1
Q
What are the five rules of conduct
A
- Honesty, integrity & comply with professional obligations
- Maintained their profess competence & ensure only competent staff are undertaking work
- Must provide good quality & diligent service
- Treat others with respect & encourage diversity & inclusion
- Must act in the public interest, take responsibility for their actions
2
Q
What are the three professional obligations for members?
A
- Members must comply with CPD requirements
- Members must cooperate with RICS
- Members must promptly provide all information reasonably requested by the Standards & Regulations Board or those exercising delegated authority on its behalf
3
Q
What are the seven obligations for RICS regulated firms?
A
- Must publish a CHP including an alternative disputes resolution provider (approved by the RICS)
- Firms must ensure all previous & current professional indemnity cover that meets the standards approved by RICS
- Firms with sole principles must make appropriate arrangements for their professional work to continue in the event of incapacity
- Firms must cooperate with RICS
- Firms must promptly provide all info reasonably requested by the Standards & Regs Board
- Firms must display on their business literature, in accordance with the RICS published policy on designations to denote that they are regulated by the RICS
- Firms must report to the RICS any matter that they are required to report under the Rules for the Registration of Firms
4
Q
What are bye laws?
A
The enabling principles underpinning rules & regulations.
10 in total
5
Q
What are the turnover limits to cover
A
Up to £100k = £250K cover
£100,001 - £200K = £500K cover
£200,001 - up = £1mil cover
6
Q
What should a CHP include?
A
A redress system
Firm must have CH officer and log
-Free
7
Q
What are the time limits for RICS complaints policy
A
-Acknowledge with 7 days
-Substantive reply within a further 21 days
-2nd stage redress if client dissatisfied
8
Q
What is the minimum CPD hrs?
A
20hrs min
10hrs min formal
Every 3 yrs rules & ethics
9
Q
Name two key points of clients money
A
-Separate named account
-Must be able to identify client
-Must always know where client money is
10
Q
Define laundered money
A
Illegally obtained money purchasing large items such as property
11
Q
What’s the limit on cash that can be accepted?
A
€10,000 & AML must have been undertaken
12
Q
What is the maximum sentencing for assisting with money laundering?
A
14yrs imprisonment & unlimited fine
13
Q
What sentence can you face if your found to have tipped someone off about an investigation?
A
5 years imprisonment
14
Q
What regulation controls money laundering?
A
The Money Laundering, Terroist Financing & Transfer of Fund (info on the payer) Regulation 2017
15
Q
When is a firm required to register with the RICS?
A
-If the firm provides surveying to the public
-If the firm operates in a regulated area A
-At least 50% of the firms principles are members
16
Q
What does a firm need to have in order to be registered?
A
-Adequate professional indemnity
-A CHP
-Security of clients money
-Comply with employment legislation
-Have a training program in place for employees
-Make sure staff meet CPD requirements
17
Q
What is the overarching obligation placed on both members and regulated firms by the RICS Rules of Conduct?
A
Act with integrity and avoid conflicts of interest and avoid any actions or situations that are inconsistent with its professional obligations.
18
Q
Whats the RICS motto?
A
Modus est rebus - there is measure in all things
19
Q
What is the Levitt Review?
A
-Alison Levitt carried out review into the RICS
-Several recommendations, all implemented
-Undertaken due to serious concerns into the financial audit & the unfair treatment if 4 non-execs
-Now looking to build back better
20
Q
What are the 5 principles of better regulation?
PACTT
A
Proportionality, accountability, consistency, transparency & targeting
21
Q
When did the RICS Rules of Conduct come into play?
A
February 2022
22
Q
Define bribe
A
Something given in expectation of a change in behaviour
23
Q
What’s the term for having a clients permission to act on their behalf?
A
Informed consent
24
Q
What are the three different types of conflicts?
A
Party conflict
Personal conflict
Potential conflict
25
Who do the Rules of Conduct relate to?
APC Candidates
Members
Firms
26
Once you are chartered how often do you need to the professionalism module?
Every three yrs
27
How do you measure your clients satisfaction?
Key performance indicators
Verbal feedbacks
Survey at the completion of the job
Written feedback
28
A fellow RICS member has posted offensive and abusive comments in response to an article on a forum with local professionals. How would you responded?
Confirm if the information is factual
Look for more info
29
What are the five principles of better regulation?
