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RICS Questions > 1. E ROC P > Flashcards

1. E ROC P Flashcards

1
Q

What is the abbreviation for RICS?

A

Royal Institution of Chartered Surveyors

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2
Q

Why do you want to become chartered with the RICS?

A

I want to be a part of a professional body that has professional and competent members. It would demonstrate that I am a competent QS, because of the assessment of competence I’ve gone through. It shows that level of competence to myself but also to employers and clients.

It would also extend my professional network, which is a really important.

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3
Q

What does BREEAM stand for?

A

Building Research Establishment environmental assessment method

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4
Q

Why do we have ROC?

A

The rules set out the standards of professional conduct (behaviour) and practice expected of members and firms registered for regulation by RICS.

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5
Q

What is the definition of ethics?

A

Conforming to accepted moral standards. Doing or not doing something because you feel it is like / not right.

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6
Q

What might happen if a Member contravenes the Rules?

A

Caution, Fine, Expulsion, Removal of Registration (if firm).

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7
Q

What’s the difference between a PS & GN?

A

PS = Mandatory for RICS members and regulated firms.
GN = Accepted good practice.

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8
Q

Talk to us about GNs.

A

Procedures recommended for specific professional tasks, to embody ‘best practice’, i.e. procedures which in the opinion of the RICS meet a high standard of professional competence.

Members are not required to follow the advice and recommendations contained in the guidance note, however if there is ever an allegation of professional negligence against the QS, the QS should have a reasonable partial defence to a decision made.

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9
Q

What is the Royal Charter and when was it granted?

A

A Grant issued by the Monarch to maintain and promote the usefulness of the profession for the public advantage in the UK and in any other part of the world. Queen Victoria – 1881.

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10
Q

RICS president?

A

Ann Gray

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11
Q

Tell us about the RICS Constitution / Structure?

A
  • Under the Royal Charter, are the Bye Laws. Just need to have knowledge only.
  • There are 10 bye laws, ratified (confirmed) by the UK Privy Council. (Conduct is Bye-Law 5).
  • Under the Bye Laws, you have 10 Regulations which are approved by the RICS Governing Council.
  • The Governing Council has a ‘Standards & Regulation Board’. This was updated in March 2023 (due to Bichard Review to improve, e.g. technology, EDI). There are other boards and committee’s within but don’t need to know details.
    (READ Conduct Rules, Ethics and Professional Practice - 2 Part Series)
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12
Q

What is the RICS Red Book? What is the RICS Black Book?

A

RICS Appraisal and Valuation Standards ‘The Red Book’

Mandatory rules, best practice guidance for members undertaking asset valuations (doesn’t include Fire valuations)

The ‘Black Book’ is a collection of guidance notes that define good technical practice for quantity surveying and construction professionals.

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13
Q

Who do the ROC relate to?

A

Members and firms

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14
Q

What is the new ROC implementation date?

A

February 2022 (2/2/22)

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15
Q

Why was there a change to the ROC?

A

Societal changes (e.g. EDI, technology, sustainability, Bichard Review). Also to simplify them.

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16
Q

Qualified members must complete ethics CPD every? & Which ROC rule does this relate to?

A

3 years. Rule 2.

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17
Q

The first 2 magic words if a scenario stated to me does not have sufficient information to inform a definitive decision?

A

It depends

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18
Q

What is the RICS Ethical Decision Tree?

A

Outlines steps to take/consider when making a decision. Whether to proceed or not.

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19
Q

What is the CPD Decision Tree?

A

Tells you if CPD is informal or formal.

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20
Q

What is whistleblowing?

A

Blowing the whistle.

Inform a person or organisation on unlawful or immoral activity.

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21
Q

Provide an example behaviour of ROC Rule 1, 2, 3, 4, 5.

A
  1. Honesty - declining a gift.
  2. CPD - CPD.
  3. Good & diligent service - communicate with the client.
  4. DI & respect - respectful and courteous.
  5. Public interest & responsibility - manage finance responsibility.
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22
Q

How did you apply the ROC on WP26.1A?

A

Decline a gift to show integrity (ROC Rule 1).

I maintain and surpass my RICS CPD requirements to maintain and improve professional competence (ROC Rule 2), e.g. attending the inclusive environments webinar.

EWNs for good communication to the client (ROC Rule 3).

When negotiating quotations with the Subcontractor, I was respectful and courteous in my approach (ROC Rule 4).

Assessing quotations thoroughly, avoiding overpayment and ensuring client and public money not wasted (ROC Rule 5).

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23
Q

Why do we have to act in the public interest?

A

Because of the Royal Charter.
ROC say so (Rule 5).

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24
Q

What is in your project code of conduct? How did you apply them & how did you relate them to the RICS ROC?

A

Just say they are very similar. Literally pick 2 the same as RICS.

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25
Q

What are the 6 ethical principles that the ROC are based on?

A

The Rules of Conduct are based on ethical principles of:

honesty, integrity
competence
service
respect
responsibility

26
Q

Where are the obligations for members and firms?

A

Appendix A. This appendix sets out the core professional obligations for members and firms. Additional professional obligations are found in the mandatory requirements of RICS professional statements relevant to a member or firm’s practice.

27
Q

How many obligations are there for members. What are they?

A

3 (know a couple)

The following professional obligations to RICS are mandatory for RICS members.
1. Members must comply with the CPD requirements set by RICS.
2. Members must cooperate with RICS.
3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

28
Q

How many obligations are there for firms. What are they?

A

7 (know a couple)

The following obligations are mandatory for RICS-regulated firms.
1. Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
2. Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
3. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
4. Firms must cooperate with RICS.
5. Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
6. Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.
7. Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

29
Q

What is PII? Importance of it?

A

A third party insurance to cover client for damage or loss due to negligence from the Contractor/Subcontractor.

Importance: firm protected from financial loss. Helps members and firms from going bankrupt or losing personal possessions.

30
Q

Do you know about Merrett v Babb 2001?

A

Chartered Surveyor working for a firm did a valuation on a house purchased by Merrett. Valuation was negligent. Company no longer existed and the firm’s PI insurance policy had been cancelled. The Court ruled that Merrett COULD pursue the Chartered Surveyor (Babb) for losses.

Conclusions are that employees COULD be personally liable for professional advice.

31
Q

What are the timescales for dealing with a clients complaint?

A

7 days to acknowledge.
21 days to give an update or solution.
If no solution, the CHP must include a redress system.

32
Q

Tell us what you know about Complaints Handling? Why is a CHP important?

A
  • It is important to ensure that is a good process in place to deal with a complaint when it does arise.
  • It is also important because it is one of the 7 RICS obligations for firms. Firms must publish a complaints-handling procedure (CHP), which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
  • A CHP should be agreed with PII brokers/providers. PII cover should not be compromised.
  • There are timescales for dealing with a client’s complaint. 7 days to acknowledge. 21 days to give an update or solution. If no solution, the CHP must include a redress system.
  • Regulated firms must provide Alternative Dispute Resolution (ADR) as part of their CHP. This allows a complaint to be escalated if there is dissatisfaction with the outcome.
33
Q

Tell us what you know about Client Money Handling? When have you handled clients money?

A

Firms must preserve the security of clients’ money.

Money must be clearly linked to a client, in the event of insolvency, misappropriation of death of a sole practitioner or transfer of money to another organisation.

Money held in separate client accounts, with adequate control by competent staff.

Example… client’s money held in project bank account waiting to be paid to the supply chain.

34
Q

What is run-off cover? Why is it needed?

A

Insurance cover for claims made against a firm after it has stopped doing business.

It is to ensure firms, members and clients are not exposed to financial detriment in the period following a firm ceasing to trade. The RICS requires firms to obtain run-off cover.

35
Q

What RICS requirements are there relating to run off cover?

A

Must obtain it. A limit of £1m in all for a minimum period of 6 years. Can be up to 15 years however.

36
Q

What is the run-off pool?

A

Firms that are unable to obtain run-off from their incumbent insurer or the open market will be able to apply for coverage to the run-off Pool.

37
Q

What level of PII cover is needed?

A

Based on previous year turnover

£100k or less = £250k
£100k - 200k = £500k
£200k and above = £1m

38
Q

Tell us about a sole trader / sole practitioner and using a locum.

A

A locum = a person who temporarily fulfills the duties of another.

They cover for:
* Long term absence from illness / incapacity
* Death
* Long term holidays (over a month)
* Unseen or unavoidable events.

39
Q

What do you know about Death, Incapacity if sole trader.

A

A sole trader needs run off cover for 6 years to cover for claims.

Can have a locum in place to cover responsibilities after death.

40
Q

What is the ISO 9001?

A

Quality Management System.

41
Q

Who is a Responsible Principal?

A

A responsible principal will have primary responsibility for ensuring that RICS’ professional, technical and ethical standards are applied, upheld and supported by an appropriate assurance framework within a regulated firm.

42
Q

What is a bribe? Can you tell us about the situation when you were offered a gift?

A

An illegal inducement to influence behaviour.

The subcontractor offered a gift (FYI it was for a meal and drinks). I declined due to my awareness of the Bribery Act 2010 and Costain’s policy. I declared it to my company through their gifts & hospitality register process (I would always report a gift regardless of value).

43
Q

What are the 2 considerations that need to be considered for hospitality acceptance?

A

Proportionality (what is it?)

Timing (when is it?) e.g. Is it at tender / or is it after the event?

44
Q

Provide a brief summary of the aspects of the Bribery Act 2010.

A

Covers criminal law relating to bribery. It outlines bribery and the penalties for committing a crime under the Act. These are a maximum of 10 years’ imprisonment, along with an unlimited fine.

45
Q

What can you tell me about RICS PS on Bribery And Corruption, Money
Laundering And Terrorist Financing, 1st edition?

A

Applies to all RICS members and RICS-regulated firms:

Bribery & corruption
1. Not accept a bribe.
2. Report to relevant authorities (as outlined in local legislation).
3. Firms must put plans in place to comply with legislation.

Money Laundering & Terrorist Financing
1. Not facilitate or be complicit in money laundering or terrorist financing activities. 2. Report to relevant authorities (as outlined in local legislation).
3. Firms must have systems and training in place.

Dai - If not sure, can say ‘I would check against the RICS PS on money laundering’.

46
Q

What is a red flag of money laundering?

A

Large amounts of cash
Unusual transactions (different account or currency)

47
Q

What is Appendix A?

A

Is it at back of the ROC document & sets out the core professional obligations for members and firms.

48
Q

Your CPD record mentions how you were introduced to some ethics case study examples. Can you name one?

A

Scenario 6

Client asking you to ‘over-egg’ a valuation, and whether to do it or not.

ROC Rule 3 states members must carry out a diligent service.
ROC Rule 1 also mentions integrity.

Should not do it.

49
Q

Can you tell us about Costain’s Anti-facilitation of Tax Evasion Policy.

A

It states a zero-tolerance approach to tax evasion.

Investigate all reports of suspicions of dishonest behaviour.

Full disciplinary procedures as well as criminal action where appropriate.

50
Q

What is lionheart?

A

A charity that supports RICS professionals. e.g. tips for APC revision etc.

51
Q

What is SCS complain procedure? What about Costain?

What would you do if someone made a complaint against you?

A

SCS is line manager, then goes to independent board, then investigated but legal team (DO NOT SAY THE RICS ONE).

Costain also have a complaints log.

Or can direct them to person so they can log it themselves.

52
Q

Example of when you have acted with integrity?

A

Declining gift (ROC Rule 1).

When sending the proposed subcontract to the Subcontractor, I issued the project Code of Conduct as well as referencing it within the subcontract, showing integrity (ROC Rule 1).

53
Q

How have you taken responsibility in your current role?

A

By following Rule 5 of the ROC.

CASE STUDY - Considered hotel respite. VE.
CASE STUDY - Chase efficiency. NEC3 Option C.

Checking invoices & evidence. This avoided overpayment and ensured client and public money was not wasted.

54
Q

What are the requirements when setting up a firm. Tell us the key steps you would take to set up a practice as a sole trader after qualifying, and what insurances you would need.

A

Advise RICS that I am setting up a business.
Register for regulation.
Meet the requirements of the rules for firms.
Understand the need for insurances (e.g. employers, public, PII)
Use the RICS logo as set out by RICS.

JC:
Companies House
Business Account
HMRC Notification
T&C / Fees

Must have:
PII
CHP
Handling clients money procedure.

55
Q

Could you tell us about any current RICS matters or initiatives?

A

A new CEO was appointed this summer, in Justin Young. I read an article recently where he spoke about:
- the urgency of climate change action, and a key to success being the decarbonisation policies of governments. (Just on that… RICS has recently been granted access and observer status for this year’s United Nations Climate Change Conference (COP28), to be held from 30 November to 12 December in Dubai).
- He also mentions RICS took part in October’s UK Black History month, which drives home the message that a diverse profession is a stronger, more innovative, and more successful one.

Jen Lemen FRICS - Modus journal on Contract administration and the importance of it. It was an interesting read. I learnt that JCT uses the term CA, whereas the NEC uses the term PM.

I also read an article on the RICS website about Mental Health and how LionHeart is there for professionals for help if needed, which is really good.

56
Q

What is a ‘Principal’?

Talk about what % of Principals have to be RICS members for the registration of the firms RICS-regulation.

A

Principal = Sole practitioner / director.

Firms must register for RICS-regulation if, at least 50% of the Firm’s Principals are RICS Members.
Firms can register for RICS-regulation if, at least 25% of the Firm’s Principals are RICS Members.

57
Q

What is insurance subrogation?

A

I don’t know a great deal about it but I’m aware that subrogation is a term describing a right held by most insurance carriers to legally pursue a third party that caused an insurance loss.

58
Q

6 prevention principles of bribery? Know them (From LinkedIn).

A

The Ministry of Justice presents six principles for implementing adequate procedures to prevent bribery12345. These principles are:

Proportionality
Top-Level Commitment
Risk Assessment
Due Diligence
Communication
Monitoring and Review

59
Q

You have Compensation Event in caps here. Is it a defined term?

A

No, it’s not. This was an error.

60
Q

Can you name 3 of the RICS Black Books?

A

Commercial Management of Construction
Fluctuations
Life Cycle Costing
Management of Risk
Tendering strategies

(Misty said this came up in Mary’s).

61
Q

What does the Royal Charter provide?

A

Self-regulation legally.

RICS Questions (22 decks)

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