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Ethics, Conduct And Professional Practice Flashcards

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1
Q

How many rules are there for conduct for firms?

A

15

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2
Q

What are the three sections the rules of conduct for firms split into?

A

General interpretation
Conduct of business
Firm administration

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3
Q

What are the five principles of better regulation?

A

PACTT

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4
Q

What does PACTT stand for?

A 
Proportionality 
Accountability
Consistency
Targeting 
Transparency
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5
Q

In the conduct for firms, what is covered in the general section?

A

The definition of a firm

How the RICS will communicate with a firm

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6
Q

In part 2 of rules for firms, what does this include? Seven items

PCCC TIS

A 
3 Professional behavior 
4 competence 
5 service 
6 training and cpd 
7 complaints handling
8 clients money
9 indemnity
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7
Q

What is part 3 of rules of conduct for members?

A

Firm administration

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8
Q

What is covered in conduct for members in firm administration? Five rules

ASA UIC

A 
10 advertising 
11solvency
12 arrangements for incapacity and death
13 use of designations 
14 information to rics 
15 cooperation
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9
Q

What are the five ethic principles? And what else is the RICS in involved with?

A 
Standard of service 
Trust
Integrity
Respect 
responsibility

The RICS is involved with the IES which is ten high level principles. These are being further integrated into RICS services.

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10
Q

How would you act integrity?

A

Honest

Open

Tansparent

No conflicts of interest

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11
Q

What does provide a high level of service mean for you?

A

Providing best advice
Act within my capabilities
Be transparent with fees

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12
Q

How would you act to promote trust?

A

Promote through behavior inside and outside of work

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13
Q

What do we mean by treating others with respect?

A

Courtesy

Polite

Be aware of cultural sensitives and unconscious bias

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14
Q

What does take responsibility mean?

A

Being accountable

Always act with skill, care and diligence

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15
Q

What must all members and firms do at all time regarding conflicts of interests?

A

Act with integrity and avoid conflicts of interest and avoid any action inconsistent with its professional obligation

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16
Q

When can you progress when a conflict is present?

4 things

A

When informed consent is provided
It is in the interest of those affected
Is not prohibited by law
It does not affect the member or firms ability to advise

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17
Q

What are the three types of conflict?

A

Party conflict
Own interest conflict
Confidential information conflict

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18
Q

What is an information barrier

A

Physical and/or electronic separation of individuals or groups within the same firm which prevents information being passed between them.

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19
Q

When was the latest update for Insurance (Rule 9)?

A

1 May 2020

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20
Q

What is the aim for insurance?

A

1 - Protect firm against financial los
2-Protect member/firm against consequences of its liability to pay damages
3-Ensure firms clients do not suffer financial loss

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21
Q

What are the three minimum limits of indemnity?

A

Firms turn over;

100,000 - limit is 250,00

100,000-200,00 - limit is 500,000

200,001 and above - limit is 1,000,000

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22
Q

How do PI Policies work?

A

Claims made basis

This means that the policy covers claims that are first made against the insured during the period of insurance regardless of when the negligent act occurred.

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23
Q

Why does insurance cover past employees?

A

Protects firm for work carried out in its name who leave the company

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24
Q

Who does the insurance cover?

A

past and present members of the firm

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25
What are the fire safety exclusions at BHP?
Working with buildings over 6 storeys or 20M in height, not including 6 storeys. Aluminium composite materials
26
What is run off cover and why do we have it?
Ensures firms, members and clients are not exposed to financial detriment in the period following a firm ceasing to trade. RICS Requires this!
27
Regarding ' Run off' what are the minimum policy requirements?
Consumer - limited of 1Million for six year period Non-consumer 'appropriate cover required'.
28
What is the process if a firm cannot obtain run off form their insurer?
They can get this from the 'Run-Off Pool'.
29
What are the two sections in Rules of Conduct for Members?
1-General 2-Personal and professional standards
30
What are the SEVEN standards for members in Rules of conduct for members (Part 2 Personal and Professional Behaviour)?
``` 1-Ethical Behaviour 2-Competence 3-Service 4-Continuing Professional Development (CDP) 5-Solvency 6-Information to RICS 7-Cooperation ```
31
Why do we act with ethics?
Sincerity Integrity
32
What would you do if your client says they do not agree with your valuation, fee, etc? PPM instance when client thought the 10 year figures were too low and asked me to double them
Stand up for professional opinion even if clients do not like the answer.
33
What is the breakdown of three main areas of professionalism?
1 - Professionalism 2 - Technical skills and knowing limits 3 - Standards
34
What is the IES coalition?
International Ethics Standards Coalition
35
Are there any other ethical standards?
International Ethics Standards
36
On top of the five RICS principles what else do you know about?
There is the International Ethics Standards There are 10 high level principles RICS is signed up and is integrating this into some of their own documents
37
What process do you take if you are totally unsure of a decision?
RICS Ethics Tree
38
Your client wants you to find loop holes on a project which will cause environmental damage, your client wants you to find loop holes and process regardless - what would you do?
Research the options and highlight what is ethical, legal and achievable
39
You have not done a dilaps in five years, you client wants you to do a dilaps, what would you do?
Refer to another colleague or brush up on standards and inform client but ensure i can meet professional standards and competency
40
Give an example of a conflict of interest?
I was doing a dilapidations claim on 5-6 Esplanade for 'Kasbar' on behalf of the tenant (20 year lease) when I was approached the landlords agent to basically act as the competing surveyor. I advised that i was conflicted. I informed my client (the tenant) of what had happened and my actions for full clarity.
41
Are you conflicted by offering advise on a building survey pre acquisition if there is the potential for follow on work?
Absolutely - conflicted by advising on poor quality when future fees are dependant on the work.
42
What are the CPD requirements each year for chartered members?
20 hours 10 formal 10 informal
43
What is the RICS Moto?
Est Modus in Rebus
44
What is the RICS mission statement?
To qualify and equip our professionals to the highest level.
45
When was the RICS founded?
1868
46
What is the structure of the RICS?
Privy council grants royal charter Governing council Then split into regulatory boards and management boards
47
What are the Bodies within the RICS?
Matrics Lionheart
48
What is RICS Matrics?
Supporting and networking young pros
49
How were the new rules of conduct formed? With beers
Carlsberg Report
50
Regarding Insurance, what is the Policy Standards?
``` Each and every claim basis RICS Minimum policy wording Full civil liability Claims are claims made basis Run off cover (six years) ```
51
What are the minimum run off covers? (3)
100k or less is 250K 101-200k is 500K 201k plus is 1M
52
What are the two levels of uninsured excess?
Up to 500K - greater of 2.5%/or 10K Over 500K 2.5 sum of insured
53
What is a 'Royal Charter'?
This turns a group into a legal entity.
54
What are the five principles that underpin the 5 ethical principles? HAPPG
Human behaviour (motives) Actions (consequences) Point of view Process Good Ethical Business
55
How is the RICS encouraging Diversity and Inclusion?
?
56
What further considerations would you give if you were setting up a practice?
Inform RICS Appoint contact office PI Client account for handling client money Complaints handling procedure Set up staff training and CPD
57
What would you do if you were closing a practice?
Ensure insurance run off cover in place | Seek RICS Guidance
58
Regarding gifts, when would a gift become a bribe?
to gain business requesting a bribe for business ENSURE BRIBE attempts ARE REPORTED
59
What is acceptable as a gift/hospitality?
If it is reasonable and proportionate Modest and occasional meals, sport and cultural events MUST NOT BE LAVISH OR FREQUENT
60
What practice statement would you refer to for Money Laundering?
Countering Briery and Corruption, money laundering and terrorist financing
61
Regarding taking on a new client, what money laundering considerations would you review?
Undertake sanction check Keep records of due diligence for five years Maintain internal procedures to identify and prevent laundering
62
What is rule 8?
Clients money
63
How do you ensure you have complied with rule 8?
Client money must be kept separate and clearly identifiable Client must always have access to funds
64
What is the limitations act?
Contract - 6, 10 or 12 years (under hand or deed) Tort six year from when damage occured
65
HC Q's What are the rules of conduct for members?
These are the standards set by RICS expected of all members, students and firms.
66
Why is there a need for a code of conduct?
To demonstrate to clients, consumers and the public that the RICS firms, members and students are commited to providing the highest level of service.
67
What are the five ethical standards for the RICS?
``` High standard of service Trust Integrity Respect Responsibility ```
68
Can you take one and tell me how you have abided to it?
Responsibility - I miss read my work load once where i took on a new instruction for a survey which was one day late. This was my own fault and i advised my client of the issue and that is was my own fault High standard of service - apart from this one late instance i make it a personal goal to have reports out to clients at least a day early, of course ensuring this does not jeopardise the quality of it.
69
What is the point of CDP?
Ensures members capabilities are kept current
70
Are there different types of CPD?
Formal Informal
71
What would happen if you dont do it?
Failure results in a caution under rule 4 - fixed penalty
72
How do you log it?
Through ARC but if one is chartered there is an APP.
73
What is professional indemnity insurance?
Professional indemnity insurance covers financial loss, personal injury and property damage resulting from your negligent act, error or omission while you're working for a client
74
Who does it protect?
Firm Member Client
75
What level of cover should a company provide in regard to insurance?
This depends on the firms turnover 100k or less is 250K indemnity 250k or less is 500K indemnity 201k + is 1M
76
What is run off cover and why is it important?
s insurance for claims made against a law firm after it has stopped doing business. It makes sure that: clients can be compensated for claims made after a firm has closed
77
Do you accept gifts?
Only if it does not influence decisions and is nominal in value Offered openly Must not be regular, cash
78
What about during the festive period?
Same applies
79
What is your companies policy on gifts?
?
80
Are you able to explain when you have declined an event?
s
81
What is a complaints handling procedure?
s
82
What should a CHP include?
s
83
Can you tell me about your companies CHP?
s
84
Can you tell me about the RICS organisation formation?
s
85
What are the governing council responsible for?
s
86
What is a bribe?
s
87
What is the governing legislation for the above in Jersey and the UK?
s
88
What is considered a bribe?
s
89
If you wanted to set up your own business what would i need in place?
s
90
Following on from an instruction what appointment documents do you use?
s
91
What are typically included within appointment documents?
s
92
Finally, are you looking to join an institute or an institution ?
s
93
Regarding H&S, what do you do prior a site visit?
s
94
Who is the current RICS president?
s
95
If a client says your fees are too high and want them reduce what would you advise?
s
96
A friend asks you in the pub if you can survey a house he's looking at buying, what would you do?
ensure multiple beers are included in the appointment
97
What must you do before accepting an instruction?
s
98
Talk me through the process you would go through following a client phoning you to undertake a new instruction?
s
99
What is the role of the RICS?
s
100
When was the RICS founded?
s
101
What concern would you have in a client requesting to pay in casH?
s
102
What is Lionheart and what does it do?
s
103
What is a conflict of interest?
s

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