Ethics & Mandatory Flashcards

Question

What money laundering regulations or legislation are you aware of?

Answer 1

Money Laundering Regulations 2017 amended in 2019 RICS Professional Statement - Countering Bribery And Corruption, Money Laundering And Terrorist Financing, 1st Edition Feb 2019

Answer 2

client being secretive, has criminal associations, incorporated in high-risk country (Iraq, Iran, North Korea), unusual source of funds or transaction unusual (no obvious commercial purpose to a transaction)

Answer 3

Bribery Act 2010 RICS Professional Statement - Countering Bribery And Corruption, Money Laundering And Terrorist Financing, 1st Edition Feb 2019

Answer 4

An exchange of something of value in return for someone doing or agreeing to do something improper in a business context. Remember that an intention to bribe or be bribed is also an offence.

Answer 5

Up to 10 years in prison or unlimited fines

Answer 6

Up to 14 years in jail or a fine.

Answer 7

A person is guilty of an offence if they offer, promise or give an advantage, directly or indirectly, to another person, intending that a person is rewarded for, or induced to, perform a relevant function or activity improperly.

Answer 8

Offences concern the possession, concealment, conversion, transfer or making of arrangements relating to the proceeds of crime.

Answer 9

You must keep your records for five years beginning from: the date a business relationship ends.

Answer 10

Covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual.

Answer 11

(UK professional indemnity insurance requirements REGULATION Version 9 with effect from 1 April 2022) Indemnity level dictated by annual turnover in preceding year; underwritten by RICS listed insurer, cover for all past and present employees, fully retroactive run-off cover. Run-off pool available for those who cannot get PII

Answer 12

Lawfulness, fairness and transparency Purpose limitation Data minimisation Accuracy Storage limitation Integrity and confidentiality Accountability

Answer 13

be informed about how your data is being used access personal data have incorrect data updated have data erased stop or restrict the processing of your data data portability (allowing you to get and reuse your data for different services) object to how your data is processed in certain circumstances

Answer 14

Fines of up to £17.5 million under the UK GDPR or 4% of annual global turnover can be issued for infringements

Answer 15

Binding Rights of appeal limited Expert agreed between parties Can use their own expertise Expert to decide who pays costs Gives a determination, whereas arbitrators give an award

Answer 16

Not binding Mediator guides parties in making decisions Without prejudice and confidential Each cover own costs

Answer 17

Not binding Can be faster than mediation or IE Gives an understanding of likely outcome of Upper Tribunal and risks of taking legal action Confidential Costs shared

Answer 18

Binding Unlike experts, Arbitrators can only use evidence provided to them, not their own experience Governed by Arbitration Act 1996 Gives an award, whereas IE gives determination

Answer 19

A procedure to avoid litigation caused by conflicts between parties which cannot be resolved

Answer 20

It is typically cheaper and quicker than litigation It is a more flexible process than Court proceedings governed by the Civil Procedure Rules It can be a confidential process Specialists/experts may be involved rather than lay judges (who may or may not have an understanding of property)

Answer 21

a statement of the business's financial position showing its assets (cash, property, debtors) and liabilities (borrowings, overdrafts, loans) at a given date

Answer 22

a summary of the business's income and expenditure transactions prepared usually on an annual basis

Answer 23

Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Financial Reporting Standards (FRS) are also accountancy standards

Answer 24

management accounts are internal only, whereas statutory accounts are filed with Companies House

Answer 25

Be a catalyst for economic growth; Create a step change for rail capacity and connectivity. Be good neighbours and protect the natural environment. Foster skills and create and sustain employment opportunities. Set new standards for health, safety and security for the construction and operation of the railway. Deliver value for money to the taxpayer. Set new standards for customer experience.

Answer 26

a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

Answer 27

a business's level of readiness to maintain critical functions after an emergency or disruption. Impotant so your organisation can continue with minimal disruption

Answer 28

RICS Defining our Future Consultation - This relates to structural industry shifts over the past 12 months, particularly driven by the Covid-19 pandemic and increasingly digital world. This will be used to inform the RICS’ strategy going forward.

