Ethics - Level 3 Flashcards
Give me an example of when you have acted with integrity?
When in the valuations team, I was asked to provide a client with a draft valuation report for a portfolio valuation that I was responsible for. Before sending the client the report, I notified the client that the details in the draft report should only be used for internal purposes,
Tell me about how you have promoted trust in the profession
Tell me about how you treat clients with respect
- Ensure that I always address clients in their preferred way, if I am unsure I ask
- Establish preferred method and frequency of communication
- I ensure that I always use appropriate language when communicating with them
- I issue summary emails of my actions to keep them up to date and for future reference/record
Tell me about how you treat other surveyors with respect
- Address them in their preferred way, if unsure ask
- Ensure that I am using appropriate language and acting in a professional manner
- If I witness any discrimination towards them check on their well-being and report it if necessary
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
- Inform the RICS
- Appoint responsible principle
- Arrange PII cover
- Set out requirements for client money handling
- Set up a complaints handling procedure, complaints log and appoint a complaints handling officer (external 3rd party as a sole trader)
- Outline a business succession procedure
- Ensure there is a CPD logging procedure
- Submission of RICS annual return
- If undertaking Red Book Valuations – apply to be a part of the RICS Valuer Registration Scheme
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
- I would reject the offer as it would breach the Bribery Act 2010
- Notify my superiors of the action
- I would then report them to the local authorities or relevant governing body
What would you do if you became suspicious that a client was involved in money laundering?
- Notify my superiors of the suspicion
- I would notify the authorities to investigate
What would you do if you became suspicious that a client was involved in terrorist activities?
- Notify my superiors of the suspicion
- I would notify the authorities to investigate
If you were to set up in practice on your own, tell me about the types of insurance you would need.
- PII in line with the RICS minimum requirements
- Public liability insurance - covers the cost of claims made by members of the public for incidents that occur in connection with your business activities
- Buildings insurance - provide financial protection if there’s damage to the structure of your home, such as the walls, roof and floors
- Employer liability cover - the cost of compensating employees who are injured at or become ill through work
Give me an example of when you have provided a high standard of service?
Whilst working on an office acquisition, I notified the client of the potential conflict pertaining to the property they wanted as my firm was representing the landlord. I advised the landlord’s agent of the conflict and received consent from the client before proceeding. It was agreed that the joint agent on the property would deal with the negotiations rather than my firm.
If a client wanted preliminary valuation advice, what would you do?
I would tell the client that the details of the draft report should only be used for internal purposes, it should not be published and the client should not rely on the opinions in the draft report. The final report is the only report that the opinions and valuation is to be relied on
