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RICS APC UAE > Conduct, Rules, Ethics & Professional Practice > Flashcards

Conduct, Rules, Ethics & Professional Practice Flashcards

1
Q

What’s the difference between business ethics and professional ethics?

A

Business - moral principles and decisions (influenced by local customs and practice)

Professional - personal best to Client

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2
Q

What are the minimum levels of PII based on?

A

Firm’s turnover in previous year

or estimated for a new firm

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3
Q

Explain the PII term ‘each and every claim’ basis?

A

for each and every individual claim

Note:

  • indemnity cover limit for each claim
  • also known as (any one claim)
  • aggregate is the cumulative indemnity cover limit for the year
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4
Q

What is the new 2018 comp Diversity and Inclusivity?

A

Challenging bias.

Making the profession more inclusive to ethnic, gender

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5
Q

Professional statement – Client money handling 2019? What does it provide info on?

A

Handling Client money (not PReservation)
- Client bank account must contain word ‘Client’.

  • Interest paid to Client. Charges to firm.
  • 3-year period before unidentified funds donated to registered charity
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6
Q

Guidance notes are recommendations rather than mandatory rules. Can you name a few?

A

Complaints handling 2016.

Technical guidance for accepted good practice, such as (NRM 2012; the Black Book; Surveying Safely 2018; Tendering Strategies 2014)

Notes:
- Complaints handling 2016. details two-stage process that must contain an approved ADR redress mechanism. Like Omn CHP

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7
Q

Can an honorary member “HonRICS” use the professional title designation “Chartered Surveyor”?

A

No, only MRICS and FRICS

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8
Q

Example of acting with integrity in my private life?

A

Calculating the change for local shop deliver man. Accurate and explain the maths

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9
Q

What’s the RICS futures initiative

A

It looks at the future,

regarding tech advances and urbanisation

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10
Q

Name of RICS journal?

A

Modus

Note:
Now online

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11
Q

Definition of integrity?

A

Code of conduct for doing the right thing professionally

Doing the right thing whilst nobody else is aware of your actions

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12
Q

Are international collaborative standards mandatory for RICS members/firms?

A

Yes

Note:

  • International Ethics Standards
  • IPMS, ICMS, IVS
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13
Q

Professional statements –
Rules of conduct for members 2020 (9x)
Rules of conduct for firms 2020 (15x)

Example of some of the rules common to both?*

A

Rule 2 Communication - keep RICS up to date with contact details.

Rule 5 Service – professional and timely.

Rule 6 CPD provided/ undertake 20hrs.

Notes:

  • Rule 1 Interpretation (MRICS, AssocRICS)
  • Rule 3 Prof/ ethical behaviours
  • Rule 4 Competence
  • Rule 7+11 Solvency
  • Rule 9+15 Cooperation
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14
Q

Client says lower the fee to match competitor, what to do?

A

Run through proposal with Client to show its fair value.

Discuss reducing the scope of services.

If not, then Politely decline the work

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15
Q

Explain the PII term ‘claims made’ basis?

A

CLAIM MADE on current policy in place (at the time claim is made)

Notes:

  • Not the policy in place at the time of the negligence
  • In contrast public liability insurance typically operates on an occurrence basis, where it is the policy in place at the time the event or occurrence takes place that responds irrespective of when the actual claim is made.
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16
Q

What could be deemed as an expulsion offence under the RICS disciplinary procedures?

A

Non-compliance with rules for members

Notes:
Failure to..
- pay membership fees
- renew Professional indemnity insurance
- undertake CPD,
- misconduct e.g. fraud, dishonesty, deliberate discrimination, and misappropriation of client money

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17
Q

The RICS Constitution 2010 consists of?

A

The Royal Charter 1881 and Supplemental Charter updated Feb 2020.

10 Byelaws (ratified by the Privy Council)

10 regulations (approved by RICS Governing Council)

Note:
The Bye laws and Regulations include a vetting process and conduct

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18
Q

Professional statement – conflicts of interest 2017.

What are the three types of conflict defined in the document?

A

Party

Own interest

Confidential info

Notes:

  • Party conflict - duties owed to two Clients e.g. working for landlord and tenant
  • Own interest conflict - duty to Client that say e.g. effects your Employer
  • Confidential info conflict - handling commercial info and serving a competitor
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19
Q

What is the Privy Council?

