Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC REVISION > Ethics > Flashcards

Ethics Flashcards

1
Q

RICS stands for?

A

Royal institution of Chartered Surveyors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

5 ethical standards

A
  1. Members and firms must be honest, act with integrity and comply with their professional obligations and obligations to RICS
  2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
  3. Members and firms must Provide good-quality and diligent service
  4. Members and firms must Treat others with respect and encourage diversity and inclusion
  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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 4 types of discrimination

A
  1. Direct
  2. Indirect
  3. Harassment
  4. Victimisation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

When was RICS founded and who is the current president

A

Found 1868 with RICS Royal Charter granted 1881
Ann Gray FRICS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

3 market sectors covered by RICS

A

1.Land
2. Property
3. Construction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a conflict of interest

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Types of Conflict

A
  1. Party Conflict
  2. Own Interest Conflict
  3. Confidential Information Conflict
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the 5 RICS principles of better regulation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

27
Q

What does the Professional ethical practice by RICS members and firms do

A
  • provides a foundation for effective markets
  • pioneers better places to live and work
  • is a force for positive social impact
28
Q

List the ethical principles that The RICS Rules of Conduct are based on

A
  1. Honesty
  2. Integrity
  3. Competence
  4. Service
  5. Respect
  6. Responsibility
29
Q

Who do the rules of conduct apply to and where is this found

bye law

A

The Rules of Conduct apply to all members and firms regulated by RICS
Bye-Law 5.1

30
Q

Example of Rule 2

A

Members and firms only undertake work that they have the knowledge, skills, and resources to carry out competently - I was ssigned a challenge case involving an agricultural property, I am not trained in this area so seeked assistance

31
Q

Example of Rule 1

A

Members and firms do not allow themselves to be influenced improperly by others (as a result of, for example, giving or receiving work referrals, gifts, hospitality, or payments) or by their own self-interest - I didn’t allow myself to be persuaded to change the result of a challenge

32
Q

Example of Rule 5

A

Members and firms take appropriate action when they consider that the rules have been breached, and report suspected significant breaches of the Rules of Conduct by themselves or others to RICS.

33
Q

Example of Rule 4

A

Members and firms develop an inclusive culture in their workplaces, support equal access and opportunity for all, and identify and address unconscious bias.

34
Q

Example of rule 3

A

Members and firms undertake their work in a timely manner and with due care, skill, and diligence, and in accordance with RICS technical standards. - I ensure I meet deadlines

35
Q

What are principles

A

generally set aspirational standards on conduct. They often come from our internal self-motivation. For example honesty, charity, or kindness

36
Q

Benefits of having a Code of Ethics

A
  • Guide ethical/professional behaviour
  • Ensure consistency in decision making
  • Set levels of professional expectation
  • Help to promote trust from the public
  • Help to promote confidence in decisions/behaviour from stakeholders
  • Provides a justification for a particular course of action
  • Provide protection in alleged cases of misconduct
  • Serve as a point of reference in disciplinary proceedings
  • Ensure that decisions are unbiased/not overly subjective
  • Sets professional standards for all across the board
  • Promotes an ethical culture/ethos within the profession
37
Q

What is the Social contract theory/license to operate?

A

The social contract or license to operate is a hypothetical agreement with the community on a set of ethical standards, which might include integrity.

38
Q

What is Virtue Ethics

A

The initiative is aimed at improving the character of the employees – that is, instilling virtues in them.

39
Q

What is the Consequentialism theory?

A

Reason for inputting ethics code rests on the consequences

40
Q

What is the Deontology theory?

A

based on a specific duty directed towards a particular group of people

41
Q

Conflict of Interest types

What is a Party Conflict

A

A situation in which the duty of an RICS member (working independently or within a non-regulated firm or within a regulated firm) or a regulated firm 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.

Conflicting interests of 2 parties member/firms work for

42
Q

COI

What is a Own interest conflict?

A

A situation in which the duty of an RICS member (working independently or within a non-regulated firm or within a regulated firm) or a regulated firm to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/firm (or in the case of a regulated firm, the interests of any of the individuals within that regulated firm who are involved directly or indirectly in that or any related professional assignment).

Own interests are at stake

43
Q

What is a Confidential information conflict?

A

A conflict between the duty of an RICS member (working independently or within a non-regulated firm or within a regulated firm) under paragraph 2.2 to provide material information to one client, and the duty of that RICS member (working independently or within a non-regulated firm) or of a regulated firm under paragraph 2.1 to another client to keep that same information confidential.
- simplified = conflicted if you are obliged to keep certain information confidential for one party but obliged to reveal the same information to another party.

44
Q

What is required to managed a conflict of interest?

A
  1. Discuss matter with colleagues and clients.
  2. Do both parties gain something by haing your firm work for them eg if the company is an expert in the field then it may be allowed
  3. MOST IMPORTANT -> Written informed consent
45
Q

Who might need more information in regards to written consent

A

small business or individual person who rarely employs professionals may require greater detail to understand the position opposed to a large corportation
If they can’t understand the risks we should recomend they seek independant advice

46
Q

What conditions MUST be satisfied before you may act despite a conflict of interest?

A
  • All clients will gain if you act
  • Clients have given informed consent
  • Acting will not look bad
  • You will act objectively and diligently for each client
  • Acting is lawful

If you decide to act the situation must be kept under review as it may change or new info arise, keep good records

47
Q

What is Whilstleblowing?

A

Whistleblowing occurs when an employee or former employee [or someone connected to the organisation] conveys information about a significant moral problem to someone in a position to take action on the problem and does so outside approved organisational channels.

48
Q

What should be consdiered when whistle blowing?

A

Usually, try the normal internal channels first
Think about how people will feel. Avoid making it personal.
Keep a record of your concerns and the incidents that prompted them.
Talk to your professional body (e.g. RICS)

APC REVISION (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions