Ethics

Question 1

Tell me about a time you have implemented rule 1?

Answer 1

• I have regard to and comply with my obligation including the cpd requirements. I make sure to plan my cpd and choose ones which will enchance my knowledge and experience.

Question 2

Tell me how you have displayed rule 2?

Answer 2

Prior to instructions I always check the instructions and objectives /tasks against my personal competence and make sure to check this with a qualified member of the team before issuing to the client

Question 3

Tell me about a time you have shown rule 3?

Answer 3

I provide high quality by always listening to the clients goals and objective and having this as the forefront of each project.

Time constraints etc

Question 4

How do you display rule 4?

Answer 4

I never discriminate and always treat everyone fairly and with respect despite background.

Important always but in communication and negotiation - always being fair and treating with respect

Question 5

How do you Instill rule 5?

Answer 5

Prevent harm - bribery

Take responsibility for having awareness of bribery and kyc checks.

Question 6

What’s the difference between enchanced and basic due diligence

Question 7

examples behaviours of rule 1?

Answer 7

members must not mislead each other
members and firms not to be influenced by others
members and firms must identify potential conflicts of interest and act in line with the RICS professional standard - conflicts of interest 2017

Question 8

example behaviours of rule 3?

Answer 8

must understand a clients need and objectives prior to accepting professional work

agree scope of services, limitations and timelines for work

undertake work in timely manner with due care

Question 8

example behaviours of rule 2?

Answer 8

members and firms only undertake work they have the knowledge to undertake
members and firms must supervise any employess undertaking the work for them
must maintain their knowledge and skills through professional development
stay up to date with relevant legalisation and technical standards

Question 9

example behaviour 4?

Answer 9

must respect the rights of others
treat everyone fairly and not discriminate against one of the nine protected characteristics
must not bully, victimise
work cooperately
develop an inclusive culture

Question 10

example behaviours of rule 5?

Answer 10

must questions decisions they suspect are not right and raise concerns
support colleagues who have acted in good faith to raise concerns
respond to complaints, promptly and professionally
cooperate with complainants

Question 11

tell me about some of the case studies

Answer 11

the case study on confidentialty looks at a party conflict whereby you have a duty to your client but also your firm who is undertaking valuation

need to check and follow steps in conflicts of interest 2017 to make sure informed consent could be provided or whether to refuse the instruction. - could keep the type and location confidential to the client..

Question 12

explain a time when youve used the ethical decision tree? talk me through the process?

Answer 12

find one

Question 14

how do as GLP make sure you are also not bribing someone when having agents events?

Answer 14

gift is proportional (lower valuer) one wine
equal to everyone coming to the event
no unfavourable relationship - not doing a deal etc
thank you for coming up to the event - purpose
communicated to everyone coming

Question 15

what are the three types of conflict?

Answer 15

party conflict
own conflict
confidential information conflict

Question 16

whats the difference between conflict avoidance and conflict management?

Answer 16

• conflict avoidance do not accept the instruction
  conflict management - is when the instruction is accepted and steps are agreed to manage.

Question 17

How to handle a conflict?

Answer 17

step one - avoidance - upon receipt of facts, consider whether impartiality is compromised and should be removed or whether it can be appropriately managed
decide whether to accept instruction

step 2- set out in writing the nature of conflict, relevant facts and how the firm intend to deal with it (information barrier) be clear, request written consent

step 3 - once received written consent set up information barrier and maintain and review

Question 18

please provide an example of how your firm has managed a conflict of interest?

Answer 18

during a bid for a parcel of land, a big firm were acting for us as project management however, were also selling the land therefore, an information barrier existed and GLP provided informed consent.

Question 19

please explain a time you have acted ethically?

Answer 19

everytime i accept a gift, I take time to think of it in the context of the ethical decision tree

Question 20

what do you need to consider when using social media

Answer 20

use of social media: guidance for RICs members 2021

instil professional standards and rules of conduct when using social media.

RICS will investigate posts which are discrimination, dishonest, abuse

Question 21

disciplinary procedures?

Answer 21

undertaken by the standards and regulation board
triggered by allegations

Question 22

actions after investigation

Answer 22

serve fixed penalty notice - fine
make a regulatory compliance order - low level breaches, document what members must undertake within a period
refer to tribunal -
displinary panel - more serious, lay members not RICS, penalties include a fine, compliance order, impose conditions, expulsion from rics

Question 23

what information is required by RICS for registration

Answer 23

type of business and staff
responsible principal
stautory regulated activities
nature of clients
CHP and records
PII
whether the firm holds client money

Question 24

what is negligence?

Answer 24

duty of care exists between client - when breached, there is a loss, claim for damages can arise

Question 25

do you know any case law in regards to negligence?

Answer 25

Yianna v Edwin Evans (1981) case established a resi valuer instructed by mortgagor owed a duty of care in tort to a mortgagee purchaser relaying on a valuation

Question 26

what does the limitation act 1980 say?

Answer 26

current limitations to negligence contract - 6 years from date of negligent act 3 years from the date of acknowledgement of breach, 15 years long stop from the date of negligent act tort - 6 years from the date claimant suffered losses

Question 27

how cany you avoid negligence claims?

Answer 27

understanding objectives confirm precise instructions ensure competent PII detailed notes and photos up to date CPD Cap the PII excess in toe

Question 28

how should PII be underwritten

Answer 28

claims made basis - covers each claim retroactive - covers claim during the insurance currently in place

Question 29

what is constituted as accurate run off cover?

Answer 29

consumer claims - minimum of 1million aggregate cover for 6 years commercial claims- consider what is adequate

Question 30

what professional standard do you have regard to when handling client money?

Answer 30

RICS professional standard 'client money handling' 2019

Question 31

what procedures do you need to follow when dealing with client money?

Answer 31

accounts must be kept separate and clearly identifiable 'word client' must be in account name client must be able to access money on demand payment of interest must be agreed regular bank reconciliation accurate records annual audit signatories required never overdrawn

Question 32

what do need to for rics compliance when starting a new practice?

Answer 32

inform rics by completing a firms details form appoint repsonsible principal register rics for regulaiton PII Procudures for client money handlering obtain approval for CHP set up complaints log appoint cho use logo kit plan succession plan rics annual return

Question 33

statutory compliance

Answer 33

disclose business name and register of companies house compliance with equality act 2010 bribery act 22010 Appoint money laundering officer health and safety compliance public liability insurance building insurance employers insurance

Question 34

closing a practice?

Answer 34

inform rics and deregister ensure clients are informed and make arrangements for services to continue with a new firm return monies held in client accounts inform insures and get run off cover retain copy of files for minimum of 6 years

Question 35

key provision of ML legislation

Answer 35

written risk assessment policies in place internal controls staff trianing DD requirments record keeping AML checks

Question 36

proceeds of crime act 2002

Answer 36

provides power to recover criminal and civil proceedings money deemed to be the proceeds of crime

Question 37

rics professional standard on bribery/ml

Answer 37

3 parts - mandatory Mandatory: not facilitate a bribe, ML, have procedures in place to comply with the law, report suspicion, act with DD, retain records, understand nature and purpose of transaction guidance: written policy, gift register, publish code of behaviour and staff training 3 W's - who do you act for, what are you doing, why are you being asked to do something