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My RICs Commercial APC > Ethics > Flashcards

Ethics Flashcards

Level 3

1
Q

What are the RICS rules of conduct for professionals?

A

Rule 1 - All must be honest, act with integrity and comply with the professional obligations
Rule 2 - All must maintain professional competence and ensure services provided by competent individuals
Rule 3 - All must provide a good quality and diligent service
Rule 4 - All must treat others with respect and promote diversity and Inclusion
Rule 5 - All must act in the public interest and maintain public confidence and take responsibility

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2
Q

RICS professional obligations for firms?

A

1) Complaints handling procedure with ADR
2) Adequate PI in line with RICS
3) Sole principle recover if required
4) RICS Co-Operation
5) Submit information to RICS regs board in a timely manner when requested
6) Display RICS on business literature
7) Report to RICS on anything under registration of firms

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3
Q

RICS professional obligations for members?

A

1) Comply with CPD policy
2) Co-operate with RICS
3) Provide information to the RICS regulations board in a timely manner when requested

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4
Q

Why do you want to become a RICS member?

A

1) To develop my expertise and knowledge
2) To enable myself to offer the best possible service to my clients
3) To inspire the next generation of surveyors

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5
Q

Bodies within RICS?

A

Lion heart - A Christy which supports post and present RICS professionals

Matrix - Community which offers early career support

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6
Q

What do the RICS rules of conduct replace?

A

Came into effect in Feb 2022 replacing the previous version from 2007 and moved from 3 documents to one with Apendix A
Introduced for number of reasons:
- Simpler Structure
- Clear examples
- Focus on diversity and inclusion
- Understanding technology & data
- Tackle global challenges

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7
Q

CPD Policy?

A

20 Hours per year
10 of which must be formal
All must be recorded with RICS by the 31st Jan of the following year
Must maintain relevant understanding of ethical standards on a 3 yr rolling basis

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8
Q

What is a Bye-Law

A

Regulation made by the RICS
Every firm must comply with
Made pursuant to Article 16 & 17 of the charter

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9
Q

Examples of a Bye Law?

A

Law 5 - Conduct
5.2 - Conduct for Members
5.3 - Conduct for Firms

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10
Q

When was RICS founded?

A

1868

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11
Q

Principles of better regulation?

A

5 principles which all firms must adopt:
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency

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12
Q

What does the term self-regulate mean?

A

RICS operates under its own regulatory framework, rather than legislated by the government

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13
Q

What documents govern RICS?

A

Royal Charter
Bye-laws & regulations
Standing order

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14
Q

RICS CEO?

RICS President?

A

CEO - Richard Collins

President - Tina Paillet

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15
Q

Different types of conflict of interest?

A

Party Conflict
Own interest conflict
Confidential Information Conflict

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16
Q

What is the Royal Charter?

And who granted it?

A

Formal document issued by the privy council in 1881 which gives right or power to an individual or body, in this case the RICS

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17
Q

RICS mission statement?

A

Enforce and promote the highest ethical and technical standards

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18
Q

RICS disciplinary procedures?

A

Investigated by the head of regulation:

Less serious
- Regulatory compliance order
- Fine or Caution

More serious
- Disciplinary Panel
- Conduct a hearing
- Sanctions from fine to expulsion

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19
Q

When did RICS last update their discipline panel?

A

October 2019

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20
Q

Meaning of professional practice?

A

Conduct / work of someone from a particular profession
Professionals are occupations that require prolonged period of education and training

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21
Q

Money laundering regulations/legislation?

A

Proceeds of crime act 2002
Money laundering, terrorist financing and transfer of funds regulations 2017

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22
Q

Bribery Legislation?

A

Bribery act 2010

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23
Q

What is a bribe?

A

It’s a criminal offence
Offer, giving or acceptance of any financial or other advantage to induce that person or others to act improperly

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24
Q

Bribe penalties?

A

Unlimited fines
Up to 10 years in prison

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25
Q

Money laundering penalties

A

Fine
Upto 14 years in prison

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26
Q

RICS Ethics v Rules?

A

Ethics - Moral Values
Rules - Framework that must be adhered to

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27
Q

Purpose of RICS rules of conduct?

