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Max P - RICS APC > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS formed?

A

1868

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2
Q

What is the role of the RICS?

A
  • Regulate and promote trust in the profession
  • Protect clients and consumers
  • Provide impartial, advice, analysis and guidance
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3
Q

Who is the RICS president?

A

Clement Lau

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4
Q

Who is the RICS CEO?

A

Richard Collins

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5
Q

Who is the Chief markets Officer?

A

Matt Harrison

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6
Q

Who is the Chief Information officer?

A

Paul Hobbs

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7
Q

What is the RICS motto?

A

Est modus in rebus

There is measure in all things

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8
Q

What are the 5 Ethical Standards?

A

1 - Act with Integrity
2 - Act in a way that promotes trust in the profession
3 - Always provide a high standard of Service
4 - Treat others with respect
5 - Take Responsibility

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9
Q

Why is it important to act with integrity?

A

I am representing both myself and the profession

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10
Q

Give me some examples of how you adhered to one of the ethical standards?

A

1 - Act with Integrity

2 - Act in a way that promotes trust in the profession

3 - Always provide a high standard of Service

4 - Treat others with respect

5 - Take Responsibility

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11
Q

What are the penalties for failing to adhere to the RICS ehtical practices?

A

Investigation and possible disciplinary action

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12
Q

How would you contribute to the RICS?

A

CPD
Annual General Meeting
Mentor / Counselling
Networking Events

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13
Q

What is Lionheart?

A

RICS Charity

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14
Q

What are the levels of PI Insurance?

A

£100k or Less = 250k

£200k + = £1mil

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15
Q

Can you receive gifts at any time of the year?

A

No

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16
Q

In what situation would you accept a gift or invitation?

A

If a client was to host a celebration at the end of the project with the team

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17
Q

If you are a sole practitioner and you are about to retire? what might you have to do?

A

Have run off cover in place

Run off PI Insurance (6 or 12 years)

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18
Q

If a client was upset with the service he was receiving what recourse may he have?

A

Use company complaints handling procedure found in terms of business or on companys website

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19
Q

When is PI Insurance required?

A

If you provide advice, design or a service

Covers claims made against the practice as a result of conduct of the business

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20
Q

What is a net contribution clause?

A

Clause within contract which only portions that parties liability to them.

The client will have to sue, go after the other for another consultants liability

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21
Q

What is a limitation on liability?

A

provide a cap on liability within a contract

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22
Q

What is a duty of care?

A

Moral / Legal obligation to ensure the safety or well being of others

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23
Q

Why do i want to join the RICS?

A

Be recognised in my profession

Proud achievement

Demonstrate my capability

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24
Q

What is indemnity?

A

Security or protection against a loss

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25
Q

Your friend is a chartered surveyor. You find that he is working outside the RICS rules of conduct. What do you do?

A

I verify the facts and confront him of his duties as a member.

I inform the RICS and any corrective action which i believe my friend should put in place.

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26
Q

Breach of a rule of conduct? What is the procedure?

A

*not every shortcoming gives rise to a proceedings

  • formal investigation by the Head of Regulation
  • RICS can request information, inspect or investigate compliance
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27
Q

What actions can be imposed after a breach of a rule of conduct?

A

Fixed Penalty
Consent Order
Disciplinary Panel

28
Q

What procedures must you follow up if starting up your own firm?

A
  1. Inform the RICS for registration and Regulation
  2. Appoint a contact officer for all RICS comms
  3. Prepare a complaints handling procedure
  4. Obtain PI Cover
  5. Abide by Rules of Conduct
29
Q

Complaints Handling Procedure?

A

Details of procedure must be issued to client with Terms of business

Clear, quick, transparent and free of charge

Complaint must be investigated within 28 days

All complaints must be logged

PI Insurers to be notified of a complaint

30
Q

What is an independent redress scheme?

A

Consumer scheme designed to handle small issues which would be dis-proportionally expensive to take to court

31
Q

What practices should be followed when handling client money?

A

Separate designated bank accounts

Bank account clearly named with clients name

Agree account handling terms

Appoint principle of both parties to manage

Agree interest and how that is to be dealt with

32
Q

What is the ‘Clients money protection scheme’?

A

Run by the RICS

reimbursed for direct loss of funds

33
Q

What are the CPD requirements?

A

20 hours

min 10hours formal

34
Q

How do you record your CPD?

A

RICS provides an online recording facility

35
Q

What would you do if a contractor invites you to a football match?

A

politely decline

36
Q

During your interim valuation, the contractor gave you a bottle of wine. What do you do?

A

Politely refuse as it could be seen to affect decisions.

37
Q

A junior QS in your team incorrectly over certifies on an interim valuation - what do you do?

A

Check facts

Check if valuation has been processed

Withdraw or recertify if not

If issues, explain to all parties and redress for next month

put in procedure to ensure it does not happen again

38
Q

How to protect commercially sensitive info?

A

Locked File System

Only certain individuals work on project

Physical separation of staff

Security / Locked Filing Cabinets

Screen Blankers

39
Q

What steps should be taken if there is personal conflict?

A

Disclose the relevant facts promptly in writing

40
Q

What is the purpose of PI?

A

To provide financial cover in the event a client suffers finanacial loss from professional advice given

41
Q

What benefits does PI provide?

A

protects the professional from financial loss

prevents having to claim out their own assets

42
Q

If an estimate prepared by a QS is incorrect can the client claim damages?

A

An estimate that is incorrect in itself will not provide the client with a right of redress

It could have been incorrect due to reasons outside their control e.g. market conditions

43
Q

How do you conduct a fee proposal?

A

Client RFP

Resources Schedule Against Scope

Cost of Labour

Total Cost

Extras
Assumptions & Exclusions
T&C’s

44
Q

If the client gives you a lump sum fee before going on holiday, what would you do?

A

Place in a separately identified client account and agree a drawdown of monies against services.

45
Q

What are the 5 principles of better regulation?

A
  1. Accountability
  2. Consistency
  3. Proportionality
  4. Targeting
  5. Transparency
46
Q

Who is the governing council?

A

Set below the privy council, set strategy,, direct and manages royal charter obligations

47
Q

Why do the RICS have rules of conduct?

A

Consistency of service and approach

Rules for members to act in a professional capacity

Given clients satisfaction and minimum level of service

48
Q

RICS Professional Standards?

A

Professional Statements = Mandatory requirements, regulatory interventions if these are not met

Guidance Notes = Not mandatory requirements, but recommended best practice

49
Q

Why do we have guidance notes, and why do we follow them?

A

Outline best practice within the profession and provide advice to surveyors on how to complete certain activities.

If there is ever professional negligence claim and a member has not followed a guidance note, the courts may review these to determine whether the member has acted competently

50
Q

What is a RICS Black Book

A

Suite of guidance notes and define good technical standards

51
Q

Can you explain how you act with integrity?

A

trustworthy in what i do

Open and transparent in the way i work

respecting confidential information

Not allowing bias

Not offering or accepting gifts

52
Q

Can you explain how you take responsibility?

A

Be accountable for my actions

always act with skill care and diligence

If something isnt right, prepared to challenge

53
Q

Explain how you treat everyone with respect?

A

Treat everyone polityely

considerate and mindful to all team members, clients and ppl in my firm

never discrimnate

54
Q

Explain how you provide a high standard of service?

A

ensure all my work is quality management checked

always and only acting within my scope of competence

Communicate with my client in a way that will allow them to make informed decisions

55
Q

Explain how you provide promote trust in the profession?

A

Following rules of conduct

understand how my actions look on me as an individual and within the industry

act in a trustworthy manner

56
Q

What are the key areas where ethics are important?

A

Gifts

Opportunities

Conflicts of Interest

D&I

57
Q

What other types of insurance other than PI will you need when setting up your own firm?

A

Public Liability
Employer Liability Cover
Directors and Officers Insurance
Building Insurance

58
Q

What is a conflict of interest?

A

anything that impedes an individuals or firms ability to act impartially and in the best interest of the client

59
Q

What is a bribe?

A

An inducement or reward to gain any advantage

60
Q

What is the Bribery Act 2010?

A

Covers Criminal law relating to bribery

61
Q

What are the 6 principles of the Bribery Act?

A
  1. Proportionality
  2. Top Level Commitment
  3. Risk Assessment
  4. Due diligence
  5. Communication
  6. Monitoring and Review
62
Q

How do i comply with the bribery act?

A

Anti bribery and corruption policy at work

undertake training on these

63
Q

What is money laundering?

A

illegal process of cleaning money from illegal activities

64
Q

What is corruption?

A

Form of dishonesty or criminal offense by a person or organisation

65
Q

What is modern slavery?

A

Severe exploitation of other people for personal or commercial gain

66
Q

Examples of modern slavery?

A

Forced Labour
Human Trafficking
Child Slavery
Early and arranged marriage

67
Q

Aggregate vs any one claim?

A

Any one claim = provides cover up to full limit for each individual claim

aggregate = cover up to the full limit for all claims made in that period of insurance

Max P - RICS APC (27 decks)

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