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RICS APC QS > Conduct Rules, Ethics and Professional Practice > Flashcards

Conduct Rules, Ethics and Professional Practice Flashcards

1
Q

Why do you want to join the RICS?

A

RICS is mark of professionalism that indicates I am a surveyor acting according to the highest standards
It will assist my career and professional growth.

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2
Q

What does the RICS stand for

A

Royal Institution of Chartered Surveyors – It is a mark of professionalism worldwide

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3
Q

What is the role of the RICS?

A
  • Regulate the profession
  • Maintain the highest educational and professional standards
  • Promote the Profession
  • Protect clients and consumers through a strict code of ethics
  • Provide impartial advice, analysis and guidance
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4
Q

What does the RICS do?

A

RICS is the world’s leading professional body for setting standards in the surveying industry

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5
Q

What is the Slogan of the RICS?

A

‘RICS is the world’s leading professional body for qualifications and standards in land, property and construction’.

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6
Q

When was the RICS founded?

A

1868

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7
Q

When was the Royal Charter Awarded?

A

1881

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8
Q

Structure of RICS?

A
  • Privy Council
  • Governing Council
  • Regulatory Board
  • Audit Committee
  • Management Board
  • Finance Committee
  • Membership Board
  • Knowledge Board
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9
Q

What is the Mantra of the RICS?

A

EST MODUS REBUS - ‘There is measure in all things’

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10
Q

What is the Carsberg Report?

A

Third party review on how the RICS Regulates itself
A wide-ranging review of Royal Institution of Chartered Surveyors regulation has recommended greater separation of regulatory and representational functions.
The review by Sir Brian Carsberg, former Office of Fair Trading director- general, recommends chartered surveyors should continue to be regulated by RICS but that this should involve separate regulatory and conduct boards comprised of a lay majority.

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11
Q

What are the 5 ethical standards?

A

Service - Always provide a high standard of service - This means always ensuring that your client, or others to whom you have a professional responsibility, receive the best possible advice, support or performance of the terms of engagement you have agreed.

Trust - Act in a way that promotes trust in the profession - This means acting in a manner, both in your professional life and private life, to promote you, your firm or the organisation you work for, and the profession in a professional and positive way.

Integrity - Act with integrity - This means being honest and straightforward in all that you do.

Respect - Treat others with respect - This means treating people with courtesy, politeness and consideration, no matter their race, religion, size, age, country of origin, gender, sexual orientation or disability. It also means being aware of cultural sensitivities and business practices.

Responsibility - Take responsibility - This means being accountable for all your actions - don’t blame others if things go wrong, and if you suspect something isn’t right be prepared to do something.

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12
Q

How do you act in an ethical manner? Or Give an example of when you have acted within the rules, ethics of the RICS?

A

Think of Ethical Standards. RICS has a decision tree for acting ethically.

Example of acting ethically - When asked by a tenderer to confirm if they have submitted the lowest tender prior to the contract being awarded – I politely advised them it would be inappropriate to discuss this.

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13
Q

Statuses of RICS?

A 
o	Student
o	APC candidate
o	Member RICS (MRICS)
o	Associate RICS (AssocRICS)
o	Fellow RICS (FRICS)
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14
Q

Name some RICS faculties

A 
17 Total -
o	Building Surveying
o	Quantity Surveying
o	Project management
o	Facilities Management
o	Valuation
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15
Q

What should fees be?

A

Fees should be - open and transparent
The client should be left with no uncertainty as to what service they have paid for and what the cost of that service is.
• should be clarity about fees and
• no hidden commissions or payments.

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16
Q

What is the Royal Charter?

A

The ROYAL CHARTER is a document issued by a Monarch as letters patent granting right of power to an individual or a body corporate

The Royal Charter requires us to promote the usefulness of the profession for the public advantage in the UK and in other parts of the world. In practice, the Charter means that important changes to RICS’ constitution - its bye-laws - have to be ratified by the UK Government, through the Privy Council, even after they have been approved by a majority of RICS members voting at a general meeting.

