Ethics L3 Flashcards
Give me an example of when you have acted with integrity?
Was offered a referral fee to be paid direct to me in return for an introduction to a vendor. I declined the offer and informed my manager.
Tell me about when you have provided a high standard of service.
I was pleased with my work on the sale of Parklands House. I took careful instructions, I provided reasoned advice throughout and communicated regularly with my client to achieve an outcome that met their needs.
Tell me about how you have promoted trust in the profession.
I received a phone call from an irate person, regarding a property we had been marketing. I asked her if she wished to make a complaint, and explained to her the process for making a complaint and our complaints handling procedure for referring it to a senior colleague.
Explain how you have taken responsibility in your current role.
I take responsibility for improving our departments use and management of data to ensure it is held securely, makes our department more efficient, and use the data we have access to more meaningfully.
Tell me about how you treat clients with respect.
I try to stay mindful to acknowledge the feelings and perspectives, and valuing their contributions without prejudice.
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
- Company start up pack
- Register for registration
- PII
- Complaints handling and log
- Appoint principle
- Appoint locum
- Comply with RICS rules
- Regulated by RICS
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
Tell them categorically that this was not acceptable. I would report it to my manager, and allow them to take any further action required.
What would you do if you were asked by a client to reduce a fee proposal to win new work?
Decline. Unless the additional work resulted in a quantifiable reduction in the scope of work to be completed or the cost of delivering the same scope.
What would you do if you became suspicious that a client was involved in money laundering?
Report the matter to the “Nominated Officer” (Adrian Cannon).
MLRO is the person responsible for the managing the firms compliance, same person in my firm.
Do not alert the client!!!
What would you do if you became suspicious that a client was involved in terrorist activities?
Document my suspicions.
Report to the nominated officer.
Do not alert the client.
If you were to set up in practice on your own, tell me about the types of insurance you would need.
Professional Indemnity Insurance
Buildings Insurance
Contents Insurance
Public Liability Insurance
Employers Liability Insurance
Business Interruption Insurance
Cyber Insurance
Why could you not share the information between Clients A and B?
It would give rise to a conflict.
Could you share the report if the client gave consent?
Preference would be not to at all.
If not avoidable I would ensure sharing did not give rise to a further conflict and then obtain explicit written consent from both clients for the sharing of the report detailing what information will be shared and for what purpose.
Could the other party then rely on your advice.
It would depend on the scope of the report or unless there was express written permission to do so. Reliance would require a review of the document and update to ensure it was appropriate to their needs, and a further fee.
Why could you not accept the referral fee?
Why was this considered a bribe?
It was a bribe. A person is guilty of bribery if they offer financial advantages to another person to induce them for performing their functions or activities improperly.
