Ethics Flashcards
What are the 4 levels of membership?
- FRICS
- MRICS
- Assoc RICS
- Student
What is the RICS guidance on Ethics and professionalism?
Rules of Conduct 2021
What is the purpose of the Rules of Conduct?
It ensures consistency and clarity.
What are the changes to the RICS Rules of Conduct 2021?
Provides a simpler structure
gives clear examples
focus on respect, diversity and inclusion
What are the 3 professional obligations to the RICS?
- Members must comply with their CPD.
- Members must cooperate with the RICS.
- Members must promptly provide all information reasonably requested.
What is PII?
Professional Indemnity Insurance
What is the minimum level of cover for PII for RICS regulated firms?
Revenue of £0-£100,000 = £250,000
Revenue of £100,000 - £200,000 = £500,000
Revenue of £200,000+ = £1,000,000
How long should you hold data for?
6 years
How long should your run off cover be?
6 years
When are you required to register a firm under the RICS?
If,
a. you are a surveying firm
b. 50% or more of the principals are RICS members
What is your complaints handling procedure?
- request complaint in writing to CHO
- CHO acknowledges complaint within 7 days
- CHO confirm resolution result within 21 days
- Right to appeal
What is the RICS Disciplinary Panel?
- Conduct Committee - can serve a fixed penalty notice
- Disciplinary panel - can issue caution against repetition of conduct / impose fine / expel
- Registration panel
Appeal Panel
What is the required CPD for a member of the RICS?
20 hours
10 informal / 10 formal
What piece of legislation is there for Bribery?
Bribery Act 2010
What is the Bribery Act 2010?
It sets out the different types of bribers and the procedures and penalties in place.
What are the penalties for non compliance with Bribery Act 2010?
Unlimited fine and up-to 10 years in prison.
Who enforces the Bribery Act?
The serious fraud office.
Who is the current RICS president?
Tina Pailet
What do you understand by the term self-regulation?
The ability to enforce bye-laws on it’s members with the ability to issue penalties.
What is a bye-law?
It is a rule made by an organisation.
Give me an example of one of the RICS Bye-laws?
Members must comply with their CPD.
What is PII aggregation clause?
It is a clause that allows or requires a numbers of claims to be treated as a single claim.
In negligence claim, what would help to show you acted with consideration and due process?
Good record keeping, and intent to resolve the underlying issue.
What is a red flag of money laundering?
- transactions involving companies in sanctioned jurisdictions
- large volumes of transactions
- large amounts of cash
- unusual transfers
- activity out of the ordinary
How long should you keep anti-money laundering records for?
5 years
What legislation is there for money laundering?
The money laundering, terrorist financing and transfer of funds 2017
What is the role of the RICS?
- Advancing the highest ethical and technical standards
- Protecting & providing benefits to consumers by enforcing standards and codes of best practise
- providing expert and impartial advice
- Equipping members with advice & trainings
What are the 5 benefits of RICS membership?
- Status
- Recognition
- market advantage
- knowledge
- network
What international standards are there?
RICS Valuation - Global Standards
International Property Measurement Standards
What is the difference between conflict avoidance and management?
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.
What RICS Guidance is there for conflict of interest?
RICS Professional Standard Conflict on Interest 2017.
What is the 3 step process of conflicts of interest?
- Conflict Avoidance
- Written advice to both parties
- Conflict Management
What RICS Guidance is there for Complaints Handling?
Guidance Note on Complaints Handling 2016
What are the 4 requirements of continuing professional development?
- Members must record a minimum 20 hours
- Members must record 10 hours formal and 10 hours informal
- Members must maintain relevant knowledge of Rules of Conduct in a rolling 3-year period.
- Members must record their CPD on the RICS Management System.
