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RICS APC - CJDO > Ethics > Flashcards

Ethics Flashcards

Ethics, Rules of Conduct, Professionalism

1
Q

Rules of Conduct introduced when?

A

February 2022

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2
Q

What are the Rules of Conduct

A

Members and firms must:
- be honest.
- maintain professional competence.
- provide good quality service.
- treat others with respect, encourage D&I.
- act in public interest.

HCSRP (Honesty, Competence, Service Quality, Respect, Public Interest)

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3
Q

5 examples of behaviours for rule 1?

A
  • do not mislead others.
  • identify conflicts of interests.
  • open and transparent.
  • don’t take advantage of others.
  • don’t facilitate financial crime.
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4
Q

5 examples of behaviours for rule 2?

A
  • Undertake work that they have knowledge to carry out.
  • supervise employees undertaking work for them.
  • reflect on impacts of work completed.
  • CPD.
  • legislation awareness.
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5
Q

5 examples of behaviours for rule 3?

A
  • Clients needs.
  • Client scope of service.
  • Communicate clearly.
  • understand risks and benefits of technology.
  • Quality assurance process.
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6
Q

5 examples of behaviours for rule 4?

A
  • respect rights of others.
  • do not bully.
  • ensure no modern slavery.
  • work cooperatively.
  • develope inclusive culture.
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7
Q

5 examples of behaviours for rule 5?

A
  • report others who report concerns.
  • respond to complaints made.
  • do not dissuade use of ADR.
  • manage professional finances.
  • report breaches of conduct.
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8
Q

What are the obligations for MRICS?

A
  • CPD Requirements.
  • RICS cooperation.
  • provide info requested by SRB.
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9
Q

Obligations for RICS firms?

A
  • complaints handling procedure.
  • covered by PI.
  • arrange for work to continue in event of being unable to.
  • RICS cooperation.
  • provide info requested by SRB.
  • Display RICS on business literature.
  • report to RICS under Rules for Registration of Firms.
    CPURSDR
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10
Q

RICS Regulation for social Media?

A

Use of Social Media Guidance note - 2021. Standards do not change compared to other forms of comms.

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11
Q

RICS Guidance notes - do MRICS have to follow them?

A

During disputes, they have to evidence that they acted with competence. Done by complying with guidance notes.

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12
Q

What is the black book?

A

Technical practice documents covering all processes during construction projects.

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13
Q

Regulations associated with RICS logo?

A

Rules of use of logo and designation by firms. Guidelines for personal use of RICS logo.

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14
Q

RICS definitions for professional guidance.

A

Professional Standards and Practice Information.

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15
Q

Purpose of Professional Standard document?

A
  • Set expectations for RICS members/firms.
  • Set requirements and best practice.
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16
Q

Purpose of Practice Information document?

A
  • supplementary guidance to deliver in specific areas, not mandatory.
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17
Q

How do you act with integrity?

A
  • being trustworthy.
  • being open and transparent.
  • respect confidential information.
  • not take advantage.
  • not allowing conflicts of interest.
  • not accepting gifts hospitality or services which might suggest improper obligation.
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18
Q

T&T Gift Policy?

A

Gifts under £120 GBP, hospitality under £310.

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19
Q

Why must you act within your competence?

A

To ensure I advise clients correctly.

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20
Q

How do you take responsibility?

A
  • be accountable for my actions.
  • act with skill and care.
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21
Q

How do you provide a high standard of service to execute professional appointments?

A

Act within my competence.
Being transparent about fees.
Communicate with my client.

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22
Q

How do you promote trust in the profession?

A

Act in a trustworthy manner both personally and professionally.

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23
Q

How does an individual maintain high ethical standards?

A

Maintain CPD.
Follow professional body advice on ethics.

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24
Q

How do employers create ethical environments?

A

Whistleblowing policy.
Encourage chartership.
Promote CPD.

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25
Q

Difference between ethics and integrity?

A

Integrity is internal. (Moral code)
Ethics is external. (Rules)

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26
Q

Tools produced by RICS to help members make ethical decisions?

A

Ethics decision tree.

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27
Q

RICS document for Registration of firms with RICS?

A

Rules for the Registration of firms - version 8, 2022.

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28
Q

When is a firm required to register?

A
  • Firm provides surveying services to the public.
  • Firm operates in UK.
  • At least 50% of firm Principals are MRICS.
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29
Q

When is a firm eligible to register?

A

Provides surveying service to the public and at least 25% of principals are MRICS.

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30
Q

What is a locum?

A

Another professional who is appointed to stand in for a sole principal if they cannot work.

