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Abs APC > Ethics, Rules Of Conduct & Professionalism > Flashcards

Ethics, Rules Of Conduct & Professionalism Flashcards

1
Q

What are the RICS global rules of conduct?

A

a. Act with honesty and integrity and comply to obligations
b. Ensure you are competent
c. Good quality diligent service
d. Be respectful and encourage D&I
e. Act within public interest, take responsibility, prevent harm and maintain public confidence

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2
Q

What are the changes from the old rules of conduct?

A

a. Simplified clear structure
b. Focus on D&I
c. Understand new technology
d. Tackle global challenges like sustainability

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3
Q

When were the RICS global rules of conduct published and effective from?

A

Published Oct 2021, effective Feb 2022

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4
Q

What is the RICS ethics decision tree?

A

a. Flow chart to follow when facing potential unethical scenario.
b. End test = would you be happy for your actions to be published?

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5
Q

Where can the RICS ethics decision tree be found?

A

Can be found on RICS website

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6
Q

What is included in the terms of engagement?

A

a. Identification and status of valuer
b. Identification of client
c. Identification of asset to be valued
d. Currency and fee
e. Purpose of valuation
f. Bases of value
g. Extent of investigation
h. Assumptions and special assumptions
i. Format of report
j. Complaints handling procedure to be made available
k. Limitation on liability agreed

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7
Q

What is a sheltered scheme?

A

Sheltered/supported is housing designed for the elderly or people with disabilities, with support provided on site

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8
Q

Define a S106 agreement

A

a. Section 106 of the Town and Country Planning Act 1990 allows a legally binding agreement/obligation between local authority and a landowner. This is referred to as a S106 agreement

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9
Q
  1. What is a conflict of interest?
A

a. When your personal interests can compromise your judgement

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10
Q
  1. How do you manage a conflict of interest?
A

a. Use RICS ethics decision tree
b. Conflict avoidance
c. If not avoided, you must inform both parties in writing of said conflict (both parties must provide informed consent in writing)
d. Conflict management – setup information barrier

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11
Q
  1. How do you perform a conflict check?
A

a. Enter property details and client details onto client management system
b. This flags all previous jobs with client
c. If there is a conflict, speak with legal and compliance to determine whether its okay to proceed

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12
Q
A
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13
Q
  1. What is a sole selling agent?
A

a. The only agent marketing that property for sales purposes

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14
Q

Along with sole agency, what other types are there?

A

a. Joint (two or more share a fee)
b. Multi (successful agent gets fee)

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15
Q
  1. What is the difference between a liability cap and PII?
A

a. PII is set out in the firm’s insurance policy. It’s the max an insurer will pay in any particular claim
b. A liability cap is an agreement between a member and their client, stated in the ToE

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16
Q
  1. Explain the Levitt Review?
A

a. Undertaken by Alisson Levitt
b. Independent review commissioned by RICS because the press alleged that the RICS tried to supress a critical internal report into its finances in 2018/19 and then unfairly dealt with those who sought to explore the issue
c. There was 18 recommendations on:
i. Governance
ii. Executive remuneration
iii. Whistle blowing
iv. Legal advice

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17
Q
  1. Explain the Bichard Review?
A

a. An independent review by Lord Bichard aiming to:
i. Clarify the purpose of the RICS including its responsibility to act for the public
ii. Make recommendations on its governing structure
iii. Provide proposals for the incoming leadership and governing body on the future culture and strategy
b. Bichard reported in June 2022 making 36 recommendations in 7 areas:
i. Increased focus on public interest remit of RICS
ii. Maintaining self regulation, through greater independence for regulatory functions
iii. Increased focus on diversity and inclusion
iv. Empowering members through greater support for regional boards, increased member engagement and a focus on younger members
v. Undertaking an independent review of RICS’ governance and effectiveness at delivering against its charter for the public advantage every 5 years
vi. A simplified, clear, accountable governance structure
vii. Showing leadership on issues like sustainability and climate change

