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RICS APC > Ethics & Professionalism > Flashcards

Ethics & Professionalism Flashcards

(55 cards)

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1
Q

What is RICS motto?

A

Est Modus in Rebus - ‘there is measure in all things’

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2
Q

What is the mission statement of RICS?

A
  • To maintain the highest professional standards
  • To lead solutions for challenges in the built environment
  • To promote & enforce standards
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3
Q

When was RICS founded? when was Royal Charter granted?

A

Founded - 1868
Royal charter - 1881

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4
Q

What is the structure of RICS?

A

Privy Council
Governing Council - sets the strategy for RICS
Management board, audit committee and standards/regulatory board = report to Governing council and help to achieve the strategy they set

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5
Q

What are the 5 principles for better regulation?

A

Proportionality
Accountability
Consistency
Transparency
Targeting

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6
Q

What is the difference between ethics and rules?

A

Ethics - moral values
Rules - framework we must work to

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7
Q

What are the rules of conduct?

A
  • Service - provide and good and diligent service.
  • Training - ensure competence and ensure tasks are undertaken by competent individuals
  • Integrity - Act with integrity and comply with obligations to RICS
  • Respect - treat others with respect and encourage diversity and inclusion
  • Responsibility - take responsibility and act in the public interest.
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8
Q

When did the rules of conduct change and why?

A

2nd February 2022
To give members clearer examples

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9
Q

What are the professional obligations for members?

A

CPD - Min. 20 hours annually
Co-operate with RICS
Provide info to RICS

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10
Q

What are the professional obligations for firms?

A

Co-operate with RICS
Provide info to RICS
Locum arrangement
CHP
PII
Report matters to RICS
Firms must display on their business literature to denote that they are regulated by RICS

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11
Q

What are the steps of the RICS decision tree?

A
  • Legal?
  • Sufficient info?
  • Informed everyone?
  • Rules of Conduct?
    THEN
  • Would I be happy for this to be published?
    ONCE ACTION TAKEN
  • Document
  • Reflect
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12
Q

What are the steps that can be taken after an investigation?

A
  • Fine by RICS
  • Consent order
  • Disciplinary panel
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13
Q

When would a matter be escalated to a disciplinary panel?

A

Serious breach

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14
Q

What could you get expelled for?

A

Gross or persistent misconduct
Fraud / dishonesty

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15
Q

What could give rise to an investigation?

A
  • Complaint to RICS
  • Info established by RICS
  • An allegation to RICS
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16
Q

What must be done when starting a new firm?

A
  • Register with RICS
  • PI cover
  • CHP
  • Use designation ‘regulated by RICS’
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17
Q

What must be submitted in an annual return to RICS?

A
  • Type of business and staffing details
  • Nature of clients
  • Training matrix
  • CHP
  • PI cover
  • Whether they hold client money
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18
Q

What must firms do in relation to client money handling?

A
  • Outline clear duties for staff
  • Have competent and knowledgeable staff
  • Client must have access to funds
  • Account must not become overdrawn
  • Money must be held securely
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19
Q

What are the different types of client account?

A

Discrete - one account per client
General - several client’s money held in same account

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20
Q

What is negligence?

A

Failure to provide duty of care to the client

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21
Q

What happened in the case Merritt v Babb?

A
  • Firm went into liquidation, and the individual surveyor was sued for negligence = requirement for individuals to have run off cover
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22
Q

What are the limitation periods for contracts?

A

Under hand = 6 years
Deed = 12 years

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23
Q

What must be included within a CHP?

Study These Flashcards
A
  • Clear
  • 2 stages - 1 for internal and 2nd stage for redress scheme
  • Complaint must be acknowledged within 7 days and full response issued within 28 days

If redress scheme rules in favour of complainant = binding
If ruled in favour of firm = complainant can escalate to court

24
Q

What is a redress scheme?

Study These Flashcards
A

Consumer scheme designed to handle complaints that are disproportionate to go to court.

25
What is the client money protection scheme?
Protection scheme set up by the RICS to compensate clients if they have lost money that was being held by a regulated firm
26
What should insurance policies be?
On a claims made basis - the policy in place when the breach is discovered is the one that covers the loss, not the one in place at the time of the breach
27
What are the requirements of PII?
Each and every claims basis Run off cover for a min. of 6 years
28
What are the maximum levels of uninsured excess?
Based on turnover in proceeding year - Less than £10m - £10k or 2.5% (greater) More than £10m - no max
29
What do you understand by the term conflict of interest?
When someone in a position of trust has conflicting personal or professional interests, making it difficult for them to perform their duties impartially
30
How would you manage a conflict of interests?
- Obtain informed consent (when the party knows about the conflict but agrees to the instruction anyway) - Information barriers, exclusivity of staff, separate offices
31
What are the principles of the Bribery Act?
- Making a bribe - Receiving a bribe - Failure to prevent a bribe - To bribe a foreign official
32
What are the 6 principles of prevention under the bribery act?
- Top level commitment - Due diligence - Risk Assessment - Proportionality - Document - Monitor and review
33
When is a facilitation payment permitted?
If there is a real and present risk to life, limb or liberty
34
What are the benefits of regulation for firms?
Professionalism Security Confidence
35
When are firms required to be regulated?
When 50% or more of the principals are chartered surveyors Optional - when 25% or more are chartered
36
What is important when drawing up ToE?
Competency Interest - conflicts Terms of engagement
37
What are the 3 main types of conflict of interests?
Party Own interest Confidential interest
38
What are CPD requirements for MRICS and students?
20 hours per annum (MRICS) 48 hours per annum (student)
39
What are the limitation periods for negligence?
6 years under the Limitation Act 1980
40
Who is bribery policed by and what are the penalties?
Serious Fraud Office Max 10 years imprisonment and unlimited fines
41
What is the legislation relating to Money Laundering?
Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2019
42
What is money laundering?
When proceeds of crime are disguised as legitimate funds
43
What provisions are in the Money Laundering regulations?
- Firms must have a written policy - AML officer to report to NCA - Record keeping - Due diligence - Staff training - Internal controls
44
What are the different types of due diligence?
Customer due diligence (CDD) - to check and verify identity of customers Enhanced due diligence - for politically exposed people or those in higher risk countries
45
How long do firms need to keep money laundering records for?
5 years
46
What are the red flags for money laundering?
- High value - No reason for the transaction - Transaction loss making - In a high risk country
47
What is the Birchard Review?
An independent review of the RICS purpose and governance
48
What were the outcomes of the Birchard Review?
- Focus on diversity & inclusion - 5 yearly independent reviews - Public interest focus - Increased self-regulation
49
What is the levitt review?
An independent review following the unfair dismissal of 4 non-executive members of the RICS for raising concerns about the management board
50
What were the outcomes of the Levitt Review?
- Governance failures - Lack of scrutiny - Resistance to challenge - Improper threats
51
What is the Harris debate?
An annual debate to discuss ethical issues. 2024 debate = AI ethics
52
What are the recent fee changes?
3.5% increase - £558 for members
53
Who is the CEO of RICS?
Justin Young
54
Who is the president of RICS?
Justin Sullivan
55
What is the penalty for money laundering?
Proceeds of Crime Act 2002 - 14 years for partaking - 5 years for tipping someone off

RICS APC (23 decks)

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