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Conduct Rules and Ethics Flashcards

1
Q

What does PS1 include

A

Compliance with standards where a written valuation is provided

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2
Q

What does PS2 include

A

Ethics, competency, objectivity and disclosure

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3
Q

What is the RICS policy on CPD

A

Members must complete a minimum of 20 hours of CPD each year which should include 10 hours of formal CPD

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4
Q

What is formal CPD

A

Must have a structured program of learning with clear outcomes and involve a level of interaction with a trainer

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5
Q

What is informal CPD

A

No structured learning program with outcomes based on self assessment

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6
Q

What are the 5 principles that dictate the regulation process of a complaint

A 
Proportionality 
Accountability
Consistency
Transparency 
Targeting
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7
Q

What do you understand Ethics is

A

Giving one’s best to ensure the client interests are met without compromising the wider public

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8
Q

When would investigation of a member occur

A

Serious persistent failure
Failure to keep client money safe
Dishonesty
Putting personal or third party interests in-front of the client

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9
Q

Name legislation surrounding ethical standards

A

Bribery Act 2010
Equality Act 2010
Consumer Protection from Unfair Trading Regulations 2008
Business Protection from Misleading Marketing Regulations 2008

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10
Q

Describe the disciplinary procedure

A

1) Complaint received
2) Investigated by RICS
3) Member is notified and given 28 days to respond
4) Appropriate action is taken which can consist of a fixed penalty, disciplinary hearing leading to expulsion, a regulatory compliance order which can be a fine or a requirement to act in a certain way

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11
Q

Whats the maximum fine you can receive as a member

A

£2,000

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12
Q

Name the 5 ethical standards

A 
Standards 
Trust
Integrity 
Respect for others
Responsibility for actions
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13
Q

Explain all 5 ethical standards

A

Standards: ensuring your client receives the best possible advice

Trust: acting in a way in both professional and personal life that promotes your firm and the RICS in a positive manner

Integrity: honest and straightforward

Respect: Understanding and not discriminating against gender, race, age, religion etc

Responsible: Being accountable for your actions

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14
Q

Give an example of Integrity

A

Not allowing bias, conflict of interest or a bribe to override professional judgement

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15
Q

Give an example of high professional standards

A

Acting within competence and transparent with professional fees

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16
Q

Give an example of acting in a way to build trust

A

Fulfilling your obligation to the client

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17
Q

Give an example of acting with respect

A

Ensuring I’m always polite when speaking to clients

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18
Q

Give an example of being responsible

A

Respond to a complaint in a professional manner with the aim of resolving the issue

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19
Q

Name the rules of conduct for an individual

A
  • Communication
  • Interpretation
  • Ethical behaviour
  • Competence in what they do
  • Service provided to clients
  • CPD
  • Solvency (personal and professional finances)
  • Information to RICS
  • Cooperation with RICS
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20
Q

Name the rules of conduct for a firm

A
  • Interpretation
  • Communication
  • Professional behaviour
  • Competence
  • Service
  • CPD
  • Complaints handling
  • Clients money
  • Indemnity
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21
Q

What is a contract

A

An agreement between two or more parties to conduct work in exchange for a consideration. Contracts Act 1999 imposes a right to third parties

22
Q

What is tort

A

Deals with civil wrongs. Used to deal with compensation or damages where 1 party suffers a loss through another’s actions

23
Q

How would you set up a regulated firm

A
  • At least 25% of firm chartered
  • Complaints handling procedure
  • Register firm with RICS
  • Clients money account
  • Licence to use RICS logo
  • Indemnity insurance
  • Principal for RICS communications and ensuring compliance
24
Q

What is the minimum level of indemnity cover

A

£250,000 for firms with a turnover under £100,000. However £1,000,000 is appropriate in certain situations.

25
What PI cover do you need if you don't know your income
You will need to estimate
26
What is the VOA policy on PII cover
HMRC will cover all costs claimed against the VOA
27
How long is runoff cover needed for and why
Typically 6 years but can extend to 15. This is to account for a claim of tort which under the limitations act has a limit of 6 years past the event. This extends to 3 years after the loss was known of
28
What if a previous client offer you £6,000 as a cash payment?
Ten thousand euros is the maximum amount be needs to be proportionate and depends where it comes from e.g. audit trail
29
Would you accept a case of wine as a gift from a client you saved money?
Depends on the proportionality of the money saved. There is a policy in the VO not to accept gifts
30
What forms of disciplinary action are available to the RICS?
- Fixed penalty - Compliance order - Disciplinary panel - Expulsion from the RICS
31
What are the minimum levels of cover for firms with different income?
£100,000 or less requires cover of £250,000 £100,001-£200,000 requires cover of £500,000 £200,001 requires cover of £1 million
32
What are the maximum levels of uninsured excess (part firm must pay)
For sums up to £500,000 greater of 2.5% of the sum insured or £10,000 For sums over £500,000 it is 2.5% of the sum
33
What is retro active insurance?
Cover for claims that occurred before the insurance was acquired
34
Why is PII cover required
To ensure employees and companies are covered from damages and clients can also be covered for any losses
35
What are the Civil Service Code of Ethics
Integrity Honesty Impartiality Objectivity
36
What is client money
Monies which have been reserved to pay for third parties of contract work undertaken on the clients behalf
37
How would handling client money differ when dealing with a large firm of surveyors
Would require a joint signatory from someone else in the firm
38
What must a small firm do when setting up a complaints handling procedure
Ensure independent redress is in place to outsource complaints handling procedure
39
What must firms maintain in regards to complaints handling
A complaints log
40
How can companies mitigate complaints
By issuing terms of engagement clients expectations can be met and subsequently reduce complaints
41
What must firms do when a complaint with a potential claim for damages to be made
Must inform insurer of the complaint and potential damages
42
What must a small firm practitioner ensure they have in place if they were to pass away or no longer be capable of continuing work
Locum who would take on their work
43
What happens to firms that cant claim PII
To ensure the availability of professional indemnity insurance (PII) the RICS has a market facility, the Assigned Risks Pool (ARP).
44
What is happening regarding the new rules of conduct
RICS aiming to implement new rules of conduct which will merge rules of conduct for firms and members into one document. Looking to Publish late spring and will come into effect in summer
45
What are the 5 new ethical principles and rules of conduct
1) Service that is professional and within competence 2) Public interest 3) Quality and diligent service 4) Respect 5) Be honest, act with integrity and comply with professional obligations (HIC) SPQR HIC
46
When will the new RICS ethical standards come out
June 2021
47
What are the 3 main rules for members?
Act ethically Act with competence Provide a high standard of service
48
What are the benefits of registering as a firm
Confidence in work produced Professionalism Security (free independent redress and approved PII)
49
What will you need to do if you were to close a business
- Inform RICS - Inform PII - Return client money - Inform Clients - Receive run off cover - Hold client records for minimum of 6 years
50
What documents are required for due diligence?
Passport Drivers licence (2 forms of photo ID) Birth certificate Mortgage Statement

Ethics (8 decks)

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