APC - Ethics Flashcards
Who is the President of RICS?
Justin Sullivan (2025)
When was RICS founded?
1868
What do i need to set up a firm with the RICS?
To become a regulated firm you must be MRICS qualified and obtain the minimum cover of PI and Run off cover
What is the minimum amount of PI cover?
1 Milllion Pounds
What is the minimum amount of PI cover?
If a company has a turnover of over £200,000 then a minimum of 1 Million is required.
What are the RICS rules of Conduct based on?
Honesty, Integrity, Competence, Service, Respect and Responsibility
What are the 5 RICS rules of Ethics?
- Members and firms must be honest, act with integrity and comply with their professional obligations including their obligation with RICS.
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and firms must provide good quality and diligent service.
- Members and firms must treat others with respect and encourage diversity and inclusion.
- Members and firms must act in the public interest and take responsibility for their actions and act to prevent harms and maintain public confidence in the profession.
What are conflict of interests?
a. In the interest of all of those who are or may be affected
b. Is not prohibited by law
What amount of CPD should a qualified member undertake?
20 hours, 10 formal and 10 informal
What are the 6 principles set out within the bribery app 2010?
Principle 1 - Proportionate procedures
Principle 2 - Top level commitment
Principle 3 - Risk Assessment
Principle 4 - Due Diligence
Principle 5 - Communication (Training)
Principle 6 - Monitoring and Review
What are the 4 main acts of Bribery?
- Bribing another person
- Being bribed
- Bribing a foreign or public official
- Failure of a company to stop bribing taking place
What insurance would you need if you were starting your own firm?
- Professional Indemnity Insurance
- Employers Liability
- Public Liability
- Building Insurance of an office Premises
What are they key steps in a CHP?
- Publish the CHP
2.Record Complaints
3.Empower employees - Professional indemnity insurance
- Investigate throughly
- Maintain professionalism
- Independent review
- Timely response
- Alternative dispute resolution
- Support for handling complaints
What are the general timelines in CHP?
Acknowledgement - 7 days
Investigation - Within 28 days
Resolution - Aim to resolve within 8 weeks
Alternative dispute resolution - if unresolved within 8 weeks
Merit vs Babb
Case took place in 2001, and shows the importance of run off cover.
A surveyor was negligence by a former client.
Because the surveying firm was no longer in existence, the individual surveyor was pursued.
Shows the importance of having run off cover for all previous employees.
What are the limitation periods of Underhand and Deed forms of contract?
6 years when executed under hand
12 years when executed as a deed
What is an independent redress scheme?
It normally deals with smaller issues that would be expensive to take to court.
If the complainant wins it it binding
If the firm wins, it can be raised to court.
What is the purpose of professional indemnity insurance
To provide financial cover in the event a client suffers financial loss as a result of breach of contract.
