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Ethics, rules of conduct and professionalism > Sum of Experience > Flashcards

Sum of Experience Flashcards

1
Q

What are the three main roles of the RICS?

A

A. 1. Maintain the highest standards of education and training.

  1. Protect consumers through strict regulation of professional standards.
  2. To be the leading source of information and independent advice on land property construction and associated environmental issues.
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2
Q

What are the 7 rules of conduct for members?

A
  1. Ethical behaviour
  2. Competence
  3. Service
  4. CPD
  5. Solvency
  6. Information to the RICS.
  7. Corporation
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3
Q

What are the 3 benefits of regulation of firms?

A
  1. Confidence
  2. Professionalism
  3. Security
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4
Q

Why are firms required to register for regulation?

A

To ensure that there is a recognised quality benchmark for all firms. Provides a ‘gold standard’ of quality control for clients.

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5
Q

What are the 3 levels of disciplinary action?

A
  1. Action by the head of regulation.
  2. Disciplinary Panel
  3. Appeal Panel
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6
Q

Why do you want to become a member of the RICS?

A

Because of the status, recognition, knowledge and network that it allows me access to.

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7
Q

What is the role of RICS?

A

Promote and enforce the highest professional standards and qualifications in the development and management of property, real estate and the environment.

Be accountable to members and the public
Involved in policy influence and political engagement.

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8
Q

What is a Royal Charter?

A

Passed in 1881 by Queen Victoria

Established the independent legal identity of the RICS, while defining its constitution and powers to govern its own affairs

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9
Q

Who is the current RICS president and CEO?

A

Tina Paillet - President
Justin Young - CEO

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10
Q

Can you tell me what you understand by the principles of better regulation?

A

Proportionate—as a regulator, RICS will intervene only when necessary. Remedies are appropriate to the risk posed, and costs identified and minimized.

Accountable—we will be open about decisions and subject to public scrutiny.

Consistent—rules and standards are joined up and implemented fairly.

Transparent—we are committed to openness in regulatory operations and to keeping regulations simple and user-friendly.

Targeted—focused on the problem and avoid unnecessary burdens.

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11
Q

What is a Bye-Law?

A

The RICS Bye-laws are designed to ensure that the institution operates transparently, ethically, and effectively, providing a framework for governance,
member conduct, and the achievement of RICS’s objectives.

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12
Q

Give an example of one of the RICS Bye-Laws.

A

The RICS Bye-Laws provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs.

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13
Q

Explain to me the new RICS Rules of Conduct what do they replace?

A

Effective 2nd Feb 2022 and they replaced previous Rules of Conduct for Members and Firms, and professional and ethical standards

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14
Q

Who do the new RICS Rules of Conduct apply to?

A

All members and firms regulated by the RICS.

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15
Q

Give an example behaviour where you have complied with rule 3 of the RICS code of conduct?

A

I undertake my work in a timely manner; with due care, skill and diligence, and in accordance with RICS technical standards. - Complete my budgets and Rec on time.

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15
Q

Give an example behaviour where you have complied with rule 1 of the RICS code of conduct?

A
  1. I protect the confidential information given to me by my clients and tenant in accordance with RICS policy.
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16
Q

Give an example behaviour where you have complied with rule 2 of the RICS code of conduct?

A
  • Crack in the wall. Acting within my competence and knowing the limitations.
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17
Q

Give an example behaviour where you have complied with rule 4 of the RICS code of conduct?

A

New graduate in the team, trained them up and made them feel welcome and apart of the team.

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18
Q

Give an example behaviour where you have complied with rule 5 of the RICS code of conduct?

A

I respond to tenant complaints effectively and quickly. for example, put up signs as contractors were blocking people at end of the day from leaving the parking

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19
Q

What are the core professional obligations of firms and members to RICS?

