Ethics Flashcards
Why do you want to become a member of RICS?
I aspire to become a member of RICS because it represents the highest standard of professionalism and ethics in the property and construction sectors. Membership will provide me with access to a global network of professionals, continuous professional development opportunities, and the ability to contribute to the advancement of the industry.
Example sentence: Joining RICS will enhance my career prospects.
What is the role of RICS?
The role of RICS is to promote and enforce the highest professional qualifications and standards in the development and management of land, real estate, construction, and infrastructure. RICS provides professional accreditation, sets standards, and offers guidance to ensure that its members deliver high-quality services.
Additional information: RICS plays a key role in shaping the industry.
What are the key functions of RICS?
The key functions of RICS include:
- Setting and maintaining professional standards.
- Providing education and training.
- Offering professional accreditation.
- Conducting research and providing market insights.
- Enforcing ethical conduct and disciplinary measures.
What is a Royal Charter?
A Royal Charter is a formal document issued by a monarch granting a right or power to an individual or organization. For RICS, the Royal Charter establishes its authority to set standards and regulate the profession.
Example sentence: The Royal Charter gives RICS the legal basis for its operations.
Who is the current RICS president?
As of the latest information available, the current RICS president is Ann Gray.
Reference: [1]
What do you understand by the term self-regulation?
Self-regulation refers to the process by which an organization monitors and enforces its own standards and rules without external oversight. For RICS, this means setting and maintaining professional standards and ethics for its members.
Can you tell me what you understand by the principles of better regulation?
The principles of better regulation include:
- Proportionality: Ensuring that regulatory actions are appropriate to the risk posed.
- Accountability: Being transparent and accountable to stakeholders.
- Consistency: Applying regulations consistently across the board.
- Transparency: Making the regulatory process clear and open.
- Targeting: Focusing on the most significant risks.
What is a Bye-Law?
A Bye-Law is a rule made by an organization to control the actions of its members. RICS Bye-Laws govern the conduct and responsibilities of its members.
Give an example of one of the RICS Bye-Laws.
One example of an RICS Bye-Law is the requirement for members to adhere to the RICS Rules of Conduct, which outline the ethical and professional standards expected of them.
Explain to me the new RICS Rules of Conduct-what do they replace?
The new RICS Rules of Conduct replace the previous version of the rules and provide updated guidance on ethical and professional behavior. They are designed to ensure that members act with integrity, competence, and respect.
When do they take effect?
The new RICS Rules of Conduct took effect on 2 February 2022.
Reference: [2]
Who do they relate to?
The Rules of Conduct relate to all RICS members and regulated firms.
What are the 6 ethical principles that the Rules of Conduct are based on?
The 6 ethical principles are:
1. Act with integrity.
2. Always provide a high standard of service.
3. Act in a way that promotes trust in the profession.
4. Treat others with respect.
5. Take responsibility.
6. Act in a way that promotes sustainability.
What are the 5 Rules?
The 5 Rules are:
1. Ethical behavior.
2. Competence.
3. Service.
4. Lifelong learning.
5. Solvency.
Give an example behaviour for each.
- Ethical behavior: Always act honestly and with integrity.
- Competence: Maintain professional knowledge and skills.
- Service: Provide a high standard of service to clients.
- Lifelong learning: Engage in continuous professional development.
- Solvency: Ensure financial stability and sound management.