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17
Q

Name individual laws passed by the RICS to self regulate itself?

A

o Codes of Conduct for Firms & Members
o Defines its own Definitions of phrases i.e. ‘Firm’
o The method for electing members
o Calculating fees, subscriptions
o That there should be President & V.President

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18
Q

What does self regulation mean?

A

We are one of a number of professions operating under a self-regulation model, which means our members aren’t regulated by government but are internally monitored and inspected. Our self-established standards of regulation meet, and in some cases surpass, the government’s own principles on better regulation.

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19
Q

Name the 10 Bye-Laws

A
  1. Applications and Definitions
  2. Membership and Regulation
  3. Designations
  4. Contributions to Funds
  5. Conduct
  6. Governing Council, Officers and Staff
  7. Subordinate Boards, Committees and Groups
  8. Procedure for General Meetings
  9. Accounts and Audit
  10. General
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20
Q

Name 10 Regulations

A
  1. Definitions
  2. Membership and Registration
  3. Designations
  4. Contributions to Funds
  5. Conduct
  6. Governing Council, Officers and Staff
  7. Subordinate Boards, Committees and Groups
  8. Procedure for General Meetings and Voting
  9. Accounts and Audit
  10. General
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21
Q

What is a Complaints Handling Procedure?

A

• A firm is likely to meet the requirements of this rule if it adopts an effective procedure for handling
Complaint’s from its clients and anyone else to whom it owes a duty of care.
• Any expression of dissatisfaction.
• Should be dealt within 28 days
• Rule 7 - A Firm shall operate a complaints handling procedure and maintain a complaints log. The complaints handling procedure must include a redress mechanism that is approved by the Regulatory Board.
• Need to have 2 stages
o Stage 1 -
• Dealt with internal first – Goes to Ombudsman if not satisfactorily resolved

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22
Q

What happens if a company does not abide by the rules of conduct for firms and members?

A

• Fixed penalties for failing to provide requested information
o Annual Returns
o CPD Records
o Invoices raised for regulatory matters
• If you have failed to record sufficient CPD in a year, you will receive a fixed penalty caution which will remain on your disciplinary record for 10 years.
• The member or firm should pay the fixed penalty by the date specified in the notice and ensure that they comply with the relevant rule that brought about the fixed penalty.

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23
Q

What is the Code of Conduct?

A

Our Rules of Conduct are short and principles based. The rules are mandatory for all our members, students and trainees, and all firms we regulate. They came into force on 4 June 2007.

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24
Q

What are the 9 Rules for Members?

A
  1. Interpretation
  2. Communication
  3. Continuing Professional Development
  4. Competence
  5. Service
  6. Solvency
  7. Information to RICS
  8. Co-operation
  9. Ethical Competence
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25
Q

What are the 15 Rules for Firms?

A
  1. Interpretation
  2. Communication
  3. Continuing Professional Development
  4. Competence
  5. Service
  6. Solvency
  7. Information to RICS
  8. Co-operation
  9. Professional Indemnity Insurance
  10. Advertising
  11. Professional behaviour
  12. Arrangements to cover the incapacity or death of a sole practitioner
  13. Use of designations
  14. Complaints Handling
  15. Client’s Money
26
Q

What do you know about CPD requirements?

A

Continuing professional development (CPD) is a commitment by members to continually update their skills and knowledge in order to remain professionally competent and achieve their true potential.

  1. All RICS members must undertake and record online a minimum of 20 hours of CPD activity each calendar year.
  2. Of the 20 hours at least 10 hours must be formal CPD. The remainder can be Informal or Formal CPD
27
Q

Types of CPD?

A

Formal -

  1. Professional Course, seminars and conferences
  2. Structured Seminars/Discussions
  3. Formal Learning and development

Informal -

  1. Informal learning & development
  2. Informal teaching/training for others
  3. Private Study
  4. Informal Seminars
28
Q

What is the RICS Black Book?

A

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

  • Cash flow forecasting
  • Acceleration
  • Cost Analysis and benchmarking
  • Retention
  • E-Tendering
29
Q

What are guidance notes?

A

Represent BEST PRACTICE Although members don’t have to follow them although when an allegation of professional negligence is made a court may take this into consideration in his decision
Guidance notes provide advice to practitioners on all aspects of the profession. Where procedures are recommended for specific professional tasks, these documents are intended to embody ‘best practice’

30
Q

What are Practice Notes?

A

Under our bye-laws and regulations, our members must comply with RICS practice statements, in the interest of maintaining the highest professional standards

31
Q

What is an RICS Code of Practice?

A

Document approved by the RICS and endorsed by another professional body

32
Q

What are information Papers?

A

These papers are intended to provide information and explanations to RICS members on a range of surveying topics. Their function is not to recommend or advise on professional procedures to be followed by surveyors

33
Q

When was the Bribery Act introduced?

A

Introduced in 2010

An act to make provision about offences relating to Bribery

34
Q

Why was the Bribery Act introduced and What do you know about the Bribery Act?

A

1 It is a legal requirement

2 This legislation makes bribery and corruption illegal for companies working in the UK and also holds UK companies liable for failing to prevent such acts by those working for or on its behalf, no matter where the act takes place.

‘Gifts in the form of cash, where the purpose is clearly to influence a decision are not tolerated’.

35
Q

What happens if you commit an act of Bribery?

A

o Jailed for 10 years
o Excluded form RICS
o Unlimited fine

36
Q

What is a conflict of Interest?

A

A conflict of interest is anything that impedes or might be perceived to impede an individual’s or firm’s ability to act impartially and in the best interest of a client.

This can include the following - 
•	Financial Interest			
•	Personal Relationship		
•	Commercial Relationship		
•	Interest of your firm
37
Q

What are the steps for dealing with a conflict of interest?

A

Handle with Openness & Transparancy

  • Step 1: Inform parties
  • Step 2: Inform parties you can’t act
  • Step 3: Offer to Stand down
  • Step 4: Obtain written confirmation that you can /cant act
38
Q

How do you deal with Gifts & Hospitality?

A
  • As with conflicts of interest, gifts and hospitality should not be accepted or offered if they are likely to compromise you or your firm’s impartiality or integrity, or if this gives the impression of doing so
  • Potential link to bribery
  • Deal with it Through openness and Transparency

POLITELY DECLINE

39
Q

What is PII?

A

Professional Indemnity Insurance

 If the firm faces a claim it is protected from financial loss that it cannot meet from its own resources
 Minimum Level of indemnity based on the firms turnover in the previous year

40
Q

What is Run-Off Cover?

A

To ensure firms, members and their customers are not exposed to detriment in the period following a firm ceasing to trade. The minimum run off cover is 6 years.

o RICS requires firms to obtain run-off cover !!!!!.

41
Q

40) What level of PII cover is required by RICS?

A

Based on Turnover -

£0 - £100,000 = £250K PII required
£100,001 - £200,000 = £500K PII required
£200,001 – above = £1 Million
Arcadis - 10 million

42
Q

41) What is the nature and extent of the insurance policy?

A

1) Each and every claim basis
2) As a minimum you should ensure that your policy wording is written on a full civil liability basis
3) Minimum level of indemnity is based on the firms turnover in the previous year or estimated for a new firm

43
Q

What is the name of the RICS Journals?

A

Modus

44
Q

45) What is an industry specific publication?

A
  • Modus
  • Building
  • Construction News
45
Q

46) What is a Non-Disclosure Agreement?

A

A Confidentiality Agreement or secrecy agreement, is a legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to or by third parties

46
Q

47) Name a time when you have acted impartially?

A

Providing impartial cost advice to a Client rather than a Contractor i.e.in any Contract i.e. in the valuation of variations.

47
Q

What arrangements does a sole practitioner need in place?

A

A firm which has a sole principal (i.e. a sole practitioner or a sole director in a corporate practice) they shall have in place appropriate arrangements in the event of that sole principal’s death or incapacity or other extended absence.

48
Q

What does a sole practioner need in terms of PI if they are unavailable?

A

It is important to ensure that your locum is covered by PII. Your broker will be able to advise you on whether it is better for the locum to be covered by their own policy or yours. In the event of your death, your PII needs to be converted to a run-off policy to cover claims for work that you have previously undertaken in order to protect your estate and employees.

49
Q

If a sole practitioner holds a clients money but is unavailable they should ensure -

A
  • The locum has access to your firm’s accounts in your absence
  • Your bank has agreed that the locum can access your firm’s accounts
  • The locum is aware of your procedures and the requirement in the rules of conduct to keep clients’ money safe.
50
Q

What should sole practitioner do with access to documents if they are unavailable?

A

If you hold documents or accounts electronically, it is important to ensure that either the locum or a trusted employee knows your passwords to access computers and files. Your locum will also need to be able to access:

  • A list of clients and up to date files
  • Your banking, accounting and legal arrangements
  • Any tax details not held by your accountant.
51
Q

How do firms register with RICS?

A

Any firm that wishes to be regulated by RICS must register by completing an online registration form and will need to update their details online on an annual basis.

52
Q

When must you register for RICS regulation?

A

You must register for RICS regulation if you are a firm that offers surveying services to third parties and where 50% or more of the principals are RICS members.

53
Q

What are the benefits for Regulated firms?

A

 A proportionate and flexible approach that allows firms to comply with the rules in a way that suits their business size, the sphere in which they operate and the needs and demands of their clients
 The opportunity to nominate a single point of contact in the firm and to provide compliance information to us through a single annual return
 For firms holding clients’ money, a lower cost compliance regime that provides help and guidance from our own accountancy team (roughly 2500 regulated firms hold clients’ money)
 For eligible firms, the use of ‘Regulated by RICS’ on letterheads and business stationery to profit from the reputational benefits of a cutting-edge professional regulatory regime, valued by clients, and recognized by governments and regulators

54
Q

Why should I register my firm?

A

o Advertising benefits over your competitors – Use RICS Logo
o Your clients will be aware that your firm is regulated
o A principles-based, sensible approach to Regulation

55
Q

52) What is Money Laundering?

A

Criminals introduce dirty money into financial system

Turn criminal money into clean money

56
Q

53) How do you stop Money Laundering?

A 
o	Confirm Clients identity
o	Keep Records
o	Have policies
o	Report Suspicion
o	Seek Legal Advice
57
Q

54) What would you do if a Client offered you cash?

A

Don’t accept it as it could be proceeds of crime.

58
Q

55) If you had to accept it what would you do?

A

o Check the clients bank details
o Take full name and address
o Keep records of business deal for at least 5 years

59
Q

How does the RICS discipline members?

A

For less serious cases where the Regulated Member admits allegations, we can use a Regulatory Compliance Order to ensure future compliance with our standards. Where the Regulated Member does not admit the allegations, the case can be referred to a Single Member of the Regulatory Tribunal to decide on whether to impose a disciplinary outcome. The Regulatory Tribunal is independent from RICS and the regulatory department.
For the most serious cases it may be necessary for us to refer a case to a Disciplinary Panel, drawn from the independent Regulatory Tribunal.

60
Q

What is a regulatory compliance Order?

A
  • Caution
  • Reprimand
  • A requirement that the Regulated Member gives one or more undertakings as to future conduct
  • A requirement that the Regulated Member takes or stops taking certain actions within a specified period of time
  • Conditions on the Regulated member’s continued membership of RICS
  • Conditions on a Regulated Members registration for regulation
  • A requirement that the Regulated Member pays a fine of up to £2000 per breach

RICS APC QS (15 decks)

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