A

For members?
- Comply with CPD requirements
- Cooperate with RICS
- Provide all information that’s reasonably requested by Standard and Regulation Board

For Firms?
- complaints handling procedure
- have PPI cover
- make arrangements for work to be taken over should they become incapacitated.
- Cooperate with RICS
- Cooperate and provide information
- Report to the RICS any infringements

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20
Q

What do you understand by the term professional practice?

A

Professional practice specifically refers to the actions and behaviours of individuals within their work context

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21
Q

What money laundering regulations or legislation are you aware of?

A

the Proceeds of Crime Act (2002),
the Terrorism Act (2000),
and the Anti-Money Laundering Act (2018).

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22
Q

What is a red flag of money laundering?

A

A tenant attempting to pay rent with cash.

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23
Q

What bribery legislation are you aware of?

A

Bribery Act (2010)

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24
Q

What is a bribe?

A

Giving, accepting, promising or receiving an advantage such as a payment, gift or service in return for an action which is illegal or a breach of trust

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25
Q

What are the penalties for accepting a bribe?

A

According to the Bribery Act 2010 -

Individuals can face up to 10 years’ imprisonment and/or unlimited fines.

Companies can face unlimited fines and significant reputational damage.

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26
Q

What are the penalties for being involved in money laundering?

A

The penalties for money laundering include up to 14 years in jail or a large fine, or both.

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27
Q

What constitutes an offence under the Bribery Act 2010?

A

Bribing Another Person,
Being Bribed
Bribery of foreign Public Officials
Failure of Commercial Organizations to Prevent Bribery

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28
Q

What constitutes an offence under the current money laundering regulations?

A

Acquisition, use, and possession of criminal property

A person commits this offence by acquiring, using, or possessing criminal property, while knowing or suspecting that it represents the proceeds of crime.

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29
Q

How long should you keep anti money laundering records for?

A

Five years

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30
Q

Can you tell me about the RICS requirements in relation to PII?

A
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31
Q

What is Professional Indemnity Insurance (PII)?

A

It protect’s the insured (member or firm) against the consequences of its liability to pay damages to third parties in respect of breaches of professional duty that it commits in the course of its professional activities;

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31
Q

What is a PII aggregation clause?

A

PI policies almost invariably contain an aggregation clause that allows or requires a number of, usually, similar or linked claims to be treated as a single claim

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32
Q

Is a PII excess usually paid for per claim?

A

the excess is usually paid by the surveyor, the cost of claim is paid by the insurer.

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32
Q

What does ‘claims made’ mean in terms of PII?

A

Claims Made is a term used to describe an insurance policy which only provides cover for claims which are notified during the term of the policy

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33
Q

In a negligence claim, what would help to show that you acted with consideration and due process?

A

any correspondence for the event.

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34
Q

Can good record keeping help to provide a defence in a PII claim?

A

Yes, if it shows how the surveyor followed the due process

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35
Q

Who might need to access the ARP?

A

The ARP is open to all UK RICS regulated firms that are unable to obtain PII, which meets the minimum requirements of RICS.

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35
Q

What changes did RICS recently make to the Minimum Approved PII Wording?

A

As of 1 April 2021 RICS new Minimum Policy Wording and insurance rules for professional indemnity insurance (PII) are in effect, which will allow more chartered surveying firms to obtain improved fire safety cover in their PII.

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35
Q

What is run off cover?

A

Cover in place after a member ceases practising

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35
Q

What RICS requirements are there relating to run off cover?

A

Its needed for at least six years after the member
last carried out any work.

35
Q

How long can a PII claim arise after the work is undertaken?

A

Generally 6 years

35
Q

What is the Assigned Risks Pool (ARP)?

A

To ensure the availability of professional indemnity insurance (PII) RICS has a market facility, the Assigned Risks Pool (ARP). The ARP is collectively underwritten by all RICS Listed Insurers and managed on behalf of insurers and RICS by Miller Insurance Services LLP.