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18
Q
  1. Explain the Hackitt Review?
A

a. Followed Grenfell – undertaken by Dame Jude Hackitt
b. Led to publishing of “Building a Safer Future, independent review of building regulations and fire safety, May 2018”
c. Main findings were that the current system for building regulations and fire safety is not fit for purpose and that a culture of change is required to support the delivery of buildings that are safe, both now and in the future

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19
Q
  1. Explain the Peter Pereira Gray Review?
A

a. Independent review of real estate investment valuations (December 2021)
b. Aim of the review was to ensure that the valuation services remain relevant and trusted in this important and sensitive professional field
c. 13 core recommendations:
i. Rotation process for valuers
ii. Commissioning and receiving valuation reports
iii. Valuers should ensure the separation of valuation from advisory activities
iv. There should be a new valuation compliance officer role
v. The RICS needs signposted processes to raise concerns re ethical conduct
vi. There should be a new independent valuation quality assurance panel
vii. There should be a valuation audit trail
viii. Recommended that DCF be adopted as primary valuation approach
ix. Global standards
x. RICS should standardise property risk advice
xi. Review PQE requirements and consider revalidation of valuers
xii. Ensure a diverse and inclusive valuation profession
xiii. Further guidance needed re the culture and behaviour of members
d. All recommendations accepted by RICS, including valuer rotation, DCF standardisation, multiple methods to cross-check, introduction of Valuer Compliance Officer within firms, register of regulated valuation firms, Valuation Assurance committee
e. RICS is working with Valuation Review Expert Working Group to develop specific reforms which will be approved by the SRB
f. Upcoming new UK Red Book Supplement released 19/10/2023 and Practice Information paper on DCF practice

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20
Q
  1. What is the difference between a professional standard, professional statement, code of practice and a guidance note?
A

a. Professional statement is a mandatory requirement for RICS members and firms
b. Guidance note provides users with recommendations or an approach for good practice
c. Code of practice is a document developed in collaboration with other professional bodies

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21
Q
  1. When was RICS Founded and when did it gain a Royal Charter?
A

a. Founded in 1868
b. Gained Royal charter in 1881 by Privy Council

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22
Q

What is a Royal Charter?

A

The Royal Charter is granted by the British sovereign on the advice of the UK Privy Council which awards a professional body with an independent legal personality, defines its objectives, constitution and powers to govern its own affairs, and reflects the high status of that body

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23
Q
  1. Who is the president and CEO of the RICS?
A

a. President – Ann Gray
b. CEO – Justin Young
c. Over 137,500 qualified and trainee members

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24
Q
  1. What is the role of the RICS?
A

a. Maintain the highest standards of education and training;
b. Protect consumers through strict regulation of professional standards; and
c. Be the leading source of information and independent advice on land, property, construction and associated environmental issues

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25
Q
  1. 5 benefits of being a RICS member?
A

a. Status
b. Recognition
c. Market advantage
d. Knowledge
e. Network

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26
Q
  1. Benefits of being a RICS regulated/registered firm
A

a. Confidence for clients
b. Professionalism
c. Security

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27
Q
  1. Rules of Conduct 2021 (Effective Feb 2022) - list them
A
  1. Members and firms must be honest, act with integrity and comply with their personal obligations, including obligations to RICS
  2. Members and firms must maintain professional competence and ensure that services are provided by competent individuals who have the required expertise
  3. Members and firms must provide good quality and diligent service
  4. Members and firms must treat others with respect and encourage diversity and inclusion
  5. Members and firms must act in public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
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28
Q
  1. Why were new rules of conduct bought in?
A

a. Simplified structure
b. Clear examples
c. Focus on respect, diversity and inclusion
d. Understanding evolving technology
e. Tackling global challenges such as sustainability

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29
Q
  1. What is the RICS Ethics Decision Tree?
A

a. A decision tree on RICS website for surveyors to review a potentially unethical scenario
b. Comprises questions asking members to consider the legality of their actions
c. End test: Would you be content in your decisions or actions being published?