A

Support positive change in the built environment
Promote & Enforce the highest ethical standards
Provide a structure for making ethical decisions
Apply to all members and firms worldwide

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28
Q

RICS requirements on PI insurance?

A

PI protect against claims as a result of negligence service
Based on firms turnover:
- £100k or less - £250k limit
- £100k to £200k - £500k limit
- £200k or more - £1m limit

Run off cover just be in place for six years
Must of be on an “each & every” claim basis
Cover all past & present employees, directors and partners

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29
Q

What actions would call for disciplinary procedures?

A

Complaint
Misconduct
Professional Incompetence
Bye- law breaches
Criminal Convictions

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30
Q

Structure of RICS

A

Pricy Council
Governing Council
Standards and Regs Board
&
RICS Board

31
Q

What is the Levitt Report? And it’s recommendations?

A

Report commissioned in 2018 due to the RICS having to extend its overdraft by £3n due to inaccurate cash flow forecasting

It concluded there was an internal power struggle due to the two board structure, however no evidence of improper or illegal conduct

32
Q

Example behaviours of rule 1?

A

I declined a gift at Christmas
Identified conflicts of interest on Leebotwood

33
Q

Example behaviours of rule 2?

A

I supervise any employees undertaking work on behalf of myself, ensuring all work is completed to a competent standard

34
Q

Example behaviours of rule 3?

A

EXAMPLE
When receiving a CE from a client, I ensure requirements, along with timescales are clear prior to proceeding with any work

35
Q

Example behaviours of rule 4?

A

EXAMPLE

36
Q

Example behaviours of Rule 5?

A

EXAMPLE
I often question practices & decisions that aren’t correct, one example was the FTC increased significantly on Flying Start one month, and the WLPM questions whether it would be better to split the increase over two months to the Client. I advised this was incorrect and we should be honest

37
Q

How to keep up to date on “hot topics”?

A

Regularly review RICS website
Register with key CPD providers
Construction industry news

38
Q

RICS international headquarters?

A

Parliament Square, London

39
Q

RICS motto?

A

‘Est modus in rebus’

There is measure in all things

40
Q

Why must you only act within your professional capabilities?

A

To ensure I do not mislead or offer incorrect advise to my clients which could impact them or myself

41
Q

Tools produced to help with Ethical Decisions?

A

RICS Ethics Decision Tree

42
Q

What is a locum?

A

Another professional who ‘stands in’ for the surveyor if they are unable to works.
Will be another chartered surveyor or trustworthy professional

43
Q

What does CPD stand for?

Difference between formal and informal?

A

Continued Professional Development

Formal - Structured learning with clear objectives/outcomes

Informal - Self-managed learning

44
Q

How do you select CPD subjects?

A

Weak / limited areas of knowledge

Industry hot topics

Upcoming / future projects

45
Q

New definitions for professional guidance, and their purpose

A

Professional Standard - Set’s requirements that members MUST follow
Practice Information - Guidance to support RICS members

46
Q

What is the black book?

A

Collection of technical documents which cover all processes throughout the construction life cycle:
- Commercial management of construction
- Subcontracting
- Cost reporting
- Tendering strategies

47
Q

Why do RICS publish guidance notes and must they be followed?

A

If a RICS member faces a disciplinary hearing, they will need to evidence they acted with competence, which can be achieved by complying with RICS guidance

48
Q

RICS guidance on social media?

A

Guidance note from RICS - Use of Social Media: Guidance for Members

Came into affect from 30th June 2021

Main takeaway - Standards do not change because they are communicating through social media

49
Q

Role of Standards & Regulations Board?

A

Responsible for RICS regulatory functions:
- Strategy
- Governance
- Structure
- Policy

50
Q

What is modern slavery? Examples?

A

Illegal exploitation of people, which can include:
- Forced labour
- Debt bondage labour
- Human trafficking
- Child Slavery
- Forced Marriage

51
Q

What measures do I take to avoid PI claims?

A

Follow RICS Rules of Conduct
Follow RICS Guidance notes / professional Standards
Keep detailed records of meetings
Use proper letters and contract documents

52
Q

How would you protect your client’s interests if you decided to give up practice?