35
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A

RICS is in the process of developing responsible business guidance on cyber risks and cyber security. In the meantime, it has published general guidance on these issues to help firms manage cyber-related risks.

Following Grenfell, made it easier for firms to include fire safety in PPI cover.

36
Q

Explain your understanding of the RICS Guidance Note Risk,Liability and Insurance (1st Edition)

A

This practice information is intended to assist both members and their clients in understanding the main risks and liabilities associated with surveying. It guides members in the negotiation of equitable contracts with clients and the avoidance of major risks and pitfalls.

37
Q

Tell me about how you have promoted trust in the profession.

A

Doing a service charge rec, I moved some landlord costs to from the service charge to non recoverable.

38
Q

Tell me about when you have provided a high standard of service.

A

I issue all my budgets 1 month before the service charge Year, and rec them within 4 months.

38
Q

Give me an example of when you have acted with integrity?

A

After being shouted at by a tenant after I confronted them about non payment of arrears. I continued to act in a calm and professional manner.

39
Q

Tell me about how you treat other surveyors with respect.

A

I email them in a respectful manner and I am respectful when chasing to get tasks done. I appreciate that other members have lots of balls to juggle.

39
Q

Explain how you have taken responsibility in your current role.

A

I take responsibility for all client reporting in my role.

40
Q

Tell me about how you treat clients with respect.

A

I email them in a respectful manner and I am respectful of their time when scheduling meetings.

41
Q

Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.

A

Inform RICS of new practice and register for regulation (by Regulatory Board)

Appoint a Responsible Principal for RICS communication

Arrange Professional Indemnity Insurance - send details to RICS

Set up Complaints Handling procedure - obtain RICS approval

Set up Complaints Log

Appoint Complaints Handling Officer

Appoint Money Laundering Officer

Have a locum in place in case of illness/death if sole practitioner

42
Q

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.

A

This is bribe. Therefore,

  1. Report it to Serious Fraud office.
  2. / Firm’s compliance manager/ supervisor.
    If its money luandering report it to the National Crime Agency
43
Q

What would you do if you were asked by a client to reduce a fee proposal to win new work?

A

This is a bribe.

44
Q

What would you do if you became suspicious that a client was involved in money laundering?

A

Inform RICS and the National Crime Agency

45
Q

If you were to set up in practice on your own, tell me about the types of insurance you would need.

A

PII (Professional indemnity insurance)

45
Q

What would you do if you became suspicious that a client was involved in terrorist activities?

A

Inform the police.

46
Q

Tell me about how your firm’s complaint handling procedure works in practice?

A

Report to the complaints handling officer.
Confirms receipt of the complaint and has 2 weeks to action.
If employee is not happy with the resolution, they are able to confidentially refer to external consultant - Centre for effective Dispute resoloution

47
Q

When a insurance claim is made what are the differences in claiming on contract or tort law?

A

A. Contract – can only claim for the loss suffered
B. Tort – Claim costs as well as damages.

48
Q

How to identify a conflict of interest?

A

o Financial interest EG you may gain more than your usual fee / lose money depending on the advice you give
o Personal relationship EG the relationship you have with a third party
o Commercial relationships EG obligations to another commercial entity affects your ability to provide objective advice to a client
o Interests of your firm EG financial interests of own firm conflict with interests of the client
o You believing that your impartiality could be compromised in any way

49
Q

What is lionheart?

A

LionHeart is an independent charity specifically designed for past, present and future RICS professionals and their families.

50
Q

What is the address of the RICS?

A

125 Great George Street, Parliament Square, London

50
Q

When was the RICS established and when did it gain its royal charter?

A

Established in 1868
Gained its Royal Charter in 1881

51
Q

What is the RICS Motto?

A

There is measure in all things

52
Q

What is the role of the Governing Council?

A

Responsible for global strategy and ensures obligations under the Royal Charter are met

53
Q

What is the governance structure of the RICS?

