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RICS APC LG - Mock Questions > Ethics > Flashcards

Ethics Flashcards

1
Q

What is Rule 1?

A

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

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2
Q

What is Rule 2?

A

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

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3
Q

What is Rule 3?

A

Members and firms must provide good-quality and diligent service

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4
Q

What is Rule 4?

A

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

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5
Q

What is Rule 5?

A

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.

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6
Q

What is appendix A in the New Rules of Conduct?

A

Appendix A: Professional Obligations to RICS e.g. “Member must comply with the CPD requirements set by RICS.

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7
Q

Why do you want to join the RICS?

A

Globally recognised organisation and membership will be highly valued both at home and abroad.
Help and support when required.
Technical resources to develop as a quantity surveyor and a professional within the construction industry.
Promoting best practices
Benefitting my clients.

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8
Q

Can you pick a rule of conduct and how you comply with that?

A

Rule 3 - providing a good and quality service. I always act in a professional manner, and follow my companies QMS procedures to lessen the risk of mistakes and poor quality work.

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9
Q

If you were chartered tomorrow and decided to set up on your own, what are some obligations for firms?

A

1) At least 25% of Directors need to be members of the RICS.
2) Need complaints handling procedure
3) Need facilities in place to handle Client’s money.
All of which are listed within Appendix A.

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10
Q

What is the Bribery Act?

A

Bribery Act 2010
States a bribe constitutes giving a bribe, receiving a bribe, bribing a foreign official and failing to prevent a bribe.

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11
Q

You mention in your South Wing project that you received tenders and you notice an error in the tenders and advised of using Alternative B. Is this not just doing your job?

A

No, because I was aware of the different Alternatives and the impacts of both, and therefore was able to advice on the correct processes the Client could follow.

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12
Q

Under Alternative B of finding errors in tenders, if a Contractor identifies a mistake and sticks with their price, what needs to be issued?

A

A tender endorsement.

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13
Q

Under EW you mentioned declining attending an event due to the CM company also tendering for the SW. What would happen if a Contractor gave you a bottle of whisky at Christmas?

A

I would view the value of the bottle, and if seems excessive I would politely decline to charity.
I would also take a view on when the gift was issued, so if it was near final account / valuations then it could swade my ability to act impartially and decline it.
I would also inform my Directors of the gift received and if it was fair and reasonable to accept I would, otherwise I would decline it.

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14
Q

How long does an NDA last?

A

However long stated within the agreement.

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15
Q

What was included in your NDA

A

I was unable to disclose any financial information of the project, as well as being unable to publicly disclose that I was working on it.

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16
Q

If you was to setup your own company tomorrow, what sort of things would you need to provide to the RICS?

A

1) Complaints handling procedure
2) Facilities to handle Client money
3) Insurances

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17
Q

Can you give an overview of the RICS Structure?

A

Privy Council > Governing Council > Standards & Regulations / RICS Board

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18
Q

Why did the new rules of conduct come into place?

A

The rules were updated 02 Feb 2022 (2/2/2022).

They provide a clear structure of the rules of conduct with clear examples.

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19
Q

What is a Party Conflict?

A

Conflict where duty owned to another party.

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20
Q

What is an own-interest conflict?

A

Conflict due to personal involvement.

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21
Q

What is a confidential information conflict?

A

Conflict due to confidential information.

22
Q

What does PI insurance do?

A

Protects the Client from financial loss due to negligence.

23
Q

What are the levels of PI required?

A

Turnover < 100k = £250k required

Turnover £100,001 - £200k = £500k

Turnover >200k = £1m

24
Q

What is run off cover?

A

Insurance after the company stops trading to cover future claims - depending on contract execution (6 years or 12 years).

25
Q

What is the minimum value of run off cover you must hold?

A

£1 million

26
Q

What are the 6 principles of the Bribery Act 2010?

A

P - Proportionality
T - Top level commitment
R - Risk Assessment
D - Due diligence
C - Communication
M - Monitoring and Review

27
Q

Who does the Bribery Act 2010 apply to ?

