Ethics, Rules of Conduct & Professionalism Flashcards
(156 cards)
1
Q
What is a professional standard?
A
Document detailing mandatory requirements for RICS members and firms
2
Q
What are the three types of conflict and what do they involve?
A
Party conflict - relating to work on the same or related instruction for two different parties
Own interest conflict - relating to a personal interest
Confidential Information conflict - relating to work between two parties which is confidential
3
Q
What are the 5 Rules of Conduct?
A
1) Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
2) Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3) Members and firms must provide good quality and diligent service. Time frame,
4) Members and firms must treat others with respect and encourage diversity and inclusion.
5) Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
4
Q
What are the 3 professional obligations for all RICS members?
A
- Members must comply with the CPD requirements set by RICS
- Members must cooperate with RICS
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
5
Q
What are the 7 professional obligations for RICS firms?
A
- Firms must publish complaints-handling procedure, which include an alternative dispute resolution provider approved by RICS and maintain a complaints log.
- Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
- Firms with a sole principle must take appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work. Full back agreement. Locum agreement
- Firms must cooperate with RICS.
- Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
- Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.
- Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
6
Q
What are the CPD requirements for members?
A
20 hours per year, 10 must be formal
7
Q
What is a conflict of interest?
A
Something that may affect you or your firm from acting impartially and in the best interests of your client. Can cast doubt on your integrity and/or damage reputation.
Every RICS member must:
- Identify and manage COI in accordance with the professional statement
- Keep records of the decisions made in relation to whether to accept individual professional assignments, the obtaining of informed consent and any measures taken to avoid COI arising.
8
Q
Where can you find guidance on conflicts of interest?
A
Conflicts of Interest 1st Edition, effective from 1st January 2018 (Professional Statement)
9
Q
How does the VOA check conflicts of interest?
A
DVS - Checks are undertaken prior to any work and recorded on case control document including competence to complete work. If conflicts are identified then the matter is escalated with line manager.
Other work streams still check for COIs but do not document where there isn’t one only where there is and line manager informed.
10
Q
What are some ways to ensure a conflict of interest doesn’t happen?
A
Get informed consent - Informed consent may be sought only where the RICS member or regulated firm is satisfied that proceeding despite a COI is
- In the interests of all those who are of may be affected
- Is not prohibited by law.
Information barrier
Do not accept instruction
11
Q
What are the 6 key principles of the Bribery Act 2010?
A
1) Proportionate procedures
2) Top-level commitment
3) Risk Assessment
4) Due diligence
5) Communication (including training)
6) Monitoring and review
12
Q
What are the 4 main bribery offences?
A
- A general offence of bribing
- A general offence of being bribed
- An offence of bribing of a foreign public official
- Failure of Commercial businesses to prevent bribes
13
Q
What steps you must take when handling client’s money?
A
Clients must always have access to funds.
Client money must be kept separate and clearly identifiable.
Include ‘Client’ in account name
Interest on the account must be agreed with the client.
Maintain client ledger or running balance of any transactions.
Agree the terms and advise client on bank details.
Must not be overdrawn
14
Q
What is a bribe?
A
An offer as inducement for an action which is illegal, unethical or a breach of trust
15
Q
If a relative asked you to value a property for lending purposes what would you do?
A
This is a conflict of interest and it could be seen as biased. This would go against rule 1 and 5 of the rules of conduct as it is not in the public interest and I would not act with integrity while undertaking the instruction. Therefore, I would decline the instruction.
16
Q
A potential client asks you to value a property you have little to no experience of, what do you do?
A
In line with rule 2 services should be provided by competent individuals who have the necessary expertise. Therefore, I would either decline the instruction and suggest another firm who deals with these valuations or undertake the necessary training to become competent.
17
Q
A client offers you wine after an instruction what do you do?
A
In VOA refuse the offer as in line with VOA procedures but inform my manager of the offer
Private practice it needs to be proportionate to the work undertaken in this case I could accept the offer and then also note it under the gifts register of the company.
18
Q
Who is the current president of the RICS?
A
Justin Sullivan - Nick Maclean temporarily taking over whilst Justin Sullivan is under review
19
Q
Who is the CEO of the RICS?
A
Justin Young
20
Q
What are the minimum levels of indemnity requirements for Professional Indemnity Insurance?
A
Depends on turnover:
Turnover of £100,000 or less - £250,000
Turnover between £100,001 to £200,000 - £500,000
Turnover above £200,001- £1,000,000
21
Q
What are some money laundering red flags?
A
- Large quantities of cash
- Unwilling to provide identification documents
- Changes in contact parties
- Unusual transaction features
- Unusual currencies
22
Q
What are liability caps?
A
A contractual agreement that a client can only claim damages up to the amount agreed, even if the law would otherwise award a greater sum in damages.
The Red Book states valuers should include a statement in ToE setting out any limitations on liability that have been agreed.
23
Q
What RICS guidance is there on client money handling?
A
Client Money Handling 1st Edition, effective 1 January 2020 Professional Statement
Overall objectives:
- Clients money is kept safe
- Client money accounts are used for appropriate purposes only
- RICS-regulate firms have the appropriate controls and procedure to safeguard client money
24
Q
What are the requirements for run off cover?
A
£1,000,000 for minimum of 6 years but RICS recommends 15 years
25
Penalty of breaching the bribery act?
Up to 10 years imprisonment or unlimited fine or both
26
What RICS document covers bribery and money laundering?
RICS Professional Standard Countering Bribery and Corruption, Money Laundering and Terrorist Financing 1st Edition 2019
27
What must firms do in regard to bribery and corruption?
- Not accept or offer a bribe
- Have plans to comply with local laws
- Report any activity which breaches laws
- Use due diligence to discover what threats the business might face
- Record information of how they have complied with the professional standard
28
What must members do in regard to bribery and corruption?
- Not accept or offer a bribe
- Ensure they have adequate knowledge
- Report any activity
29
What must firms do regarding Money laundering and terrorist financing?
- Not facilitate or be complicit in it
- Have systems and training in place
- Report any suspicions to relevant authorities
- Undertake risk assessments to identify potential threats
- Carry out appropriate checks on clients, including identity checks
- Record information of how they have complied with the professional standard
30
What must members do regarding Money laundering and terrorist financing?
- Not facilitate or be complicit in it
- Report any suspicions to relevant authorities
31
What should members and firms adopt to ensure they do not breach bribery and money laundering?
- Written policy
- Appropriate systems
- Gifts register
- Training
- Contactable compliance officer
32
If you became a sole practitioner how would you calculate your fee basis?
Ad hoc basis based on market levels
33
What is the ethics decision tree?
A decision-making framework to deal with even the most testing of ethical dilemmas.
34
What are the five principles of better regulation?
Proportionality
Accountability
Consistency
Targeting
Transparency
35
What is the key case relating to PII?
Merrit v Babb (2001)
Highlights importance of run off cover - surveyor was sued for negligence after firm closed down.
36
What is the RICS motto?
Est Modus in Rebus - There is measure in all things.
37
How often do members need to undertake the ethics module?
Every 3 years
38
When are firms required to register with RICS?
When 50% or more of Principals are RICS members
Operate in UK (Regulated Area A)
Provide surveying services to public
39
How do you register a firm with RICS?
- Contact RICS and obtain company start up pack
- Inform RICS and register for regulation
- Appoint contact officer
- Prepare CHP
- Obtain PII
- Abide by rules of conduct
- Use RICS designation
40
What is the maximum uninsured excess that firms need to have with PII?
Limit of indemnity:
Up to £10,000,000 = the greater of 2.5% of sum insured or £10,000
Over £10,000,000 = no set limit
41
What are the RICS rules regarding a CHP?
Firms must operate a complaints log and have a handling officer
There needs to be a redress mechanism
Must have two stages (internal and third party)
Must be stated in TOE
If complaint received PII provider must be informed
42
What is client money?
Any cash, cheque, draft or electronic transfer which an RICS regulated firm holds for or receives on behalf of another person.
43
What was the Bichard Review?
- Review into purpose, governance and strategy.
- Lack of diversity within RICS.
- 36 recommendations:
- RICS Matrics to be re-invigorated to give younger members a stronger voice
- Improve technology
- Establish a diversity and inclusion panel
- Increase levels of devolution - Justin Young wants to put 50% more staff into UK regions
44
Who is the President Elect of the RICS?
Nicholas Maclean
45
What is the purpose of the RICS?
1) Regulate and promote the surveying profession
2) Maintain the highest educational and professional standards
3) Protect clients and consumers via a strict code of ethics
4) Provide impartial advice and guidance
46
What should a PII policy contain?
- Claims made basis
- Each and every claim basis
- Policy wording is written on a full civil liability basis
- Underwritten by a listed insurer
- Covers past and present employees
- Run off cover
- Minimum level of indemnity required by the RICS
47
What is the purpose of the Royal Charter?
- Changes a body from a collection of individuals into a single legal entity
- Written description of the RICS' powers and obligations
- Requires RICS to develop the profession for public advantage
- Allows members to use the term 'chartered' in their job title
48
What does 'claims made basis' mean?
The policy at the time the claim is made, not the policy in place at the time of the negligence
49
What does 'each and every claim basis' mean?
The limit of indemnity covers each claim individually (rather than accumulatively for that year)
50
Why are ethical standards important?
Creates a clear and streamlined guide to members to ensure that clients and anyone else who deals with the RICS has confidence in the profession
51
What does having the PII policy written on a full civil liability basis mean?
It means if a claim isn't specifically excluded, it's included
A negligence only policy is where if a claim isn't specifically included, it's excluded
52
What happens to PII when you retire?
Run-off cover ensures firms, members and customers are not exposed to financial detriment in the period following a firm's ceasing to trade or a member's retirement
53
What are bye-laws?
Laws applied internally using powers granted by the Royal Charter
54
Does the RICS provide any assistance if PII is unavailable?
Yes the RICS Assigned Risks Pool
- Open to all UK RICS regulated firms that are unable to obtain PII, which meets the minimum requirements of RICS
- Must have been RICS regulated for a minimum of 12 months
55
What does 'maximum level of uninsured excess' mean?
The part of each claim the firm must pay itself
56
What is the RICS Governing Council?
- Manages the Royal Charter obligations, setting direction and strategy
- Establishes the Regulatory Board, Management Board and other committees
- Elected every 2 years comprising members from world regions
57
What RICS document could you refer to online to check if your CPD is formal or informal?
RICS CPD Decision Tree
58
What is RICS Matrics?
RICS' early career community, supports students, apprentices trainees and newly qualified (up to 10 years post-qualification)
59
What do RICS class as a 'firm'?
Any company or partnership
60
What is the significance of having the Royal Charter?
RICS has a seat on the Privy Council to advise the Crown.
Having a Royal Charter requires members to promote the profession for the public interest.
61
What are the IES?
International Ethical Standards - published with International Ethics Standards Coalition (RICS is a member)
62
Who elects the presidential team, including the President?
The Governing Council
63
Who is the Senior Vice President?
Maureen Ehrenberg
64
In addition to providing a record of CPD undertaken, what else must you be able to provide RICS in relation to CPD?
A personal development plan - Ensures knowledge is regularly updated in your chosen field
65
Following the Bichard review, what are the professional guidance document types?
Professional Standards and Practice Information
66
Are the professional standards mandatory?
Mandatory where 'must' is used, recommended best practice where 'should' is used
67
What are the advantages of being an RICS member?
Status, recognition, knowledge, network, market advantage
68
You’ve just joined an RICS-regulated private practice. On your second day, you’ve been instructed to provide a homebuyer’s report. What are your thoughts at this stage?
Consider lack of competence, refer to someone with relevant expertise in line with Rule 2.
69
You’re now competent to undertake a homebuyer’s survey at the private practice, and you’ve received an instruction for a survey with valuation from a client. You’ve had an introductory call with the client, and they are delighted with your customer service. They want to gift you a luxury watch. How do you respond?
Decline - VOA practice is to decline all gifts as we need to be impartial and objective, acting in the public interest. Private practice you'd consider if it was proportionate to the level of service which in this case doesn't appear to be the case. Consider if it's an inducement and whether it needs to be reported further.
70
What is fraud?
As set out in the Fraud Act of 2006, fraud is defined as ‘a person acting dishonestly with the intention of making a gain for themselves or another or inflicting a loss (or risk of loss) on another’. This can include fraud by false representation, failing to disclose information, abuse of position and computer fraud.
71
You’re now going to set up your own regulated firm. What actions do you need to take?
1. inform
2. responsible principal
3. PII
4. clients’ money handling
5. obtain approval for CHP
6. set up complaints log
7. appoint complaints handling officer
8. obtain logo
9. succession for sole practitioner/appointing a locum.
72
For your gifts example, did you consider whether the sink was offered to induce you to give them favourable treatment?
I did consider it but concluded it was unlikely to be the case.
73
If they had indicated that it was an inducement, how would you have responded?
Reported it to my line manager and discussed whether this needs to be reported to the relevant authorities.
74
How does the Civil Service Code tie into your understanding of the RICS Rules of Conduct?
They all tie in with Rule 1 to act with honesty and integrity, complying with professional standards.
75
Why is it important to record gifts and hospitality on a register?
To ensure that there is a record where it may be interpreted at a later date as a bribe, or considered to have influenced your decision making.
76
Which of the RICS rules of conduct do you feel relate to your gifts example?
Rule 1 and 5
77
What was the Levitt review?
Review into treasury management. RICS extended overdraft by £3m due to inaccurate cashflow forecasting.
Recommended Governing Council have greater oversight, greater transparency, for Governing Council to be briefed by the Management Board rather than a single CEO, for Governing Council to oversee executive management bonuses
78
Explain your understanding of Rule 1?
Members/firms should not allow themselves to be improperly influenced through the acceptance of gifts or hospitality and identify conflicts of interest
79
Explain your understanding of Rule 2?
Only act for clients where you have the necessary knowledge, skills and resources to carry out work competently
80
Explain your understanding of Rule 3?
Understood the client's requirements and agreed timescales to achieve this before signing ToE
81
Explain your understanding of Rule 4?
Respect the rights of others and treat others with courtesy. No tolerance policy to bullying or harassment
82
Explain your understanding of Rule 5?
Question practices they suspect are not right and raise concerns. Ensure complaints are dealt with promptly and professionally
83
What if a firm cannot get PII cover?
RICS Assigned Risks Pool
All RICS UK regulated firms are eligible for terms from the ARP if they have been regulated by RICS for a minimum of 12 months. Entry into the ARP should only be considered after a firm has exhausted all other options. A firm that is no longer trading or has been suspended by RICS Regulation at the time of application is not eligible to enter the ARP.
84
What are PEPs?
Politically Exposed Persons
Considered high risk from money laundering and corruption perspective because they hold positions of influence
85
What are the three types of due diligence?
CDD - Customer Due Diligence - Verify identity of clients
SDD - Simplified Due Diligence - Full CDD not needed, check company register
EDD - Enhanced Due Diligence - More checking/monitoring required
86
What is a KYC?
Know Your Client check - money laundering
87
When would investigation of a member occur?
- Serious persistent failure
- Dishonesty
- Putting personal or 3rd party interests in front of client
88
What legislation governs ethics?
Bribery Act 2010
Equality Act 2010
Proceeds of Crime Act 2002
Terrorism Act 2000
Money Laundering Regulations 2007 and 2017
89
What is an example of high professional standards?
- Managing expectations
- Acting within competence
- Transparent
90
Where would you find the obligations for members?
Appendix A of the Rules of Conduct
91
Where do Regulated Area A and B cover?
Regulated Area A = UK
Regulated Area B = All other areas
92
What are the 3 steps of a conflict of interest?
1) Conflict Avoidance – do you accept or avoid
2) Written Advice to Both Parties
- Disclose nature of conflict and set our how firm wishes to deal with conflict (information barrier)
- Be clear – ensure parties make own decision (suggest independent advice)
- Request written informed consent to act in accordance with procedure proposed
3) Conflict Management – set up procedure agreed in informed consent (information barrier)
93
What is the difference between ethics and rules?
Rules are the framework we work within and ethics are a set of moral values
94
What does RICS Byelaw 5.2.1 state?
Sets out how members conduct themselves in a way befitting of the RICS
95
You mention that you recorded the event on the gift register. Talk me through some of the headings on the form and details that you had to record on the document?
- Name
- PI Number
- Grade
- Group/ Business Unit
- Office Location
- Telephone Number
- Job Title
- Date on which offer of gift/hospitality/ award etc. was made to you
- Name of Company or person making the offer
- Address of Company or person making the offer
- Actual or estimated value of gift/hospitality/award etc.
96
Would you accept a gift from a 3rd party?
No - not in the VOA nor private practice
97
Where is the VOA's guidance on gifts?
VOA Conduct Policy s.8
98
Would you need to record minor refreshments on gift register?
No
99
Can you name a time when you might have fallen short of the rules of conduct?
Missed an internal deadline but still within statutory deadline.
100
Would you accept dinner offer from client?
No, it could be misconstrued
101
How long can a firm stay in the Assigned Risks Pool for?
3 years
102
How long can negligence claim be brought after the event?
15 years
103
How would you close a firm?
* Inform RICS of closure
* Inform clients and hand over arrangements to new firm are made
* Return client money
* Inform insurers and arrange run off cover for a minimum of 6 years
* Retain copy of client files and records for minimum of 6 years
104
Example of client money?
Rent, service charges, holding deposits
105
Penalties for breaching money laundering regulations?
* Maximum of 14 years in prison and / or unlimited fine for assisting in money laundering
* Maximum of 5 years and / or unlimited fine for tipping off or not reporting suspicion of money laundering
106
What is the RICS Client Money Protection Scheme?
For claims where RICS regulated firm is unable to repay client’s money. Scheme split into two parts: surveying services, and residential activities.
107
As a chartered surveyor you need to ensure compliance with what?
Professional standards - Set requirements or expectations for RICS members and regulated firms about how they provide services or the outcomes of their actions.
108
What is negligence?
Duty of care exists to clients and third parties – use ‘reasonable care and skill’. When breached, potential claim for damages
109
If starting your own firm, how do you know what PII you need?
As it is based on annual turnover, I would review the information available as to the turnover of similar businesses in the locality and made a judgment on that basis.
110
What are the 6 annual returns made to RICS?
1) Type of business
2) Nature of the clients
3) Training
4) Complaints handling procedure
5) PII
6) Client money
111
What is the purpose of the RICS?
RICS develops and enforces leading international standards to protect consumers and businesses, ensuring the highest level of professionalism is employed across the built and natural environment.
112
What is the Mission Statement of the RICS?
- To qualify and equip their members to offer highest standards of professional service.
- To promote and enforce standards.
- To lead solutions to the major challenges facing the built environment through professional expertise.
113
What insurances would you need if you were starting up your own firm?
- Professional Indemnity Insurance
- Employer’s Liability
- Public Liability
- Building’s insurance
114
What areas of good practice are outlined in the RICS Professional Standard Client Money Handling (1st edition), 2019?
Outlines 6 areas of good practice:
1. Holding client money
2. Providing information to clients
3. Receipts of client money
4. Payments from client accounts
5. Accounting records and controls
6. Compliance
CHARPP
115
What is the ‘Client’s Money Protection Scheme’?
This is a money protection scheme operated by the RICS for claims where RICS regulated firm is unable to repay client’s money. Scheme split into two parts: surveying services, and residential activities.
116
How do you keep up-to-date with topical issues?
- I am on the mailing list for several industry articles (CoStar, Property Elite, Property Market Analysis)
- The VOA’s Chief Valuer Group (CVG) send us weekly digests of the relevant internal bulletins (IBs) and I request copies of IVs of interest.
- I also exchange industry articles and relevant information with colleagues.
- I follow updates on the RICS website and Construction Journals
- I undertake regular web research on key topics relevant to my field of surveying.
117
How did you ensure that you were competent to undertake the instruction?
- Competence – Do I have Skills, Understanding, and Knowledge (SUK)?
- Independence – Think first and then check for conflicts and personal interests
- Terms of Engagement – Set out full instructions to client and receive written confirmation, and confirm competence of valuer and extent and limitations of inspection
118
What is your understanding of self-regulation?
The ability to understand and manage your own behaviour and reactions
119
What is LionHeart?
A charity that supports those in the surveying profession e.g. mental health, financial help, APC referrals etc.
120
Tell me about what you would do if you felt that an instruction was outside your scope of
experience or knowledge?
In line with Rule 2 I would decline the instruction but refer them to someone with the necessary expertise or the RICS Find a Surveyor website to assist them in finding someone who may be more competent
121
What procedures do you have to undertake when taking on a new instruction in order to
comply with current money laundering regulations?
Carry out a Know Your Client check or Customer Due Diligence - ascertain who the client is and if relevant, the beneficial owner of the client
122
What is double dipping?
Also known as dual agency.
It arises where the same surveyor represents both buyer and seller in relation to the sale of a real estate investment, taking a fee from both parties for the same deal in what is frequently, if not always, a conflict of interest.
RICS banned in PS Conflicts of Interest
123
Can anyone get financial hardship?
The VOA does not currently have a process that requires customers to present proof that they are suffering from hardship.
124
Can a claim of negligence be brought if you haven't agreed Terms of Engagement?
Yes
125
Can you hold a higher amount of PII than the requirements?
