Ethics Flashcards

Question

Outcomes of disciplinary?

Answer 1

A caution A fine Conditions placed on the member's practice An order to expel or de-register the member

Answer 2

Stand in surveyor, in the event of incapacity, death, or inability to work.

Answer 3

The Hart v Large case emphasises the importance for surveyors of: (homebuyers survey level 2) Being clear and advising clients on the survey level and scope of inspection, limitations and caveats Recommending justifiable further investigation Considering whether any new information provided after inspecting or reporting affects their original advice, and updating their advice if it is justified to do so

Answer 4

Members must comply with CPD set by RICS Must cooperate with RICS Promptly provide information requested by the Standards and Regulations Board

Answer 5

1. - Publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log 2. - Professional work is covered by adequate and appropriate professional indemnity 3. Run off cover - Locum. 4. - Cooperate with RICS. 5. - Promptly provide all information reasonably requested by the Standards and Regulation Board 6. - display on their business literature 7. - must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

Answer 6

Mine is 2 days for acknowledgement and 10 days for response. , Stage 2 director. If still dissatisfied, then LG Ombudsman. (RICS 5 days and 28 days)

Answer 7

You are entitled to be your own CH respondent, but it is difficult to be impartial so: - independent ADR provider approved by RICS - CEDR Centre for Effective Dispute Resolution - Ombudsman service

Answer 8

1. Store in a separate account with the word ‘client’ in the name of the account. 2.Only used for pre-agreed specific purposes. 3. never to be used to cover firms own expenses and liabilities 4. Client money should be available on demand and should always be in credit 5. An agreement must be made in writing if the firm is to retain interest 6. A ‘3 way’ reconciliation is completed once every month where client's money is held in a general client account

Answer 9

* Inform RICS of closure. * Inform clients and hand over arrangements to new firm are made * Return client money – (If client can’t be found after 3 YEARS, then clients’ money goes to registered charity.) * Inform insurers and arrange run off cover for a minimum of 6 years, run off cover - CASE LAW MERRIT Vs BABB - Negligence claims can be made up to 15 Years. * Retain copy of client files and records for minimum of 6 years

Answer 10

Inform RICS and register for regulation Professional Indemnity Insurance Appoint complaints handling officer Set up appropriate procedures if handling clients money Compliance with statute i.e DDA, Health & Safety, Money Laundering Act Plan for succession if sole practitioner. – Locum agreement (event of not being able to work due to death, holidays, illness etc)

Answer 11

1. Check if professionally competent. 2. No conflicts of interest / personal interest 3. Signed Terms of Engagement

Answer 12

* Members must not advise client where conflict exists unless informed consent of all parties affected * Informed consent only allowed when proceeding is considered is in interest of all who may or are affected and is not prohibited by law * All firms must have effective systems to ensure compliance with the statement * All firms must keep records to show compliance

Answer 13

1. ‘Party Conflict’ – same or related work instruction for two different parties 2. ‘Own Interest Conflict’ – Personal (Direct or direct interest in the outcome) 3. ‘Confidential Information Conflict’ (C.I.O) – relating to work between two parties that is confidential

Answer 14

1. Contract Law– * Primary limitation: 6 years from date of negligent act, contract or omission (breach of contract occurs). NB. 15 year longstop does NOT apply to breaches of contract. 2. Tort LAw– * Primary limitation: 6 years from date the claimant suffered loss- when the innocent party suffers recoverable loss as a result of the breach of duty * Secondary limitation: Additional 3 years period from when the innocent party has knowledge of the damage they have suffered. Can extend a claim for negligence up to 15 years – known as the 15 year longstop introduced by the Limitation Act 1980.

Answer 15

1. Clear and precise TOE 2. Ensure competent to undertake work 3. Undertake work in accordance with RICS Standards 4. Make detailed notes and take photos 5. Keep abreast with market knowledge and legislation – undertake and record CPD 6. Cap the professional liability excess on your PII policy in the TOE

Answer 16

RICS Professional Statement Client Money Handling, 1st Edition 2019

Answer 17

* Inability / unwillingness to provide identity documents * Changes to parties involved in transaction * Unusual transaction features – unexpected urgency, potential loss-making, unusual transaction for a client * Payment of fees or purchase costs in unusual currency Proceeds of Crime Act 2002: 14 years prison for money laundering

Answer 18

RICS Professional Standard for : Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations (sept 2025) (effective December 2025) CFC, B, C, ML, TF, SV CBC MTS

Answer 19

Failure to provide service of an acceptable standard or skill.

Ethics Flashcards

(43 cards)