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Ethics & RICS Flashcards

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1
Q

Who do complaints first go to?

A

Deal Director (then escalated to the Compliance Officer)

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2
Q

What are 3 things stated in the Rules of Conduct appendix?

A

1) Comply with RICS

2) Complete CPD

3) Provide any info required by Standards & Regulations board

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3
Q

What is the difference between honesty and integrity?

A

Honesty is about being transparent; Integrity is about sticking to what you know to be right

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4
Q

What are 3 RICS recommended ADR methods?

A

1) Mediation

2) Arbitration

3) Independent Expert Determination

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5
Q

For the rent invoice example, was it the first time that rent had been invoiced at disputed rate?

A

Yes. Rent was increasing for the 3rd year of the tenancy.

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6
Q

How many members does the Governing Council have?

A

29

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7
Q

How many RICS bye-laws?

A

10

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8
Q

What are two examples of an RICS bye-law?

A

Membership & Registration

Confidentiality

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9
Q

When was the RICS founded and when was the Royal Charter?

A

1868 & 1881

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10
Q

What are 2 examples of requirements & 2 examples of evidence for FRICS

A

5 years experience AND Raising status of RICS

CPD AND Portfolio of work

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11
Q

How much does it cost per year to be a member?

A

£462 (first two years)

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12
Q

Where should a conflict be recorded, if proceeding with the instruction?

A

In the terms of engagement

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13
Q

What was the purpose of the Bichard Review (2022)?

A

1) Clarify the purpose of the RICS

2) make recommendations to deliver the purpose

3) make recommendations to incoming leadership on culture and strategy

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14
Q

How many recommendations across how many key areas were there for the Bichard Review?

A

36 across 7 key areas

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15
Q

What are three actions that can be served by the head of regulation

A

1) fixed penalty notice

2) regulatory compliance order

3) refer to disciplinary panel

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16
Q

What are three actions that the disciplinary panel may take?

A

1) regulatory compliance order
2) fine
3) expulsion

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17
Q

What were two aims of the rules of conduct?

A

1) simplified structure

2) focus on challenges such as D&I and sustainability

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18
Q

What is a bribe?

A

The offering promising, giving, or receiving of an advantage for something which is illegal unethical or a breach of trust

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19
Q

What are the six principles of the bribery act?

A

1) proportionality
2) top-level commitment
3) due diligence
4) communication
5) risk assessment
6) monitoring and review

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20
Q

What are the four offences under the bribery act?

A

1) bribing
2) receiving a bribe
3) bribing a foreign public official
4) failing to prevent bribery

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21
Q

Who polices bribery and what is the max penalty?

A

The serious fraud office

10 years in prison, and or an unlimited fine

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22
Q

What is JLL’s gift register?

A

Gifts above £50 and entertainment above £200 must be declared

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23
Q

What is the legal cash limit and what is the JLL policy with regards to catch?

A

€10,000

None to be accepted

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24
Q

What is the definition of money laundering?