Answer 29

PESTLE stands for Political, Economic, Socio-Cultural, Technical, Legal, and Environmental. SWOT, which is tied to analyzing a specific company's internal capabilities, PESTLE is designed examine a company's external environment.

Answer 30

VFM and customer experience - ensuring land is taken at the right time, in the right way, for the right compensation for the affected party

Answer 31

Sole trader - not a company, personal liabilities Partnership - same as sole trader but 2 or more people Limited liability partnership - a company, 2 or more people Limited liability company - similar to LLP but members not partners Public limited company - similar to LLC but trades on stock market

Answer 32

Performance management, ensuring I am contributing as required to the strategic goals of my organisation. Objectives should give clarity on what needs to be achieved and by when.

Answer 33

I have an obligation of reasonable skill and care, which is evidenced by working within RICS Rules of Conduct and appropriate legal and regulatory frameworks

Answer 34

key performance indicator, a quantifiable measure of performance over time for a specific objective

Answer 35

Timeframes, contract compliance, customer service, lack of complaints

Answer 36

when making recommendations in the best interest of my client, i.e. discretionary acquisition reduced complaints, removed MP involvement, good outcome for claimant

Answer 37

I have used case intelligence to forecast capex spend and worked proactively to achieve these forecasts. I have done what I promised the client

Answer 38

Speaking in plain english, not using acronyms or technical language, prioritising the macro factors before going into micro

Answer 39

it depends on the client and what they have instructed you to do i.e. the complexity of the instruction but generally giving a brief macro explanation and quickly focusing into the micro factors where the detail is required

Answer 40

my client is dft and I have done training to understand the role of the dft in the project I am working on, and what the dft expects from HS2

Answer 41

I myself have set myself targets within my annual appraisal which help to improve performance such as not receiving a complaint, achiving 100% APRs paid on time. Also i assist with monitoring of supplier KPIs such as APR recommendations being within 28 days

Answer 42

involves drawing on principles and objective criteria to settle differences rather than making opinion-based arguments.

Answer 43

Conflict occurs when these differing perspectives cause communications to break down, changing an interaction from a positive and constructive dialogue to a negative

Answer 44

Generally they arise because of valuation, other compensation disputes or legal principles

Answer 45

The CPA pre-action protocol is embedded in our guidance - sufficient information should have been exchanged to narrow points of dispute using a SCOTT schedule or SAFI. Then, encourage Alternative Dispute Resolution. Typically, ADR is quicker and cheaper, and it can often preserve relationships between the parties.

Answer 46

As disputes may arise many years after the completion of an instruction, it is essential that the agreement of the terms of engagement is contained in, or evidenced by, comprehensive documentation maintained in a recognised and acceptable business format

Answer 47

Clear drafting of contracts and ToE Managing parties expectations Keeping good records with sufficient level of detail Proactive conflict avoidance risk analysis Work in line with RICS rules of conduct

Answer 48

Negotiation Mediation (3rd party intervention) Adjudication/Arbitration/Litigation

Answer 49

Speed, informal, more collaborative, lower costs, confidential, quality (decided by a surveyor not a judge)

Answer 50

use of a neutral mediator who facilitates discussion, confidential and informal, usually without prejudice, non-binding

Answer 51

An arbitrator is appointed in a quasi-judicial role in line with Arbitration Act, binding, has specialist knowledge of the subject, gives an award, considers written representations only

Answer 52

IE is appointed by the two parties, has expert knowledge of subject, binding, can use own opinion or evidence, gives a determination

Answer 53

An independent person, experienced in the subject, to investigate and give their non-binding opinion

Answer 54

Where an agent acts for clients who have competing interests, or where an agent's personal interest conflicts with that/those of their client and their ability to act impartiality is affected

Answer 55

Identify and manage Conflicts of Interest, conflict of interest checks, keep records of the decisions made in relation to whether to accept (and where relevant, to continue) assignments, the obtaining of Informed Consent, and any measures taken to avoid Conflicts of Interest arising.