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31
Q

Who can be a locum?

A

Another MRICS, but could be an accountant or solicitor.

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32
Q

PI relation to locums?

A

Must be covered for work while sole principal is unavailable. This could be under their own cover or under the firms.

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33
Q

Can you accept a gift from client or contractor?

A

Not any that suggest improper obligation, but sometimes. Consult the ethics decision tree.
Timing, value and intent.

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34
Q

What would you consider when assessing a gift?

A

Value, timing, intent, who is it being given to, RICS RoC.

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35
Q

CPD

A

Continuing Professional Development.

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36
Q

CPD requirements?

A

20 hours each year, 10 must be formal CPD.

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37
Q

Professional development you have completed?

A

In-house training.
External training.
Mock Assessments.
Seminars.

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38
Q

Define formal and informal CPD.

A

Formal - Structured learning that has clear objectives and outcomes.
Informal - Self-managed learning that is relevent or related to my professional role.

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39
Q

Tools to determine formal vs informal CPD?

A

RICS CPD Decision Tree.

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40
Q

Activities that don’t count toward CPD?

A

Not having a clear learning purpose, or not related to members role.

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41
Q

How is CPD recorded?

A

RICS website or app.

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42
Q

How do you select CPD?

A

Target areas of weakness, industry hot topics and future projects.

43
Q

How do you keep up to date with hot topics?

A

RICS website.
CPD providers.
Colleagues.
News.

44
Q

What is a conflict of interest?

A

Situation where an RICS firm or members professional judgment may be compromised.

45
Q

RICS info on conflicts of interest?

A

Conflicts of Interest 2017. Professional Standard.

46
Q

3 types of conflict in 2017 Professional standard.

A

Party conflict.
Own Interest Conflict.
Confidential information conflict.

47
Q

Example of conflicts?

A

Acting for developer and contractor on same project.
Obligations that detract from your relationship with the client.

48
Q

What is informed consent?

A

Occurs when a party who might be adversely affected acknowledges the risk, but agrees to instruct the assignment anyway.

49
Q

Action to take if conflict of interest arises?

A

Disclose to the client in writing, detailing the nature.

50
Q

What is a bribe?

A

Reward offered, promised or provided to gain advantage.

51
Q

Key offences under Bribery Act 2010?

A

Bribing another person.
Being bribed.
Bribing a foreign public official.
Failure by an organisation to prevent bribery.

52
Q

6 principles of the Bribery Act?

A

MCDRTP - My Cat Died Running from The Police
Proportionality.
Top Level Commitment.
Risk Assessment.
Due Diligence.
Communication.
Monitoring and review.

53
Q

Who does the Bribery Act apply to?

A

British citizen anywhere in the world.
British associate with UK connections, anywhere in the world.
Organisation incorporated in the UK.
Organisation has carried out business in the UK.

54
Q

What is T&Ts position for compliance with Bribery Act?

A

ABC policy which applies to me.
Report any act to National Crime Agency.

55
Q

Consequences for not adhering to the Bribery Act?

A

Unlimited fines and sentencing up to 10 years.

56
Q

What is money laundering?

A

Process of disguising original ownership of money through appearing to be from a legitimate source.

57
Q

How do you report money laundering?

A

Legal obligation to report to National Crime Agency.

58
Q

Client gives cash (500k) to make interim payments to contractor, what do you do?

A

Do not accept cash and encourage bank deposits. Report to the National Crime Agency if you have concerns.

59
Q

What is corruption?

A

Abuse of power for private gain.

60
Q

What is a price fixing cartel?

A

Independent businesses acting together as a single producer, fixing prices.

61
Q

What is terrorist financing?

A

Solicitation, collection or provision of funds with intention to support terrorist acts or organisations.

62
Q

What is a facilitation payment?

A

Payment made to public or government official to incentivise an action to be expedited.

63
Q

RICS mandatory requirement for ABC?

A

Countering bribery and corruption, money laundering and terrorist financing 2019.

64
Q

What is modern slavery?

A

Illegal exploitation of people for gain. e.g. Forced labour, debt bondage, human trafficking, child slavery.

65
Q

Legislation related to slavery?

A

Modern Slavery Act 2015.

66
Q

How do you report modern slavery?

A

The police or modern slavery helpline.

67
Q

Professional Indemnity Insurance?

A

Covers cost of legal action made against them in respect to financial loss due to negligence, error or omission in advice given.

68
Q

RICS PII requirements?

A

UK Professional Indemnity Insurance Requirements - 2022.

69
Q

Purpose of having PII?