A

Governing council - 25 members, runs RICS
Regulatory Board, Management Board & Various

Committees reporting to gov council

17 specialist professional groups

54
Q

What are the 3 key benefits for firms regulation?

A

Confidence - from clients
Professionalism
Security

55
Q

Is a RICS Professional Statement mandatory?

A

Yes – it is a professional document that provides a set of mandatory rules or requirements that members or firms are expected to adhere to.

56
Q

How many Rules of Conduct are there and is encouraging diversity and inclusion a RICS Rule of Conduct?

A

Yes – Rule / Code 4

57
Q

In one of your buildings, how would you make the environment or communal area more inclusive for a person in a wheelchair?

A

Examples – ramps, disabled toilets, lifts, wider doorways, automatic doors

58
Q

Is it a statutory requirement to make those physical changes to accommodate disabled people?

A

Under the Equality Act 2010 a “reasonable adjustment” is required under statute to provide facilities of equal standard to non-disabled people

59
Q

You have read the RICS Conflicts of Interest, 1st Edition (2018)… have you ever been in a situation where you encountered a conflict of interest in your professional experience and how did you resolve it? If you have not, give me an example of a conflict of interest and how it was resolved?

A

If Yes – should describe the steps to resolve, inform supervisor, read RICS Conflicts of Interest Professional Statement

If No - give example of what could be a conflict EG

Workman client selling to another Workman client, or working for both LL and T

Valuing property and someone in firm is acting on sale post

If member in same firm is relying on your valuation/rent review to determine their rent

If firm acting for both LL and T at lease renewal

60
Q

What do you think the biggest challenges facing the RICS are?

A

Sustainability

Diversity

Levitt Review – loss of public trust. In short, sound governance principles were not followed by RICS following a treasury management audit in 2018.

61
Q

What are the four types of illegal discrimination?

A

Direct discrimination

Indirect discrimination

Harassment

Victimisation

62
Q

You Client thinks you did a great job with the lease renewal in Guildford and offers for you to tickets to a football game, completely free of charges as a thank you. What would you response to this?

A

Reasonable to accept if disclosed on gift register

63
Q

What is the penalty for not completing a rec within 4 months?

A

Depends what the lease says on this - could say LL will be in breach if not complying with RICS and completing this in time

Helpful to complete ASAP incase leases are ending on full and final settlement (LL will have to pay debit if there is one)

T can complain to RICS if there are persistent delays - check penalty

If there is KPI to meet deadline it could affect fees/bonuses etc

64
Q

How many hours of CPD do you undertake and how do you record it

A

Minimum 20 hours per annum, minimum of 10 formal hours

Record on CPD Management System on RICS website

65
Q

How would you approach a conflict of interest

A

Either conflict avoidance or conflict management

If the latter, would get written prior informed consent and put information/ethical barriers in place

66
Q

What is money laundering?

A

Where crime proceeds are used as a legitimate asset .

67
Q

How would you close down a practice?

A

Inform RICS

Inform clients and arrange hand over procedures

Return clients money

Inform insurers and organise PII run off cover for minimum 6 years

Retain copies of client records for minimum 6 years

68
Q

What is the minimum value of a gift that has to be put on the gift register

A

There is no minimum value, all gifts must be recorded

69
Q

Why do you need to put gifts on a register?

A

To ensure compliance with Bribery Act 2010

70
Q

What is your company’s gift register policy?

A

Register all gifts given/received

Send note to contractor it was received from

Put all gifts from contractors and clients into a building raffle.

71
Q

What are the 2 levels of disciplinary action?

A

Action by the head of regulation.
Disciplinary Panel.

72
Q

What could cause action by the head of regulation?

A

delays of providing information to RICS - 28 days £150 members £300 of firms
Other low level breaches in RICS policy such as not completing CPD.

73
Q

What are the likely outcomes of being reported to the disciplinary panel?

