are companies responsible for their employees corrupt acts ?

A

Yes - unless they can prove that they have adequate procedures to combat Bribery.

72
Q

Is hospitality prohibited under the Bribery Act 2010?

A

No - as long as it is accurately recorded on the gifts register.

73
Q

What steps can a company take to prevent bribery?

A

“1. Identification of potential risks
2. Staff training
3. Provision of clear policies
4. Regular reviews.”

74
Q

What is the government legislation of money laudering ?

A

Money Laundering and Terrorist Financing and Transfer of Funds Regulation 2017.

75
Q

What is money laundering ?

A

When the proceeds of criminal activity are disguised or converted and then realised as legitimate assets.

76
Q

When the proceeds of criminal activity are disguised or converted and then realised as legitimate assets.

A

Estate agency work and relavant business work and then realised as legitimate assets.

77
Q

What are the provisions within the ML and TF Regulations?

A

“1. Requirement to have a money laundering and terrorist financing risk assessment.
2. Impliment systems, policies and controls to address ML and TF.
3. Adopt appropriate internal controls.
4. Provide Staff Training
5. Complying with requirements relating to PEPs.
6. AML checks - identifying purchasers source of funds
7. Additional high risk factors assessing the need for enhanced due diligence.”

78
Q

What do you do for enhanced due diligence checks?

A

“1. Requires additional evidence and monitoring including
- detailed examination of their background and the purpose of the transaction.
- googling individuals to see if they come up in any negative media.
- check sanctions list
- find their source of wealth “

79
Q

Why do PEPs present a higher risk ?

A

The nature of their position and the influcence they hold.

80
Q

Other requirements of the regulations include ?

A

“1. A limit of 1000 euros for the acceptance of cash
2. The ongoing business relationship should be monitored
3. Detailed record keeping of procedures
4. A nominated Money Laundering Reporting Officers must report suspicious activity to the national crime agency.
5. A firm must maintain records for a minimum of 5 years.”

81
Q

What are the penalties for not complying with the Money Laundering Regualtions ?

A

“Maximum of 14 years in prison/unlimited fine for money laundering
Maximum 5 years in prison/unlimited fine for tipping someone off or failing to reports suspicious activity.”

82
Q

What money laundering checks are requied for a publically accountable body?

A

Government Ownership /Control

83
Q

What checks are required for a private limited company?

A

“Certificate of Incorporation
Full name, registered number, registered office, name of all directors.
Identification of a high risk client.”

84
Q

What money laundering checks are required for a private individual?

A

“Copy of a valid passport/driving licence
Copy of bank statement, credit card bill to show address (not more than 3 months old).”

85
Q

What is constantly evolving in regards to money laundering ?

A

Law, Procedure and Guidance.

86
Q

What money laundering directive has the UK appointed?

A

6th EU Anti-money laundering directive

87
Q

If asked about the accpetance of cash, gifts you should consider?

A

“1. Bribery Act 2010.
2. RICS professional standard - Countering bribery and corruption, money-laundering and terrorist financing.
3. AY’s anti-bribery and corruption policy
4. Professional objectivity, openness and transparency
5. Proportionality
6. Tax implications
7. Sanctions
8. Employment contract detail.”

88
Q

What is the RICS professional standard on Bribery, Corruption, Money Laundering and Terrorist Financing.

A

Countering Bribery and Corruption, Money Laundering and Terrorist Financing February 2019.

89
Q

If asked about AML what should you consider?

A

“1. Money Laundering and Terrorist Financing and Transfer of Funds 2017.
2. RICS professional standard - countering bribery, money laundering and terrorist financing (February 2019)
3. Government Guidance for Estate Agents.
4. Due Diligence Procedures
5. Professional objectivity, openness and transparency.
6. Red Flags”

90
Q

What are the red flags of money laundering?

A

“Where the money is coming from
If there’s large sums of cash but not at a regular flow
Client buys own materials and asks for a deduction.”

91
Q

What is facilitation payment ?

A

Payment to facilitate or move a process along - this is considered as a bribe.

92
Q

What are the 3 types of due diligence ?

A

“Simplified Due Diligence - Where you determine the business relationship is low risk.
Enhanced Due Diligence - for high risk customers and transaction with a greater threat to the financial sector.
New Customer Due Diligence - doing the checks to ensure youe client is who they say they are.”

93
Q

When will you accept a payment facilitation ?

A

Never unless authoriastion from head office.

94
Q

What year did Money Laundering Regulations come into force in the UK?

A

1994

95
Q

Can you name the Money Laundering Red Flags?

A

“Cash only buyers
Unusual sale price (too high or too low)
Payments from multiple difference sources
Funds provided by unknown third parties.”

96
Q

Give me some examples of how your firm might comply with Money Laundering Regulations ?

A

We report cash payments over £10K, carry out risk assessments to make sure that we take nescessary procedures when working with client from high risk countries and sectors.

97
Q

If you were given a gift what would you do ?

A

Log it within the gift log. I may decline the gift taking into account the timing and proportionality and my firms gift handling policy.

98
Q

If you were offered a bottle if wine at christmas?

A

Consider the proportion and circumstances of the gift, including the timings. In some cases this maybe include being aware of cultural differences.

99
Q

When would accecpting or providing hospitality be acceptable ?

A

Once all works have been completed on a project and the final account has been agreed/paid and there is no conflicts of interest.

100
Q

What is the difference between a bribe and a gift ?

A

A gift is a small gesture, a bribe is under the impression that some gain will result.

101
Q

What does the proceeds of crime act 2022 provide ?

A

“Powers for enforcement authorities to recover money which is deemed to be proceeds of crime.
Creates a series of criminal offences intended to combat money laundering.”

102
Q

What are the main areas under the act?

A

“Concealing Criminial Property
Arrangements
Acquisition use and possession.”

103
Q

What is good Client Care ?

A

The concept of practicing behaviours which are appropriate to establish good client relationships.

104
Q

What is a key principal of Client Care?

A

“Ensuring communication
Honest and authentic
Focus on the individual
Acknowledgement of a dispute or mistake.
Acting in accordance with the RICS
Collecting feedback “

105
Q
A

RICS APC - EVIE (19 decks)

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