Ethics Flashcards
What are the 5 ethical standards
Act with integrity- being straightforward/ trustworthy and acting in the public’s interest
Act in a way that promotes trust in the profession- Understanding how your actions affects others and the profession, doing what you say
Treat others with respect- Treating people fairly, being considerate and never discriminate
Take responsibility- Act with skill and diligence
Always provide a high standard of service- Act within your scope of competence, be transparent about fees, communicate in way that allows your client to make an informed decision.
What are the main roles of the RICS
Protect the interests of consumers and businesses through strict regulation of the profession
Maintain the highest standards of education and training in the surveying profession
Be the leading source of information and independent advice on land, property, construction and associated environmental issues.
Act in the public’s interest
What are the benefits of Joining the RICS
Status
Recognition
Market Advantage
Knowledge
Network
What are the rules for firms
Professional Behavior
Competence
Service
Training and CPD
Complaints handing
Client Money
Indemnity
Use of designation
Advertising
Arrangements in the event of incapacity or death
Solvency
Information to RICS
Co-operate with RICS
What are the rules for members
Ethical behavior
Competence
Service
CPD
Solvency
Information to RICS
Cooperation with RICS
What is a conflicts in interest
A conflict of interest arises in a situation where there may be an actual, perceived or potential risk that the professional judgement of an RICS-regulated firm or member will be compromised when undertaking an assignment. The most common conflicts that arise include the following:
- A ‘party conflict’ – a situation in which the duty to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
- An ‘own interest conflict’ – a situation in which the duty to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/firm.
- A ‘confidential information conflict’ – a conflict between the duty of an RICS member to provide material information to one client, and the duty of that RICS member to another client to keep that same information confidential.
How will you deal with a conflict in interest:
Informed consent
Reject the instruction
Information barrie
Informed consent
Reject the instruction
Information barrie
10 hour formal
10 hour informal
What are the percentage split on CPD
50% formal
50% informal
How do you deal with Anti money laundry ?
Ask customer for proof of address and up to date ID
Carry out due diligence on the customer
If an issue is spotted then report this to the Anti money laundry reporting officer to log a suspicious activity report
What law relates to anti money laundry ?
Anti-Money Laundry regulations 2017
What are the penalties of the MLR
Up to 14 years in prison or an unlimited fine for assisting with money laundering
Up to 5 years prison sentence and unlimited fine for tipping off a person
What do you need to set up an RICS firm
Fill our registration form
Appoint responsible person and complaints handling officer
Indemnity insurance
Approval of Complaints handling procedure
Client money
Arrangements in the event of incapacity or death
Training plan
Who is the president of RICS ?
Clement Lau (2022)
What are the five principles of better regulation
Proportionality
Accountability
Consistency
Targeting
Transparency
