Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RICS > Ethics > Flashcards

Ethics Flashcards

1
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

When was RICS founded?

A

1868

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

When did RICS get the royal charter?

A

1881

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is RICS and its role?

A

High profile international institution offering advice on property and construction, regulating and promoting, high professional standards, and to protect clients and their interests.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 5 rules of conduct?

A

Rule 1 - Honest, act with integrity and comply with their professional obligations
Rule 2 - Maintain professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3 - Provide good-quality and diligent service.
Rule 4 - Treat others with respect and encourage diversity and inclusion.
Rule 5 - Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q
  1. Can you give an example behaviour, or explain your understanding of rule X?
A

Rule 1. –
i. Transparent about fees and services
ii. Identify potential conflicts of interest
iii. Don’t accept gifts

Rule 2. –
i. Only undertake the works where you have the knowledge
ii. Undertake CPD

Rule 3. –
i. Data – QAQC process
ii. Scope of services

Rule 4. –
i. Respect other and treat with courtesy
ii. Do not bully or harass anyone

Rule 5. –
i. Whistleblowing – raise concerns when something is not right
ii. Respond to complains promptly, and don’t dissuade complaints

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

When did the rules of conduct come into force?

A

February 2022

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is lionheart?

A

An independent benevolent charity to offer assistance to RICS members and families

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What does CPD stand for?

A

a. Continuing Professional Development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the difference between formal and informal CPD?

A

Formal is structured training with clear defined learning outcomes, whereas informal is based on self assessment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What’s the motto of the RICS?

A

Est modus in rebus – there is measure in all things

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q
  1. What is the structure of the RICS?
A

The royal charter of RICS means to act in public interest. There is a governing council supported by the Executive Board and the Standards and Regulations Board. The executive board sets RICS vision and strategy in motion, the S&R board exercises RICS regulatory functions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the role of RICS?

A

Promote high standards, protect clients, and offer impartial advice, as well as governing the surveying practice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How do you promote trust in the profession?

A

Act in trustworthy manner, adhere to RICS rules of conduct, and professional obligations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Are you aware of the guidance on use of RICS logo?

A

I am aware there is guidance and rules on how to use the RICS logo, cant use the logo if you’re not a registered member

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What types of insurance are there that firms need?

A

Public Liability - protect against damage to third parties
Employer’s Liability - protect against harm to employees
Professional Indemnity - professional negligence or breach of contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is Professional Indemnity Insurance?

A

Provides financial cover in the event a client suffers financial loss as a result of a breach of professional duty through neglect, errors or omissions through advice or services provided.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What standards should PII meet?

A

An each and every claim basis or aggregate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the maximum level of uninsured excess? (the part of each claim the firm must pay itself)

A

a. Depends on the level of indemnity
b. Up to 10mil = greater of 2.5% of insured sum or £10,000
c. Over 10mil = no limit set

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is your companies PI cover?

A

£20million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

If you made a mistake in your cost plan what would your insurance company expect?

A

For you to notify them and comply with any conditions / procedures set out in the insurance policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Are you familiar with the term limit of liability and where would it be used?

A

a. Limit of liability is used to place a cap on the level of exposure a business signs up to.
b. In the aggregate means as a maximum after many different claims.
c. If cover is for each and every claim, it is that level for each claim.
d. Anything not covered by PI insurance can be gone after so assets could be at risk. As such, companies try and place a limit of exposure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

How would a net contributions clause affect this?

A

Net contribution clauses seek to ensure that the consultant’s liability is only for the loss they cause. If another party is also responsible for loss the client will have to sue them separately

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

If an estimate prepared by a QS is incorrect can the client claim damages?

A

a. Not necessarily
b. An estimate that is incorrect in itself will not provide the client with a right of redress
c. The client must demonstrate that the QS warranted the accuracy of the estimate OR that it was incorrect due to a lack of reasonable skill and care
d. It could have been incorrect due to reasons outside their control e.g. market conditions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What do you need to set up a company?

A

a. Need complaints handling procedure
b. H&S policy
c. Provide CPD and training
d. Register with companies house
e. Insurances
f. Must have locum agreement in place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What do you need to do to be RICS registered by regulation

A

a. At least 50% of employees must be qualified RICS professionals
b. Agree to and implement RICS rules of conduct
c. Must provide surveying services to the public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What information do firms have to send to RICS annually?

A

Client base, insurances, CHP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are the 5 principles of better regulation?

A

a. PACTT
b. Proportionality
c. Accountability
d. Consistency
e. Transparency
f. Targeting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Can you name Rule 3 and advise of some behavioural examples?

A

Members and firms must provide good-quality and diligent service
e.g.- Members and firms agree with clients the scope of the service to be provided and its limitations, and timescales for the work.

30
Q

What is classed as bribery?

A

The offer or acceptance of an advantage as an inducement for an action that is illegal.

31
Q

What are the 6 principles of the bribery act? (Prevention)

A

a. Principle 1: Proportionate Procedures.
b. Principle 2: Top Level Commitment.
c. Principle 3: Risk Assessment.
d. Principle 4: Due Diligence.
e. Principle 5: Communication (including Training)
f. Principle 6: Monitoring and Review.

32
Q

Can you accept cash payments? If so, what is the limit?

A

RLB policy is to not accept cash payments, if I set up my own business, I would adopt this approach.
If there was no other option I would validate the amount of payment, if it could be perceived as a dodgy amount, and whether it would be one off or rolling monthly. I would also ask for record of where the cash has come from, to protect against money laundering. I would ensure that the payment is followed with paperwork, invoices, and any communication is in writing

33
Q

If a client pays you up front for work still to be completed months ahead, what do you do?

A

Part of RLBs policy to not accept this, and as my own firm I would adopt this principle.
However, I understand a separate bank account should be set up to draw down funds from over time if necessary.

34
Q

Where are the Professional Obligations to the RICS set out in the Rules of Conduct Document?

A

Appendix A

35
Q

Can you give an example of professional obligations?

A

a. Must comply with CPD
b. Must co-operate with RICS
c. Complaints handling procedure

36
Q

If a company is to cease trading, what do they need to have in place?

A

Run Off Cover

37
Q

How long is this required for?

A

6 years or 12 years

38
Q

What is the minimum limit for run off cover?

A

£1 million

39
Q

What is pool re cover?

A

Terrorism cover – Pool Re was an insurance company set up to be used for terrorism specific insurance claims.

40
Q

What is a net contribution clause?

A

Means the insured can only be sued for advice actually given. The suer, sues everyone privy to the contract or involved and the insurer chases all of them and all parties must agree who was un the wrong.

41
Q

What are the CPD requirements for a year?

A

20 hours per year for chartered professional, minimum 50% Formal

42
Q

How do you differentiate between formal and informal CPD?

A

I use the RICS CPD decision tree

43
Q

What is the Levitt report?

A

Commissioned by RICS following a treasury audit where RICS had to extend its overdraft by £3m due to poor cashflow forecasting.an independent review was commissioned.

RICS governing council are to have more oversight on internal dealings, and are briefed by a management board as opposed to a CEO.

44
Q

What are some offences of the bribery act?

A

Making a bribe, receiving a bribe
Applies to all UK entities

45
Q

What are the types of conflict of interest?

A

Party conflict – working for two clients and owe a duty to both conflicts
Own interest conflict – typical scenario where own interests are at stake
Confidential information conflict – if obliged by one party to keep info and another party to destroy that info

46
Q

What are the RICS by-laws?

A

What the RICS has to operate by such as: Application and definitions / Membership and registration / Designations / Contribution to funds / conduct

47
Q

If you are working in UK in a company with HQ in Dubai, do you have to adhere to the bribery act?

A

If the company has dealings where I’m working, then I adhere to that countries bribery rules.

48
Q

If a mate asks you to provide QS advice, what do you do?

A

Politely decline, as I have no PI, say they can find surveyors online, or I can provide a fee and go through with my firm.

49
Q

Why is feedback important from a client?

A

It helps highlight areas of good work or areas for improvement, this allows betterment of the person/profession as a whole to provide a proper professional service to clients

50
Q

Are you aware of any guidance that applies to RICS members when using social media?

A

There is a guidance note, use of social media 2021.

51
Q

What is the Birchard Review?

A

Aimed to create new sense of purpose of RICS, and a proposed structure, and implemented RICS Matrics.

52
Q

What is the Levitt Review?

A

External audit found wrongdoings or miscalculations of cashflows. Therefore structure in RICS was changed so the management board report to a governing council

53
Q

What does your company’s bribery and ethical policy say about gifts and hospitality?

A

Hospitality must be recorded on the system, if larger than small gifts or routine meals. Can accept larger gifts if there is reasonable business rationale, prior approval is obtained (if over £100), and its recorded on the system.

54
Q

Contractor offers you a bottle of wine at Christmas. do you accept it?

A

Is it proportional and in line with gifts policy. Any gift above £20 would be rejected, therefore most likely I would accept this.

55
Q

When have you acted with integrity

A

Client asked me to agree on wording for appointments, I realised this was outside my area of expertise and experience, so I invited an associate to a meeting to advise.

56
Q

Can you give an example of One Rule of Conduct and how you have used it today?

A

Rule 2 details that members should maintain professional competence, ensuring that advice is given only when they have the knowledge or expertise, I have acted in this manner by responding to questions in a professional and honest manner, being sure to make it known when a question is not known, or I do not have the expertise to advise on.

Rule 3 is about providing a good quality and diligent service, I have acted today to communicate clearly to the panel in a way you can understand

57
Q

If a client asks you to match a fee ‘ got from someone else, what do you do?

A

I inform the client I will not be able to immediately match the fee as I have to assess the scope of services and produce my own fee proposal aiming to make it within their requirements, as this would pose too much risk for my firm to take on work blindly.

58
Q

How do you ensure a fair tender process?

A

Make sure all tenderers have the same info available, especially mis tender when queries and clarifications are made

59
Q

On data centre, you advised on scoring matrix, how did you do this?

A

Ensured the matrix and scores were reviewed by a senior colleague first, as well as running through the report twice on screen with the client prior to issuing.

60
Q

When you advised a colleague on receiving gifts what considerations did you make them aware of?

A

a. What is currently happening on the project?
b. What is the value of the gift, is it larger than £100 (company’s limit)
c. Could it be seen that there is intent behind it

61
Q

What is informed consent, and can you give an example of when you encountered and dealt with it?

A

a. When someone is given all the information prior to taking an action, or doing an activity for someone, before acting.
b. I have encountered this when agreeing to companies and client handling and storing my data.

62
Q

What is conflict of interest, and can you give an example of when you encountered and dealt with it?

A

a. When someone’s judgment is affected or unreliable because of a clash of personnel, where their goals and actions become self-serving based on the second party’s involvement.
b. I have not dealt with a conflict of interest in my career to date, however I am aware that I must comply with rule 1 of RICS rules of conduct if I do notice it.

63
Q

If you were successful today, and went away and established your own surveying practice, what would you need to have in place?

A

a. Need complaints handling procedure
b. H&S policy
c. Provide CPD and training
d. Register with companies house
e. Insurances
f. Must have locum agreement in place

64
Q

Have you heard the Term Run-Off Cover in relation to Professional Indemnity Insurance?

A

Run-off cover is a form of PI that applies when a business or individual stops trading, typically 6/12 years.

65
Q

What would you do if a Client offered to pay for all of your Services in Advance?
What would you do if he offered to pay for your Services for the Entire project in Cash?

A

I have read the RICS Professional Statement Client Money Handling 1st edition
I would advise the client that I have a 0 cash handling policy, if they insisted I they would have to put the money in a client bank account and a fee drawdown would have to be set out and agreed. Scope of services would still have to be clearly defined and met as any other project.
It would have to be exclusively client controlled and not any fees paid in advance would not be covered by the client money protection scheme.

66
Q

What do you understand the Term Locum to mean in relation to a Sole Practioner?

A

A locum is an individual to act in place of the sole practitioner in the event of absence/death

67
Q

You mention complaints handling, What is your company’s Complaints Handling Procedure?

A
  • Acknowledge the complaint in writing (letter)
  • Complainant assigned a “Key Client Contact” (Senior Person) who will attempt to remedy the complaint within 5 days.
  • If still unsatisfied it is referred to a Director and responded to within 28 days.
  • Then referred to Mediation (ADR) Centre for Dispute Resolution (CEDR) Model Mediation Procedure or the mediation process operated by the Royal Institution of Chartered Surveyors
68
Q

You say that you’re aware of the Bribery Act, Can you tell me the penalties that are enforceable under the Bribery Act 2010?

A
  • 10 years imprisonment and/or unlimited fine
  • Directors convicted will likely be disqualified for significant period
69
Q

So you come out of your interview today and you are notified that you have been successful. If you wanted to set up your own firm, how would you go about this? (register with the RICS)

A

o Form on RICS website (company information/ contact officer etc.)
* Abide by the Rules of Conduct for Firms
* Obtain adequate Professional Indemnity Insurance
* Operate a Complaints Handling Procedure
* Provide adequate training for staff (CPD)
* Have appropriate policies in place, i.e. H&S/ Money laundering etc.
* Appoint a contact officer
(Note – no fee for registration)

70
Q

When is a firm required to register for regulations?

A
71
Q

What are examples of modern slavery?

A
  • Child labour
  • Forced Labour
  • Trafficking
72
Q
A

RICS (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions