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APC > Ethics, Rules & Professional > Flashcards

Ethics, Rules & Professional Flashcards

1
Q

What is the RICS doing to promote diversity and inclusion?

A

RICS launched exclusive employer, quality mark
RICS networking pride Event
Seminars focusing on diversity

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2
Q

What is a redress system?

A

Time limit for RICS complaints policy.
Acknowledge within seven days.
Substantive reply within further 21 days.
Second stage redress if client is not happy.

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3
Q

When was the RICS founded?

A

1868- and has a royal charter.

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4
Q

What is a guidance note?

A

A document that provides users with recommendations or an approach for accepted good practice.

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5
Q

What action would you take if someone was to complain about your service?

A

I would listen, discuss issue and if still not happy, I would refer to my line manager and complaints handling procedure.
Acknowledge within five days
Respond in 20 days
It’s still not happy, respond again with ADR

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6
Q

Example of good client care.

A

Weekly updates, phone calls, emails marketing meetings.

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7
Q

What is the modern slavery act 2015?

A

Legislation to combat, modern slavery. This includes whistleblowing, training, and corporate social responsibility.

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8
Q

What information do registered firms have to send to the RICS annually?

A

Annual return, type of business, and staffing, nature of clients, training, provision, PI insurance, complaint handling procedure.

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9
Q

What does a complaint handling procedure include?

A

RICS provides a model form.
Have a redress mechanism, details should be issued to the client with terms of business.
Clear, quick, transparent, impartial.
Investigated within 28 days.
Acknowledge within seven days of complaints.

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10
Q

What is a guidance note?

A

Provides users with an approach recommendations for accepted good practice
Followed by competent practitioners.

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11
Q

What is a professional statement?

A

Mandatory requirement for RICS, regulated firms and members to adhere to.

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12
Q

3 professional obligations for members?

A

Comply with CPD requirements
Cooperate with RICS
Must promptly provide information reasonably requested.

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13
Q

What is a PACT?

A

Professional arbitration on court terms.
Form of dispute resolution
Can be used for lease renewals

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14
Q

Methods of dispute resolution

A

Negotiation
Mediation by RICS scheme
Expert witness
Independent expert

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15
Q

What are the minimum levels of PII?

A

Dependence on turnover.
PII is double of turnover.

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16
Q

What should be done to avoid PI claims?

A

Full and detailed records kept
Record recommendations/advice
Use terms of engagement
Do not advise outside of professional ability

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17
Q

Who is the President of the RICS?

A

Ann Gray

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18
Q

Why do you want to become chartered?

A

Gold standard of my profession
Committed to lifelong learning and personal improvement
Are RICS is highly valued by clients
Can further career opportunities

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19
Q

What is the purpose of the RICS?

A

Promote and encourages highest professional, qualifications and standards in development, land, Real Estate, construction.
Provide best practice and guidance to industry and government

20
Q

What is a professional statement?

A

Mandatory requirement that members and firms must understand and not deviate from
Gold, standard and best practice
Uniform approach

21
Q

Steps You must take for handling clients money?

A

Clients must have access to funds
Kept separate and clearly identified
Include clients in account name
Interest on account must be agreed
Must not be overdrawn

22
Q

Position on accepting gifts from a client?

A

Gifts and hospitality are generally excepted, providing in accordance with the bribery act 2010
Must be reasonable and proportionate to relationship
Modest and occasional - should not be lavish

23
Q

Seven obligations for RICS regulated firms

A

Complaints handling procedure
Professional indemnity insurance
Arrangements for succession
Comply with RICS
Provide all information reasonably requested
Display on business literature in accordance with RICS
Reports to the RICS as required

24
Q

How might a conflict of interest happen?

A

Prior involvement on property
Conflicts in agency
Another discipline acting on the same building

25
Q

What is a conflict of interest?

A

Actual, possible or perceived risk to one’s professional judgement/decisions could be compromised


26
Q

What due diligence do you carry out a valuation?

A

Competence
Conflict of interest
Terms of engagement
Flood risk zone
Asbestos register
Radon search
Planning portal
Council tax/business rates
Title

27
Q

How do buildings encourage inclusive environment?

A

Equality act 2010
Prayer/multipurpose rooms
Multiple points for entrance-disabled access
Inclusive toilets- non-gender

28
Q

What would you expect to see on a business plan?

A

Financial targets and goals
Market competitor analysis
Swot analysis of services
Company values

29
Q

Your involvement with the business planning?

A

Networking event
Carbon neutral initiative
Townhall meetings

30
Q

What are the international ethics standards?

A

December 2016
Accountability
Confidentiality
Conflict of interest
Financial responsibility
Integrity
Lawfulness
Reflection
standard of service
Transparency
Trust

31
Q

Principles of estate agent act, 1979?

A

Honesty and accuracy
Clear TOES
Open and transparent
No discrimination
All offers passed on in writing
Keep clients money separate

32
Q

What is PII?

A

Professional indemnity insurance
Protects clients surveyors and their parties against negligence claim

33
Q

Five Ethical standards.

A

STIRR
Service
Trust
Integrity
Respect
Responsibility

34
Q

Legislation around money laundering?

A

Proceeds of crime act 2002
The terrorism act, 2000
Anti-money laundering act 2018

35
Q

Latest RICS guidance on money laundering?

A

RICS professional statement
Countering bribery, and corruption, money laundering, and terrorist financing (1st Edition, 2019)
Due diligence must be carried out prior to instruction
Customer DD, simplified DD, enhanced DD

36
Q

Four offences of bribery

A

Bribing another person
Being bribed
Bribing a foreign public official
Failure by commercial organisation to prevent bribery

37
Q

What needs to be in place to open your own practice?

A

Inform RICS
Apply for regulation
Appoint responsible principal
Arrange PI cover - RICS approve
Register with RICS clients, money, protection scheme
RICS approval for complaints handling procedure
Complaints log
Complaints handling officer
Logo kit
Plan for succession
Insure CPD logged online
Staff training plan

38
Q

Six principles of the bribery act 2010

A

Proportionate procedures
Top-level commitment
Risk assessment
Due diligence
Communication
Monitoring and review

39
Q

The hierarchy RICS document status?

A

RICS rules of conduct (members and firms 2022)
International standards
Professional statements
Guidance notes
Code of practice
RICS jurisdiction guide

40
Q

What is the Bichard Review?

A
  • Review into the RICS structure and urged to adopt at pace.
  • Main theme is for members to have more decision making powers and focus on them.
  • Scale back commercial arm and have them report to the board - able to improve the core free services offered to members.
  • re-establish reporting lines and new roles (President to oversee governing council)
  • public fund for public internet activities
  • boosting governing council to 28 members (22 currently) to better reflect geographies and specialisms
  • 5 yearly independent reviews on the RICS.
41
Q

What is BREEAM?

A

Building Research Establishment and Environmental Assessment Method
- used to understand and ascertain the sustainability and energy performance of a building
- points basis.

42
Q

Hierarchy of RICS governance?

A

Royal Charter - constitution of the RICS
Bylaws - 10 rules for how the RICS is governed
Regulation - detail behind the 10 bylaws

43
Q

What is a Royal Charter?

A

Means that the institution is self governing with its own rules and procedures.
Any changes to the bylaws of the RICS need to be ratified by Government via the Privy Council

44
Q

What are the RICS rules of conduct?

A
  • must be Honest and act with integrity and comply with professional obligations
  • maintain professional competence
  • provide good quality & diligent service
  • treat others with respect and encourage diversity
  • act in public interest and take responsibility for actions
45
Q

Define the RICS rules of conduct 2022?

A

5 rules that apply to all
3 obligations for members
7 obligations for firms

46
Q

What are your firms core values?

A

Listen
Care
Lead
Innovate

47
Q

Who is/what is the compliance officer at VW?

A

Carole Thomas
Point of contact for all compliance matters I.E. AML & Complaints handling

APC (10 decks)

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