Answer 56

To maintain good professional relationships, prevent risk of impartiality being affected, avoid costly legal proceedings, reduce reputational risk to yourself and your client

Answer 57

In line with RICS Rules of Conduct this ensures staying on track of the scope of the service to be provided and timescales for the work to be completed, to ensure that parties are receiving a good quality and diligent service which they expected. Any unexpected delays can be identified quickly and communicated to the client to avoid dispute.

Answer 58

This refers to methods of resolving disputes other than litigation, such as adjudication and mediation. Typically, ADR is quicker and cheaper, and it can often preserve relationships between the parties.

Answer 59

Through the Civil Procedure Rules (CPRs), the courts encourage parties to consider ADR before proceeding to litigation.

Answer 60

The practice of acting for multiple parties, usually when undertaking investment work in the property industry, often for both buyer and seller or multiple buyers.

Answer 61

The RICS Rules of Conduct encourage conflict avoidance. An RICS firm must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log. Where it cannot be avoided it has an impartial dispute resolution service.

Answer 62

A surveyor acting as an advocate, represents their client at a judicial hearing/tribunal

Answer 63

An involvement between the dispute resolver and one of the parties, one of the parties’ representatives or the subject matter of the dispute, or any other circumstances that raises justifiable doubts of bias or apparent bias

Answer 64

Every dispute resolver should be, and seen to be impartial at the time of accepting an appointment and remain so during the entire proceedings

Answer 65

Arbitrators cannot decide an issue other than on evidence received from the parties and both parties will need to make representations. An expert can use their own experience.

Answer 66

a joint initiative set up by RICS and the Law Society as a form of alternative dispute resolution (ADR) for lease renewal disputes. IE or arbitrator, binding decision

Answer 67

I would be acting for my client in a subject I am competent in. Expert witnesses primary duty of care is to the court, whereas an advocate is to the client

Answer 68

compensation for the compulsory purchase of land compensation for the effect on land affected by public works compensation for blighted land and more

Answer 69

- Parties engaging in open and honest communications - identifying possible problems early, and dealing with them in a non-adversarial environment - encouraging compromise and avoidance of escalation to formal dispute resolution

Answer 70

One of four chambers of the upper tribunal which settles legal disputes

Answer 71

The right to be informed The right of access The right to rectification The right to erasure The right to restrict processing The right to data portability The right to object Rights in relation to automated decision making and profiling.

Answer 72

Sit alongside the Data Protection Act and the UK GDPR. They give people specific privacy rights in relation to electronic communications such as: marketing calls, emails, texts and faxes; cookies (and similar technologies);er privacy as regards traffic and location data,

Answer 73

an Act of the Parliament that creates a public "right of access" to information held by public authorities.

Answer 74

The disadvantage of primary data is the cost and time spent on data collection while secondary data may be outdated or irrelevant.

Answer 75

Title means that you can transfer that interest or portion that you own to others. Deeds are the legal documents that transfer title from one person to another

Answer 76

Paper documents are difficult to search, carry, copy, and modify, easily damaged, misfiled or misplaced. Electronic documents are delivered by networks, disks, flash memory and CD/DVD and are stored on a file system they are much more secure.

Answer 77

The index map contains information on all land and property that’s registered or being registered with HM Land Registry.

Answer 78

A way to conceal information by altering it so that it appears to be random data. Encryption is essential for security on the Internet.

Answer 79

the barrier that sits between a private internal network and the public Internet. A firewall’s main purpose is to allow non-threatening traffic in and to keep dangerous traffic out.

