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RICS APC 2023 > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the RICS motto & what does it mean?

A

‘Est Modus in rebus’ which means ‘There is measure in all things

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2
Q

What is the mission statement of the RICS?

A

-To equip their members to offer the highest standard of proffessional service
-To promote and enforce standards
-To lead solutions to major challenges faced by the industry

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3
Q

When was the RICS founded?

A

1868

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4
Q

How is the RICS structured?

A
  1. Privy council -awards grants & royal charter
  2. Governing council - manage the strategy for the rics
    3-Regulatory board, management board & audit commitee- execute strategy
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5
Q

What are the RICS 5 principles of better regulation?

A

-proportionality
-Accountability
- Consistency
-Targeting
Transparency

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6
Q

What are ethics?

A

Moral values

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7
Q

What is rule 1 of the New rules of conduct?

A

Members and firms are to be honest and act with integrity, and comply with their professional obligations, including obligations to the RICS.

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8
Q

What is rule 2 of the New rules of conduct?

A

Members and firms are to maintain thei professional competence and ensure that services are provided by competent individuals who have the knowledge and experience.

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9
Q

What is rule 3 of the New rules of conduct?

A

Members and firms must provide a good quality and diligent service

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10
Q

What is rule 4 of the New rules of conduct?

A

Members and firms must treat others with respect and encourage diversity and inclusion

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11
Q

What is rule 5 of the New rules of conduct?

A

Members and firms must act in the public interest and take responsibility for their actions. They must act to prevent harm and maintain public confidence in the profession.

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12
Q

When did the rules of conduct change?

A

2nd February 2022

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13
Q

Why did the rules change?

A

They had been in place since 2007, Members voted to create one single document, now a greater focus on evolving technology and tackling climate change.

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14
Q

What are the professional obligations of members?

A

Comply with CPD requirements (20 hours, 10 to be formal) Must cooperate with RICS, Must provide all information reasonably requested by the standards and regulation board.

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15
Q

What are the professional obligations of firms?

A

-Must publish a complaints handling procedure, which includes and alternative dispute resolution provider approved by RICS and maintain a complaints log.
-All previous and current professional work is covered by professional indemnity policy
-Firms witha sole principal must make arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
-Must cooperate with RICS
-Must provide any inforamtion reasonably requested by the standard adn regulations board
-Must display they are regulated by the RICS
-Must report any matter as required by the rules for the registration of firms

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16
Q

What are the steps of the ethics decision tree?

A
  • Do you have sufficient facts
    -Is it legal
    -Does it comply with the rules of conduct?
    Have you condulted the appropriate people?
    Do you have clear reasoning?
    Would you be content for your actions to be made public?
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17
Q

Why does the RICS have rules of conduct?

A

To provide a frameworkthat we can all work toand so the client knows he is getting a set level of service
-As well as being an important tool for the institution, the rules of conduct are also a useful professional guide for individual institution members.

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18
Q

In the case of a breach of a rule of conduct what is the procedure?

A

-Not every shortcoming will neccesarily give rise to proceedings
-A formal investigation by the Head of regulation
-RICS can request information and nvestigate compliance
-members must cooperate fully with any enquireies

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19
Q

How can a disciplinary proceeding be triggered?

A

Someone complaining to the RICS
An allegation by a client or third party
Information recieved or established by the RICS

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20
Q

What are the three actions that can be imposed after the investigation stage?

A

-fixed penalty
-consent order
-Disciplinary panel

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21
Q

What are fixed penalties?

A

A fine set by the RICS

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22
Q

What are consent orders?

A

A written agreement between the RICS and a memeber containing corrective actions and restrictions from taking certain actions.

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23
Q

When is a disciplinary panel applicable?

A

More serious breaches of conduct, usually held in public, a balance of probabilities is used.

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24
Q

What breaches would explusion be suitbale for?

A

persistent failure to comply with RICS rules of conduct, Fraud, Dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate discrimination, missappropriation of a clients money.

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25
Q

What procedures should you follow if you are starting up a new practice?

A

-Contact the RICS and register for regulation
-Appoint a contact office for all rics communication
-Prepare a complaints handling procedure
-Obtain professional indemnity insurance
-Use ‘regulated by RICS’ on all material

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26
Q

Can you advertise your new company in the press?

A

Yes in a responsible manner

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27
Q

What insurances would you need to set your own firm up?

A

-Professional indemnity
-Employers liability
-Public liability
-Buildings insurance of the office premises

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28
Q

What information do registered firms have to send to the RICS anually?

A

Annual return including:
-type of business and staff levels
-nature of clients
training provisions
Complaints handling procedure
PI insurance details
whether the firm holds clients money

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29
Q

What processes are required when handling clients money?

A

-Secure accounting systems
-Client money to be kept seperate
-client must always have access to funds
-Must maintain a client ledger and be able to provide a running balance
-only competent and knowledgeable staff are to process clients money

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30
Q

What are the different types of clients money accounts?

A

-General accounts hold money for more than one cient
-Discrete accounts reference a single named client

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31
Q

What is meant by the term negligence?

A

Failure to provide duty of care

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32
Q

What was the MERITT V BABB case?

A

-2001
-surveyor sued for negligence by former client
-Highlights the importance of having run off cover
-surveying firm was no longer in existence so the individual survyeyor was pursued for damages succesfully

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33
Q

What limitation periods are associated with underhand and deed forms of contract?

A

6 years when executed under hand
12 years when executed as a deed

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34
Q

What must a complaints handling procedure include?

A

-RICS provide a model form
-must include a redress mechanism
-details of the policy should be issued with the terms of business
-must be clear, quick and transparent
-Complaint must be investigated within 28 years
- Whole process must be recorded
-PI insurers must be informed of any complaints
-Must have 2 stages

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35
Q

What is an independent redress scheme?

A

-consumer scheme designed to handle small issues that would be expensive to take to court
-RICS firms must specify which redress scheme they want to use e.g. ombudsmon or arbritation

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36
Q

What is the clients money protection scheme?

A

-Money protection sceheme operated by rics
-contains provision for any member of the public to be reimbursed for their direct loss of funds when using an RICS regulated firm
-Provided through an RICS insurance policy

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37
Q

What is the purpose of joint names on a client account?

A

For dual authorisation

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38
Q

What are the CPD requirements?

A

-Members must undertake and record lifelong learning
-On request they must provide evidence they have carried out CPD to maintain and improve their levels of professional competence

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39
Q

How many CPD hours must you do?

A

A minimum of 20 hours, 10 must be formal
-members must undertake learning on the standards expected around RICS ethics on a rolling 3 year period
- All CPD must be recorded via the RICS on line management system

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40
Q

What activities are included within CPD?

A

-must have a clear learning objective
-Formal training must have a structured assesment, formal seminar or providing training to others

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41
Q

What does PII stand for?

A

Professional indemnity insurance

42
Q

What is the purpose of Professional indemnity insurance?

A

To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty

43
Q

What benefits does it provide to a professional?

A

The professional is protected from financial losses
The firm does not have to meet the claim from their own assets

44
Q

What benefits does it provide the client?

A

They are able to recover their financial losses

45
Q

On what basis is it underwritten in the uk?

A

On a claims made basis

46
Q

What does claims made basis mean?

A

The insurance policy that is in place at the time the breach is discovered is responsible for providing the indemnity, not the insurance policy in place when the breach was made

47
Q

What are the requirement for professional indemnity set by the RICS?

A

The policy cover must be made on an ‘each and every’ claim basis
The RICS sets out the minimum levels of indemnity
The rics sets out the maximum levels of uninsured exess
Run off cover must be in place for at least 6 years
The policy should include cover for past and rpesent employees, director and partners

48
Q

What are the new RICS minimum levels of indemnity

A

Turnover up to £100k- £250k minimum indemnity
£100k to £200k- £500k minimum limit
£200k+ minimum limit of £1 million

49
Q

What are the RICS new levels of maximum level of uninsured excess?

A

Turnover £10 million or less- greater of 2.5% of insured sum or 10k- £10 million and aboce no limit set

50
Q

How do you differentiate between the different categories of CPD?

A

You can use the RICS CPD decision tree

51
Q

What articles do you read?

A

RICS journals, Modus, Construction journal, RICS website, Jen lemen property elite, FIS Focus magazine, FIS specfinish updates, Legal ethics 360, CITB

52
Q

What recent articles have you read from the RICS?

A
  1. Deeper underground article- using soil to capture carbon. Written by Gela Purtusini.
    Explains how soil can be used to store carbon and how we should encourage better farming methods to increase the
  2. Pride in the profession; celebrating with our allies- Ann gray president of the RICS discussed her interactions with members of the RICS and the involvement of the RICS in the pride month.
53
Q

How do you keep up to date with topical issues?

A

Follow updates on the RICS modus and journals, Conversation within the workplace with colleagues, Undertake research on topics that interest me or directly impact my line of work

54
Q

What is your CPD strategy?

A

-Continue with my diary entries/ planning as I did for preperation for my APC
- Quarterly reviews with my line manager to discuss progress & objectives- training required to achieve these objectives
-Offer support and training to apprentices within my office on their job role and APC
-Continue with personal research to develop my competence and knowledge
-Continue education with a masters degree

55
Q

What measures should be taken to try and avoid PI claims?

A

Keep detailed records of any meeting and conversations, recors all reccomendations and advice given, Use letters of engagement, scope of services, terms of engagemnt, Dont advise on a specialism outside your field of experience, Use RUCS guidelines, Avoid poor management and excessive workloads

56
Q

If you made a mistake in a cost plan what wouldyou insurance company expect?

A

For you to notify them and comply with any condition and procedures set out in the insurance policy

57
Q

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

A

An estimate that is incorrect will not provide the client with a right to redress, The cient must demonstrate that the QS warranted the accuracy of the estimate or that it was incorrect due to a lack of reasonable skill or care.

58
Q

How can you limit your liability when agreeing terms of appointment with a client?

A

Base the appointment on onable care and skill rather than fitness for purpose, run offcover must be in place, execution of the appointment underhand will resut in a reduced liability period of 6 year instead of 12

59
Q

What are the main elements included within a fee proposal?

A

Terms and conditions, scope of services, exclusions, assumptions

60
Q

If you put together a fee proposal, but a couple months into the job you realise you have under forecasted your resources, would you go back to the client and ask for more money?

A

If project requirement have increased then a fee increase would be applicable; If the cope of works remains the same then this highlight a mistake and the works would ahve to be completed without reducing the level of service and without increasing the fee

61
Q

Once you and your client agree the services that are to be provided verbally what shoul dyou do next?

A

Follow up with a formal letter with the terms and conditions, fess and scope of works to be provided.

62
Q

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

A

Place the funds in a seperate client account and agree a srawdown of monies against the services being provided to the client.

63
Q

What is a conflict of interest?

A

Where someone s in a position of trust has competing personal or professional interest so they cant fulfill their duties impartially
- An existing relationship is an example

64
Q

How could the conflict of interest be managed internally if two departments were working for the same client?

A

Seperate communication lines, secure data storage, sign up to non disclosure agreements

65
Q

If the client was insistent that you worked for them despite a conflict of interest, how would you proceed?

A

Check the client understanding around the conflict of interest, make the client aware of th epotential for reduced impartiallity, seek a letter of instruction to continue

66
Q

What are the main principles of the bribery act?

A

-making a bribe
Recieving a bribe
Bribery of a foreign public official
Failure of a coparate entity to prevent bribery on its behalf

67
Q

What prevention should companies have in place to stop bribery?

A

1 proportionate procedures
2 top level commitment
3 risk assesment
4 due dilligence
5 communication
6 monitoring and review

68
Q

Under the bribery act, under what circumstance is a facilitation payment permitted?

A

When you are under duress e.g. there is a risk or danger to life- make the payment and then report the matter imediately

69
Q

You are attending a business conference where it is announced you have won an Ipad- how would you act?

A
  • Priz eis of significant value and could be interpreted as a bribe so i would decline the prize and report it to my line manager. Bribes are commonly distributed as random prizes.
70
Q

what year did the money laundering regulations come into place?

A

1994

71
Q

What are money laundering red flags?

A

Cash buyers, unusual prices, Payments from multiple sources.

72
Q

What is money laundering?

A

Concealing the source of criminal activity to disguise illegal origin

73
Q

What is the status of a rics professional statement?

A

mandatory to all rics - members and firms, including trainees

74
Q

What is a locum agreement?

A

When someone is a sole practitioner they must have appropriate arrangements in place in the event of a death or extended absence.

75
Q

What are the different RICS documents?

A

Rules of conduct
professional statements
Guidance notes
Code of practice
Jurisdiction guides

76
Q

Why do you want to become chartered?

A
  • best standard of my profession
  • guidance and support from rics
    -commited to continued learning and development
    -Help other surveyors become chartered
77
Q

What status is the RICS PI requirements doc?

A

Regulation document

78
Q

How many years after an instruction can a PI claim be made?

A

15 years

79
Q

Why are ethics important?

A

Ensure consistency, clarity and ensure appropriate behaviour

80
Q

What are the three types of due dilligence?

A

Simplified, enhances and New customer

81
Q

Who is the RICS president?

A

Ann gray FRICS

82
Q

When did the RICS recieve royal charter?

A

1881

83
Q

What is Royal Charter?

A

Method of incorporation granted by the Queen.

84
Q

What are the 4 levels of membership?

A

MRICS
FRICS
AssocRICS
Trainee

85
Q

How do you become a fellow?

A

5+ years as MRICS
Leadership role
Professional/technical achievement
Raised the profile of the RICS

86
Q

How is the RICS Governance Structure shaped?

A

Royal Charter, Bye Laws and Regulation.

87
Q

What is the Governance Structure of the RICS?

A

Privy Council
Governing Council
Standards & Regulatory Board / Management Board / Audit Committee
Management Board comprises 17 professional groups

88
Q

What is the role of the Privy Council?

A

Grants awards and Royal Charter

89
Q

What is the role of the Governing Council?

A

Governing Council is the highest governing body, setting global strategy and ensuring RICS fulfils its Royal Charter obligations.

90
Q

What is the role of the Standards and Regulatory Board?

A

They are responsible for exercising the standards and regulatory functions of the RICS.

91
Q

What is the role of the Management Board?

A

To direct RICS affairs under delegated authority from Governing Council.

Comprised of non-members (independent), members of RICS, and RICS Executives.

92
Q

What is the role of the Audit Committee?

A

The Audit Committee operates independently of Governing Council, the Management Board and the Standards and Regulation Board.

Each year it reports to Governing Council on how it has discharged its duties.

Comprises member and non-members.

93
Q

What is the role of the Regulatory Tribunal?

A

regulates the RICS
fair and independent judicial body
consists of lay members and RICS members

94
Q

What do you know about the RICS Guidance Note: Complaints Handling (2016)?

A

A firm’s written CHIP must be approved by the RICS.

Notify PII insurers as soon as possible if a compliant arises.

Details of CHP issued same time as ToB.

Complaints log must be maintained showing details and status.

CHP must include an RICS approved Alternative Dispute Resolution

95
Q

What are the RICS minimum procedures for Complaints handling procedure?

A

Acknowledge a written complaint within 7 days
Respond within 28 days
Refer to independent redress provider if unresolved
Log in a complaints log

96
Q

Are you aware of any new RICS guidance on insurance?

A

RICS Guidance Note: Risk, Liability and Insurance 2021

RICS has secured new insurance terms, lifting the 12 month fire safety exclusion from PII.

From May 2021, insurers must provide cover for fire safety claims on a property 4+ storeys

97
Q

What money laundering checks do you need to do for private limited companies?

A

Certificate of incorporation
Full name
Registered Office
Registered number
Business address
Name of all shareholders with over 25% stake.
(report discrepancies to Companies House)

98
Q

How many rics members are there?

A

134,000 +

99
Q

Who is the RICS CEO?

A

Justin Young- as of 5th July 2023

100
Q

What is your RICS membership no. ?

A

6804636

101
Q

What is the RICS black book?

A

A suite of guidance notes that define good technical standards for a QS & other construction professionals.

102
Q

What are there RICS black books on?

A

Cost Reporting
Interim Valuations and Payment
Management of Risk
Tendering Strategies
Surveying Safely
final account procedures
life cycle costing
subcontracting

RICS APC 2023 (19 decks)

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