Building Surveying APC > Ethics > Flashcards

Ethics Flashcards

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1
Q

What does the Brooke Report involve?

A

Report published by RICS which sets out the plan to re-engage RICS members. Policy making will be more transparent

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2
Q

The Latham report - what was it?

A

‘constructing the team’ wrote in 1994.
Desribed the industry as ineffective and so made 53 recomendations. This included:

  • Partnering and Collaboration
  • Fairer Contracts
  • Dispute resolution

Led to HGRA 1996

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3
Q

How to undertake a planned preventative maintenance survey?

A
  • Discussion with client to understand needs/requirements
  • pre Survey - check competence, equipment and review H&S
  • Site Record condition of elements
  • create schedule against a 5 or 10 year plan - ruining tasks against time periods.
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4
Q

What is conflict of Interest and how to deal with it?

A

Persons interest effects their professional intergrity and judgement.

Ways of dealing with:
- Transparency
- Step back from instruction
- Training

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5
Q

Handling clients account

A

Understand their needs, clear name of account, Communicate with them

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6
Q

Money laundering Regulations

A

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

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7
Q

Current RICS President

A

Justin Sulivan

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8
Q

Procedures for setting up a new practice

A

Contact RICS for guidance
Prepare Compliants handling Procedure
Obtain PII Cover
Use designated RICS logo

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9
Q

Different Client money accounts

A
  • General Accounts for one or more clients
  • Discrete Accounts reference to a single named account
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10
Q

What does a complaints handling procedure contain?

A
  • must include redress mechanism
  • clear quick and transparent (name of nominated investigating person)
  • advise PI insurers of complaint immediately
  • Must be dealt with within 28 days

two stage approach:
- Consideration of complaint
-

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11
Q

What sort of activities are included as CPD

A

Must have clear learning objective rlevent to your role
Formal - web based training
Informal - Private reading

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12
Q

What are the minimun levels of indemnity?

A

Sales Minimun level of
100,000 or less = 250,000
100k -200k = 500,000
200 and above 1 m

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13
Q

You set up your own practice and break your leg, what cover needs to be in place?

A

A Locum Agreement

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14
Q

How is the RICS structured

A
  • Founded in 1868
  • Royal Charter granted by Privy council in 1881
  • The governing Council manage and agree the strategy for the RICS
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15
Q

What are the new Rules of Conduct

A
  1. Integrity and comply with their professional obligations
  2. Professional competence and provide service with necessary expertise.
  3. Good quality and diligent service
  4. Treat others with resect and encourage diversity
  5. Act in public interest and take responsibility for their actions
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16
Q

Why did the previous rules of Conduct change?

A

Replaced existing Rules of Conduct and separate Global professional and ethical standards

  • Provide a single document to enable greater clarity for RICS members and firms
  • Greater focus towards tackling climate change and evolving technologies
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17
Q

What are the professional obligations for members

A
  • Comply with CPD requirements which require 20 hours for the calendar year
  • Members to cooperate with RICS
  • Members to provide all information requested to the Standard and Regulation Board
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18
Q

Professional obligations for Firms?

A
  • Provide a complaints handling procedure
  • Ensure that the work provided is covered by PI cover
  • Cooperate with Rics and provides RICS literature on documents
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19
Q

What is the ethics decision Tree

A

Tree provided by RICS when deciding the correct protocol for decision making:

-Is it legal
- Do you have sufficient facts
- Would i be content for my actions to be made public

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20
Q

Processes to be put in place when handling clients money

A
  • Competent and knowledgable staff to process monies
  • Secure Accounting sytems
  • Client money must be kept sperate, and clearkly identifiable with client name on account
  • Honesty to client
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21
Q

What is an independent redress scheme?

A

Scheme which judges and is legally binding
RICS must sepcify what redress scheme is chosen, whether arbitraton, adjuducation or ombudsman

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22
Q

Tell me about conflict of interest

A

Where someone someone in a position of trust has competing personal or professional duties which makes it difficult to fulfil their duties impartially.

Important to decline work opportunities, where a conflict of interest arises

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23
Q

If a client is insistent of you working with them despite a conflict of interest. How would you proceed?

A
  • Check the clients understanding around conflict of interest (reduced impartiality)
  • Get letter of instruction
  • Agree working procedures to manage (separate communication lines and non disclosure agreements)
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24
Q

