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Ethics Flashcards

1
Q

What is the role of the RICS

A

1 Accredits professionals
2 Set, maintain and regulate standards
3 provides advice to gov and policy makers
4 gives clients security their interests are cared for

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2
Q

5 principles of rics regulations

A

PACTT
Proportionality - non compliance to regulations should have proportional solutions w regards to risk/cost
Accountability - rics regulators must be able to justify decisions
Consistency - fair and consistently across regulators
Targeting - should focus on key points
Transparency - clearly define and communicate regs to members and firms

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3
Q

How does rics maintain prof standard

A

5 ethical standards
5 rules of conduct

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4
Q

What are the RICS ethical standards - w examples

A

STIRR
1. High Standard of Service
- clear on service provided, clear on scope, act within it, pay fees on time,
Regular client reporting, tailoring approach to suit client, ensuring payments are made in time

  1. Promote trust in the profession
    Promote you, the company and the profession
    Eg responding and dealing w neighbours
  2. act w integrity
    Trustworthy, ensuring confidentiality
  3. Take responsibility

5 treat others w respect

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5
Q

RICS rules of conduct

A
  1. Members and firms must be
    A. honest,
    B. act w integrity and
    C. comply w professional obligations
  2. Maintain professional competence
  3. Provide good quality and diligent service
  4. Treat others with respect, encourage diversity and inclusion

5 act in the public interest and take responsibility for

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6
Q

Why do the rics have rules

A

Set standards for professional conduct and practice as expected by rics

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7
Q

What happens if a members breaks rules

A

Penalties
Caution, fine, expulsion

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8
Q

What are professional statement docs

A

Mandatory requirements of rics members and firms that set out behaviours, competence and technical expectations:
Client money handling (2019)
Conflict of interest (2017)
Complaints handling (2016)
Countering bribery and corruption, money laundering, and terrorist financing (2019)

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9
Q

What are guidance notes

A

Docs that provide recommendations and outlines good practice as per a competent and conscientious practitioner
Management of risk (2016)
- risk identification and quantification
Design and Specification
-understanding the project brief
-managing design info and docs
-indentifying methods of change control

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10
Q

Diff between professional statement and guidance note

A

Prof statements are mandatory
Guidance notes are recommendations

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11
Q

Biggest issue facing rics

A

Diversity
Access to the industry
Fallout from the Levitt Review 2021

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12
Q

What is Health and Safety at Work Act 1974

A

Primary piece of legislation that governs H&S in workplace across UK
Duty upon employers to ensure reasonable safety of employees
Duty open employees to ensure H&S of other who may be impacted by their work

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13
Q

How does H&S 1974 impact role as PM

A

CDM 2015- Construction Design Management
Responsibility on those best place to deal with H&S
Client duty, appoint duty holders (PD, PC), ensure time and resource, F10, site welfare, ensure H&S file

Ensures designing is to building regs

Construction
- construction phase plan
RAMS
site inductions
Site inspections

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14
Q

Company gift policy

A

Director approval for
. entertaining over £100
. being entertained for over £50 and
.MD approval if over £1,000

Accepting gifts from gov is prohibited
Any gifts are to be shared by raffle
If in doubt, don’t accept
If it was in the paper, would I be embarrassed?

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15
Q

RICS gift policy

A

Associated statements
. Countering bribery,
. Corruption, money laundering and terrorist financing

Regulated firms must have written policy on anti bribery and corruption
. Must encourage transparency by implementing a register

Members must declare gifted items to their employers

Would need to consider:
. Bribery Act (2010)
. Professional objectivity, openness and transparency
. Proportionality
. Tax implications and money laundering
. Employment contract details

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16
Q

RICS presidential team

A

Pres - Justin Sullivan
Pres elect - Nicholas Maclean
Senior vice president- Maureen Ehrenberg

CEO - Justin Young

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17
Q

Structure of RICS

A

Governing council

1 RICS board
.Members committee ( fed into by > world regional boards)
.Audit, risk assurance and finance committee
.Knowledge and practice committee ( fed into by > professional group panels)
.Nominations and remuneration committee

  1. Standards and regulations board (Assigned risks pool panel and regulatory panel sit alongside)
    Fed into by
    A. Standards committee
    .Qualifications and assessments committee
    .Dispute resolution appointments board
    .Valuation assurance committee
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18
Q
A
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19
Q

What is the royal charter

A

RICS has a seat on the privy council
Requires members to promote the profession for public benefit
Gold standard
Self regulation

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20
Q

RICS motto

A

Modus est rebus
Measure in all things

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21
Q

How many members and firms

A

140k members
10k firms

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22
Q

How to become a member

A

Demonstrate appropriate knowledge
Understand and commit to ethical standards

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23
Q

What is ethics

A

Study of moral standards and how they impact conduct

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24
Q

4 levels of membership

A

FRICS - fellow
MRICS - member
AssocRIcs - associate
Trainee/student member

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25
Why do you want to be a members
Be part of an institution that promotes high standards and strong ethics within the industry Recognition as a professional Broaden my network and CPD opportunities
26
CPD policy
48 hours per year for APC candidates 20 hours min recorded online per year 10 hours must be formal Record online Update ethical standards understanding every three years
27
What professional bodies within RICS
18 professional group boards covering specific technical segments Each has an elected board and is responsible for outlining standards of competence and practice RICS regulation hotline Matrics - young members Lion heart- charity to support members
28
3 obligations of rics members
Comply w CPD regulations Cooperate w the rics Provide info requested by regulation board
29
7 obligations of rics firms
1. Complaints handling procedure 2. Adequate professional indemnity as per rics standards 3. Firms w sole principal must have contingency plans if this person is incapacitated 4. Cooperate w rics 5. Provide info requested by regulations board 6. Display in literature that they are rregulated by rics 7. Report to rics in line with rics requirements on reportable matters
30
Requirements for firms to be rics registered
Professional indemnity CHP Security of client money Comply w legislation Training programme for employees Individual rics professionals must carry out CPD
31
When is a firm eligible to be registered
Provides surveying services to the public At least 25% of principals are rics members
32
When mandatory to be rics registered
If a firm is providing services to public, operating in Area A, at least 50% of principals are rics members
33
How does rics monitor firms
Annual returns Client accounts Correspondence Regulation board ensuring rule following
34
Benefits of being in the rics
Reputational Globally recognised standards . Behave ethically . Manage client money securely . Align w legislation . Handle complaints fairly. . Hold proper PI
35
RICS ON CHP
Firm must have CHP Must include redress system Complaints handling officer and a log CHP free of charge initially Sole traders can’t deal w complaints themselves Employees should understand CHP
36
RICS CHP
Acknowledge within 7 Substantive reply within further 21 2nd stage redress if unsatisfied
37
M3 CHP
. Inform line manager . Acknowledge within 5 . Respond within 14-18 . Formally record and investigate . Internal lessons learnt
38
Types of UK legislation
Statutory legislation . Act of parliament, bylaws, regulation Common law . Derived from previous judicial decision Criminal law . Offence against society - persecuted by crown Civil law .offence against individual or private entity Case law . Relevant cases to assist judicial decision
39
Client money handling
Separate named account Must be able to ID client
40
PI insurance
Mandatory for surveyors working in practice Protects surveyors clients and third parties against negligence claims Brought form specialist, rics recommended insurer Assigned risk pool is Available for members who can’t get cover Retrospective claims can be made
41
PI levels
Up to £100k turnover - £250k £100-£199k - £500k £200k + - £1m
42
What are the RICS byelaws
. Laws and regulations made by RICS - as permitted by the Royal Charter . They apply to members and firms . Regulate members, fees, conduct etc.
43
Prof statement: Client Money Handling
. Ensures money is safe, used appropriately, controls and procedures in place . Registered with RICS money protection Scheme . Separate account . Immediately available to client . Only used for client matters . Records of all uses
44
Prof statement: Conflicts of Interest
Party conflict - advising both tenant and developer Own interest conflict - acting for client against own interest Confidential information - provide info to one client whilst being confidential to another Members and firms to avoid conflicts of interest Declare interests Embarrassment test
45
Definition of bribery and why it matters
Offer, promise, demanding or acceptance of an advantage as an inducement for an act that is illegal, unethical or a breach of trust Damages trust in the industry Funds crime
46
Prof statement: countering bribery and corruption
Members/firms must not accept anything that constitutes a bribe Must report any activity which breaches anti-bribery, money laundering and corruption legislation Conduct checks on clients to verify identity
47
Name some rics guidance notes
Dispute resolution - mediation guide . States what is required by mediator (position statement from each party and key evidence) . States who should attend (people who can authorise the terms of a settlement) Building and surveying discipline . Understanding project brief . Identifying methods of change control . Managing design information
48
What is the bribery act 2010 (4 items, 6 principles)
Four categories: 1. Bribery 2. Being bribed 3. Bribing foreign public officials 4. Failure to prevent bribery Six principles PTRDCM 1. Proportionality 2. Top level commitment 3. Risk assessment 4. Due diligence 5. Communication 6. Monitor and review
49
Institute vs institution
. Institution is any Established organisation with significant societal role .Institute is and institution focussed on education, research, or a specific field - specialist and narrower focus
50
Example of you acting with honesty and integrity
Auditoria consultant costs coming in above budgeted amount - had to be honest to the client that we would need to spend more money on this item.
51
Explain how you treat people with respect
Listening to everyone, no matter their role. Ensuring polite to everyone, no matter the wider environment
52
examples of when ive shown each rule of conduct
.Honesty and Integrity: auditoria consultant, budget vs actual .Respect - all meetings, listening to people no matter their role . Public interests - ensuring delivery is beneficial to public . Maintain competence - CPD
53
What are Imperials procurement requirements
Various documents to be filled in - Bonafide tender - Statement regarding legal or HMRC cases - Certain criteria for competitive tendering
54
what CPD have you attended recently
Business Planning Insurance teach-in Sub and Superstructure Teach in Reused Steel teach in
55
where have you advised appointing specialists?
Fire safety, security, waterproofing, auditoria
56
RICS social media guidance note
Must be: . respectful . taken down on request . not attack individuals . not discriminatory . honest
57
Name 3 guidance notes
. Social media .management of risk . Sustainability and ESG in Commercial Valuation
58
Give an example of when you acted with honesty
CBL fee - more than had allowed in CapEx - had to be honest w the client that a mistake had been made
59
Why was it inappropriate to accept gift from NF contractor
Other projects coming to tender - it could’ve impacted these objective decisions or at least been perceived to be this way
60
What was the last CPD you attended and what did you learn
Logistics teach in: .site setup, .space allowances for demo, .craneage considerations
61
What are Imperials procurement requirements
.RfP template .Issue standard imperial terms .Statement of bonafide tender .Always has sustainability weighting
62
Give an example of when you’ve procured a specialist consultant
Auditoria consultant Landscape architect Acoustic consultant BRPD
63
Give an example of when confidentiality has been important
Incoming tenants at Blossom St - .discussing important organisational decisions. .May impact negotiation position on other deals (for tenant or developer)
64
What does the social media guidance note say?
Rules of conduct apply through social media too: . Discrimination . Dishonesty . Abusive . Ignore warning RICS can take action to protect public and reputation of the profession

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