Yes the requirements set a minimum
126
Is there ever a time where the client doesn't have to go ahead with the instruction even if they've signed the Terms of Engagement?
Yes - cooling off period of 14 days under the Consumer Rights Act 2015
127
Could compensation be paid out as a result of a complaint?
yes - no limit, depends on the complaint and level of service provided
128
What is the difference between a gift and a bribe?
A bribe is made with the intention to offer as inducement in exchange for an action which is illegal, unethical or a breach of trust whereas a gift is given freely without the expectation of anything in return or intention to influence.
129
What happens if you don't comply with your CPD requirements?
1st CPD breach - warning
2nd CPD breach (within same 10 years of 1st breach) - warning and fixed penalty
3rd CPD breach - potential referral to Disciplinary Panel
130
What is role of the RICS?
High standards, promoting public profession, leading source of information, protect clients
131
How are you indemnified in your work in the VO?
1st level of defence is HMRC and then the Crown takes the rest
132
How do you record your CPD once qualified?
Log it on the website
133
Why does the RICS recommend 15 years for run off cover?
6 years from the date of negligent act
3 years from date of knowledge (s14a Limitation Act) subject to 15 year long-stop.
134
Does the Bribery Act only apply to you in the UK?
No applies to you anywhere in the world.
135
What did the Money Laundering Regs introduce?
It introduced measures to combat financial crime by requiring businesses to identify and verify their customers (Customer Due Diligence), assess money laundering risks, implement internal controls, and report suspicious activity to the National Crime Agency (NCA)
136
Aware of anyone who runs confidential helpline with conflicts of interest?
RICS and LionHeart
137
What happened in Gardiner v Theobald?
An expert witness acting on a conditional fee arrangement must disclose that to the Upper Tribunal as soon as possible in the proceedings, to avoid the risk that this will cause the evidence to be ruled inadmissible or given lesser (or, indeed, no) weight.
138
Can you ever act as advocate and expert witness in UT?
Simplified procedure
This is where there is an UT case where there is no legal issue, just another rehash of values, neither has employed barristers and no legal fee, no liability for legal fees, both parties have to agree.
139
Is there ever a time they don’t have to go ahead with them after signing them?
Cooling off period 14 days - Consumer Rights Act 2015
140
What would happen if you were unable to resolve a complaint?
Independent redress scheme/ADR
141
Could anyone get financial hardship?
Currently the VO don't have a process to require proof of hardship.
142
Could any compensation be paid out as a result of a complaint?
Yes – no limit, depends on complaint and level of service provided
143
What are the different types of fees?
Fixed fee, diary charge and day rate
144
What is a gifts register?
It's a record that companies maintain to track gifts and hospitality offered or received, which helps to prevent bribery and corruption by ensuring transparency and demonstrating compliance with ethical and legal obligations. It provides an audit trail in case any issues arise later on.
145
Resi in Walsall - can you explain the advice you gave?
I advised the agent that I was unable to accept the gift as I need to be impartial and above reproach. I outlined my organisation's policies so they understood.
146
Shop in Birmingham, what advice did you give?
By acting transparently and including the rental evidence that did not support my opinion of value, I advised the agent why little weighting was applied to this rent, namely being that it was agreed on an RPI basis and not open market.
147
Why did you include this evidence? Would you include every single rent in the locality?
I included what I considered to be necessary, reasonable and proportionate.
148
Resi in Solihull, what was the ethical dilemma here?
Predominantly acting with honesty and integrity and promoting trust in the profession. Although the taxpayer was suffering from financial difficulty and proposed to reduce their liability, I empathised with them but explained that I must provide a market value based on the evidence available, irrespective of personal circumstances.
149
Why is trust in the profession important?
Surveyors provide crucial, often legally binding, advice on property, land, and construction, impacting significant decisions and investments, and upholding ethical standards ensures the public's confidence and the integrity of the profession.
150
What is money laundering?
Illegally concealing the origin of money obtained from illicit activities.
151
What is corruption?
The misuse of public power for personal gain.
152
Why is property a high risk environment for money laundering?
It is capital intense and involves large sums of money in a purchase.
153
How many bye-laws are there?
10
154
Why would firm be regulated?
Confidence, security, professionalism
155
What was the criticism of RICS governance?
Poor financial control which caused reputational damage, wrongful dismissal leading to the Levitt review
156
How would you ensure work consistently meets RICS standards?
Abide by the Rules of Conduct and in line with the Professional Standards and Practice Information
