Ethics Flashcards
What are the rules of conduct
Respect
Responsibility
Integrity
Service
Competence
What are the types of conflict of interest? And explain them?
Party conflict - work on the same instruction for 2 different parties
Personal - own interest conflict
Confidential info conflict - work relating to two parties which is confidential
What are the types of documents produced by rics? 6
International standard
Professional statement
Practice statements
Guidance note
Code of practice
What’s the difference between a PS and a GN
PS is mandatory
GN is good practice
What is the guidance on conflict of interest and what does it say ?
Conflicts of interest effective Jan 2018 - professional statement
Identify conflicts
Keep records including informed consent
Must have systems in place for firms
Where there could be a duty of care owed to multiple parties simultaneously
What are the key elements of dispute resolution?
Negotiation - problem solving efforts of the parties themselves
Mediation - 3rd party intervention which does not bind the parties to a decision but assists them to resolve difficulties
Adjudicating process - outcome determined through litigation such as litigation and arbitration
What is the rics paper on CHP?
Guidance note, complaints handling procedure
What must the CHP be?
What must you do if you receive a complaint?
Must be approved by RICS
Notify PI insurers asap if there is a complaint as it could lead to a negligence claim
When should CHP be issued?
At the same time as terms of business
What should a complaints log show ?
Details, progress and outcome
Must include a RIcS approved ADR mechanism in the ChP
What is the role of the RICS? 3 main roles
“Promotes and enforces the highest professional qualifications and standards in the development and management of land real este construction and infrastructure”
3 main roles
To maintain the highest standards of education and training
To protect consumers through strict regulation and professional standards
To be the leading source of information and independent advice on real estate
What is the RIcS relationship with the public
Accountable to both members and the public
Involved in policy influence and political engagement
Duty of care
What are rics firms required to have info on?
Type of business and staffing details
Regulated activities
Nature of clients
CHP details
PI details
Do they hold client money
Obligations of RIcS regulated firms? (7)
Publish a CHP
All work is covered by PI cover that meets the standards
Cooperate with RICS
If you are a sole operator, appropriate arrangements for work to continue in the event of absence
Promptly provide all information reasonably requested by the standards and regulation board
Display they are regulated by RICS
Report to the RICS any matter they are required to
Steps for CHP? 5 steps
CHP to be issued when a complaint is received
Must be made in writing
Complaint to be acknowledged in 7 days
Then investigated in 28 days
If not resolved, then go to ADR such as RICS DRS
