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APC REVISION > Ethics > Flashcards

Ethics Flashcards

1
Q

RICS stands for?

A

Royal institution of Chartered Surveyors

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2
Q

New Rules of Conduct (WEF 2 Feb. 2022)

A
  1. A simpler structure - easier for RICS members and firms to understand our rules, providing more confidence for clients and the public
  2. Clear examples
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3
Q

5 ethical standards

A
  1. Be honest, act with integrity and comply with their professional obligations and obligations to RICS
  2. Maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
  3. Provide good-quality and diligent service
  4. Treat others with respect and encourage diversity and inclusion
  5. Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
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4
Q

9 protected characteristics protected under Equality Act 2010

A
  • Gender reassignment
  • Sex
  • Sexual orientation
  • Age
  • Disability
  • Race
  • Religion or belief
  • Marriage and partnership
  • Pregnancy and maternity
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5
Q

What are the 4 types of discrimination

A
  1. Direct
  2. Indirect
  3. Harassment
  4. Victimisation
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6
Q

When was RICS founded and who is the current president

A

Found 1868 with RICS Royal Charter granted 1881
Ann Gray FRICS

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7
Q

3 market sectors covered by RICS

A

1.Land
2. Property
3. Construction

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8
Q

What is a conflict of interest

A

Arises when a members independence / impartiality is threatened due to existence of conflict between clients

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9
Q

Types of Conflict

A
  1. Party Conflict
  2. Own Interest Conflict
  3. Confidential Information Conflict
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10
Q

Managing conflict of interest (COI)

A
  • Conflict Avoidance - do not accept instruction
  • Conflict Management - set up procedure agreed in informed consent (information barrier
  • Written Advice to Both Parties
    a. Disclose nature of conflict and set our how firm wishes to deal with conflict (information barrier)
    b. Be clear – ensure parties make own decision (suggest independent advice)
    c. Request written informed consent to act in accordance with procedure proposed
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11
Q

Definition of RICS Assigned Risk Pool

A

insurance available at cost for members who cannot arrange cover
Can remain in for 3 years until they can acquire formal cover

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12
Q

Definition of Run Off Cover

A

Required following the cessation of trading
* Consumer claims - minimum cover of £1,000,000 over minimum of 6 years
* Commercial claims – firms must decide cover, minimum of 6 years
* Firms unable to obtain run-off cover, can apply for RICS Run-off Pool

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13
Q

Levels of Professional Indemnity Insurance (PII) needed

A

Firms Turnover £100,000 or less = £250,000 minimum PII
£100,001-£200,000 = £500,000
OVER £200,000 = £1,000,000

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14
Q

What is Professional Indemnity Insurance (PII)

A

To protect clients, surveyors and third parties against negligence claims where a duty of care breached and a claim for damages rises

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15
Q

What is a Locum

A

Another professional who is appointed to ‘stand in’ for the surveyor/sole practinioner if they are unable to work eg incapacity or death

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16
Q

What is a Chinese wall

A

An information barrier- requires physical or electronic separation of individuals within the same firm which prevents confidential information from being passed between them

17
Q

What are the 5 RICS principles of better regulation

A

1.Proportionality
2. Transparency
3. Accountability
4. Targeting
5. Consistency

18
Q

What are the professional obligations for members (3) also referred to as core professional obligations

A
  1. Members must comply with CPD requirements- 20 hrs once qualified annually 10 must be formal
  2. Members must cooperate with RICS
  3. Members must promptly provide all information reasonably requested by the Standards and
    Regulation Board, or those exercising delegated authority on its behalf.
19
Q

What are the professional obligations of RICS regulated firms? (7)

A
  1. Firms must publish a complaints-handling procedure, which includes an alternative dispute
    resolution provider approved by RICS, and maintain a complaints log.
    • 2. Firms must ensure that all previous and current professional work is covered by adequate and
    appropriate professional indemnity cover that meets the standards approved by RICS.
    • 3. Firms with a sole principal must make appropriate arrangements for their professional work to
    continue in the event of their incapacity, death, absence from or inability to work.
    • 4. Firms must cooperate with RICS.
    • 5. Firms must promptly provide all information reasonably requested by the Standards and Regulation
    Board, or those exercising delegated authority on its behalf.
    • 6. Firms must display on their business literature, in accordance with RICS’ published policy on
    designations, a designation to denote that they are regulated by RICS.
    • 7. Firms must report to RICS any matter that they are required to report under the Rules for the
    Registration of Firms.
20
Q

Why do RICS have Rules of Conduct?

A

• To provide a framework that we can all work to and 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.

21
Q

What is a bribe

A

An offer to induce an action which is illegal, unethical or a breach of trust

22
Q

What legislation related to bribery

A

The Bribery Act 2010

23
Q

What are the 4 offences under the Bribery Act 2010

A
  1. To offer a bribe
  2. To request or accept a bribe
  3. To bribe a foreign public official
    4 . Failure to prevent a bribe
24
Q

What are the six fundamental principles of the Bribery Act 2010

A
  1. Proportionality
  2. Top level commitment
  3. Risk Assessment
  4. Due diligence
  5. Communication
  6. Monitoring and review
25
Q

What are some potential penalties under the bribery act 2010?

A

They can include up to 10 years imprisonment or an unlimited fine for individuals
For firms they may also hsve an unlimited fine and directors can be disqualified

26
Q

What are some potential penalties under the bribery act 2010?

A

They can include up to 10 years imprisonment or an unlimited fine for individuals
For firms they may also hsve an unlimited fine and directors can be disqualified

APC REVISION (11 decks)

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