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30
Q
  1. What are the professional obligations required by RICS members?
A
  1. Comply with CPD requirements
  2. Cooperate with RICS
  3. Provide all info reasonably requested by the standards and regulation board
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31
Q
  1. What are the professional obligations required by RICS firms?
A
  1. Publish complaints handling procedure, including alternative dispute resolution provider. Also maintain complaints log
  2. Ensure current and previous work is covered by adequate and appropriate PI cover
  3. If a sole principal – ensure work could continue in their absence (injury, incapacity, death, general absence)
  4. Cooperate with RICS
  5. Provide all info reasonably requested by the standards and regulation board
  6. Display on their business literature that they are regulated by RICS
  7. Report to RICS any matter that they are required to report under Rules for the Registration of Firms
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32
Q
  1. What are the major challenges facing RICS?
A

a. Public confidence and trust
b. Keeping up with evolving ESG and sustainability

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33
Q
  1. Biggest threat to your industry (Valuation)
A

Peter Perreira Gray Review

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34
Q
  1. What are the disciplinary procedures of the RICS?
A

a. Action by head of regulation
1. Fixed penalty notice – for breach of rules relating to supply of information
2. Regulatory compliance order – for low level breaches. It’s a written document stating terms to take or desist from taking certain actions
3. CPD Sanctions – places an obligation to comply with CPD
4. Refer the matter to disciplinary panel for consideration
b. Action Disciplinary Panel (Regulatory Tribunal)
1. Regulatory compliance order
2. Unlimited fine
3. Impose conditions upon future continued RICS registration
4. Expulsion for membership of removal of a firm
5. Require publication of the results of the hearing online and in newspaper
c. Appeal panel (Consider appeals from a member or firm)
1. Review decision made having regard to previous evidence and new representations
2. Can allow appeal, or amend previous penalty
3. Panel includes lay members (someone who is not a part of the RICS)
d. A disciplinary procedure can be triggered by a complaint, an allegation by a client or third party, or directly from RICS

35
Q

What is the RICS guidance on Social Media use?

A

a. Use of Social Media: Guidance for RICS Members, 2021 – outlines high standards expected from members and firms on social media
b. RICS can investigate concerns about a social media post involving:
i. Discrimination
ii. Dishonesty
iii. Abusive or threatening behaviour
iv. Harassment
v. Ignoring previous advice or warnings about concerns
vi. A parent of frequent concerning communications
c. RICS won’t investigate posts that:
d. Are critical of an organisation, its policies and performance, rather than of individuals
e. Are removed if requested to do so
f. RICS can take disciplinary action if a posy could damage public confidence or trust in the profession

36
Q
  1. What are the RICS mandatory documents?
A

a. Professional Standards
b. International Standards
c. Codes of Practice

37
Q
  1. What are the RICS voluntary documents?
A

a. Guidance Notes

38
Q
  1. What are the RICS requirements for fee negotiation?
A

a. Avoid price fixing, fee cutting or collusion with competitors
b. Fees should be market based and agreed on an ad-hoc basis with clients
c. Fees can be negotiated after fee proposal
d. You can vary services offered if fees are being renegotiated
e. Do not undercut any other firm
f. Clients and consumers must know if there is a referral fee and these should be considered under the Bribery Act 2010 and Rules of Conduct

39
Q
  1. How does your firm calculate fees?
A

a. Based on PII
b. Size of portfolio
c. Time taken to complete valuation
d. Complexity of valuation

40
Q
  1. What are the types of conflicts of interest?
A

a. Party conflict – when you work on the same instruction for two clients
b. Own interest conflict – relating to a personal interest
c. Confidential information conflict – relating to work between two parties that is confidential

41
Q
  1. Tell me about the RICS Conflict of Interest, professional statement 2017?
A

a. An agency cannot have a contractual relationship with buyer and seller
b. Three steps to consider when a conflict arises:
a. Conflict avoidance – is conflict unavoidable? If so, do not accept the instruction
b. Written advice to both parties – If you want to accept the instruction, the following must be set out in writing:
i. Disclose nature of conflict, and how your firm will deal with this
ii. Be as clear as possible
iii. Request written confirmation of clients’ informed consent
c. Conflict management – After receiving informed consent, setup information barrier with provisions agreed by both clients

42
Q
  1. What is an information Barrier?
A

a. Should be set up so no info can be passed between the two surveyors acting for conflicted parties. There must be a physical separation (separate buildings or floors) with separate support teams
b. All data should be stored securely (centralised database)
c. Audit trail should be kept detailing the conflict check process and any written/oral. This should be overseen by firm’s compliance officer

43
Q
  1. What is incremental advice?
A

a. When an agent is approached by another party for advice related to purchase/disposal that is incremental to an existing instruction
b. Example: estate agent approached by buyer to undertake a valuation
c. RICS members can only provide incremental advice if consent is given and info barriers are in place

44
Q
  1. What is JLL’s complaints handling procedure
A

a. Detail of complaint must be made to complaints handling officer in writing
b. CHO contacts complainant within 7 days to get a better understanding
c. CHO gives outcome to complainant in writing within 28 days
d. If complainant is dissatisfied, CHO attempts resolution via negotiation
e. If there’s still no solution, complaint is referred to Arbitration Procedure for Surveying Disputes Business to Business Complaints or the Centre for Effective Dispute Resolution

45
Q
  1. What does the RICS say about confidentiality?
A

a. RICS bye-laws state confidentiality must be maintained for all client affairs
b. Can’t disclose info to a 3rd party without client’s approval UNLESS it’s a statutory duty (investigation for police or HMRC)
c. Files should be held for minimum 6 years before disposal
d. Confidential material received in error should be disposed of securely

46
Q
  1. Tell me about the Bribery Act 2010?
A

Legislation covering bribery policed by the Serious Fraud Office.
6 key principles:
1. Proportionality
2. Top level commitment
3. Risk assessment
4. Due diligence
5. Communication
6. Monitoring and review
Four offences:
1. Bribing
2. Being bribed
3. Bribing a foreign public official
4. Failing to prevent bribery
Max 10 year imprisonment or unlimited fine for individual or company

47
Q
  1. What is the JLL gift giving policy?
A

a. Public sector – gifts over £50 and entertainment over £100 require pre-authorisation
b. All gifts must be reported
c. Cannot gift cash or cash equivalents, including retail vouchers

48
Q
  1. Tell me about Money laundering – Terrorist financing and transfer of funds Regulations, 2017 (amended 2019)?
A

a. Covers estate agency work and relevant financial business work inside and outside the UK by a firm
b. Key provisions:
1. Requirement to have a written risk assessment
2. Implement systems, policies and control to address money laundering
3. Adopt appropriate internal controls
4. Staff training
5. Comply with customer, enhanced and simplified due diligence
6. Comply with policies for Politically Exposed Persons
7. Appropriate record keeping
8. AML checks to confirm identity of purchaser
9. Include high risk factors when assessing need for enhanced due diligence

49
Q
  1. What are the key provisions of the Countering Bribery, Corruption, Money Laundering and Terrorist Financing Professional Statement?
A

a. Provide staff training
b. Have appropriate internal controls
c. Identifying beneficial owners
d. Identifying source of funds

50
Q
  1. What to do if you’re suspicious of money laundering?
A

a. Go to relevant authority (POLICE)
b. Report to AML/Compliance team
c. Nominated officer will decide whether to report to the NCA using Suspicious Activity Reporting System
d. Do not alert party of concern (No tipping off)

51
Q
  1. What are some red flags for AML?
A

a. Sanctioned country
b. Failure to provide ID
c. Unusual transactions

52
Q
  1. What is JLL’s Money Laundering procedure?
A

a. Check all parties on buying or selling transaction
b. Check all parties in leasehold transactions
c. Customer Due Diligence
d. Enhanced Due Diligence for high-risk clients or transactions
e. Source of funds checks
f. Source of wealth
g. Counterparty checks
h. Checks undertaken before establishing a business relationship
i. AML records kept for 5 years after completion (in line with HMRC requirements)
j. Staff provided with training when they join and annually

53
Q
  1. What are the penalties for beaching Money Laundering Regulations?
A

a. Assisting with ML – Unlimited fine and Max 14 year imprisonment
b. Tipping off – Unlimited fine and Max 5 year imprisonment

54
Q
  1. What is customer Due Diligence?
A

a. Identify client and verify identity via ID (passport or driving license)
b. For a company – company name, number and registered address. Director names unless company is listed on a regulated market like London Stock Exchange

55
Q
  1. What is enhanced Due Diligence?
A

a. If a person is from a high-risk country
b. Politically Exposed Persons and/or their family members
c. More detailed examination of their background and purpose of transaction
d. Increased monitoring

56
Q
  1. What are some necessary due diligence checks prior to commencing an agency instruction?
A
  1. Confirm client entity
  2. Confirm property address
  3. Conflict check
  4. Check your competence
  5. Inspection/measurement of property
  6. Review of title documents
  7. Check planning history
57
Q
  1. What is Professional Indemnity Insurance (PII)?
A

a. Mandatory insurance protecting clients, surveyors and 3rd parties against negligence where a duty of care is breached
b. Members must ensure they have appropriate PII for each instruction
c. PII must be underwritten by an RICS approved insurer

58
Q
  1. What are the PII Bands?
A

a. The minimum PII required for each claim depends on how much the firm has turned over in the preceding year:
i. £100,000 or less = £250,000
ii. £100,001 - £200,000 = £500,000
iii. £200,001 or more = £1,000,000

59
Q
  1. What is JLL’s PII Cover?
A

£1 million

60
Q
  1. What are members CPD Requirements?
A

a. Minimum 20 hours PA (50% formal minimum) to be recorded using RICS CPD management system
b. Maintain relevant and current understanding of Rules of Conduct

61
Q
  1. What are the requirements for starting your own Firm?
A

1a. RICS requirements
a. Inform RICS of new practice and complete firm detail form
b. Appoint contact officer
c. Register for regulation
d. Arrange PII and inform RICS
e. Setup complaints handling procedure, complaints log, complaints handling officer (external if sole practitioner) and obtain RICS approval
f. Setup client’s money handling procedures
g. Register for RICS valuer registration scheme (VRS)
h. Use a RICS logo kit for practice materials
i. Succession plan for future running of business (sole practitioners only)
j. Ensure CPD is being logged and set up a staff training program
k. Annual return completion to RICS
1b. Statutory Requirements
l. Disclose business name
m. Equality Act 2010
n. Financial services compliance
o. Bribery Act 2010 compliance
p. Appoint ML officer
q. Asbestos register
r. Health and Safety Act 1974 compliance
s. Fire safety compliance
t. DPA compliance and registration
u. Estate agency compliance
v. Inform HMRS for VAT and Tax registration
w. Comply with employment law
x. Insurance compliance

62
Q
  1. What do you do when closing your own firm?
A

a. Inform RICS
b. Inform clients and arrange handover to a new firm
c. Return monies held to client accounts
d. Inform insurers and procure PII run-off cover for minimum 6 years
e. Retain a copy of client files and records for minimum 6 years

63
Q
  1. What are the RICS money handling rules?
A

a. Good practice set out in the RICS Professional Statement Client Money Handling, 1st edition, 2019
b. Six areas of good practice:
i. Holding client money
ii. Providing info to clients
iii. Receipts of client money
iv. Payments from client accounts
v. Accounting records and controls
vi. Compliance
c. Client money must be kept in a separate and identifiable account
d. The work ‘Client’ needs to be on the account and cheque book
e. Client must be able to have their monies on demand
f. Accounts must be kept in credit
g. Payment of interest is agreed with client
h. Accurate records must be kept with a running balance available
i. Annual audit and reporting obligations by a certified accountant
j. Money can only be withdrawn if properly required
k. Two signatures required and signatories pre agreed
l. Money handling procedures need to be displayed on website

64
Q
  1. What is lion heart?
A

a. Fund set up to help members past and present in their times of need, paid by membership fees.