A

Protection from financial loss.

70
Q

“Any one claim” vs “aggregate” policies?

A

Any one claim covers for each claim while aggregate covers all claims total.

71
Q

Fully retroactive PII?

A

Former work covered by the firm if its fully retroactive.

72
Q

Measures taken to avoid PII claims?

A

Full and detailed records of meetings.
Record advice given.
Avoid advice outside of competence.
Follow Rules of Conduct.
Follow company policy.

73
Q

What is Merrett v Babb? (2001)

A

Babb completed a valuation for a house purchased by Merrett.
Valuation was negligent.
Company did not exist anymore, and was not covered under PII.
Merrett could pursue the individual for losses.

74
Q

Minimum limits of indemnity?

A

Turnover - Minimum limit of indemnity
<100,000 - 250,000
100,001 to 200,000 - 500,000
>200,001 - 1,000,000

75
Q

Maximum level of uninsured excess?

A

Turnover - maximum uninsured excess
<£10m - Greater of 2.5% of sum insured or 10,000
>£10m - no limit.

76
Q

If you make a mistake, what does your insurance company expect?

A

Notify them.
Comply with insurance policy.
Advise client of the error.
Correct error.

77
Q

Does PII cover private advice?

A

No, I would decline and suggest they contact the firm I work for.

78
Q

What is PII run-off cover?

A

PII that covers historic liabilities of a business after trading ceasing.

79
Q

How long should you have run-off cover?

A

RICS expects minimum 6 years from cessation of practice.

80
Q

What are the RICS byelaws?

A

Gives the Head of Regulation and Regulatory Tribunal the power to make disciplinary and regulatory decisions against members.

81
Q

Why did the Rules of Conduct change in 2022?

A

Simpler Structure
Clear examples of each behaviour
Further focus on DEI

82
Q

What are the grades of RICS?

A

AssocRICS, MRICS, FRICS.

83
Q

What are some professional groups within the RICS?

A

18 Groups
e.g. Building Surveying, QS & Construction, PM, Valuation, Dispute Resolution.

84
Q

If you pay money out of a client account, what do you need to do?

A

Client matters only.
Return to client.
Payments by instruction only.
Invoice client.
Check sufficient funds.
Commission payments identified.

85
Q

What do you need to start a firm?

A

PI Insurance/other insurance.
Register with Companies House.
Register with RICS.
Complaints Handling.
Client Money handling.

86
Q

Branded biro given to you in the Clients office?

A

A cheap biro is not going to affect my impartiality, however I would return it at the end of the day to be safe.

87
Q

What are some regulatory bodies in the industry?

A

MPA, DLUHC, DEFRA, HSE.

88
Q

How did I demonstrate diversity in my case study?

A

PRM bathrooms included as part of cost plans.

89
Q

Tell me about responsible use of AI?

A

Prioritises tasks and resources efficiently, and frees up time to focus on decision making.

90
Q

Who is T&T’s PI insurer?

A

Lockton

91
Q

Laws related to money laundering?

A

Proceeds of Crime Act 2002

92
Q

What is the mission statement of the RICS?

A

1 - Qualify and equip members to offer the highest standards of professional service.
2 - Promote and enforce standards.
3 - Lead solutions to major challenges facing the built environment through professional expertise.

93
Q

When at NNEP, would you give the same advice if wrong rates for staff were lower than framework rates?

A

Depends how the rates are treated: the only chargeable values, capped value, or estimating only.

94
Q

What is Rule 1 of the RoC?

A

Be honest, act with integrity, and comply with professional obligations, including obligations to RICS.

95
Q

What is rule 2 of RoC?

A

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

96
Q

What is rule 3 of the RoC?

A

Must provide good quality and diligent service.

97
Q

What is rule 4 of the RoC?

A

Must treat others with respect, and encourage diversity & inclusion.

98
Q

What is rule 5 of RoC?

A

Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

99
Q

What is “CAP”?

A

Conflict Avoidance Process

100
Q

Why does RICS recommend 15 years of run off cover?

A

Signed under deed = 12 years liability. If a claim is made on the last day, resultant claims period is 3 years after that date, so 15 years in total.

101
Q

What legislation covers liability?

A

Limitations Act 1980

102
Q

What legislation covers latent defects?

A

Latent Damages Act 1986

103
Q

How would you establish whether a duty of care is owed?

A

Is there reasonable foresight that failure to take care could cause damage to others?
Is there a relationship of proximity?
Is it fair, just, and reasonable that the law should recognise a duty to take reasonable care not to cause that damage?

RICS APC - CJDO (24 decks)

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