A

Inform clients of closure
Deal with client money outstanding in your client account.
Notify professional indemnity insurers and arrange run off cover.
Make arrangements in respect of files and digital records you are holding to keep them safe and confidential for as long as required.
Notify former clients for whom you are holding leases or other original documents.
Confidentially destroy any documents you do not need to keep
Inform RICS & deregister the firm
When you have ceased to practise, ensure that anyone trying to contact you will be notified that you have closed.

53
Q

With regards to client’s money, how should you name the bank account you are required to set up for this purpose?

A

The account title includes the word ‘client’

54
Q

Why do we ring-fence Clients’ Money placed in our trust?

A

Reducing the risk of misuse or incorrect spend
Market Volatility
Taxation
Bankruptcy

55
Q

What would be your approach of the client wished to pay you in advance for your services?

A

Understand clients reasoning
Be clear and agree service to be provided, with agreed time periods
Ensure funds are segregated in a separate bank account
Ensure every correspondence/transaction is documented
Have an agree re-fund policy

56
Q

What would happen if your employer’s rules conflicted with the RICS rules? Which takes precedence?

A

In cases of conflict, I’d comply with the RICS Rules, as it is my obligation as a chartered surveyor to adhere to the Ethical and Professional Standards set by the RICS

If a conflict did rise, I would explain the conflict to my employer and ensure HR/Legal are aware

57
Q

When does a firm have to register with the RICS?

A

When offering surveying services to third parties
And where 50% or more of the principals are RICS members

58
Q

What Laws and regulations govern the formation and workings of RICS?

A

Royal Charter: The Royal Charter is a legal document and provides the framework for RICS’ establishment and operation.

Bylaws and Regulations: RICS has its own set of bylaws and regulations that govern its internal operations, membership requirements, disciplinary procedures, and other matters.

Statutory Regulations: RICS’ activities may be subject to various statutory regulations and laws, depending on the jurisdiction in which it operates.

Professional Standards and Guidance: RICS publishes professional standards, guidance notes, and best practice documents to provide guidance to its members on various aspects of surveying practice.

59
Q

Brexit’s effect on RICS?

A

RICS position is unequivocal: independently-led regulation and are unaffected by the terms of the UK’s exit from the EU.

60
Q

How does ethics and conduct affect the environment we live and work in?

A

The Rules of Conduct support positive change in the built and natural environments
Encourages trust, inclusion and diversity
Positive organisational culture

61
Q

Maximum level of uninsured excess?

A

Upto £500k indemnity = greater of 2.5% insured sum or £10k
Over £500k = 2.5% of the insured Sum

62
Q

Examples of RICS Help Sheets?

A

CHP
Ethics Decision Tree
CPD

63
Q

What information do registered firms have to send to the RICS annually?

A

Annual return, which includes:
- Type of business
- Client money information
- Training Provisions
- Complaints Handling Procedure
- PI Insurance Details

64
Q

Appendix A of Rule of Conduct?

A

Professional obligations for members and firms

65
Q

How do you ensure you operate inline with RICS guidance on use of social media?

A

I always use social media in a responsible and professional manner
Communicate via social media the same way I would through face to face or written communication

66
Q

When would the RICS investigate a social media post?

A

If it was:
- Dishonest
- Discriminatory
- Abusive

67
Q

RICS Black Book Document Updates?

A

RICS is planning a major update to its Black Books which is expected to be published in 2025

68
Q

MERRIT VS BABB Case Law?

A

Highlights importance of having run-off cover:
- Surveyor was sued for negligence by a former client
- Surveying firm was no longer in existence and there was no run off cover in place
- The individual surveyor was pursued for damages successfully

69
Q

Aims of RICS Business Plan 2024?

A

Incorporating the Levitt Report Recommendations
Maintain and increase demand for RICS qualifications
Reduce RICS’ need to access external financial support

70
Q

What were the recommended implementations of the Levitt Report?

A

18 recommendations made.
Aimed at improving RICS transparency, whistleblowing procedures and overall RICS culture.

71
Q

If you set up a new practice on your own and you estimate that your initial turnover will be up to £100,000 what level of profession indemnity cover would you need to take?

A

£250,000

72
Q

Where would you buy this insurance from?

A

An RICS approved underwriter listed on the RICs website

73
Q

What do you understand by the meaning ‘runoff cover’?

A

Insurance for Claims made against a law firm after it has stopped doing business

My RICs Commercial APC (12 decks)

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