Conduct Rules, Ethics... Flashcards
Name and describe 3 rules from the RICS rules of conduct for members
- Ethical behaviour - Members act with integrity, avoid conflict of interest and act in consistently with their professional obligations
- Competence- carry out professional work with due skill care and diligence
- Service - carry out service in a timely manner with good customer care
Name 3 rules from the RICS for firms and explain them
- Service - firm must carry out service in a timely manner with good customer care
- Advertisement - firm shall promote their service only in a truthful and responsible manner
- Solvency - a firm must ensure its finances are managed appropriately
Name 3 of the RICS 5 ethical standards
- High level of service
- Act with integrity
- Show respect to others
Explain 1 of the RICS ethical standards
High level of service
Ensuring your client receives the best possible service and performance upon what you have agreed
Be clear about services you are providing
Be transparent about fees and payments
What is a conflict of interest?
Where someone’s personal interests conflict with their professional interests owed to their employer
What does the RICS conflict of interest professional statement say a member MUST do, including informed consent?
1 - identify and manage conflict of interest in accordance with the RICS statement
2 - keep records of decisions made in relation to accepting individual assignments, obtaining informed consent and measures taken to avoid conflict of interest
What is an information barrier?
Physical or electronic separation of individuals within the same firm which prevents confidential information passing between them
What must a complaints procedure have?
1 - consideration of the complaint by senior management of the firm
2 - if the complaint cannot be resolved, a third party must be given authority to resolve
What professional indemnity (PI) insurances does a firm require?
1 - each and every claim basis
2 - RICS minimum policy wording
3 - PI cover minimum level of indemnity
£100k or less = £250k
£100.01k to £200k = £500k
£200.01k or above = £1m
What does the bribery act say?
Bribery act 2010
Promotes anti bribery practices amongst businesses
Is an offence to fail to prevent bribery that is intended to improve business
What is your opinion on gifts and hospitality?
Politely decline
Don’t want to accept something that affects my impartiality or influences my professional decision making
What are the requirements for a firm to be registered by RICS?
Notify the RICS Have adequate PI insurance, based on estimated turnover Register with RICS Regulated by RICS Clients money obligations Complaints handling procedure Staff training and development
How would you correctly hold clients money?
Hold it in a separate bank account
Bank account to have clients in the title
What are the CPD requirements for an RICS member?
20 hours of CPD
At least 10 hours must be formal training
What are the disciplinary procedures of the RICS?
1 - Make further enquiries
2 - inform the person of the enquiry, they can respond within 28 days
3 - Decide whether there are grounds for the complaint
4 - If there is, issue consent order or fixed penalty