Ethics Rules Of Conduct

Question 1

How much cash can you accept?

Answer 1

• max of 10,000 euros if all necessary anti money laundering checks have taken place.
• verify the source of where that money has come from
• probs best to decline

Question 2

What are the 3 roles of RICS?

Answer 2

1. Maintain highest standards of education and training
2. Protect consumers through strict rules of conduct and professional standards
3. Be the leading source of information in property

Question 3

What do you do if offered a bribe?

Answer 3

• report to authorities
• conduct internal investigation
• fire the person responsible

Question 4

What are the types of conflicts of Interest?

Answer 4

1. Financial
2. Professional
3. Personal
4. Firm

Question 5

Aware of any RICS documents relating to COI?

Answer 5

Professional statement - Conflicts of Interest 2017

Question 6

How would you deal with a COI?

Answer 6

1. Recognise the conflict
2. Make all parties aware of conflict
3. If parties are fine, make sure information barrier is in place.
4. Make sure COI can be managed, if not turn down instruction and recommend it wouldn’t be appropriate

Question 7

what are the Rules of Conduct?

Answer 7

1. Honesty and integrity
2. Professional competency
3. Quality Service
4. Respect, inclusion and diversity
5. Public Interest

Question 8

What are the point of the RICS rules of conduct?

Answer 8

1. gives clients and public comfort.
2. knows we could face disciplinary action if not complied with

Question 9

What are the principles and four offences of the Bribery act 2010?

Answer 9

Principles
- proportionality
- top level commitment
- due diligence
- risk assessment
- communication
- monitoring and review

Offences
- taking a bribe
- receiving a bribe
- not preventing a known bribe
- bribing a foreign official

Question 10

what are the penalties for bribery?

Answer 10

• Unlimited fine
• Max 10 years in jail

Question 11

Outline Countering bribery, corruption, money laundering and terrorism finance, 2019?

Answer 11

Aims to promote integrity, transparency and ethical conduct within the profession

Question 12

RICS disciplinary action?

Answer 12

1. Action by head of regulation
   (Impose a regulatory compliance order)
2. Regulation tribunal
   (Conduct a hearing)
3. Appeal Panel

Question 13

what is an unconscious bias?

Answer 13

Unconscious biases are social stereotypes about certain groups of people that individuals form outside their own conscious awareness.

EXAMPLE - a team member doesn’t invite a teammate to an after-work social event because they assumed that they wouldn’t share similar interests with the group

Question 14

Four types of discrimination?

Answer 14

• direct
• indirect
• harassment
• victimisation

Question 15

What is is the appendix A : professional obligations to RICS?

Answer 15

RICS members

1. members was comply with CPD
2. members must cooperate with RICS
3. members must promptly provide all info requested by standards and regulatory board

RICS firms

1. Firms must provide complaints handling procedure
2. Firms must ensure PII
3. Firms must have a locum
4. Firms must cooperate with RICS
5. Firms must provide info to standards and regulatory board
6. Firms must display they are regulated by RICS
7. Firms must report to RICS under rule for registration of firms

Question 15

Whats RICS Lion Heart?

Answer 15

Charity for all RICS members wherever they are within their career.

The support is global and ranges from:

Finance
Health & Wellbeing
Family related support
Work-related support and many more.

Question 15

why are firms required to register for regulation?

Answer 15

Provides a ‘gold standard’ of quality control for clients.

Question 16

Can you cut your fee in face of competition from another firm?

Answer 16

RICS guidance would state firms should try not to aggressively fee cut. However if it is profitable it is okay to enter into fee negotiations.

Question 17

When should you decline a instruction?

Answer 17

• If COI present and cannot be managed
• Not competent
• the client will not sign Terms of engagement or complete the Money laundering checks
• advice on a friendly or pro bono basis
• insurance doesnt cover the work

Question 18

what is the PII requirements?

Answer 18

turnover under £100k = £250k insurance

turnover £100-200k = £500k insurance

turnover above £200k = £1m insurance

Question 19

what are the maximum levels of uninsured excess required by the RICS?

Answer 19

Liability up to £500k = max uninsured excess of the greater of 2.5% of the sum insured or £10,000.

liability over £500k = max uninsured excess of 2.5% of the sum insured.

Question 20

what is the minimum run off cover?

Answer 20

6 years run off cover for £250k for past and present employees however the RICS recommends 15 years.

Question 21

Who is the RICS president?

Answer 21

Tina palliet

Question 22

Setting up a firm?

Answer 22

1. Inform RICS and register for regulation
2. PI insurance
3. Complaints handling procedure and officer
4. Locum
5. Procedure for client money
6. Compliance with statues ie. Equality act health and safety, money laundering

Question 23

What will affect the ability to accept a gift or not

Answer 23

* What is the value * Who is the gift for? * Is the gift reasonable and proportionate * Does the gift have a genuine business purpose * When is the gift given? In relation to tenders? * How easy is it to decline there and then?

Question 24

How do you check AML?

Answer 24

Smart search