Ethics Flashcards

1
Q

What are the 4 levels of membership?

A
  1. FRICS
  2. MRICS
  3. Assoc RICS
  4. Student
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2
Q

What is the RICS guidance on Ethics and professionalism?

A

Rules of Conduct 2021

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3
Q

What is the purpose of the Rules of Conduct?

A

It ensures consistency and clarity.

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4
Q

What are the changes to the RICS Rules of Conduct 2021?

A

Provides a simpler structure

gives clear examples

focus on respect, diversity and inclusion

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5
Q

What are the 3 professional obligations to the RICS?

A
  1. Members must comply with their CPD.
  2. Members must cooperate with the RICS.
  3. Members must promptly provide all information reasonably requested.
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6
Q

What is PII?

A

Professional Indemnity Insurance

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7
Q

What is the minimum level of cover for PII for RICS regulated firms?

A

Revenue of £0-£100,000 = £250,000

Revenue of £100,000 - £200,000 = £500,000

Revenue of £200,000+ = £1,000,000

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8
Q

How long should you hold data for?

A

6 years

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9
Q

How long should your run off cover be?

A

6 years

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10
Q

When are you required to register a firm under the RICS?

A

If,
a. you are a surveying firm
b. 50% or more of the principals are RICS members

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11
Q

What is your complaints handling procedure?

A
  1. request complaint in writing to CHO
  2. CHO acknowledges complaint within 7 days
  3. CHO confirm resolution result within 21 days
  4. Right to appeal
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12
Q

What is the RICS Disciplinary Panel?

A
  1. Conduct Committee - can serve a fixed penalty notice
  2. Disciplinary panel - can issue caution against repetition of conduct / impose fine / expel
  3. Registration panel
    Appeal Panel
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13
Q

What is the required CPD for a member of the RICS?

A

20 hours

10 informal / 10 formal

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14
Q

What piece of legislation is there for Bribery?

A

Bribery Act 2010

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15
Q

What is the Bribery Act 2010?

A

It sets out the different types of bribers and the procedures and penalties in place.

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16
Q

What are the penalties for non compliance with Bribery Act 2010?

A

Unlimited fine and up-to 10 years in prison.

17
Q

Who enforces the Bribery Act?

A

The serious fraud office.

18
Q

Who is the current RICS president?

A

Tina Pailet

19
Q

What do you understand by the term self-regulation?

A

The ability to enforce bye-laws on it’s members with the ability to issue penalties.

20
Q

What is a bye-law?

A

It is a rule made by an organisation.

21
Q

Give me an example of one of the RICS Bye-laws?

A

Members must comply with their CPD.

22
Q

What is PII aggregation clause?

A

It is a clause that allows or requires a numbers of claims to be treated as a single claim.

23
Q

In negligence claim, what would help to show you acted with consideration and due process?

A

Good record keeping, and intent to resolve the underlying issue.

24
Q

What is a red flag of money laundering?

A
  • transactions involving companies in sanctioned jurisdictions
  • large volumes of transactions
  • large amounts of cash
  • unusual transfers
  • activity out of the ordinary
25
Q

How long should you keep anti-money laundering records for?

A

5 years

26
Q

What legislation is there for money laundering?

A

The money laundering, terrorist financing and transfer of funds 2017

27
Q

What is the role of the RICS?

A
  1. Advancing the highest ethical and technical standards
  2. Protecting & providing benefits to consumers by enforcing standards and codes of best practise
  3. providing expert and impartial advice
  4. Equipping members with advice & trainings
28
Q

What are the 5 benefits of RICS membership?

A
  1. Status
  2. Recognition
  3. market advantage
  4. knowledge
  5. network
29
Q

What international standards are there?

A

RICS Valuation - Global Standards

International Property Measurement Standards

30
Q

What is the difference between conflict avoidance and management?

A

Conflict avoidance is where you do not accept an instruction.

Conflict management is where you accept the instruction but have steps in place to manage the conflict.

31
Q

What RICS Guidance is there for conflict of interest?

A

RICS Professional Standard Conflict on Interest 2017.

32
Q

What is the 3 step process of conflicts of interest?

A
  1. Conflict Avoidance
  2. Written advice to both parties
  3. Conflict Management
33
Q

What RICS Guidance is there for Complaints Handling?

A

Guidance Note on Complaints Handling 2016

34
Q

What are the 4 requirements of continuing professional development?

A
  1. Members must record a minimum 20 hours
  2. Members must record 10 hours formal and 10 hours informal
  3. Members must maintain relevant knowledge of Rules of Conduct in a rolling 3-year period.
  4. Members must record their CPD on the RICS Management System.
35
Q
A
36
Q
A