A

When the proceeds of crime or disguised as legitimate assets

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25
What are three examples of customer due diligence
1) passport for individual 2) companies house for private limited company 3) stock exchange listing for public, limited company
26
Who would enhanced due diligence be required for and what does it involve?
A politically exposed person More detailed examination of background and purpose of transaction
27
What is the punishment for assisting in money laundering and tipping off?
14 years or unlimited fine Five years or unlimited fine
28
What is something firms must have for complains and who must you alert if you receive a complaint about negligence
Complaints log Your insurers
29
Who do surveys have a duty to and what must they use?
Clients and third parties Reasonable skill and care
30
What are three ways you can avoid negligence
1) Ensure competence 2) follow terms of engagement 3) professional liability access on PI policy in the terms of engagement
31
What is the minimum PII cover?
Below 100K is 250K Between 100K and 200K is 500K Above 200K is 1M
32
What is the maximum on insured excess?
If less than 10M in revenue, 10K or 2.5% of turnover If more than 10M none
33
What are three statutory requirements for starting new practice
1) compliance with bribery act 2) compliance with equality act 3) inform HMRC
34
How much run-off cover, and for how many years if close in practice
1M for six years
35
How long should files be kept before disposal?
Six years
36
What is the way you could confirm your value was correct in a valuation dispute scenario
Get a peer review
37
Who is the JLL compliance officer?
My contact is Shantel Barker, who is a senior manager in that team
38
What is the difference between a Professional Standard and Practice Information?
Professional Standards set requirements for competent and ethical practice Practice information provides advice or practical support
39
What is an example of a practice information
Discounted cash flow valuations (2023)
40
What does redress mean?
The ordering of an apology or compensation from an ADR partner
41
What is the RICS dispute resolution body?
Dispute Resolution Service (DRS)
42
What gives clients last resort protection in terms of the money?
RICS Client Money Protection Scheme
43
What can the RICS organise if insurers won’t deal with you?
Run-off cover (run off pool)
44
What are three things to avoid when engaged in fee negotiations
1) price-fixing 2) aggressive fee cutting 3) collusion with competitors
45
Three examples of ethics decision tree
1) legal 2) aligned with rules of conduct 3 made public
46
What states that client confidentiality must be maintained?
One of the RICS bylaws
47
Should information provided by client prior to instruction be kept confidential?
Yes
48
What should you do if third-party wants access to files
Seek approval Unless overriding statutory duty such as police investigation
49
What should you do if you found out a piece of confidential information (four things)
Alert individual who provided confidential info Dispose securely Do not use for your own purposes Contact firms compliance officer
50
What is the RICS and JLL’s complaints handling timeline
7 to acknowledge 28 to investigate 3 to acknowledge 15 to investigate
51
What are the two pieces of legislation on money laundering?
Money laundering, terrorist financing and transfer of funds regulations (2017) Proceeds of Crime Act (2002)
52
What does the practice information Risk, Liability and Insurance (2021) say?
Important to have a liability cap and they advice can only be relied upon by the client. Not third parties
53
What is TPO?
The Property Ombudsman
54
What did the Levitt Review (2021) find?
Internal governance failings
55
What are the two stages of complaints handling?
In house ADR partner
56
Why would you accept an instruction for a valuation you don’t have experience with (e.g., a football pitch)?
Don’t have necessary expertise and could be liable for negligence
57
If asked to do some work you weren’t experienced with for vals who could you refer the client to?
RICS Find a Surveyor or colleagues
58
Difference between Standards and Statements
Statements are old and are being replaced by Standards
59
What are two ways to know you are competent?
1) Done the type of work before 2) Have oversight from a supervisor experienced in that work
60
Can you recommend a family member?
No, this would be a personal conflict
61
What is client care?
Using appropriate behaviours to maintain good relationships with clients
62
What is an example of an APC and non-APC related CPD event?
APC - valuations bootcamp Non-APC - team training about project stages and financial
63
Why did you ask solicitor to look at legal documents?
Legal documents should be interpreted by a qualified solicitor, this includes a lease
64
Who pays for ADR?
JLL
65
What is the difference between an independent expert and an arbitrator?
Independent expert makes their own determination rather than just arbitrating on evidence presented by parties
66
How often do you need to refresh money laundering checks?
Best practice is 3 years according to Professional Standard
67
What is an RICS Practice Alert? What is an example?
Notification to members to remind them of professional obligations There was a recent one on Expert Witnesses
68
What is a party conflict?
When you already owe a duty to another client on the same or related instruction
69
Which RICS publication deals with complaints handling?
Complaints Handling (2016)
70
What law is arbitration under?
Arbitration Act (1996)
71
What are the four levels of RICS membership?
FRICS MRICS Associate Trainee
72
What two things govern the RICS?
Royal Charter Governing Council
73
What are the two boards called?
Standards & Regulation Board Management Board
74
What are 3 roles of the RICS?
1) Highest standards of education and training 2) Protect consumers 3) Leading source of information &independent advice
75
What resulted in the Bichard Review?
The Levitt Review (2022) finding governance failings
76
What are 3 examples of recommendations made by Bichard Review?
Greater focus on regional boards Diversity Sustainability
77
What are the 5 Future Foundations?
1) Vision 2) Values 3) Mission 4) Strategic Goals 5) World Class Organisation
78
What publication discussed firm registration?
Rules for Registration of Firms (2022)
79
What additional things does the Rules for Registration of Firms say are required to set up a firm?
PII Whether client money is held
80
What are some reasons why you may decline an instruction?
Competence Conflict No signed ToE Client unprepared to meet AML ID checks
81
Where should you document your CHP?
In your ToE
82
What is one additional thing you should do if you get a complaint?
Notify insurers
83
What should you CHP include?
An RICS-approved ADR mechanism
84
For AML what do firms need to appoint and who do they report suspicions to?
Money Laundering Reporting Officer National Crime Agency
85
How many hours of CPD and formal CPD?
20 & 10
86
What is regular and extra AML checks called?
Customer Due Diligence (CDD) Enhanced Due Diligence (EDD)
87
When doing a conflict check for evaluation, who would you check as well as the client (2 things)
Borrower (if client is bank) Tenant (incase you’re acting for them on a Rent Review etc)
88
Can you deinstruct yourself? What are 3 examples? How is it done?
Yes Breach of conflict; Insolvency; Conflict arises Written communication
89
What is the DDA?
Disability Discrimination Act Was replaced by the Equality Act

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