Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Mandatory Competancies > Ethics > Flashcards

Ethics Flashcards

1
Q

What are the five rules of conduct

A
  1. Honesty, integrity & comply with professional obligations
  2. Maintained their profess competence & ensure only competent staff are undertaking work
  3. Must provide good quality & diligent service
  4. Treat others with respect & encourage diversity & inclusion
  5. Must act in the public interest, take responsibility for their actions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the three professional obligations for members?

A
  1. Members must comply with CPD requirements
  2. Members must cooperate with RICS
  3. Members must promptly provide all information reasonably requested by the Standards & Regulations Board or those exercising delegated authority on its behalf
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the seven obligations for RICS regulated firms?

A
  1. Must publish a CHP including an alternative disputes resolution provider (approved by the RICS)
  2. Firms must ensure all previous & current professional indemnity cover that meets the standards approved by RICS
  3. Firms with sole principles must make appropriate arrangements for their professional work to continue in the event of incapacity
  4. Firms must cooperate with RICS
  5. Firms must promptly provide all info reasonably requested by the Standards & Regs Board
  6. Firms must display on their business literature, in accordance with the RICS published policy on designations to denote that they are regulated by the RICS
  7. Firms must report to the RICS any matter that they are required to report under the Rules for the Registration of Firms
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are bye laws?

A

The enabling principles underpinning rules & regulations.
10 in total

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the turnover limits to cover

A

Up to £100k = £250K cover
£100,001 - £200K = £500K cover
£200,001 - up = £1mil cover

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What should a CHP include?

A

A redress system
Firm must have CH officer and log
-Free

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the time limits for RICS complaints policy

A

-Acknowledge with 7 days
-Substantive reply within a further 21 days
-2nd stage redress if client dissatisfied

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the minimum CPD hrs?

A

20hrs min
10hrs min formal
Every 3 yrs rules & ethics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Name two key points of clients money

A

-Separate named account
-Must be able to identify client
-Must always know where client money is

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define laundered money

A

Illegally obtained money purchasing large items such as property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What’s the limit on cash that can be accepted?

A

€10,000 & AML must have been undertaken

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the maximum sentencing for assisting with money laundering?

A

14yrs imprisonment & unlimited fine

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What sentence can you face if your found to have tipped someone off about an investigation?

A

5 years imprisonment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What regulation controls money laundering?

A

The Money Laundering, Terroist Financing & Transfer of Fund (info on the payer) Regulation 2017

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When is a firm required to register with the RICS?

A

-If the firm provides surveying to the public
-If the firm operates in a regulated area A
-At least 50% of the firms principles are members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does a firm need to have in order to be registered?

A

-Adequate professional indemnity
-A CHP
-Security of clients money
-Comply with employment legislation
-Have a training program in place for employees
-Make sure staff meet CPD requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the overarching obligation placed on both members and regulated firms by the RICS Rules of Conduct?

A

Act with integrity and avoid conflicts of interest and avoid any actions or situations that are inconsistent with its professional obligations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Whats the RICS motto?

A

Modus est rebus - there is measure in all things

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the Levitt Review?

A

-Alison Levitt carried out review into the RICS
-Several recommendations, all implemented
-Undertaken due to serious concerns into the financial audit & the unfair treatment if 4 non-execs
-Now looking to build back better

20
Q

What are the 5 principles of better regulation?

PACTT

A

Proportionality, accountability, consistency, transparency & targeting

21
Q

When did the RICS Rules of Conduct come into play?

A

February 2022

22
Q

Define bribe

A

Something given in expectation of a change in behaviour

23
Q

What’s the term for having a clients permission to act on their behalf?

A

Informed consent

24
Q

What are the three different types of conflicts?

A

Party conflict
Personal conflict
Potential conflict

25
Q

Who do the Rules of Conduct relate to?

A

APC Candidates
Members
Firms

26
Q

Once you are chartered how often do you need to the professionalism module?

A

Every three yrs

27
Q

How do you measure your clients satisfaction?

A

Key performance indicators
Verbal feedbacks
Survey at the completion of the job
Written feedback

28
Q

A fellow RICS member has posted offensive and abusive comments in response to an article on a forum with local professionals. Who would you responded?

A

Confirm if the information is factual
Look for more info

29
Q

What are the five principles of better regulation?

A

What the RICS applies to members

Focus on reg goals & adopt the five principles of better reg

Done in a Proportional, Accountable, Transparent, Targeting & Consistency.

30
Q

Why do we have rule of conduct?

A

These Rules set out the standards of professional conduct & practice expected of members and firms registered for regulation by RICS.

31
Q

Why do we have rule of conduct?

A

These Rules set out the standards of professional conduct & practice expected of members and firms registered for regulation by RICS.

32
Q

What is the definition of ‘Ethics’?

A

Having a higher standard than just avoiding a certain behaviour or practice because its illegal

33
Q

What is the Royal Charter and when was it granted?

A

1881

34
Q

Describe the RICS structure

A

Royal Charter
Ten bye laws (ratified by UK Privy Council)
Ten regulations (approved by RICS Governing Council)

35
Q

Name the five rules of conduct

A

R1: Honesty & integrity
R2: Maintaining & acting with competence
R3: Provide good quality service
R4: Respect & encourage diversity & inclusion
R5: Public interest, responsibility

36
Q

How many obligations to the RICS are there for members and firms?

A

Three for members
Seven for firms

37
Q

What are the professional obligations on members to the RICS?

A

-Comply with CPD requirements
-Cooperate with the RICS
-promptly provide all information reasonably requested by the standards and regulation board

38
Q

What’s the minimum cover for PII

A

£100k or less = £250k cover
£100,001 to £200,000 = £500,000 cover
£200,001 & above = £1,000,000

39
Q

In a COI whose decision is it to act?

A

The surveyors despite having informed consent

40
Q

What are the three types of conflict?

A

Own interest
Party interest
Confidential information

41
Q

What is a bribe?

A

An illegal inducement to influence behaviour

42
Q

What’s the difference between a bribe and hospitality?

A

Timing and proportionality

43
Q

What is money laundering?

A

Converting & investing illegally gained money into property

44
Q

What do you do if you have a complaint over the phone?

A

Note in writing & ask them to put it into writing to Complaints Handling Officer

45
Q

Can you negotiate on your fee?

A

No
Can check the basis you quoted on

46
Q

What did the Hart V Large case law establish?

A

2021, negligence claim

Highlighted the importance of advising clients of all issues

47
Q

What is the RICS social media guidelines?

A

Posting in social media is okay

Have to be mindful in post not to be unethical or breach the rules of conduct

Can have legal implications and RICS may investigate

Mandatory Competancies (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions