Ethics Flashcards
Why did the rules change?
They had been in place since 2007, Members voted to create one single document, with a focus on technology and tackling climate change.
What are the steps of the ethics tree?
- do you have sufficient facts?
- is it legal?
- does it comply with the rules of conduct?
- have you consulter the appropriate
individuals? - Do you have clear reasoning?
- would you be content for your actions to be
made public?
What if rule 5 of the new rules of conduct?
Members of firms must act in the public interest and take responsibility for their actions. They must act to prevent harm and maintain public confidence in the profession.
What are the five principles for better regulation?
PACTT
Proportionality
Accountability
Consistency
Targeting
Transparency
Why does the RICS have rules of conduct?
To provide a framework we can all work to and so your client knows they are a set level of service.
The rules of conduct are also a useful professional guide for individual institution members.
When did the rules of conduct change?
2nd February 2022
In the case of a breach of a rule of conduct, what is the procedure?
- Not every shortcoming will necessarily give
rise to proceedings - A formal investigation by the head of
regulations - RICS can request information and investigate compliance
- members must fully cooperate with any enquiries
How can a disciplinary proceeding be triggered?
- Someone complaining to the RICS
- An allegation by client or third party
- Information received or established by the RICS
What are the three actions that can be imposed after the investigation stage?
- Fixed penalty
- Consent order
- Disciplinary panel
What is the Mission Statement of the RICS?
How many qualified members does the RICS currently have?
Over 130,000
How is the RICS structured?
Privy council - award grants and royal charter
Governing council - provides management and strategic decision making
The Regulatory Board, Management Board and other various committees report to the GC
How many members does the Governing Council have?
25
What are the 4 levels of RICS membership?
- FRICS
- MRICS
- AccocRICS
- Trainee/Student
What are fixed penalties?
A fine set and determined by the RICS
What are the professional obligations of firms?
What are consent orders?
A written agreement between the RICS and a member containing corrective actions and restrictions from taking certain actions
When is disciplinary panel applicably?
For more serious breeches of conduct, usually held in public, a balance of probabilities is used
What breeches would expulsion be suitable for?
Persistent failure to comply with the RICS rules of conduct
Dishonesty
Conviction of a serious criminal offence etc.
What procedures should you follow if starting up a new practise?
- Contact RICS and register for regulation
- Appoint a contact office for all RICS comms.
- Prepare a complaints handling procedure
- Obtain professional indemnity insurance
- Use ‘regulated by RICS’ on all material
What is the RICS motto and what does it mean?
‘Est Modus in Rebus’ (there is measure in all things)
When was the RICS founded?
1868
What is rule 1 of the new rules of conduct?
Honesty & Integrity
Members and firms are to be honest and act with integrity, and comply with their professional obligations, including obligations to the RICS
What is rule 2 of the new rules of conduct?
Professional Competence
Members and firms are to maintain their professional competence and ensure that services are provided by competent individuals with relevant knowledge and experience
What is rule 3 of the new rules of conduct?
Quality & Diligent Service
Members and firms must provide a good quality and diligent service
What is rule 4 of the new rules of conduct?
Respect
embers and firms must treat others with respect and encourage diversity and inclusion
Who is the chair of the RICS?
Martin Samworth
Who is the president of the RICS?
Tina Paillet FRICS
Who is the RICS president elect?
Justin Sullivan FRICS
Who is the senior vice president of the RICS?
Nicholas Maclean FRICS
Can you advertise a new company in the press?
Yes, but in a responsible manner
What insurance is required to set up your own firm?
- Professional Indemnity (PPI)
- Employers Liability (ELI)
- Public Liability (PLI)
- Buildings Insurance (office premises)
What information do registered firms have to send to the RICS annually?
- type of business and staff levels
- nature of clients
- training provisions
- complaints handling procedure
- PI insurance details
- does the firm hold clients money?
What is a royal charter?
A Royal Charter is an instrument of incorporation, granted by the King, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs
What do RICS regulations and bylaws set out?
Governance of the institution
What do you need in order to become a fellow of the RICS?
Evidence of achievement of four fellowship characteristics, as per the below:
- five or more years at MRICS level
- a leadership role
- a professional or technical achievement
- academic achievement
- be shown to be raising the profile of the RICS
You will also require a portfolio of professional achievement to support your application.
What is the role of the RICS?
- to maintain the highest standards of education and training
- to protect consumers through strict regulation of professional standards
- to be the leading source of information and independent advice on land, property, construction and associated environmental issues
Why do you want to become an RICS accredited member?
- status
- recognition
- market advantage
- knowledge
- network
Why are the new RICS rules of conduct so important?
They provide a strong foundation for the RICS and its members. They help protect the public and uphold the reputation of the profession.
Performance indicator for members
How do you ensure that you provide a high standard of service?
I provide regular updates, ensure work is carried out in a timely fashion, and stick to projected timeframes where possible
How do you promote trust?
I always act honestly, when dealing with tenants I am truthful about repairs and manage expectations
What is the Role of the RICS?
To uphold the standards of the Chartered Surveying profession
Who makes the rules?
The RICS standards and regulations board
Who is the governor of the Bank of England?
Andrew Bailey (121st governor)
Would you ever decline an instruction?
Yes if:
- there was a definite conflict
- if the job was outwith my capabilities
- If the client would not sign TOB or provide ML items
What do you understand by the term “dual agency”?
When an agent has a contractual relationship with both byer and seller
What needs to have occurred in order for a negligence claim to be made?
A duty of care has been breached
A loss has occurred
Negligence claim
Who do the RICS standards and Rules of Conduct protect?
Clients/public
What do you understand by the RICS Decision Tree?
A framework that members should refer too when facing a situation in which they are asked to act in a potentially unethical manner or situation
What is Professionalism?
The competence and/or skill expected of a certain profession
What percentage off principles of a firm must be RICS members for the firm to be regulated?
- 25% THEY ARE ELIGIBLE
- 50% THE FIR MUST COMPLY
What is the Levitt review?
An independent review into the RICS management structure by Allison Levitt
What is the Bichard review?
A review carried out by lord Bichard aiming to clarify the purpose of the RICS
What are the mandatory obligations of RICS members?
- comply with CPD requirements
- cooperate with the RICS
- provide all information as reasonably requested by the Standards and Regulation Board
What are the mandatory obligations of RICS regulated firms?
- Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log,
- 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,
- Firms with a sole principle must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work,
- Firms must cooperate with RICS,
- Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf,
- Firms must display their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS,
- Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
What is a Locum?
What are the CPD requirements?
Member: 20 hours
Trainee: 40 hours
Half of which to be formal
What are the 5 professional and ethical standards of the RICS?
- Integrity
- High standard of service
- Trust
- Respect
- Responsibility