Answer 80

Do not use internet irresponsibly, do not download things on work computer

Answer 81

the practice of keeping data in two or more places within a database or data storage system. Data redundancy ensures an organization can provide continued operations or services in the event something happens to its data

Answer 82

Evidence-based research Best practice statements e.g. Guidance Note on Sustainability and Commercial Property Valuation, 2013 Best practice training Energy use in clients’ buildings and associated regulation (e.g. energy performance certification and minimum performance standards)

Answer 83

To cut the UK’s carbon dioxide emissions by 80% on 1990 levels by 2035 (Climate Change Act).

Answer 84

Energy Performance of Buildings Directive (EPBD)

Answer 85

Amended the energy requirements contained in Part L of the Building Regulations Introduced Energy Performance of Building Regulations

Answer 86

1. Higher standards of energy conservation for new and refurbished buildings 2. Establishing a calculation methodology for the energy performance of all buildings 3.Minimum requirements for the energy performance of all buildings 4. Energy certification for all buildings when leased or sold 5. Mandatory inspection of boilers and air conditioning systems in buildings

Answer 87

- EPC required for all commercial buildings over 50 sqm: - When it is newly built, sold or let for a term of more than 6 months (& less than 99 years). Also applies for sub-letting and assignments of leases - When it is newly refurbished and heating, air conditioning or ventilation services are altered, and/or the building is subject to Building Regulations for construction

Answer 88

- Listed buildings - Buildings which have no heating - Religious buildings - Temporary buildings - Buildings due to be demolished/redeveloped - Residential units not occupied more than 4 months a year

Answer 89

- Address of property and floor area - EPC certificate and reference number - Technical information on the property’s energy provision - Estimation of energy running costs - An energy performance rating from A+ to G - Benchmarking information

Answer 90

10 years unless the building is altered, after which a new EPC would be required

Answer 91

EPC online register holds EPCs available for inspection

Answer 92

- Local authorities’ Trading Standards teams enforce the regulations - Commercial: max penalty is equal to 12.5% of the RV of the building (a minimum of £500 and maximum of £5,000 fine)

Answer 93

Minimum EPC rating of Level E. Implementation was in stages: - New leases from 1 April 2018 (for both commercial and residential properties) to include lease renewals/extensions - All existing leases from 1 April 2023 for commercial properties

Answer 94

Exemptions must be pre-registered on the Local Authority Private Rented Sector Exemptions Register and renewed five-yearly

Answer 95

Breach has lasted less than 3 months – up to £5,000 or (if greater) 10% of the Rateable Value with a maximum penalty of £50,000 Where a breach has lasted more than 3 months – up to £10,000 or (if greater) 20% of the Rateable Value with a maximum penalty of £150,000

Answer 96

Energy assessment scheme that is mandatory for large organisation in the UK (more than 250 employees, turnover more than €50m and an annual balance sheet total of €43m)

Answer 97

-The Climate Change Levy is an environmental tax charged on the energy that businesses use. - Business energy suppliers are responsible for charging the appropriate CCL, as they supply the taxable commodities. Once the energy supplier has collected the CCL charge, it is passed on to HM Revenue & Customs.

Answer 98

The NPPF states that the purpose of the planning system is to contribute to the achievement of sustainable development Plans and decisions should apply a “presumption in favour of sustainable development”.

Answer 99

meeting the needs of the present without compromising the ability of future generations to meet their own needs (a desire to carry out activities without depleting resources or having harmful impacts.)

Answer 100

Economic development/promoting prosperity while protecting the planet.

Answer 101

The Conference of the Parties (COP) last met in 2022 which is the annual United Nations Climate Change conference brining governments together to accelerate global efforts to confront the climate crisis

Answer 102

- The Kyoto Protocol operationalizes the United Nations Framework Convention on Climate Change by committing industrialized countries and economies in transition to limit and reduce greenhouse gases (GHG) emissions in accordance with agreed individual targets. - It only binds developed countries, and places a heavier burden on them.

Answer 103

-The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris 2015 - Its overarching goal is to hold “the increase in the global average temperature to well below 2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to 1.5°C above pre-industrial levels.”

Answer 104

Commited the UK government by law to reducing greenhouse gas emissions by at least 100% of 1990 levels (net zero) by 2050.

Answer 105

The Conduct and Appeal Committee was renamed the Regulatory Tribunal, and the 'Disciplinary, Registration and Appeal Panel Rules' changed to the 'Regulatory Tribunal Rules'. - The Regulatory Tribunal Rules allow a Single Member of the Regulatory Tribunal to determine disciplinary action in certain circumstances

Answer 106

- DEC’s are required on public buildings over 250 sq.m. - They display actual energy used and carbon dioxide emissions. - must be displayed - must be accompanied by an Advisory Report

Answer 107

- EPC's are required for all properties when they are constructed, sold or let - Except public buildings over 250 sq.m. which require a DEC - provides details of the energy efficiency of the property and how it can be improved.

Answer 108

- Penalty charge notice of £500 for failing to display - £1,000 for failing to possess or have in their control a valid advisory report.

Answer 109

If all these apply: - the total useful floor area is over 500 square metres - the building is frequently visited by the public - an EPC has already been produced for the building’s sale, rental or construction

Answer 110

A form of self-regulation that reflects a business's accountability and commitment to contributing to the well-being of communities and society through various environmental and social measures.

Answer 111

- BREEAM - A voluntary environmental assessment tool to rate new and refurbished commercial and residential buildings - A buildings environmental impact is rated by BREEAM assessors by reference to nine environmental weightings including energy consumption, water use, transport links, waste management and health and wellbeing. - The five BREEAM ratings are: Pass Good Very Good Excellent Outstanding

Answer 112

- Building Regulations - Part L - Refers to the conservation of fuel and power - Exists to guarantee the eco-efficiency of properties built under UK law.

Answer 113

- Scrapped in 2022 - Replaced with the Home Quality Mark developed by the BRE (British Research Establishment) - This is a property benchmarking tool aimed at giving builders, developers and homeowners a ‘Star Rating’ guide

Answer 114

ESOS is an energy assessment scheme that is mandatory for large organisation in the UK (more than 250 employees, turnover more than €50m and an annual balance sheet total of €43m). They are required to: * Measure total energy consumption across buildings, transport and industrial activities * Conduct energy audits to identify cost-effective energy efficiency recommendations * Report compliance to the Environment Agency

Answer 115

- Replaced Carbon Reduction Commitment Energy Efficiency Scheme (CRC) in 2019 - Designed to increase awareness of energy costs within organisations, provide them with data to inform adoption of energy efficiency measures and to help them to reduce their impact on climate change. They also seek to provide greater transparency for stakeholders - Large unlisted companies which have exceed 40,000 kWh to include energy and carbon information within their directors report

Answer 116

- The maximum permitted area of windows, doors and other openings - The structure’s air permeability - Insulation values of building elements - Heating efficiency of boilers - Insulation/controls for heating appliances & systems - Hot water storage - Lighting efficiency - Solar heat gains - Ventilation & air conditioning systems

Answer 117

A standard form lease with additional clauses included which provide for the management and improvement of the Environmental Performance of a building by both owner and occupier(s)

Answer 118

The 2022 Sustainability Report Sustainability and ESG in commercial property valuation and strategic advice (Guidance note)

Answer 119

- The MEES Regulations prevent any property being sold or let with an EPC lower than E since April 2023. - It has been indicated that these requirements will tighten again in the near future, with a proposal that commercial properties must have an EPC rating of C or higher by 1 April 2027, and B or better by 2030. - This impacts the profitability of properties as owners will need to carry out sufficient works to improve the rating before 1 April 2023, or else to register a valid exemption if available. Otherwise, it will be an offence to continue to let the property without having done so. - Occupiers with high ESG objectives will be less attracted to these types of properties

Answer 120

- Helps landlords and tenants assess fit-out projects against a set of sustainability good practice criteria. - SKA comprises more than a hundred 'good practice' measures covering energy and CO2 emissions, waste, water, materials, pollution, wellbeing and transport. - An example of a good practice measure is that when wooden flooring is stripped out, it should be sent for re-use to a salvage yard instead of to landfill. - A label that is clear and easy to understand: Bronze, Silver and Gold, plus a percentage score

Answer 121

- for fit outs - Improves energy and water management - reduces operating costs - increases asset value with a low carbon building - improve occupier health and wellbeing

Answer 122

- Use of renewable materials and technologies such as solar, wind, biomass and heat pumps to achieve a low carbon emission solution achiving a reasonable payback - The building aspect and use of daylight to take advantage of solar gain - Energy management and monitoring systems and increased awareness of other areas of sustainable management relating to waste, water and procurement of goods and services

Answer 123

- listening to ideas - discussing and asking questions - persuading others to consider decisions - respect and supporting others ideas - help others - sharing information - participation and involvement - effective communication - reflecting on strengths and weaknesses

Answer 124

FLAB workshops, participate and listen to others on their point of view, discussing ideas, persuading of my decisions and why, sharing information related to L&P on which my decision is founded. Following the meeting reflect on strengths and weaknesses and followed up if any further information comes to light.

Answer 125

Having to management expectations with other teams with different objectives, such as construction needing to access land faster than due process can allow for, this is managed by being always participating in meetings and ensuring other stakeholders understand the process and timeframes from the start i.e. flab is a 3 stage process which is then followed by notice service and a period before land can be possessed.

Answer 126

When we make judgments or decisions on the basis of our prior experience, our own personal deep-seated thought patterns, assumptions or interpretations, and we are not aware that we are doing it. To reduce: Be aware, take an implicit association test, making changes to an organisations hiring process

Answer 127

Represents an effort by suppliers to develop and implement supply chains that are as efficient and economical as possible. By managing the supply chain, companies can cut excess costs and deliver products to the consumer faster.

Answer 128

Brings together six organisations (CIOB, RICS, RIBA and more) from across the built environment sector. The creation of a more diverse, equitable and inclusive sector - ensuring it is more representative of the society it serves. Understand who the industry is made up of with consistent data collection Understand the disparity between the diversity of students that start on institute accredited courses and the talent that makes it into the workforce To develop understanding and guidance for the sector on EDI

Answer 129

one that can be accessed and used safely, easily and with dignity by everyone’, ‘does not physically or socially segregate, discriminate or isolate’ and ‘is well designed, functional, efficient and sustainable, and delivers an enhanced user experience’.

Answer 130

Inclusive design is defined as ‘making places everyone can use’. This removes barriers creating undue effort and separation, enabling all users to ‘participate equally, confidently and independently in everyday environments’.

Answer 131

Equality Act 2010 National Planning Policy Framework (NPPF) Approved Document M Changing Places campaign

Answer 132

- Placing people at the heart of the design process - Acknowledging diversity and difference - Offering choice where a single solution cannot accommodate all users - Providing flexibility in use - Creating an environment that is convenient and enjoyable for all to use

Answer 133

An example on the project I am working on includes consultation with a school for deaf children to understand what challenges they face and how the stations can be designed with accessibility in mind

Answer 134

Rule 4 relates to diversity and inclusion - respect the rights of others and treat others with courtesy - treat everyone fairly and do not discriminate against anyone on any improper grounds - do not bully, victimise or harass anyone - work cooperatively with others - develop an inclusive culture in their workplaces, support equal access and opportunity for all, and identify and address unconscious bias

Answer 135

International Organisation for Standardisation

Answer 136

- Most obviously shown by people’s different positions within the economic distribution - income, pay, wealth. - Also related to other characteristics, such as whether or not they have a disability, their ethnic background, or whether they are a man or a woman.

Answer 137

The transformation of society through invention, discovery, contact with other communities, technology changes, environmental changes. Alternatively the changes within an organisation

Answer 138

A campaign HS2 has adopted in its correspondence against jargon and complex language on public information such as documents, reports and publications. It aims for everyone to have access to clear and concise information.