A

The Bribery Act will apply to an individual if:

  • A British citizen that has committed a bribery offence anywhere in the world
  • A British associate with a connection to the UK, such as through business, conducts a bribery offence anywhere in the world.
28
Q

How do you comply with the Bribery Act 2010?

A

1) My company has an anti bribery and corruption policy which I adhere too.
2) I would report any bribe to the Serious Fraud Office / National Crime Agency

29
Q

If you are witness to a bribe, who would you report it to?

A

1) Serious Fraud Office
2) National Crime Agency

30
Q

What are the potential consequences to not adhering to the Bribery Act 2010?

A

1) Can receive a jail sentence of up to 10 years

Failure by organisation to prevent a bribe can result in an unlimited fine.

31
Q

A Client asks you to take interim valuations and gives you £500k in cash to make payments.

A

1) I would not accept cash. I would encourage my Client to pay the cash into a bank (as the responsibility for checking the money rests with the bank).

32
Q

What if a Client asks to pay you in cash?

A

My company has a policy in place where I am not able to accept payments in cash.

As an absolute last straw, I am able to accept payments of cash up to £10,000.

33
Q

Why should we allow you to join the RICS?

A

I am academically qualified and professionally competent.

34
Q

Can you give an example of a party conflict?

A

Where I am working on behalf of the Client but someone else in my firm is working on behalf of the tenant.

35
Q

What is corruption?

A

The abuse of power for private gain.

36
Q

Are there any RICS documents that you need to follow with regards to Bribery?

A

Professional Standard:

Countering bribery and corruption, money laundering and terrorist financing - 1st Edition Feb 2019

37
Q

Are there any RICS documents that you need to follow with regards to Corruption?

A

Professional Standard:

Countering bribery and corruption, money laundering and terrorist financing - 1st Edition Feb 2019

38
Q

Are there any RICS documents that you need to follow with regards to Terrorism?

A

Professional Standard:

Countering bribery and corruption, money laundering and terrorist financing - 1st Edition Feb 2019

39
Q

What is modern slavery?

A

The illegal exploitation of people. (for personal or commercial gain).

40
Q

What is the relevant legislation for Modern Slavery?

A

Modern Slavery Act 2015

41
Q

What is money laundering?

A

Disguising the original ownership of money that was gained illegally as a legitimate source.

42
Q

How do you report suspicious money laundering behaviour?

A

You are legally obligated under Money Laundering Regulations to submit a SAR (suspicious activity report) to the National Crime Agency.

43
Q

Can you provide some example of modern slavery?

A

1) Forced labour
2) Debt bondage / Bonded labour
3) Human Trafficking
4) Child slavery
5) Forced and early marriage

44
Q

(PI) What is the difference between an Any-one claim and an aggregate claim?

A

Any One claim:
Insurance covers the cost of Any One claim. For example, if two claims of £75,000 are made against a £100,000 Any One claim, then the firm is covered for both claims.

Aggregate:
Covers against the aggregate (total) of the claims. So using the same example above, if a firm is covered for £100,000 Aggregate, they would not be covered for £50,000.

45
Q

Who is the chairman of the RICS?

A

Justin Young

46
Q

What is the role of the RICS Governing Council?

A

Setting the global strategy and ensuring the RICS fulfils it’s obligations to the royal charter.

47
Q

What are the requirements for CPD for a chartered member of the RICS?

A

Minimum of 20 hours CPD with at least 10 hours being formal.

48
Q

What is formal CPD?

A

Any form of structured learning that has clear objectives and outcomes.

49
Q

Can you give examples of formal CPD?

A

1) A professional course
2) Structured online training

50
Q

What are the RICS obligations to the royal charter?

A

Maintain the usefulness of the profession for the public advantage.

1) Promote the profession to the public
2) Maintain high standards
3) Protect consumers
4) Act in the interest of the public

RICS APC LG - Mock Questions (18 decks)

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