A

“Grants and awards the Royal Charter”

Mechanism of agreeing terms with Gov

Notes:
- Privy Council - a body set up in the early days of the monarchy to advise the king/queen on matters of state and not put before parliament

  • Any changes to the bye-laws have to be approved by the UK Government, through the Privy Council, even if the changes have already been approved by a majority vote of RICS members
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20
Q

What are the 5 Global and Ethical standards?*

SOE

A

STIRR
Service - always provide a high standard of.

Trust - act in a way that promotes trust in the profession.

Integrity - act with.

Respect - treat others with.

Responsibility - take responsibility

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21
Q

What procedures should a RICS regulated firm have in place to prevent bribery?

A

a written policy - covering anti bribery and corruption

have systems in place (governance)

  • gift register
  • staff guidance/rules
  • ethics champion

Note:
refer to Countering bribery and corruption, money laundering and terrorist financing 2019

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22
Q

Professional indemnity insurance – What’s Run-off cover?*

A

Insurance for when a business, or individual stops operating

Provides continuing indemnity to cover costs that are associated with retroactive claim

Note:
Retroactive = paid on current run-off policy (rather than the expired policy from the date when advice was given)

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23
Q

When are the RICS elections held?

A

Every year

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24
Q

What is client’s money and how can a firm PReserve the security of this?

A

Refer to Client money PRotection - Money clearly linked to Client, in event of:

  • insolvency
  • death of sole practitioner (locum),
  • misappropriation (fraud)
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25
Q

How many professionals Groups are there (e.g. pathways)?

A

17 including BS, PM, QS, FM, Valuation

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26
Q

What does the APC acronym stand for?

A

Assessment of Professional Competence

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27
Q

PI - You set up own business.
A client at your old practice is suing your old firm for negligence on a piece of work that you completed.
The client decides to sue you as well.
Can he do this and what are the implications for your new practice’s PII?

A

No, it would be on my old firms PI insurance

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28
Q

What does having the PII policy written on a full civil liability basis mean?

A

If a claim isn’t specifically excluded, it’s included

Note:
- as opposed to a ‘negligence only’ policy, where if a claim is not specifically included, it’s excluded

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29
Q

Professional statement – Rules for the use of the RICS logo and designation 2018? Who are the rules for?

A

Members - e.g. MRICS.

Regulated firms e.g.

  • must display ‘Regulated by RICS’ logo
  • Rules on where to use, positioning on letter heads
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30
Q

What’s the RICS Business Plan?

A

strategy for next three years 2018-2021, providing direction on our vision

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31
Q

Definition of ethics?

A

Moral conduct

based on ideas of right and wrong

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32
Q

PII - What happens to when you retire as a professional?

A

Run-off cover ensures firms, members and clients are not exposed to financial detriment..

Notes:
Following a firm ceasing to trade or a member’s retirement

RICS requires firms to have fully retroactive run-off cover

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33
Q

What is the money laundering max amount in cash?

In Europe

A

€10,000

per transaction or series of transactions

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34
Q

What are the stages for not complying with CPD requirements?

A

1st breach - receive a Fixed penalty caution (remains of record for 10yrs)

2nd breach - £150 fine

3rd breach - refer to disciplinary panel, possible expulsion

Note:
- Fixed penalty caution - Rule 4(c) of the Disciplinary, Registration and Appeal Panel Rules 2009

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35
Q

Professional statement – Rules of conduct for member and firms 2020. What’s is the 2020 update for?

A

The Standards and Regulation Board is the new name for the Regulatory Board. This was changed due to Bye Laws update in Feb 2020.

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36
Q

Does your firm have PI cover?

A

Yes, mandatory for RICS Regulated Firms - for negligent advice re..

Note:

  • Advice - against poor contractual advice e.g. no PI for spiral staircase
  • Bills - our firm don’t do MC Bills as risky if miss items
  • Abortive soft costs - e.g. if cost plan under priced, Client would of stopped design earlier than proceed
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37
Q

What’s the RICS mission statement/ objective?

A

“to maintain and promote the usefulness of the profession for public advantage in UK” & worldwide

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38
Q

Professional indemnity insurance – What’s a net contributions clause?

A

Limitation of Liability - covers you for your part of the works on the project.

For example, the structural engineer will not be held liable for the Architects design, should the architect practice dissolve and the client pursues the architectural design

Notes:
- Under common law all parties can be jointly and severally liable for the loss or damage that flows from the breach.

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39
Q

What charitable works are RICS involved in?

A

Lionheart – supports surveyors in times of hardship

Chartered Surveyor Training Trust - apprenticeships

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40
Q

Professional statement – Client Money Protection 2019? What does this provide info on?

A

Client money PReservation (not handling)

Money clearly linked to Client, in event of:

  • insolvency
  • death of sole practitioner (locum),
  • misappropriation (fraud)

Note:
- Regulation relation to Rule 8 for firms - Client money

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41
Q

What’s the International Ethics Standards?

A

10 ethical standards - similar to the RICS global professional standards.

RICS are party to a global coalition.

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42
Q

What’s the RICS HQ address?

A

RICS HQ, Parliament Sq, London

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43
Q

What are professional statements?

A

Mandatory rules for member and regulated firms

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44
Q

What insurance must be maintained by chartered QS, and how long to maintain for?

A

PII

for min of 6yrs (RICS requirement)

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45
Q

You have considered the proportionality, timing and reciprocation of a gift and are in receipt of a gift for a job well done, what should you do next and consider?

A

Log this gift on the Employer gift register

make all parties aware of this gift

Consider any potential future conflict of interest

Notes:
Refer RICS Countering Bribery professional statement

46
Q

The Contractor wants to buy you a drink a drink? What would you consider?

A

Generally decline most events as may look bad

However, be considerate of:

  • timing, proportionality and reciprocation
  • Have I been singled out, or are both companies attending
  • Pay for my own drinks
47
Q

Professional statement – conflicts of interest 2017. What does it provide info on?

A

maintaining client CONFidentiality

Obtaining informed consent

Company procedures in place (systems to mange and control)

48
Q

PII - What is the assigned risks pool (ARP)?

A

Firms unable to obtain run-off cover in open market are able to apply for cover in the run-off pool

for max 3 years (including auditing and guided on how to obtain)

49
Q

At a Saturday event a friend asks for commercial advice, should I provide?

A

No.
- I am liable for advice even though informal, and not being paid

  • Need terms of engagement in place
  • The friend may misinterpret my advice

Notes:
- Seek advice through my company or another

50
Q

PII Run-off cover - how long are you required to have run-off cover in place for in the UK and the UAE?*

(interview)

A

UK minimum of 6 years

UAE minimum of 10 years (as that’s the liability period)

51
Q

What is RICS Matrics?

A

Supporting, networking and developing young professionals

Note:
supports new members entering the profession, as well as working with RICS to shape the future of surveying and grow the size and respect of the profession across industries globally

52
Q

Name some RICS ‘information only’ documents?

A

RICS economic or market reports

RICS consumer guides

RICS research

53
Q

What are bye-laws?

A

internally applied Laws (power granted by Royal Charter)

Note:

  • ratified by UK Gov, through Privy council
  • 10x bye-laws
54
Q

Under the UAE Civil Code, is there an obligation on the designer to take out and maintain an insurance cover?

A

No

Note:

  • Although in Abu Dhabi you need to obtain ‘classification’. One of the prerequisites is insurance.
  • https://www.tamimi.com/law-update-articles/designing-with-confidence-in-the-uae-do-you-have-the-right-insurance/
55
Q

When should you inform the RICS of a complaint?

A

When internal redress has not worked (stage 1)

Note:
PI insurer should be notified when complaint is received or PI insurance could be invalid.

56
Q

What insurances would you need to have if you had your own office/premise?

A

Employers Liability Insurance

Public Liability Insurance (Third-party)

57
Q

The Client offers to pay your firm for 6 months work upfront in cash?

A

Request electronic bank methods

Segregate money in ‘Client’ named account

Agree drawdown e.g. monthly, milestone

Note:

  • We are cashless firm (re money laundering regs)
  • Refer to Client Money Handling 2019.
  • provide periodic account statements
58
Q

What is generally excluded from PII cover?

A

Non-design and workmanship exclusions such as:

  • Material damage and theft
  • Personal injury
  • Damage to third party property
  • Insolvency
59
Q

Would you sign an NDA?

A

My Employer signs, rather than me as a person

Notes:
NDA =
- confidentiality agreement or a secrecy agreement
- Legal contract between at least two parties

60
Q

What is the structure of RICS?*

A

1 Privy council (grants and award Royal Chtr)

2 Governing council (set direction. Manage obligations of Royal Chtr)

3 Regulatory tribunal

Boards + Committees
4 Boards - S+RB, Management
4 Committees - Audit, Nominations, Presidential

(under 4 Management Board)
5 World regional board
5 Committees - finance, remuneration

61
Q

If offered a gift, what should I consider?

A

Generally decline, however I would consider

  • the proportionality,
  • timing,
  • reciprocation

Notes:
Refer RICS Countering Bribery professional statement

62
Q

To start my own private practice, what do I need to consider and do?*

A

Refer to the Rules for the Registration of Firms 2020

Advise RICS that I am starting my own firm - biz name, etc

Understand insurances (employers liability, public liability, PI)

Policies in place - CHP, H+S, equal opportunities, training

Notes:

  • inform of business name, nature, whether holding client money, CHP, point of contact, location, services offered
  • refer professional statements such as;
  • rules of registration for firms
  • rules for use of RICS logo and designation
63
Q

What’s limit of liability?

A

Financial cap/ exposure for insurer (the max pay out on a claim)

64
Q

What is the RICS Annual Return?

A

This Seeks info on

  • compliance with Rules for Firms (PII + CHP)
  • key Directors
  • whether a firm is Holding Client money
65
Q

The 5 Principles of Better Regulation are?*

A 
PACTT
Proportionality
Accountability
Consistency
Targeting
Transparency

Notes:

  • Proportionality - Regulations to suit size/ risk footprint. Taking on Clients money
  • Accountability - Regulators decisions subject to public scrutiny
  • Consistency - Regulations across the disciplines
  • Targeting - Monitoring e.g. samples for not doing CPD. Using resource to target high profile issues
  • Transparency - e.g. CPD can be fined, even expelled
  • Classified as ‘Gold Standard’
  • Relates to the regulator, not how we as members or firms should conduct ourselves
66
Q

Provide a definition of professional negligence?

A

Making an error in judgment on a Client deliverable (piece of work for the Client)

Note:
e.g. if an engineer designed a heating system for a large hall or reception without considering its size properly, and if the installed radiators did not heat the area sufficiently and the system had to be removed and/or redesigned, your client can claim under professional negligence.

67
Q

How can negligence claims be avoided?

A

Best practice;

  • Follow RICS guidance
  • Keep records
  • Advise within agreed scope of service/ competence
68
Q

PII - What are the minimum limits of indemnity coverage required?*

A

> £100,000 turnover = min. £250,000 indemnity

£100,001 to £200,000 = min. £500,000

£200,001+ = min. £1,000,000 indemnity

Note:
For new firms its an estimate

69
Q

Professional statement – Rules of conduct for members 2020. Example of some of the 9 rules?*

SOE

A

Rule 2 Communication - keep RICS up to date with contact details.

Rule 5 Service – professional and timely.

Rule 6 CPD hours requirement.

Rule 7 Solvency – bankruptcy will lose membership

Rule 9 Cooperation with RICS

70
Q

Can you advise when you undertake your responsibilities with due skill and diligence?

SOE

A

Extremely thorough with tender adjudication.

adjustments are fair and reasonable, not penalties for exclusions

Looking for potential scope gaps (to retain budget if required)

71
Q

PII - If an estimate is incorrect can the Client claim damages?

A

Depends of severity and scale of incorrectness

PII can indemnify against errors and omissions (if majorly wrong)

Note:

  • Client must demonstrate it was wrong through reasonable skill and care
  • If estimate is far away from budget, then there will be abortive design costs that could have been avoided if designed earlier
  • Not necessarily a right to redress
72
Q

What is meant by the PII term, ‘uninsured excess’?

A

The part of each claim the firm must pay itself

Notes:
Like car insurance excess - e.g. you pay first £500

73
Q

Who is the current president of the RICS?

A

Timothy Neal FRICS

74
Q

Professional statement – rules of registration for firms 2020. What it is about?

A
  • Firms required to register for RICS regulation
  • 25% of principles must be AssocRICS and above.
  • Info to tell RICS - business name, nature, whether holding monies, CHP, Contact Officer, PI, location, services offered

Notes/ additional:
- new Responsible Principle role - ensures principles, technical and ethics standards are upheld

75
Q

How do RICS monitor Regulated firms?

SOE “Omn are RICS regulated firm”

A

Annual Returns submitted by firms

Client account visits

in correspondence re CPD, PII, CHP

76
Q

Example of when I have demonstrated one of the 5 Global and Ethical Standards?*

SOE

A

Respect - all individuals on the project team

Responsibility and integrity - being consistent and fair with tenderers, not disclosing bid amounts

Notes:
Service - know comp boundaries and stick to scope

77
Q

Bribery Act 2010. does it apply in UAE?

A

Yes if the company is from UK

78
Q

Professional statement – Countering bribery and corruption, money laundering and terrorist financing 2019 - what does this provide info on?

A

Mandatory rules e.g.

  • firms - not accepting a bribe,
  • members - reporting suspicious activity.

Guidance on

  • ethics champion
  • and whistleblowing
79
Q

What is PII and what is its purpose?

A

Indemnify firm and client

For defending and paying out claims

against losses resulting from professional negligence, errors and/or omissions (which cause financial loss to a third party)

80
Q

RICS tool for managing/ making strategic decisions?*

SOE

A

RICS ethics decision tree

81
Q

What’s the Ethics Decision Tree? What are some of the considerations?*

SOE

A

Flow chart with considerations such as:

  • Have you discussed with your boss?
  • Is it legal?
  • Would you be happy if your actions were made public?

Notes:
For making strategic decision making

82
Q

What’s the role of the Governing council?

A

set direction and global strategy

“Management of Royal Charter obligations” [granted by the privy council.]

Notes:
Members include 
- the RICS Chair Chris Brooke. 
- The RICS President Tim Neal. 
- The RICS CEO Sean Tompkins. 
- And the first president was John Clutton
83
Q

What is ISO 37001?

A

Anti-bribery management systems (2016)

Note:

84
Q

How would you determine what is the required cover period for PII runoff cover?

A

RICS is 6 years minimum

UAE is 10 years minimum liability period

Note:
In UK, to match how contract was executed
- 6 years underhand,
- 12 years as a deed

However, negligence claims can be made up to 15 years after work was undertaken - advice from an insurance broker should be sought as to whether to maintain for the full 15 years

85
Q

Difference between a gift and a bribe?

A

Consider timing, proportionality and reciprocation

86
Q

Would your tender report recommend the Client preferred Tenderer, rather than best technical and commercial?

A

No. My report based on tech and commercial. Not influenced by Client or others

87
Q

What actions should you take if there is a potential claim on your PII?

A

Notify PI insurer of:

  • Actual claim
  • Pending claim (or written or verbal threat)
  • CHP complaint (on your CHP)
88
Q

What’s the RICS slogan/ motto?

A

“Est modus in rebus”

there is proper measure in all things

89
Q

What is the RICS?

A

Royal Institution of Chartered Surveyor

Professional body of construction and real estate professionals

90
Q

For a company’s PII policy to comply with RICS PI Insurance May 2020 (v7) professional statement,

What standards must it meet/ what it provides info on?*

A

Cover meets Standards + Regulatory Board standard

Retroactive run-off cover for min 6 years

min level of indemnity cover £250k, £500k, £1m (based on firm’s previous year turnover)

Policy wording is written on a full civil liability basis

Any one claim or aggregate plus unlimited round the clock reinstatement basis.

Note:

  • Be fully retroactive ‘claims made’ basis, ensuring all former work is covered on new policy
  • Underwritten by a listed insurer
  • Cover past and present employees
91
Q

Royal Charter 1881 (and Supplemental Charter updated Feb 2020)

What does it provide info on?

A

Info on:

  • powers
  • obligations of Royal Charter
  • member classifications (F+MRICS), non-member (trainee, honorary).

Note:

  • powers (e.g. self-regulation)
  • obligations (e.g. advance knowledge, appoint a Gov Council)
  • Requires RICS to promote usefulness of profession for public advantage in UK and world
92
Q

How often is Ethics CPD required?

A

Every three years as a minimum

93
Q

If mistake in cost plan, what action would your insurer expect you take?

A

Notify them and comply with policy procedures

94
Q

Bribery Act 2010 – what are some of the 6 organisation principles?

A

Top-level commitment

Communication (including training)

Monitoring and review

Additional 3:

  • Proportionate procedures
  • Risk assessment
  • Due diligence
95
Q

What can a conflict of interest generally be defined as?

don’t give a theoretical example

A

Anything that impedes or is perceived to impede an individual or firm’s impartiality and in the best interests for client

Note:
COI 2017 conflict definitions
- party
- own interest
- confidential info
96
Q

What are the requirements for professional development?

A

CPD - 10 hrs informal, 10hrs formal, minimum per year

97
Q

How old is RICS, and how many members are there?

A

Its 152 years old. Established in 1868.

Over 134,000 members

98
Q

PII - What are the maximum value levels of uninsured excess?

A

2.5% of the sum insured, or £10k min

Note:
Under £500k indemnity
= 2.5% of the sum insured, or £10k min

Over £500,000 indemnity
= 2.5% of the sum insured

99
Q

What’s the role of the management board under the Governing council?

A

Day-to-day performance and delivery of the business plan

Oversees the RICS financial committees and RICS world regional boards

100
Q

Client benefit of using RICS Regulated Firm?

SOE “Omn are RICS regulated firm”

A

rules of registration for firms 2020

  • 25% of principles AssocRICS and above.
  • CHP in place
  • PII in place

Best practice service - using latest professional standards and guidance notes

Notes:

  • accountable to RICS
  • Standardisation - use of NRM rather than SMM6
101
Q

What were the implications of the Merrett v Babb 2001 case?

A

Individuals and firms must ensure run-off cover is in place - to indemnify after cease of trading

Notes:

  • As company employee, Babb valued a house purchased for Merrett
  • Valuation later found to be negligent, company no longer existed
  • Court ruled Merrett could pursue the individual for the loss (found to be personally liable for advice he gave)
102
Q

If I identified a that I was potentially involved in a conflict of interest on tender process, what would I do?

A

Inform my Employer, the Client, the tenderers firm, and any stakeholders.

If no objection, then a document should be signed to state that I can proceed with my role

Note:
E.g. if a tenderer was on the list and I personally knew their staff,

103
Q

Why I want to join RICS?

A
  • Benefit my Client and firm
  • Large professional body
  • Open doors in my career
  • Prove I am professionally and technically competent to the highest level
104
Q

When was the last time you visited the RICS website?

A

This month when researching all comps

105
Q

Can you advise when you have come across a conflict of interest?

SOE “I act in a way which promotes trust in the profession”

A

In tender process where subsidiary of MC was tendering

I maintained commercial confidentiality

Note:

  • I did full commercial
  • MC did only technical
106
Q

What laws and regulations govern the RICS?

A

Royal Charter 1881 (and Supplemental Charter updated Feb 2020)

107
Q

Professional statement – Professional indemnity insurance version 7, May 2020. Updates from version 6, March 2020 are?

A

Policy was on an ‘each and every’ claim basis..
now on Any one claim or aggregate plus unlimited round the clock reinstatement basis;

Need to check with insurers for fire safety exclusion within policy

Notes:

  • each and every = each individual claim
  • in aggregate = cumulatively for year
  • round the clock reinstatement mean = the primary layer of insurance will pay up to its limit and then Reinstate the full limit of indemnity
108
Q

If you suspect money laundering, what steps should I take?

A

Confirm the Clients identity,

keep records

and seek legal advice

Notes:
Refer to Countering bribery and corruption, money laundering and terrorist financing 2019

109
Q

What is the Role of RICS?

A

R M P P

  • regulate - and promote profession;
  • maintain - highest educational and professional standards;
  • protect - clients and consumers via a strict code of ethics; and
  • provide - impartial advice and guidance.

Note:
not sure this is still relevant

110
Q

Professional statement – Rules of conduct for firms 2020. Example of some of the 15 rules?*

SOE

A

Rule 2 Communication - keep RICS up to date with contact details.

Rule 5 Service - Professional and timely

Rule 7 Complaints handling procedure in place.

Rule 8 Handling Clients money.

Rule 9 PII

Rule 11 Solvency – bankruptcy not permitted.

Rule 12 Locum agreements.

Rule 15 Cooperation with RICS

111
Q

Who is the RICS president Elect?

A

Kath Fontana FRICS

RICS APC UAE (6 decks)

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