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RICS-APC > Ethics > Flashcards

Ethics Flashcards

1
Q

The 3 main roles of RICS

A
  1. To maintain the highest standards of education and training.
  2. To protect consumers and businesses through strict regulation of the profession
  3. To be the leading source of independent advice on the Built Environment
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2
Q

How does RICS regulate

A

Self regulatory
*PACTT.

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3
Q

5 Principles for better RICS regulation?

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

What is a royal charter?

A

A formal document granted in 1881. A formal Document issued by the monarch granting a right or power to an individual or a corporate body.

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5
Q

What are the 5 ethical Values of the RICS Professional and Ethical Standards

A
  1. Act with integrity, honest and comply with professional obligations and obligations to RICS.
  2. Maintain professional competence and ensure services are provided by competent individuals who have the necessary expertise.
  3. Members and firms must provide good quality and diligent service
  4. Treat others with respect and encourage diversity and inclusion
  5. Must act in the public interest and take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
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6
Q

How do the 5 ethical standards and bye laws link?

A

Bye-Law 5 (Conduct). members are to conduct themselves in manner befitting membership of RICS.

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7
Q

Deviation from 5 ethical standards?

A

RICS disciplinary action

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8
Q

Ethical Decision Tree?

A

Yes/No flowchart that helps to determine whether to proceed when faced with an ethical grey area.
1. Do you have sufficient facts?
2. Is it legal?
3. Is it in line with RICS global professional and ethical standards.

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9
Q

What else is available when facing an ethical dilemna

A

Case studies on RICS website.
RICS hotline to discuss.

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10
Q

Rules of Conduct for Members 2007 as amended 2020

A
  1. Interpretation of the rules
  2. Personal & Prof standards: 7 clear rules:
  3. Ethical Behaviour
  4. Competence
  5. Service- timely manner + quality
  6. CPD requirements
  7. Solvency
  8. Information to the RICS
  9. Co-Operation
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11
Q

Difference between rules of conduct and ethical standards

A
  1. Rules- clear and instructional
  2. Ethical Standards- framework to apply to different situations
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12
Q

What is the link between the Ethical Standards and the Rules of Conduct?

A

Rule 3 (members & Firms) requires members to act with integrity and avoid conflicts of interests.

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13
Q

What Happens for not complying with the rules of conduct?

A

Disciplinary action. Self regulation by RICS.
PACTT.

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14
Q

What is L&R’s internal policy on gifts?

A

Can give/receive gifts of nominal value, as long as the intent behind the gift cannot be misconstrued. Ask yourself if it is appropriate? Permitted allowance of £100 anything above must be declared to the Compliance Officer who will decide if appropriate. Record keeping for gifts received.

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15
Q

RICS guidance relates to gifts and inducements?

A

Countering bribery and corruption, money laundering and terrorist financing.

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16
Q

Legislation relating to gifts and inducements?

A

Bribery Act 2010
Proceeds of crime act 2002

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17
Q

What is a bribe?

A

Something promised in expectation of a change in behaviour.

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18
Q

What is the bribery act 2010

A

Aims to reduce bribery in business in the UK. new corporate criminal offence of failing to prevent bribery; a company will be responsible for employee corrupt acts if they can not show adequate procedures and policies. `

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19
Q

What are CPD requirements once qualified

A

20 hours CPD

20
Q

CPD- formal or informal?

A

Formal: all forms of structured learning.
Informal: Includes any self managed learning that is relevant or related to your professional role.

21
Q

What is a conflict?

A

When impartiality is threatened due to a conflict of interest.
Types of interest are financial, personal, commercial relationships, acting on both sides.

22
Q

What guidance is there to deal with a conflict of interest?

A

UK & Global Professional Statements
-Conflicts of Interest 1st Edition
- Conflicts of Interest- UK commercial property market investment agency

23
Q

Conflicts of interest, 1st edition, March 2017

A
  1. Mandatory rules for COI
  2. Principles and how to apply
  3. How to meet obligations
24
Q

UK: Conflicts of interest – UK commercial property market investment agency, 1st edition

A

Dual agency prohibited in UK

25
Q

What is the background of the RICS?

A
  1. Founded in 1868 by John Clutton
  2. 130,000 members
  3. CEO- Justin Young
  4. FRICS, MRICS, Assoc RICS and Trainee
  5. President- Anny Gray
  6. Self regulatory
26
Q

What is the RICS constitution

A
  1. Royal Charter
  2. 10 By laws
  3. 10 regulations
  4. Rules of conduct
27
Q

Structure of RICS governance?

A

Governing Council chaired by RICS president.
Underpinned by Boards and committees. Management Board and audit committee report to Governing Council

28
Q

Hierarchy of RICS documents

A
  1. RICS rules of conduct
  2. International Standards
  3. RICS professional statements
  4. RICS guidance note
  5. RICS code of Practice
  6. RICS jurisdiction guide
29
Q

How do you get FRICS

A

Evidence of 4 fellowship characteristics- 5+ yrs MRICS, leadership role, raising profile of RICS, technical achievement. Portfolio of professional achievement

30
Q

Why do you want RICS

A
  1. Gold Standard Status.
  2. Provides client confidence.
  3. Professional recognition.
  4. Network
31
Q

What are the International Ethics Standard?

A

Global framework for the built environment sector. 10 Global Ethical Standards.

32
Q

3 benefits of regulation for firms

A
  1. Confidence
  2. Professionalism
  3. Security
33
Q

What is a firm?

A

Corporate body or sole practitioner practice.
Eligible to register if more than 25% are MRICS. Required to register if over 50%

34
Q

What are 3 levels of disciplinary action

A
  1. Action by head of regulation
  2. Disciplinary panel
  3. Appeal Panel
35
Q

3 actions available to Head of regs if they consider disciplinary action appropriate

A
  1. Fixed penalty notice
  2. Make a consent order
  3. Refer the matter to Disciplinary Panel
36
Q

What are the penalties available to the Disciplinary Panel?

A
  1. Issue a consent order
  2. Unlimited fine- proportional
  3. Impose conditions upon continued RICS registration
  4. Expulsion
  5. Publication of results of hearing.
37
Q

What is the appeal panel?

A

Review an appeal against review of a decision at Disciplinary Panel

38
Q

RICS- fee negotiaitons

A

Market based and agreed on ad hoc basis with clients, aggressive fee cutting is prohibited.

39
Q

When may you have to decline instruction?

A

You are not competent
No signed TOB
Conflicted
Advice is for a friend and pro bono PII wont cover personal work.

40
Q

What are Bribery Act Principles

A
  1. DD
  2. Risk assessment
  3. Proportionality
  4. Top level commitment
  5. Monitoring and review
  6. Communication
41
Q

4 Offences and penalties under the Bribery Act 2021

A
  1. Giving a bribe
  2. Taking a bribe
  3. Bribing foreign public officials
  4. failure of an organisaiton to prevent bribery
    Penalties: max 10 years and/or unlimited fine
42
Q

What are the proceeds of crime act 2002?

A

Allows recovery of money and other assets deemed to be the proceeds of crime in civil and criminal proceedings.

43
Q

What is money laundering?

A

When proceeds of criminal activity are disguised or converted, then used for legitimate purposes.

44
Q

Legislation relating to money laundering and the provisons?

A

MLTF and Transfer of Funds regs 2017
1. required to do written money laundering and terrorist risk assessment for firm.
2. Implement systems, policies
3. Provide training
4. Comply with new DD requirements
5. Ensure record keeping
6. Confirm identity of contracting party

45
Q

What are the requirements of the Money Laundering Regs 2017 for due diligence?

A

3 Levels of DD:
1. Customer- identify owner through ID, using company number and address.
2. Enhanced - additional chocks for politically exposed person or high risk countries.
3. Simplified- Low risk of ML

46
Q
A

RICS-APC (15 decks)

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