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PHB - APC > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When did the RICS receive Royal Charter?

A

1881

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3
Q

How many members are there?

A

over 140,000 qualified members

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4
Q

What is Royal Charter?

A

Method of incorporation of the RICS granted by the Queens Privy Council and highlights the requirement for the RICS to act into the public interest

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5
Q

RICS Motto?

A

There is measure in all things

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6
Q

What are the 4 levels of membership?

A
  1. MRICS
  2. FRICS
  3. AssocRICS
  4. Trainee
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7
Q

How do you become a fellow?

A
  1. 5+ years as MRICS
  2. Leadership role
  3. Professional/technical achievement
  4. Raised the profile of the RICS
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8
Q

How is the RICS governed?

A

Under the terms of its Royal Charter and by internal councils & boards

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9
Q

What are bye laws? + example of one?

A

Laws approved by the members and made under the Royal Charter to allow the RICS to self regulate.

Bye law 3 = designations (MRICS & FRICS)

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10
Q

What is the Governance Structure of the RICS?

A
  1. Privy Council - grants Royal Charter
  2. Governing Council
  3. Management Board
  4. Standards & Regulatory Board
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11
Q

What is the role of the Privy Council?

A

Queens/ Kings advisors who granted the Royal Charter

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12
Q

What is the role of the Governing Council? & How has it changed post the Bichard Review?

A

Governing Council is the highest governing body, setting RICS strategy and vision, ensuring RICS fulfils its Royal Charter obligations.

Following the Bichard RICS Review, Governing Council has agreed a series of measures to create a clear and accountable governance structure.

Governing Council has confirmed that the RICS President will also chair Governing Council, in line with Lord Bichard’s recommendation.

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13
Q

Bichard Review other key recommendations?

A
  • For increased focus on the public interest remit of RICS, including creating a public interest panel to advise the Governing Council.
  • Increased focus on diversity & inclusion across the profession.
  • Increased member engagement with renewed focus on young members.
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14
Q

What is the role of the Standards and Regulatory Board?

A

They oversee RICS professional standards and admission to the profession.

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15
Q

What is the role of the Management Board?

A

To provide day-to-day performance updates
under delegated authority from Governing Council.

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16
Q

Who is currently in RICS governing positions as CEO, President and President elect?

A

CEO = Richard Collins
President = Tina Paillet FRICS
President Elect = Justin Sullivan FRICS

17
Q

What are the roles/ objectives of the RICS?

A
  1. Education and training standards
  2. Protect consumers through regulations and standards.
  3. Leading source of information and advice for the sector.
18
Q

Why do you want to become a member? (5)

A

RSMNK

  1. Recognition
  2. Status
  3. Market Advantage
  4. Network
  5. Knowledge
19
Q

How do RICS standards ensure consumer protection? (x2)

A

By requiring members to have undertaken the APC, they can ensure high standard of ethics required.

Also by regularily updating leading international standards.

20
Q

What are the RICS Rules of Conduct?

A
  1. Members and firms must be HONEST, act with INTEGRITY and comply with their professional obligations, including 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
21
Q

Which do you consider to be the most important?

A

I would say rule 5 as acting in the public interest underpins everything you do in the RICS.

22
Q

What do you understand by the International Ethical Standards?

A

Work the RICS is undertaking to promote consistency and clarity across different marketplaces

23
Q

Example of when you have promoted honesty in the profession?

A

An example is when I was doing a development appraisal for a site that the business unit were big fans of and my RD, I ran an initial valuation of the site and it looked to be viable and hot the requirements. However after an update in the build cost the site did not work.
Although the site would have been great to secure I had to inform that the site was not viable and we could not make it work.

23
Q

Example of when you have acted with integrity?

A

I acted with integrity with an internal client when I knew I wouldn’t be able to provide them with my monthly opportunity tracker on her deadline due to other urgent work required.

I made sure to be transparent and give her plenty of notice. We agreed a reasonable new deadline, allowing me to make sure the work was reliable and accurate.

24
Q

Example of when you have treated others with respect?

A

I’ve had an instance when I was out for drinks with a friend and we were discussing work. Someone overheard me saying I work for Taylor Wimpey and was very rude about the company and stated we had ‘ruined their village’
Regardless of this I remained calm and polite and treated him with respect and did not retaliate with any response to worsen the situation

25
Q

Why have the Rules of Conduct been updated?

A

The old rules were quite outdated now, from 2007.

To help the global professions respond to new risks and opportunities.

To incorporate:
- increased focus on diversity and inclusion;
- increased focus on technology;
- increased focus on sustainability

26
Q

Can you tell me about the revision to the RICS Rules of Conduct & what they replaced?

A

STREAMLINED DOCUMENT. Replaced the previous Rules of Conduct for Members and Firms and the 5 Global Professional and Ethical Standards.
Added:
- Sustainability
- Use of data with new Tech
- Diversity and Inclusion

27
Q

What are Taylor Wimpey values?

A
  • Respectful and Fair
  • Take Responsibility
  • Better Tomorrow
  • Be Proud
28
Q

The Levitt Review - when was it, what was it and what did she find?

A

RICS’ current governance arrangements are under review following The Levitt Review’s (2021) of very public exposure of the lack of clarity, structure and purpose of RICS governance arrangements.

Levitt called for a full independent review of the “purpose, governance and strategy” of RICS = RICS commissioned Lord Michael Bichard to review.

29
Q

What is your opinion on the outcome of the Alison Levitt QC enquiry?

A

I am aware of the very public nature of the events which showed a lack of governance and transparency.

As members, we adhere to strict ethical standards, which the RICS didn’t do in this instance.

However, I am happy that action has been made and that the Governing Council has accepted all the recommendations.

30
Q

What are the benefits of a firm being regulated? (3)

A
  1. Confidence - for clients as regulated firms are monitored by RICS.
  2. Professionalism - firms must provide clear, impartial, expert advice.
  3. Security - firms must have a recognised CHP and PII cover
31
Q
A

PHB - APC (8 decks)

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