Six principles of preventing Bribery

A
  • Proportionate
  • Commitment
  • Risk Assessments
  • Due Dligence
  • Communication
  • Monitor & Review
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25
A contractor invites you to lunch and are keen to dicuss details of the tender how would you respond?
Going to lunch in the middle of a tender process could be considered a bribe it would be ok to decline in that such invatation would be inappropriate
26
When did the GDPR come into effect?
New rules on how we collect and process personal data. Came into effect in 2018
27
Punishment for not meeting the GDPR Regulations?
17.5 million or 4% of the annual turnover
28
How do you ensure data you hold on clients are kept secure and confidential?
Use secure documents that are password protected. Use the info for the purpose it is collected.
29
7 GDPR principles
- Lawfullness - fully informed - Accuracy - Data minimisation (Collect minimun date - Storage Limitation - Purpose Limitation (Inform clients of purpose) - Accountability (record and prove compliance) - Security
30
What is the Freedom of Information Act
Limit access to sensitive info using passwords and ant viral protection
31
What are the three types of due diligence?
Simplified due diligence - Low risk Enhanced due diligence - High risk Customer Due diligence - New customers
32
What are the benefits of regulations for firms?
CPS: Confidence - Professionalism - clear impartial advice Security
33
Purpose of terms of engagement
Acts as a contract with client which outlines Sets out the firms fee and compliants handling procedure
34
If faced with an unethical situation, how would you proceed?
- Consider the ethics decision tree: - Do I have sufficent facts - Is it legal - Would I be content for my actions to be made public
35
What is a complaints handling procedure and what is included in it?
Once a complain has been notified, 28 days to investigate and resolve issue Details of investigating person redress mechanism
36
How many years after an instruction has been completed can a claim be made
15 years (Limitation Act 1980)
37
Can you name any money laundering red flags
- Unusual sale price - Cash only buyers -
38
What is money laundering?
Concealing the source of proceeds of criminal activity to disguise their illegal origin
39
How to deal with situation where client has 10k cash?
Politely decline, as under the RICS guidance one should not facilitate money laundering acts Shoudl I be concerned it should be reported Should not accept cash payments over £10k
40
If given a gift, how would you proceed?
Log it with the companies gift policy My decline when taking into account timings and proportionality
41
Explain the RICS future report 2015?
highlights trends and challenges in construction industry Ensures surveyors are ready to act to global challenges - RICS technology - Urban areas need to take a sustainable approach
42
RICS Business Plan 2024
- Levitt Report - be open - Financial Priorities - Cooperate objectives
43
Outline the bribery Act 2010
- 5 Key offences - Penalties (10 years imprisonment and unlimited fine -
44
What things were considered when accepting the Christmas gift?
- Intent/Purpose - Timing - Value
45
What is the procedure for allowing tender extensions?
- Valid Reason - Assess timing on project - Notify all bidders
46
What is a conflict of interest
When someone has a competing personal or professional interrest which makes it difficult for them to carry out their duties impartially
47
How can a conflict of interest be managed?
- Seperate communication lines Non disclosure agreement
48
How is professional indemnity addressed
Professional indemnity guidance note - limit set i based on rev in prev year 0-100= 250k 100-200= 500k above 200k = 1m
49
What is maximun ininsured excess
10m sales in prev year = 2.5% of sum insured or £10,000 the greater of two 10m above = no limit
50
Six principles of preventing bribe
1. Propotionality 2. commitment 3. risk assessment 4. due dliligence 5. moniring and review 6 communication
51
Under the bribery Act, when is facilitation payment permitted
when is their danger to limb, life or liberty
52
Clientv advises if you reduce your bid in a tende ryou would win the tender, How would you proceed?
Unfair competition You would need to reduce scope to achive the margin and would be reducing scope of servivces considered a bribe
53
Client tales you out to a restuarnt is this bribe?
Consider proption, timings. But this is hospitality so wouldn't be
54
Requirement regarding PI cover
Should be made on each and ervy claim basis sets out minimun levele sof indemnity
55
Explain conflict of Interest?
When someone in a position of trust has competing personal or professional interests making it difficult for them to fulfil their duties impartially
56
How could a conflict of interest be managed?
- Ensure separate communication lines feeding back to the client - Separate the geographical locations of each department - sign a non disclosure agreement
57
If client was insistent with you working with them despite a conflict of interest, how would you proceed?
- Explain the situation and check their understanding of COI - Letter of instruction sent by client and agree working procedures
58
Explain your understanding of the main principles of the Bribery Act
- Offences include: making a bribe, receiving, bribing a foreign official and failing to prevent 6 Principles of prevention - Proportionate - Commitment - Risk assessments - Due diligence - Communication - Monitoring
59
Under the Bribery Act, under what circumstances is a facilitation payment permitted?
- Only circumstance when there is danger to life, limb or liberty
60
A contractor organises an event and it has been announced you are the winner of a prize draw winning an I Pad of value. How would act in this scenario?
- Would be uncomfortable accepting this prize of this basis of its value and could be interpreted as a bribe - I would reject this prize and suggest to be made as a charitable donation
61
You receive an invitation to a theatre with some members of your project team but they drop out due to illness
I would declare this as hospitality. But due to thevteam dropping out i would decline with it not being a business event anymore
62
The client suggest if you reduce your fee bid by £3,000 you will place first and win the tender, how would you advise the client?
If accepted this would result in an unfair competition. I would advise that I would need to reduce my scope so that it reflects the fee reduction and wouldn't be fair so would say no as it could be considered a bribe
63
a client lunch comes to £200, what should you do now?
This lunch has a legitimate business purpose, so its fine to accept but the client should have chosen a modest restaurant. Must be declared on the hospitality register
64
Your friend has asked you to conduct a survey for them,. How would you proceed?
I could not offer advice on my owne without PI insurance in place. I would be considered an expert in that area and so would feel uncomfortable o would direct them to RICS surveyor list
65
What are the new rules of conduct?
1. Members and firms must be honest, act with integrity and comply with their proff obligations 2. Maintain professional competent and ensure services are provided by competent ind 3. Provide good quality and diligent service 4. Treat others with respect and encourage diversity and inclusion 5. Must act in the public interest and take responsibility for their actions.
66
Explain your understanding of the professional obligations of memebers?
- Members must comply with CPD requirements, 20 hours per calendar year with 10h formal - Members must cooperate with RICS - must provide all information reasonably requested by standards and regulation board
67
Professional obligations for firm?
- Maintain a Complaints Handling Procedure - PI cover is adaquate - Firms must cooperate with RICS - Provide all information required to the standrds and regulation board - Dislpay RICS Literatuure on their business literature
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