Ethics Flashcards

1
Q

What are the rules of conduct

A

Respect
Responsibility
Integrity
Service
Competence

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2
Q

What are the types of conflict of interest? And explain them?

A

Party conflict - work on the same instruction for 2 different parties

Personal - own interest conflict

Confidential info conflict - work relating to two parties which is confidential

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3
Q

What are the types of documents produced by rics? 6

A

International standard
Professional statement
Practice statements
Guidance note
Code of practice

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4
Q

What’s the difference between a PS and a GN

A

PS is mandatory
GN is good practice

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5
Q

What is the guidance on conflict of interest and what does it say ?

A

Conflicts of interest effective Jan 2018 - professional statement

Identify conflicts
Keep records including informed consent
Must have systems in place for firms
Where there could be a duty of care owed to multiple parties simultaneously

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6
Q

What are the key elements of dispute resolution?

A

Negotiation - problem solving efforts of the parties themselves
Mediation - 3rd party intervention which does not bind the parties to a decision but assists them to resolve difficulties
Adjudicating process - outcome determined through litigation such as litigation and arbitration

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7
Q

What is the rics paper on CHP?

A

Guidance note, complaints handling procedure

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8
Q

What must the CHP be?
What must you do if you receive a complaint?

A

Must be approved by RICS
Notify PI insurers asap if there is a complaint as it could lead to a negligence claim

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9
Q

When should CHP be issued?

A

At the same time as terms of business

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10
Q

What should a complaints log show ?

A

Details, progress and outcome
Must include a RIcS approved ADR mechanism in the ChP

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11
Q

What is the role of the RICS? 3 main roles

A

“Promotes and enforces the highest professional qualifications and standards in the development and management of land real este construction and infrastructure”
3 main roles
To maintain the highest standards of education and training
To protect consumers through strict regulation and professional standards
To be the leading source of information and independent advice on real estate

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12
Q

What is the RIcS relationship with the public

A

Accountable to both members and the public
Involved in policy influence and political engagement
Duty of care

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13
Q

What are rics firms required to have info on?

A

Type of business and staffing details
Regulated activities
Nature of clients
CHP details
PI details
Do they hold client money

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14
Q

Obligations of RIcS regulated firms? (7)

A

Publish a CHP
All work is covered by PI cover that meets the standards
Cooperate with RICS
If you are a sole operator, appropriate arrangements for work to continue in the event of absence
Promptly provide all information reasonably requested by the standards and regulation board
Display they are regulated by RICS
Report to the RICS any matter they are required to

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15
Q

Steps for CHP? 5 steps

A

CHP to be issued when a complaint is received
Must be made in writing
Complaint to be acknowledged in 7 days
Then investigated in 28 days
If not resolved, then go to ADR such as RICS DRS

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16
Q

What’s an example of alternative dispute resolution approved by RICS? 2

A

RICS dispute resolution service
Property redress scheme

17
Q

Requirements for setting up a new RIcS firm? 10

A

Inform rics
Appoint a responsible principal
Register with regulatory board
Arrange PI insurance and send details to RICS
Arrange for client money handling procedures
Register for valuer registration scheme of undertaking red book valuations
Make a CHP
Use rics logo kit
Get a cpd log
Comply with RICS annual return

18
Q

What are an estate agents legal obligations for AML?

A

Customer due diligence checks on vendors purchasers landlords and tenants. Undertaken on any sale or letting

19
Q

Why would EDD checks undertaken and provide and example?

A

If any red flags occur
E.g. high risk countries or non face to face business relationships

20
Q

What is a PEP?

A

Someone entrusted with a prominent public function

21
Q

Why does a PEP need and EDD?

A

Due to the position and influence they hold, there present a higher risk for potential involvement in bribery or corruption

22
Q

What are the minimum PI cover requirements for a firm? What is it based on? (3)

A

Turnover less that £100k = £250k
Between £100-200k = £500k
£200k plus = £1million

23
Q

What are the RICS levels of disciplinary action? 3

A

Action by head of regulation
Regulatory tribunal
Appeal panel