Ethics Specific Questions Flashcards
(48 cards)
What is the role of the RICS?
USC
1) USEFULLNESS - To promote usefulness of the profession
2) STANDARDS - To uphold the highest standards
3) CONSUMER - Provide consumer advice
What is the structure of the RICS?
- Privy Council
- Governing Council
- Board and Committees (Standards, Management, Audit, Nominations)
- Committee and Panels (Finance, World Regional, Remuneration)
What is the royal charter?
- A grant issued by the Monarch allows RICS to be self governed.
- Sets out objective - to promote usefulness of the professional for public advantage
What does it mean by the RICS is self- regulated?
- operates within own regulatory framework
rather than being legislated by Government
Tell me about the Rules of Conduct for firms
- 15 rules
Part I General
- Contact Officer + submit the Annual Return
Part II Conduct of business
- Ensure professional behaviour, act competently, high standard of service, staff CPD, have (CHP), preserve security of clients’ money, hold adequate (PII)
Part III Firm administration
- Advertise in truthful manner, ensure finances managed appropriately, arrangements in place to cover incapacity/death of a sole practitioner, display Regulated by RICS designation in line with RICS’ requirements, provide information to and co-operative with RICS as requested
Tell me about the Global Professional and Ethical Standards
- ISTRR
Tell me about the Bribery Act 2010
- a company can be prosecuted for bribery even when alleged bribery takes place outside UK
- A company can be responsible for bribery carried out by its employees without its knowledge
- Criminal offence for failing to prevent bribery.
Tell me about the Money Laundering Regulations Act 2007
- Sperseded by Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
- MLR 2017 set out obligations of private sector firms working in areas of higher money laundering risk:
o RISK ASSESSMENT - to identify and assess the risk of money laundering and terrorist financing
o SYSTEMS - Implement systems to address money laundering and terrorist financing risks
o TRAINING - Provide training to staff
What are the requirements for managing client money?
Ensure registered with appropriate RICS scheme:
- e.g RICS Client Money Protection Scheme for Surveying Services,
RICS regulated firm must:
- Access - only RICS firm
- Hold only client money
- Name of account include - client
- Funds immediately available
- Keep records
What are the requirements for CPD?
- 20 hours
What are the requirements for PII?
CLAIM - Each and every claim basis
RUN - Run off cover
CIVIL - Full civil liability
WORD - RICS’ minimum policy wording
INDEMINTY - minimum level of indemnity
What are the requirements for setting up a practice?
- ADVISE - advise RICS that you are starting a business
- REGISTER - register for regulation
- RULES - meet the requirements of the Rules
- INSURANCES - understand the need for insurances (employers liability, public liability, etc.), a health and safety policy, equal opportunities policy, etc.
- LOGO - use the RICS logo as set out by RICS and use only the appropriate alternative designation relevant to your professional group
What are the rules of registration of firms?
Need to provide:
- ADDRESS - Head office address
- DATE - Date firm established
- OFFICER - Contact officer
- CHP
- PII
- If 50% of Principals are RICS members must be regulated
- If at least 25% they can apply
- If no RICS members the firm cannot register
(Principles are sole practitioners, directors, partners, board members or equivalent)
What is your employers policy on Bribery gifts and hospitality?
Nationwide zero tolerance to bribery
o an inducement to anyone to gain an advantage
Gifts and hospitality
o Register
o Gifts and hospitality over £50 must be recorded
What is your employers’ CHP?
- Nationwide will respond within 7 days advising the case is being investigated
o confirm understanding of the circumstances - A full response will then be provided within 21 days
- Advise the actions have been taken as a result of your complaint and our investigations.
- Includes an (ADR) mechanism
o The Property Ombudsman Service - A complaint log is maintained.
Croham Road CR2
How did you deal with the applicant’s request for you to reduce your valuation?
- Reported conversation
- SAD report
- Alert code
- Valued the property with impartiality
Croham Road CR2
Who did you have a duty of care towards?
- Nationwide
- The applicant
- The applicants partner
Croham Road CR2
How did you record the incident?
- In my sites notes
- Vocally to my manager, followed up by an email summarising out conversation
- SAD report
- Alert code in report
Croham Road CR2
How did you use the alert code?
- Included the code in the report which ensures that the SAD referral is checked
Croham Road CR2 Why did you submit a SAR?
- To ensure the issue was logged
- To ensure that if the applicant attempted to remortgage again it would be on file
- To ensure the case was investigated
Croham Road CR2
Why did you submit a SAR?
- To ensure the issue was logged
- To ensure that if the applicant attempted to remortgage again it would be on file
- To ensure the case was investigated
Croham Road CR2
How did you act with integrity?
- By ensuring that I reported the conversation in the correct manner
- By acting impartially and without prejudice
CPD How many hours of CPD does an APC candidate need to submit each
year?
- 48
Ridge Road CR4
What checks did you carry out?
- Checked the vendor details
- Checked the applicant details
- Checked the agent details
- Checked whether myself or colleagues had previously completed a valuation on the subject