Answer 139

I try to understand their vulnerabilities and ensure that the way I work is adapted to support their additional needs.

Answer 140

RICS surveying safely 2nd edition 2018 - guidance note

Answer 141

Is lone working a safe option and, if so, what provisions are made for communications in an emergency? Would the lone worker have a good signal at the premises or site? Who has a record of where the lone worker is and when to expect them back in the office or at home? Have arrangements been made for regular ‘check-in’ calls? How would rescue be achieved, including access?

Answer 142

- It seeks to ensure that individuals accept responsibility: - being competent - work within systems of work - adaptability - vigilance - awareness: recognise abilities and limitations - teamwork - Ensuring that organisations provide the right tools for safety such as a safe working environment, safe work equipment, safe systems of work and competent staff.

Answer 143

- A hazard is something with the potential to cause harm to someone. The harm could be an injury or ill health - Risk is the likelihood (whether high or low) of the harm being realised

Answer 144

A recognised order to follow when planning to reduce risk from work activities. In order to reduce (or eliminate) the risk. Starting from elimination of the risk through to wearing PPE. Referenced in Surveying safely but taken from HSE guidance.

Answer 145

Control of Asbestos Regulations, 2012

Answer 146

-RICS Guidance Note Asbestos: Legal Requirements and Best Practice for Property Professionals and Clients (4th Edition) 2021 -Aims to ensure that surveyors and their clients comply with UK legislation relating to asbestos. It also aims to ensure that no one is put at risk of exposure to asbestos.

Answer 147

Asbestos Containing Material

Answer 148

- Includes holding deposits, rent, service charges and retentions

Answer 149

Under Client money handling, 2020 RICS Professional Standard: * Hold all client money in an exclusively controlled client money account * Ensure that the account only contains client money paid into it, including any sums paid in to replace money withdrawn in error (plus accrued interest) * Not hold office money in a client money account unless it is a receipt of mixed monies where the office money is awaiting transfer * Ensure that the account name includes the word ‘client’ and the name of the firm, in addition to discrete client money accounts including an identifier such as the client or property name * Confirm the bank operating conditions in writing, including confirmation that the bank will not set-off or counterclaim against the client money account for any sum owed to it by another account held by the firm

Answer 150

This scheme provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client's money - Surveying Services - connection with residential letting agency work and property management - relating to tenancy deposits protected by the Dispute Service Limited (TDS) The current compensation limit is £50,000 per claim, which must be made within 12 months of a loss occurring.

Answer 151

Keep the following confidential: * Advice that was given to a client and * Information concerning a client’s affairs. * If a client is happy for a member to disclose confidential information, the member should request confirmation of this in writing * There are also circumstances where disclosure of confidential information is authorised by law, or in the course of giving expert evidence or other evidence under oath * If there are any confidentiality problems, these should, wherever possible, be discussed with clients before accepting the instruction * The UK GDPR, 2021 sets out the key principles, rights and obligations for most processing of personal data in the UK * The GDPR, together with the DPA 2018 replaced the Data Protection Directive * All old files should be kept for a minimum of 6 years before disposal and destroyed securely * Any confidential material received in error should be securely disposed of, the sender should be advised of the error, and recorded in a note to the firms compliance officer

Answer 152

Speak to the Head of Counter Fraud & Business Ethics in my organisation Also there is an anonymous "speak out" function

Answer 153

every 12 months record all CPD 20 hours minimum 10 hours informal re-do ethics test every 3 years

Answer 154

Available to all staff Understood by all staff Readily shared with complainants Regularly reviewed by senior staff Provides access to independent redress if not resolved Agreed with PII broker/insurer Reflective of size and structure of business

Answer 155

1. sustainability (encouraging clients) 2. handling data (adapt to technology and risk) 3. diversity and inclusion (develop inclusive culture)

Answer 156

- where keeping confidential information would result in significant harm to the public -record any decision making useful in future if challenged

Ethics & Mandatory Flashcards

(181 cards)