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TECHNICALS > Ethics > Flashcards

Ethics Flashcards

1
Q

How do RICS ensure standards of professional conduct and practice are upheld?

A
  • RICS Rules of Conduct (effective 2nd February 2022)
  • The RICS rules apply to all members and firms regulated by RICS
  • The Rules of conduct are based on honesty, integrity, competence, service, respect and responsibility
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2
Q

What is Rule 1?

A

Rule 1: Members and firms must be honest, act with integrity and comply with their professional obligations including obligations to RICS.

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3
Q

What is Rule 2?

A

Rule 2: Members and firms must maintain their professional competence and ensure that services are provided my competent individuals who have the necessary expertise.

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4
Q

What is Rule 3?

A

Rule 3: Members and firms must provide good quality and diligent service.

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5
Q

What is Rule 4?

A

Rule 4: Members and firms must treat others with respect and encourage diversity and inclusion.

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6
Q

What is Rule 5?

A

Rule 5: Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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7
Q

What are model behaviours of Rule 1?

A
  1. Do not mislead others
  2. Do not be influenced by gifts
  3. Conflict of interests
  4. Give advice honestly
  5. Open and transparent with fees
  6. Prevent people being misled
  7. Do not take advantage of others
  8. Protect confidential information
  9. Protect client money safe
  10. Do not misuse client money
  11. Do not facilitate money laundering
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8
Q

What are model behaviours of Rule 2?

A
  1. Only undertake work they are knowledgeable and competent to do so
  2. Must supervise employees and ensure they have the necessary skills
  3. Must ensure subcontractors appointed have the necessary skills
  4. Reflect on work carried out and learn
  5. Maintain and develop their skills, plan, and carry out CPD
  6. Members and firms stay up to date with relevant legislation, codes of practice, and relevant documentation
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9
Q

What are model behaviours of Rule 3?

A

3.1 Members and firms understand clients’ needs and objectives
3.2 Agree the scope of service, its limitations and timescales
3.3 Inform clients they are regulated by RICS, and may need to disclose information to RICS for regulatory purposes
3.4 Inform client and seek agreement if fees need to be changed
3.5 Undertake work in a timely manner, due care, skill and diligence
3.6 Explain to clients the material information in which their advice is based
3.7 Must communicate clearly
3.8 Any referral of introduction is in the best interests on the client and any financial benefit is explained to the client.
3.9 Keep proper records
3.10 Encourage solutions that are sustainable, minimise harm and deliver balanced economic, social, and environmental.
3.11 Understand the risks and benefits of using relevant technology.
3.12 All data is kept up to date, stored securely and proper legal rights to use it
3.13 Have effective quality assurance for their work

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10
Q

What are model behaviours of Rule 4?

A

4.1 Respect the rights of others and treat others with courtesy
4.2 Treat people fairly and do not discriminate based on Age, Sex, Gender Reassignment, Sexual Orientation, Race, Ethnicity, Disability, Marriage or Civil Partnership, pregnancy or maternity, religion
4.3 Do not bully, victimise, or harass anyone
4.4 Firms check supply chains do not involve modern slavery or other abuses
4.5 Member and firms report abusive labour practices
4.6 Members and firms work cooperatively with others
4.7 Members and firms develop an inclusive culture, support equal opportunity for all and identify and address unconscious bias

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11
Q

What are behaviours of Rule 5?

A

5.1 Question practices that are not right and raise concerns
5.2 Support others when they raise concerns
5.3 Ensure public statements made my firms do not undermine the profession to the public
5.4 Respond to complaints made against them properly
5.5 Members and firms do not dissuade complaints
5.6 Members and firms cooperate with investigations regarding complaints
5.7 Members consider if any health conditions may affect their competence
5.8 Members and firms manage their professional finances responsibly.
5.9 Take appropriate action when rules have been breached.

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12
Q

The following professional obligations to RICS are mandatory for RICS members?

A
  1. Members must comply with the CPD requirements set by RICS.
  2. Members must cooperate with RICS.
  3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
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13
Q

What obligations are mandatory for RICS regulated firms?

A
  1. Complaint’s handling procedure
  2. Professional Indemnity Cover
  3. Sole Principal
  4. Cooperate with RICS
  5. Promptly provide all information
  6. Provide designation they are regulated by RICS
  7. Report any matter they are required to under the rules for firms
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14
Q

What are the various standards within RICS?

A
  1. Professional Statements - MANDATORY
  2. Guidance Notes - SHOULD DO ‘best practice’
  3. Assessment of Professional Competence - ENTRY
  4. Data standards - ADOPTIONS OF RICS INTO TECHNOLOGY
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15
Q

What is the ‘Black Book’ Suite of Guidance?

A

The ‘Black Book’ is a suite of guidance notes that define good standards for quantity surveying and construction professionals.

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16
Q
A
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17
Q
A
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18
Q

What is a conflict of interest?

A

A Conflict of Interest arises in a situation where there may be an actual, perceived, or potential risk that the professional judgement of a regulated firm or member will be compromised when undertaking an assignment.

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19
Q

What are the 3 different types of conflict outline in the RICS professional statement?

A
  1. Party Conflict
  2. Own Interest Conflict
  3. Confidential information conflict
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20
Q

What is a Party Conflict?

A

A party conflict is when a RICS regulated firm or member is acting in the interest of one party in an assignment which conflicts with a duty owed to another client related to the same assignment.

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21
Q

What is an ‘Own Interest Conflict’?

A

A situation in which the duty of an RICS member or regulated firm, acts in the interests of a client in a professional assignment which conflicts with the interests of the same RICS member/firm.

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22
Q

What is a ‘Confidential Information’ Conflict?

A

A conflict between the duty a RICS member or regulated firm, to provide material information to one client and the duty of that RICS member or firm to the keep that same information confidential.

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23
Q

What is the RICS professional statement regarding Conflicts of Interest?

A

Conflicts of Interest, 1st Edition, March 2017. Effective 1st Jan 2018

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24
Q

What is an information barrier?

A

An information barrier is an electronic of physical barrier that is set up within a firm to stop confidential information passing between parties.

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25
Q

What is informed consent?

A

Informed consent is when a party who might be adversely affected by a Conflict of Interest acknowledges the existence of that risk but still agrees to instruct an RICS regulated firm or member to proceed with that assignment.

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26
Q

When is informed consent appropriate?

A

It is only appropriate if informed consent is granted and the client or client’s interests are served by myself carrying out the work, and not my firms interests.

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27
Q

What are the conditions of informed consent?

A

The RICS member or firm is entirely transparent about any material factors and
– is sure that the party affected understands what they are doing (including the risks
involved and any alternative options available) and is doing it willingly.

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28
Q

If a client provides informed consent must you proceed?

A

No, I do not have to proceed with the assignment, I must always exercise my own professional judgement and decide if it is the correct thing to do.

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29
Q

What is important if you decide to proceed with informed consent?

A

A decision to proceed with a professional assignment by obtaining Informed Consent
should be recorded in the record maintained for that professional assignment, this will be auditable by RICS and will checked if a complaint arises.

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30
Q

How do you act with integrity?

A
  1. Being trustworthy in all that I do
  2. Always being open and transparent
  3. Respecting confidential information
  4. Not taking advantage of anyone
  5. Not allowing biased, or conflict of interest to influence me
  6. Not allowing gifts, hospitality or services influence my decisions
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31
Q

Why must you always act within your competence?

A

To ensure I do not advise clients incorrectly, that could lead to a complaint or claim of negligence.

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32
Q

Can you explain how you provide a high level of service at work?

A

1.

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33
Q

Can you explain how you treat others with respect?

A
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34
Q

Can you explain how you take responsibility?

A
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35
Q

What is the difference between ethics and integrity?

A
  1. Ethics are moral principles that govern a person’s behaviour or the conducting of an activity
  2. Integrity is the quality of being honest and having strong moral principles
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36
Q

What tool could you use to make an ethical decision?

A

I could consult the RICS ethics decision tree.

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37
Q

When is a firm required to register for regulation?

A

A. The firm provides surveying services to the public
2. The firm provides surveying services in Regulated Area A (UK)
3. At least 50% of the Firm’s Principals are RICS members

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38
Q

When is a firm eligible to register

A

Rule 4.1 when:
A. The firm provides surveying services to the public
B. At least 25% of the firm’s principles are RICS members

or….
a) the Head of regulations believe the firm is implementing an appropriate plan to secure compliance
b) the Head of regulations is satisfied that the firm is appropriately supported and supervised by another RICS-registered firm

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39
Q

What is a locum?

A

A ‘locum’ is effectively another professional who is appointed to ‘stand in’ for a surveyor if they are unable to work. This is required for a firm with a sole principal.

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40
Q

Who can be a locum?

A

Typically another chartered surveyor but can be a solicitor or accountant (trustworthy professional)

41
Q

What PII cover is related to Locums?

A

Locums need to be covered for any work they undertake whilst a sole practitioner is unavailable, this can be with the firms insurance or their own cover.

42
Q

What does CPD stand for?

A

Continued professional development.

43
Q

What are the CPD requirements for Chartered Surveyors?

A

Chartered surveyors must completed 20 hours of CPD a year, 50% of the hours must be formal.
Members must maintain an understanding of the RICS standards on a rolling 3 year period.
Members must record their CPD activity by 31st January.

44
Q

How is CPD recorded?

A

On the RICS website or on the APP.

45
Q

What tools are available to understand if CPD is formal or informal?

A

RICS CPD Decision Tree

46
Q

What is formal CPD?

A
  1. Professional training course.
  2. Structured online training.
  3. Learning that includes an assessment measure.
  4. Self managed learning if it has a clear outcome.
47
Q

What is informal CPD?

A
  1. Private study
  2. On-the-job training
  3. Attendance to informal seminars or events
48
Q

What sort of professional development have you done?

A
  1. CPD relevant to RICS ethical standards and regulation
  2. CPD relevant to my line of work
  3. Private study on the Black Book Suite of guidance
  4. Informal podcasts by the RICS
49
Q

How will you go about selecting CPD in the next 12 months?

A
  1. Identify areas of weak knowledge I can develop
  2. Consider hot topics in the industry
  3. Consider future projects and assignments
50
Q

How do you keep up to date with topical issues

A
  1. RICS website including Modus articles
  2. Discussing with colleagues
  3. Attending internal seminars
  4. Regularly read construction based news
51
Q

Can you accept a gift from a client, subcontractor or supplier?

A

I would not accept gifts, hospitality or services if it may suggest an improper obligation. I can accept in certain circumstances but I must always consider:
1. Timing of the gift or hospitality
2. Proportionality of the gift hospitality
3. Consideration to my impartiality if I accept

52
Q

What factors would you consider regarding a gift?

A
  1. What is the value of the gift being offered?
  2. Is it at an appropriate time?
  3. Is it proportionate to the working relationship?
  4. Will the gift effect by ability to act impartially?
  5. It is proportionate to other gifts being offered at the time?
  6. Who is it being given to?
53
Q

Can you explain the general overview of the New Rules of Conduct (February 2022)

A
54
Q

There are 5 New Rules of Conduct, can you please pick one and explain what it is?

A
55
Q

Give an example of one Rule that you comply with everyday?

A
56
Q

What is included in Appendix A (Professional Obligations) in the New Rules of Conduct?

A
57
Q

What do you need to do if you set up a practice?

A
58
Q

What are the CPD Requirements for a chartered surveyor? What about ethics?

A
59
Q

Why would you require Professional Indemnity Insurance if you were to set up your own private practice?

A
60
Q

How would you assess the level of PII you would need?

A
61
Q

Would the PII indemnity levels increase and your business expanded?

A
62
Q

When would you arrange PII run off cover, why and how long should you hold it for?

A
63
Q

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

A
64
Q

How would you determine the time period that run off cover would need to be provided?

A
65
Q

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

A
66
Q

How would you advise your client to give assurance as to how you were going to hold their money, so that it would be securely kept and accounted for?

A
67
Q

Why do we ring-fence clients money placed in our trust?

A
68
Q

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

A
69
Q

What would happen if you employer’s rules conflict with the RICS Rules? Which takes precedence?

A
70
Q

If a conflict of interest arose within your business, what advice would you give colleagues or clients on how to deal with it?

A
71
Q

If you carried out work for a client and he decided to pay you in cash, what advice would you give to them and would you readily accept it?

A
72
Q

Can you explain the process of safeguarding client’s interests in the event of death or prolonged illness of a sole trader?

A
73
Q

When does a firm have to register with RICS?

A
74
Q

What is locum employed for?

A
75
Q

Who can take on the role of a locum?

A
76
Q

If you recieved a complaint about the service you had provided, how would you deal with it and what timescales for responding?

A
77
Q

Discuss a relevant third-party redress mechanism and their role?

A
78
Q

If you friend asked you an opinion on a project, they were considering carrying out what advice would you give them?

A
79
Q

If you and a colleague were invited to a consultants Christmas Party, what advice would you give to your colleague, what are the guidelines for dealing with an offer of a gift or hospitality and when may acceptance be appropriate?

A
80
Q

What would you advise if a client approached you and asked if you would work for them directly instead of your employer to reduce their cost?

A
81
Q

How would you describe ‘conduct befitting’ a Chartered Surveyor?

A
82
Q

What laws and regulations govern the formation and working of the RICS?

A
83
Q

What is a money laundering red flag?

A
84
Q

What current challenges is Covid and/or Brexit bringing to Conduct & Ethics?

A
85
Q

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

A
86
Q

How did you what you did relate to your company’s complaints handling procedure?

A
87
Q

Talk me through your role in resolving the complaint?

A
88
Q

How did this relate to Rules of Conduct?

A
89
Q

Does your employer need to comply with RICS rules related to dealing with complaints?

A
90
Q

How does your employer’s complaint’s handling procedure differ from the RICS requirements?

A
91
Q

What ethical considerations did you give advice about?

A
92
Q

What advice did you give?

A
93
Q

Talk me through the steps that you took to address the situation?

A
94
Q

What alternative options were available to address the situation?

A
95
Q

Did you use the RICS ethical decision tree to help you with this situation?

A
96
Q

Talk me through how the decision tree works?

A
97
Q

Is it appropriate to offer a client a trip to see their favourite team play football?

A

No, that would not be appropriate.

98
Q

Is my organisation allowed to hold contact details for clients under the Data Protection Act?

A

Yes they can hold information directly related to the business activities

99
Q

What requirements do RICS place on a quantity surveying company about the management of complaints?

A

RICS requires all organisations that fall under their governance to have a formal complaints procedure that RICS and clients can inspect.

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