A
  • Issue a consent order
  • Impose an unlimited amount of fine per breach but must be proportionate to the offense.
  • Impose conditions upon future continued RICS registration.
  • Temporary suspension of membership
  • Expulsion of membership or remove a firm.
  • Require costs and administrations costs to be paid
  • Require publication of results of the hearing in the RICS business magazine, website and local newspapers to where the firm or member is based.
74
Q

Can you cut your fee in face of competition from another firm?

A

RICS guidance states that firms should avoid price fixing and aggressive fee cutting against competitors. You may however enter into further fee negotiations with a perspective client as long as the job is still profitable (change scope / level of work)

75
Q

When would it be appropriate to decline an instruction?

A

You are not competent to undertake the work.

The proposed client will not sign the terms of engagement or complete money laundering checks.

There is a conflict of interest or personal interest.

Your PII doesn’t cover the work?

76
Q

Whats RICS Rule of Conduct 1?

A

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

77
Q

Whats RICS Rule of Conduct 2?

A

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

78
Q

Whats RICS Rule of Conduct 3?

A

Members and firms must provide good-quality and diligent service.

79
Q

Whats RICS Rule of Conduct 4?

A

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

80
Q

Whats RICS Rule of Conduct 5?

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.

81
Q

Why do surveying practices have PII cover, and what are the minimum requirements for PII cover?

A

A. PII cover is there to protect Surveyors, Clients and Third Parties against negligence claims when there is a duty of care breached and the claim for damages arises. The current minimum requirements based on turnover of the firm are;
* £100k or less turnover = £250k minimum levy of indemnity required
* £100k - £200k turnover = £500k minimum levy of indemnity required
* £200k + turnover = £1 million minimum levy of indemnity required

82
Q

What is your firms PII cover?

A

A. Colliers have cover of up to £25 million however in instances where more is required this is able to be arranged.

83
Q

What are the maximum levels of uninsured excess required by the RICS?

A

A. Liability of up to £500k = maximum uninsured excess of the greater of 2.5% of the sum insured or £10,000.
B. Liability of over £500k = maximum uninsured excess of 2.5% of the sum insured.

84
Q

Can you backdate a PII claim?

A

A. Yes the policies are retrospective and work on a claim made basis. This means that the policy covers claims that are first made against the ensured during the period of insurance regardless of when the negligent act occurred.

85
Q

What is the minimum run off cover requirements for PII?

A

A. 6 years run off cover for £250k for past and present employees however the RICS recommends 15 years.

86
Q

Assuming that you wish to accept an instruction where a conflict of interest has arisen what information must you send to the clients?

A

A. 1. The nature of the conflict, circumstances and other relevant information
2. Proposals for dealing with the conflict – Information barrier.
3. Advise both clients to seek independent professional advice from another surveyor outside the firm before proceeding with the instruction.
4. Request written confirmation from both clients that your firm can act within accordance of the proposed procedure.

87
Q

What are the 5 forms of alternative dispute resolution?

A

A. 1. Mediation – confidential and informal process on a without prejudice basis decision is not binding.

  1. Arbitration – Arbitration act 1996 decision is binding.
  2. Expert determination – Bound by the decision expert can be sued for negligence.
  3. Adjudication – Determines dispute in a contractual process commonly used for construction payment disputes. Must reach a decision within 28 days.
  4. Ombudsman – An organisation to confidentially receive investigate and facilitate a resolution to a complaint. Ombudsman Services: Property. Not for profit scheme and complaint is handled by an investigation officer who reviews the case with 6 weeks and provide provisional conclusion both parties have 28 day to reply with comments before ombudsman makes final decision. Ombudsman can make a financial reward of up to 25k. If still not satisfied the parties can go to court.
88
Q

What are some ways that your company encourages diversity and inclusion in line with Rule 5?

A

our office has a prayer room

Ethics, rules of conduct and professionalism (1 decks)

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