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RICS APC Valuation Pathway > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When was the RICS granted a Royal Charter, and whom by?

A

Granted by Privy Council in 1881

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3
Q

How many qualified RICS members are there?

A

140,000

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4
Q

What are the four different levels of membership?

A
  1. FRICS
  2. MRICS
  3. AssocRics
  4. Trainee / Student
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5
Q

What do you have to have been / done to become a fellow?

A

Be MRICS for 5+ years and have a leadership role, professional / academic achievement or raising the profile of RICS.

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6
Q

What is the global governance structure of the RICS?

A

25 members in the Governing Council, who run the RICS and provide management and strategic direction.
The Regulatory Board, Management Board and various committees report to the Governing Council.
There are 17 specialist groups covering a variety of specialisms.
The chair of the Governing Council is Clement Lau FRICS and the President-Elect is Ann Gray FRICS.

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7
Q

What is the RICS UK structure?

A

4 National Associations
10 Regional Boards
Local Associations

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8
Q

What are the three main roles of the RICS?

A
  1. To maintain the highest standards
  2. To protect consumers through strict regulation of professional standards
  3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues.
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9
Q

What are the 5 Rules of Conduct and when were they effective?

A

Rule 1. Members and firms must be honest, act with integrity and comply their professional obligations, including obligations to RICS.
Rule 2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3. Members and firms must provide good-quality and diligent service.
Rule 4. Members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5. Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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10
Q

What are some example behaviours of Rule 1?

A
  • Not to be influenced improperly by others.
  • Open and transparent with clients about fees and services.
  • Keep client money safe.
  • Provide advice in a professional context, transparently and based on reliable evidence.
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11
Q

What are some example behaviours of Rule 2?

A
  • Only undertake work that they have knowledge, skills and resources to carry out competently.
  • Maintain and develop their knowledge and skills throughout their careers.
  • Stay up to date with relevant legislation, codes of practice and standards.
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12
Q

What are some example behaviours of Rule 3?

A
  • Understand client needs.
  • Agree a scope of service to be provided and its limitations / timescales.
  • Uphold good levels of communication.
  • Encourage solutions that are sustainable in economic, social and environmental benefits.
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13
Q

What are some example behaviours of Rule 4?

A
  • Respect the rights of others.
  • Not to discriminate.
  • Develop an inclusive culture.
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14
Q

What are some example behaviours of Rule 5?

A
  • Question unethical practices.
  • Respond to complaints promptly and professionally.
  • Manage professional finances responsibly.
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15
Q

Why were the 5 Rules of Conduct introduced?

A
  • A simpler structure bringing ethical standards into one clear framework.
  • Provides clearer examples.
  • Focus on respect, diversity and inclusion.
  • To understand evolving technology.
  • Tackles global challenges, including sustainability and climate change.
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16
Q

What is the Professional Statement regarding bribery and corruption? When was it effective?

A

Countering bribery and corruption, money laundering and terrorist financing, 1st edition. Effective 1st February 2019

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17
Q

What must RICS regulated firms and members do to prevent bribery and corruption?

A
  • Not offer or accept anything that could constitute a bribe.
  • Have plans in place to comply with applicable laws governing bribery and corruption.
  • Report any activity that they are aware of that breaches anti bribery and corruption laws to the relevant authorities.
  • Act with due diligence to perform periodic written evaluations of risk.
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18
Q

What must RICS regulated firms and members do to prevent money laundering and terrorist financing?

A
  • Not to facilitate or be complicit
  • Have systems and training in place
  • Report any suspicions to relevant authorities
  • Verify identity of their client and purpose of transaction
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19
Q

What are the benefits of being a RICS member?

A
  1. Status
  2. Recognition
  3. Market Advantage
  4. Knowledge
  5. Network
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20
Q

What is a principle in regards to RICS registration?

A

An principle is someone who is a sole practitioner, director, partner, board member or someone who can act autonomously.

21
Q

What are the six areas of information required as an annual return for RICS registered firms?

A
  • Business and staffing details
  • Statutory related activities
  • Nature of clients
  • Complaints
  • PII
  • Whether the firm holds clients money
22
Q

What are the 3 benefits of being a RICS firm?

A
  • Confidence, Professionalism and Security.
23
Q

What is the three step process associated with a conflict of interest?

A
  • Conflict avoidance
  • Written advice to both parties
  • Conflict management
24
Q

What is an information barrier?

A

Reasonable steps must be taken to create a robust barrier with information being confidentially stored and a physical separation between the parties is required.

25
Q

Talk me through your companies complaints handling procedure?

A

If a written complaint is made:
Letter of acknowledgement within 3 working days of receipt.
Investigation of complaint by office manager with a written outcome of investigation within 15 working days of sending acknowledgement letter.

If not satisfied at this stage a more senior member of staff will undertake investigation. We will write within 15 working days confirming our final outcome.

If not satisfied then can proceed to request independent view from The Property Ombudsman.

26
Q

What RICS does the RICS bye-law detail in relation to confidentiality?

A

Client confidentiality must be maintained for all client affairs.

27
Q

How long should files be held for?

A

A minimum of 6 years

28
Q

Who does duty of extend to?

A

Client and third parties

29
Q

What are the limitation periods for negligence? Which act is this under?

A

6 years from the date of the negligent act.

Limitation Act 1980

30
Q

Whom must you notify if you receive a complaint?

A

Your PII insurers

31
Q

Whom must you notify if you receive a complaint?

A

Your PII insurers

32
Q

If you were to qualify what are your CPD requirements?

A

20 hours minimum per year which must be recorded on CPD management system. 10 hours must be formal. Ethics must be undertaken every 3 years.

33
Q

What is professional indemnity insurance?

A

Insurance that covers negligence when there is a breach of duty of care and is mandatory for surveyors.

34
Q

What are the current minimum PII requirements based on turnover?

A

£100,000 or less - £250,000 PC
£100,001 - £200,000 - £500,000 PC
£200,001 + - £1,000,000.

35
Q

How long after a negligent act can a claim be made?

A

up to 6 years.

36
Q

What are the six main areas of good practice as set out in Client Money Handling, 1st Edition 2019?

A
  1. Holding client money
  2. Providing information to clients
  3. Receipts of client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
37
Q

What do you need to do to set up a new practice?

A
  • Inform / Register with RICS
  • Appoint a Responsible Principle
  • Sort PII
  • Client Money accounts / scheme
  • Register for RICS Valuer Registration Team
  • Set up complaints log
  • Appoint a Complaints Handling Procedure
  • Obtain a logo kit
38
Q

How do you close a practice?

A 
Inform RICS
Inform clients
Return client money 
Inform insurers
Retain a copy of client files and records for a minimum of 6 years
39
Q

What are the key acts in relation to gifts, bribery and corruption?

A

Bribery Act 2010

Proceeds of Crime Act 2002

40
Q

What is a bribe?

A

The giving, offering, promising or receiving if an advantage such as payment, gift or a service for an action which is illegal or a breach of trust

41
Q

What are the four offences under the Bribery Act?

A

Bribing
Receiving a bribe
Bribing a foreign public official
Failing to prevent bribery

42
Q

Who is the Bribery Act policed by and what are the penalties if the act is breached?

A

Serious Fraud Office

Maximum penalty of 10 years imprisonment or unlimited fine

43
Q

What is the key professional statement in regard to bribery, corruption, money laundering and terrorist financing?

A

Countering bribery, corruption, money laundering and terrorist financing, 2019

44
Q

What is money laundering?

A

When the proceeds of criminal activity are disguised or converted and then realised as legitimate assets

45
Q

Which separate documents do the new Rules of Conduct combine?

A
  • Rules of Conduct for Members
  • Rules of Conduct for Firms
  • Global Professional and Ethical Standards
46
Q

What are the professional obligations of members?

A
  • CPD
  • Cooperate with RICS.
  • Prompt supply of all information
47
Q

What are the professional obligations of firms?

A
  • Complaints handling procedure
  • PII
  • Incapacity procedure
  • Cooperate with RICS
  • Supply of information
  • Denotation of RICS regulation
48
Q

Could you provide an example of when you would use the RICS decision tree?

A

Receipt of gifts
Whistleblowing
Conflicts of interest

49
Q

What are the RICS 5 principles of better regulation?

A 
Proportionality
Accountability
Consistency
Targeting
Transparency

RICS APC Valuation Pathway (21 decks)

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