PCATT
What the RICS applies to members
Focus on reg goals & adopt the five principles of better reg
Done in a Proportional, Accountable, Transparent, Targeting & Consistency.
30
Why do we have rule of conduct?
These Rules set out the standards of professional conduct & practice expected of members and firms registered for regulation by RICS.
31
What is the definition of ‘Ethics’?
Having a higher standard than just avoiding a certain behaviour or practice because its illegal
32
What is the Royal Charter and when was it granted?
1881
33
Describe the RICS structure
Royal Charter
Ten bye laws (ratified by UK Privy Council)
Ten regulations (approved by RICS Governing Council)
34
Name the five rules of conduct
R1: Honesty & integrity
R2: Maintaining & acting with competence
R3: Provide good quality service
R4: Respect & encourage diversity & inclusion
R5: Public interest, responsibility
35
How many obligations to the RICS are there for members and firms?
Three for members
Seven for firms
36
What are the professional obligations on members to the RICS?
-Comply with CPD requirements
-Cooperate with the RICS
-promptly provide all information reasonably requested by the standards and regulation board
37
What’s the minimum cover for PII
£100k or less = £250k cover
£100,001 to £200,000 = £500,000 cover
£200,001 & above = £1,000,000
38
In a COI whose decision is it to act?
The surveyors despite having informed consent
39
What are the three types of conflict?
Own interest
Party interest
Confidential information
40
What is a bribe?
An illegal inducement to influence behaviour
41
What’s the difference between a bribe and hospitality?
Timing and proportionality
42
What is money laundering?
Converting & investing illegally gained money into property
43
What do you do if you have a complaint over the phone?
Note in writing & ask them to put it into writing to Complaints Handling Officer
44
Can you negotiate on your fee?
No
Can check the basis you quoted on
45
What did the Hart V Large case law establish?
2021, negligence claim
Highlighted the importance of advising clients of all issues
46
What is the RICS social media guidelines?
Posting in social media is okay
Have to be mindful in post not to be unethical or breach the rules of conduct
Can have legal implications and RICS may investigate
47
How do you ensure a property is disabled accessible?
-Have lift/ramps in place in order to make access into the property possible
-Make sure door openings are 32inches
-Have disabled accessible WCs
48
What is and when would an Environmental Impact Assessment be required?
When obtaining planning permission (comes under the Town and Country Planning Reg 2017).
-Required when the planning authority require
49
What is the equality act 2010?
An act that applies to all citizens of the UK, protects people from discrimination, harassment and victimisation.
50
What is the act relating to modern slavery?
Modern Slavery Act 2015
-Summarised all slavery points into one act
-Clear sentences
51
What is the localism act?
Devolved rights and powers for communities and individuals
Granted more freedoms and flexibility for local government
Reform to make the planning system more democratic and effective
Reform to ensure that decisions about housing are taken locally
52
What RICS guidance relates to COI?
Conflicts of Interest, 2018
53
Whats the difference between Common and Civil court?
Civil: Core principles are written into a referable document
Common: Relies on case law set by judge precedent
54
How is legislation made?
A bill is a proposed law which is introduced into Parliament. Once a bill has been debated and then approved by each House of Parliament, and has received Royal Assent, it becomes law and is known as an act.
55
What is the role of case law in the legal system?
Important as guides decisions and setting precedents in various legal matters
56
What are the UKs target relating to sustainability?
-Reach Net Zero by 2050
57
What was the Paris agreement?
International treaty on climate change that was signed in 2016 by 196 parties.
Reaffirms the goal of limiting global temperature increase to well below 2 degrees Celsius, while pursuing efforts to limit the increase to 1.5 degrees.
58
What are the COP events?
An opportunity to identify global solutions for limiting global temperature rise to 1.5 degrees, events attended by 197 counties
59
What is Net Zero?
A target of completely negating the amount of greenhouse gases produced by human activity, to be achieved by reducing emissions and implementing methods of absorbing carbon dioxide from the atmosphere.
60
What is the UK Sanction list?
To do with AML
The list details which sanctions measures apply to these persons or ships, and in the case of UK designations, provides a statement of reasons for the designation.
61
What is your companies CHP?
Acknowledgement of complaint within three working days
Substantive response within a further 15 days following investigation
If still not happy, investigation by MD with report within a further 15 working days
If still not happy - independent review by property ombudsman
62
What type of risk assessment did you undertake when visiting your case study property?
An ongoing assessment
63
What is an ongoing risk assessment?
Identify hazards
Assess the risks
Control the risks
Record your findings
Review the controls
When onsite be vigilant of hazards and update risk assessment
64
What is equity?
Seeks to address the imbalance by ensuring each person has the right tools and support to fulfil their potential
65
Who does the rules apply to?
All members as per bye law 5.1
66
What are the key points of the Fire Safety Act 2021?
-Clarifies responsible person for multi-occupied resi buildings
-States the risk of firer to the structure and external walls must be managed and reduced including cladding, balconies, windows and entrance doors
67
What did the case Hart V Large highlight?
The limitation of inspection and the requirement to undertake all reasonable steps to investigate (or recommend further specific inspections).
68
Why was the Birchard Review commissioned?
Independent review aimed to create a new sense of purpose and direction of RICS
-Highlighted the need for better integration of tech
-Highlighted the importance of incorporating new professionals
-Highlighted the need for diversity and inclusion
69
Who must PII be provided by?
An RICS listed insurer
Most include approved minimum wording
70
What is retroactive cover(PII)?
Coverage for services undertaken previously (i.e. prior to the policy start date)
71
What are some of the AML red flags?
Secrecy, suspicious, personal information, questionable source of funds, irrational choice of legal representatives, politically exposed person, on sanction list, and Geographical inconsistencies
72
What is mediation?
Method of ADR.
-For parties that wish to try and negotiate
-Mediator to try and find an amicable outcome
-Not legally binding
73
What is arbitration?
Method of ADR
-PACT - only for lease renewals
-Decision made by arbitrator, legally binding
74
What is independent expert?
Method of ADR
-Private process where expert chosen (rather than assigned)
-Often used for technical issues
-Can be binding or not
75
What’s the penalty for taking a bribe?
10yrs imprisonment and/or unlimited fine
76
What is integrity?
Quality of being honest and sticking by your moral principle
77
What is BREEAM Excelent?
Building Research Establishment Environmental Assessment Model
Assess the environmental performance and sustainability of both new and existing infrastructure. Prioritises sustainability within the standard
78
When was the RICS founded?
1868
79
Who is the president and who is the CEO?
CEO Justin Young
President Tina Paillet
80
What are the five benefits of being an RICS member?
Status
Recognition
Market advantage
Knowledge
Network
81
What is a responsible person?
An individual within a regulated firm that is obliged to ensure all reasonable steps are taken and systems are in place to ensure compliance with regulatory and RICS requirements
82
What information is required by the RICS of Registration?
Type of business and staffing
Name of responsible principle
Statutory regulation activities (i.e will financial services be provided?)
Nature of clients
CHP & complaints log
PII details
Whether the firm will hold clients money
83
What are the key steps to the ethics decision tree?
Is it legal?
Is it within the rules of conduct “22
Would you be happy for your actions to be made public?
84
What is the purpose of the RICS social media guidelines?
To highlight the importance of professional conduct when members are posting online
RICS will investigate where language is abusive/ rude to an individual or if the post is damaging the public reputation of the RICS
85
Can a sole practitioner be the complaints handling officer?
No they have to have a third party be the CHO
86
What are the key aspects of the RICS Risk, Liability and Insurance, 2021 document?
Recommends the use of liability caps
Be aware of third-party reliance - highlight that the report is just for the client in TofE
87
What is required for statutory compliance when starting a new business?
Be DDA compliant
Be bribery act compliant
Appoint an AML officer
Be H&S compliant
Register of data protection
Inform HMRC for VAT registration if required
Gain insurance of Public liability insurance
88
What are the penalties under the Bribery Act?
Up to 10 years in prison
Unlimited fine
89
What is the penalty for informing someone their under suspicion of money laundering?
5 yrs in prison
90
What would you do if having undertaken a AML check there is a possible match from the sanctions list?
Notify your AML officer, discuss and likely inform the Office of Financial Sanctions Implementation
91
What are the four types of bribes?
1. Promising/offering/giving a bribe
2. Accepting a bribe
3. Bribing a foreign public official
4. Failing to prevent a bribe
92
What is bye law 2?
Membership and registration
93
What is bye law 2?
Membership and registration
94
What RICS document relates to terms of engagements? I.e liability
Risk, liability and insurance 2021
Mandatory Competancies
flashcards
Decks in class (5)
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