65
Q
  1. What is unconscious bias?
A

a. Subconscious prejudice always leading to one opinion without reason

66
Q
  1. How does your firm eliminate unconscious bias?
A

a. Internal training
b. Internal events (pride week)
c. D&I month (December)

67
Q
  1. How do JLL calculate fees?
A

a. Establish PII
b. Higher PII is higher fee
c. Look at portfolio size
d. Look at complexity of work
e. Look at any other additional requirements (Groundsure Reports)

68
Q
  1. How long after can a PII claim arise?
A

a. 6 years

69
Q
  1. What are the 6 RICS ethical standards?
A

a. Honesty
b. Integrity
c. Competence
d. Service
e. Respect
f. Responsibility

70
Q
  1. What is your firm’s gift receiving policy?
A

a. Register the gift with my firm
b. If below £100 then accept, if above decline

71
Q
  1. What are some statutory due diligence checks you would take prior to commencing a valuation?
A

a. Asbestos Register
b. Contamination
c. Equality Act compliance
d. Environmental matters (high-voltage power lines)
e. EPC ratings
f. Flooding
g. Fire safety compliance
h. Health and safety compliance
i. Legal title and tenure
j. Planning history

72
Q
  1. What would you do if there was a data leak?
A

a. Inform clients
b. Find and identify the extent of the leak
c. Tell legal & compliance
d. Tell information commissioners office (ICO) within 72 hours

73
Q
  1. So you you’ve been carrying out a piece of work for a regular client and they’ve requested that they settle the fee in cash in order to speed up the process. It’s a small fee and you’ve worked with them quite a lot. How would you proceed?
A

a. My firm’s policy is not to accept any cash payments, so I wouldn’t be able to proceed. However, usually you would be able to accept cash payments under €10,000 according to the money laundering regulations. You’d have to accept it in person and be sure of the source of funds.

74
Q

What are RICS fees?

A

a. Fellow = £658
b. Professional member = £539
c. Professional member under 2 years = £354
d. APC candidate = £161
e. Associate = £298
f. Associate candidate = £127

75
Q

What is in your firm’s T&Cs?

A
  • Complaints handling procedure
  • PII
  • Detail of service provided
  • Client obligations
  • Info on payments
  • Info on termination of agreement
  • Data protection compliance info
  • State that it’s regulated by RICS
  • Compliance with Bribery Act 2010
76
Q

What is the RICS motto?

A
  • The motto of the RICS is “Est modus in rebus” (which translates into English as: “There is measure in all things”)
77
Q

How many levels of memberships in the RICS?

A
  • Member, Fellow, Associate, Student
78
Q

What’s the difference between a fellow and an ordinary member?

A
  • All MRICS can apply
  • They must show their experience demonstrates 4/12 professional characteristics
    1. Champion – how you’ve gained recognition
    2. Expert – How you’ve been verified as advancing knowledge
    3. Influence – How you’ve influenced the perception of professionalism
    4. Role model – how you’ve exceeded standards
79
Q

What is the RICS governance structure?

A
  • RICS board and standards and regulations board are accountable to Governing Council, but not directed by them
  • RICS board overlooks membership, risk, audits & nominations
  • Standards and regulations board overlook professional standards, qualifications, dispute resolutions appointments board, CPD framework, Valuation assurance committee
80
Q

What is a registered valuer?

A

a. When you sign up for Valuer Registration, you agree to be audited by our team of Regulatory Surveyors
b. As a Registered Valuer, you can use the RICS Registered Valuer designation. You can also use the accreditation logo
c. You will be issued with a certificate once you have registered on the scheme and you will be listed on the global member directory

81
Q

What were the implications of the Hart vs Large case?

A

a. Residential survey negligence case
b. Surveyor was negligent and didn’t advise the Harts that further damp proofing investigations were required and that they needed an Architect’s certificate for the extension that had been carried out by the vendors
c. They would not have completed had they known this info
d. Court advised that “Surveyors need to consider their duty to recommend a full building survey where it becomes apparent, during an inspection, that the cheaper option of a HomeBuyer report is not suitable”

82
Q

What is the RICS Professional Statement associated with client money handling?

A

Client Money Handling, 1st Edition. Reissued as a professional standard in October 2022

83
Q

What is Modus?

A

MODUS brings you insight and opinion on the surveying profession around the world and is an interactive platform informing surveyors from the start to the end of their careers

Abs APC (18 decks)

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