Ethics Flashcards
What is an example of a RICS bylaw?
Byelaw 5.1 - Members are firms must comply with the Rules of Conduct
What is the purpose of the rules of conduct?
It sets a core standard for professional practise for members and firms
What are the 5 pillars of the rules of conduct?
Honesty
Integrity
Competency
Service
Respect
Responsibility
What do you do if you receive a Gift?
If you are doing work for the client and the gift is inappropriate you would decline.
You would check your firms anti bribery procedure and the RICS ethics decision tree.
If the gift is proportional- I would inform my manager and ensure it’s on the gift register
What do you do if a client offers to pay for a building with cash?
Decline - you don’t know where this money has come from
What do you do if a client pays for a service with cash
Accept
What laws govern gift receiving?
Bribery Act 2010 and proceeds of crime act 2002
Who is the president of the RICS?
Clement Lau
Who is the CEO of the RICS
Richard Collins
What is the structure of the RICS?
Pricy council
Governing council
Boards and committees (including finance committee)
Regional boards
What is happening in the RICS
Lord Bichard review
Queens death
Cladding consultation
What is the uk structure of the rics?
4 national associations
10 regional boards
Local associations
What are the four levels of rics memberships
MRICS
FRICS
ASSOCRICS
TRAINEE/STUDENT
What are the 6 principals of the anti bribery act 2010
- Proportionality
Top level commitment
Risk assessment
Due diligence
Communication
Monitoring
What is a royal charter?
Oldest form of incorporation. Nowadays it is usually for charities and regulatory bodies
What is a bye-law
A bye-law is a law made by a body and only applies in their area.
What is the RICS background
Started in 1868
It has a royal charter granted by the privy council in 1881
Rics regulations and byelaws set out by the governance of the institution
What are the 4 offences under the Bribery Act 2010
Bribing
Receiving a bribe
Failing to prevent a bribe
Bribing a foreign public official
What do you need if setting up a firm?
Public liability, employee, building, contents, Vehicle and PI Insurance
License from OS for maps
Data protection measures
Complaints handling procedures
Computer systems
Health and safety policy
Bank accounts
Staff contracts
Who do the rics rules protect
You
The public
Clients
Rest of the profession
What is the current format of RICS rules?
Rules of conduct
When were the Rules of conduct published
October 2021
When did the rules of conduct come into place
2nd Feb 2022
How much CPD is required after qualifying
20 hours
(48 for students)
How are valuations regulated by the rics
Red book
Registered valuers
What counts as Clients’ money
Money from sales
Money for fees
Money from rent
Money for bills etc
How would you deal with a conflict of interest?
If it is deemed as small - identify conflict, check the clients on both side are in agreement
If risk is large -
Identify conflict
Recommend a different surveyor or different firm
Refer to Firms conflict of interest statement if in doubt
What is deemed a conflict of interest
Acting on behalf of the same party
Personal interest
What did the new rules of conduct replace
Rules of conduct for firms
Rules of conduct for members
Global and ethical standards
What act refers to money laundering
The Money Laundering, Terrorist Financing and transfer of fund regulations 2017
Where is your nearest RICS office
Charlotte Square, Edinburgh
Where is the UK RICS head office
Great George street, London
What is the purpose of the Rics
Maintain the highest standards or eduction and trading
Protect consumers
Be the leading source of information on land and property matters
Why do I want to be an RICS member
For the member status and ensuring I comply with the highest standards as a surveyor
What is a surveyor
Somebody who manages land and properties across the UK and rest of the world in a sustainable and professional manor
What can the rics do if you don’t comply with the rules of conduct
Serve a fixed penalty notice
Revoke membership
CPD sanctions
Refer to disciplinary panel
What is the UK legal system
High court
Sherif court
Justice of the peace court
What rics bodies are available?
Lionheart
Rics matrix
Isurv
Bcis
What is civil law?
Deals with behaviour that constitutes an injury to an individual or private party
What are regulations
Imposition of rules by government
What is criminal law
Laws introduced by the Scottish government
Types of conflict
Party conflict
Own interest conflict
Confidential information conflict
How do you deal with a complaint
Firms should have a complaints policy. We don’t have this a business however I would speak to my manager and I would refer to the RICS complaints handling procedure
How do you look after clients money
I follow the RICS client money handling document. Money should never be withdrawn, clients should be shown receipt of money and money should always be accounted for
What checks might you do on a client
Copy of ID
Confirmation of their business
Where their business is registered
What is PI insurance
Insurance to protect clients and firms against claims. For example if a valuation was incorrect
How many members of a firm should be registered with the RICS
50% and with a principal
What is rule 1 of the RICS
Members and firms must be honest, act with integrity, and comply with their professional obligations including those to the RICS
What is rule 2
M+F must maintain their professional competence and insure services and provided by competent individuals who have the necessary expertise
What is rule 3
Members and Firms must provide a good quality and diligent service
What is rule 4
Members and firms must treat others with respect and encourage diversity and inclusion
What is 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
What would you include in terms of business?
Fees
Payment
Vat
Liability
Indemnity
Compliance
Money laundering
Data protection
Confidentiality
Complaints procedure
Force majore
What would you include in client terms for a sale?
Subjects
Method
Marketing
Viewings
Overview of expenses
Staff
Terms of business
Money laundering
