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RICS APC LG - Final Mandatories > Ethics > Flashcards

Ethics Flashcards

1
Q

Can you tell me RICS Rule of Conduct No 1 and give me an example of when you have demonstrated it?

A

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

I act with honesty and integrity as I will declare any potential conflict of interest should one arise.

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2
Q

Who is the President of the RICS?

A

Nicholas Maclean has stepped in as President in Justin Sullivan’s absence.

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3
Q

Why did Justin Sullivan step down as president of the RICS?

A

Justin Sullivan stepped down following an involvement in a legal battle, where he served as an expert witness for the seller of luxury mansion in Notting Hill.

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4
Q

Can you tell me RICS Rule of Conduct No 2 and give me an example of when you have demonstrated it?

A

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

Example Behaviours:
- Undertaking CPD
- Help to train the next generation of surveyors

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5
Q

Can you tell me RICS Rule of Conduct No 3 and give me an example of when you have demonstrated it?

A

Members and firms must provide good-quality and diligent service.

Example Behaviours:
- Working in line with RICS requirements and guidance

  • Practice proper record keeping and QMS procedures
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6
Q

Can you tell me RICS Rule of Conduct No 4 and give me an example of when you have demonstrated it?

A

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

Example behaviours:
- Treating everyone fairly and not discriminating

  • Speak up against harassment and bullying
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7
Q

Can you tell me RICS Rule of Conduct No 5 and give me an example of when you have demonstrated it?

A

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.

Example Behaviours:
- Make use of the RICS decision tree

  • Respond to complaints in a timely and cooperative manner
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8
Q

What is the RICS Rules of Conduct Appendix A?

A

Professional obligations to the RICS.

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9
Q

Can you give me the 3 responsibilities for members?

A
  1. Members must comply with the CPD requirements set by RICS.
  2. Members must cooperate with RICS.
  3. Provide all information to the RICS standards and regulations board if requested.
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10
Q

Can you give me the responsibilities for firms?

A

CPD RICS

Complaints
PI
Denotations

Report any matter
Information (provide if requested)
Cooperate
Sole Principal

  1. Publish a COMPLAINTS HANDLING PROCEDURE.
  2. Have appropriate level of PROFESSIONAL INDENMITY.
  3. Firms with a SOLE PRINCIPAL must make arrangements for work to continue if they are no longer capable.
  4. COOPERATE with RICS
  5. PROVIDE INFORMATION to standards and regulations board if requested.
  6. Have DESIGNATIONS to denote they are regulated by the RICS.
  7. Report any matter they are required to under Registration for firms.
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11
Q

What is the RICS motto?

A

Est Modus en Rebus

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12
Q

Briefly explain the RICS structure?

A

Privy Council > Governing Council > standard and regulations / RICS board.

RICS Privy Council at the top.

Governing council sit below them.

RICS regulations and Standards / RICS Board sit beneath but equal.

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13
Q

What are the two document types? Give me an example of each?

A

Professional standards & practice information.

Professional = Surveying safely 2nd edition 2024.

Practice = Cost reporting, 1st edition 2015.

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14
Q

What are the bye laws?

A

The RICS Bye-Laws are a set of rules that govern the Royal Institution of Chartered Surveyors (RICS).

They enforce the rules of conduct, allow disciplinary powers (fines, suspension, expulsion) and prohibit unethical standards, such as Conflicts of Interest, Bribery.

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15
Q

When was the RICS founded?

A

1868

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16
Q

When did it get its royal charter?

A

1881

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17
Q

Who gave the RICS its’ Royal Charter?

A

Queen Victoria

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18
Q

What is Appendix A?

A

Professional obligations for members and firms.

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19
Q

What are the obligations for individuals?

A

1) Undertake the necessary CPD requirements
2) Cooperate with the RICS
3) Provide information to the RICS if requested.

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20
Q

What are the obligations for firms?

A

CPD RICS
- Complaints Handling Procedure
- Provide info if requested
- Designations to note that they are regulated by the RICS

  • Report anything required by rules for firms
  • Insurances
  • Cooperate with the RICS
  • Sole Principle
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21
Q

What are the requirements for complaints handling?

A
  • Have a complaints handling record
  • Have a means of ADR
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22
Q

What is your company’s CHP?

A

The Gleeds CHP is as such:

  • Address the complaint to the relevant appointed principal
  • Ensure the complaint is in writing
  • Within 7 days of receipt, Gleeds will contact the complainant to summarise what is understood about the complaint and actions leading up to it
  • 21 from this the principal will write to the complainant with the outcome of any investigation
  • If the complainant isn’t happy then it will be raised with the CEO
  • If still not satisfied, Gleeds will look to go through mediation using the RICS dispute Resolution Service
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23
Q

What are the 3 sanctions the RICS can impose?

A
  • Fixed Penalty Notice
  • Regulatory Compliance Order
  • Regulatory Sanction Order
24
Q

What is a regulatory compliance order?

A

Where the matter is not deemed excessive enough to require a public hearing.

It so the member of the RICS to refrain from / start doing.

25
What gives the RICS the power to impose sanctions?
Its' Royal Charter.
26
What does the Royal Charter do?
Provides the RICS with its own personal legal personality to manage its members and affairs.
27
Who is the President of the RICS
Nicholas Maclean (as president elect while the president, Justin Sullivan, is investigated)
28
What is the structure of the RICS?
- Privy council - Governing council - RICS board - Standards and regulation board
29
Name three RICS committees
- Knowledge and Practice - Nomination and Remuneration - Audit risk assurance and finance
30
What did the 2022 Bichard review do?
- The formation of the Knowledge and practice committee. - The merging of the nomination committee and remuneration committee - The RICS Board which overtook the management board
31
What is the difference between an active bribe vs passive bribe?
Active = Giving a bribe. Passive = Receiving a bribe.
32
When must a firm register with the RICS?
- Operates in Registered Area A (UK) - At least 50% of the principles are RICS members. - Offers services to the public.
33
What is a responsible principal?
The spokesperson for the firm to the RICS They will have primary responsibility for ensuring that RICS' professional, technical and ethical standards are applied, upheld and supported by an appropriate assurance framework within a regulated firm.
34
Can anyone be a responsible prinicple?
No, they must satisfy conditions A, B and C.
35
What are conditions A, B and C of the responsible principle?
A = The Head of Regulations is satisfied that they are an appropriate person to hold the position B = The Head of Regulations is satisfied that they are able to influence strategic objectives of, and significant decisions made by the firm. OR reports directly to a person who is able to and has been delegated authority by the firm to fulfil the role of responsible principal C = They are a member of the RICS OR the Head of Regulation is happy that: ◊ Appointing an RICS member is impractical ◊ AND the person selected has sufficient experience to carry out the duties of responsible principal - The role of the responsible principal is to ensure the firm complies with its regulatory and statutory obligations
36
What is condition A for the responsible principle?
The Head of Regulations is satisfied that they are an appropriate person to hold the position.
37
What is condition B for the responsible principle?
The Head of Regulations is satisfied that they are able to influence strategic objectives of, and significant decisions made by the firm. OR reports directly to a person who is able to and has been delegated authority by the firm to fulfil the role of responsible principal
38
What is condition C for the responsible principle?
They are a member of the RICS OR the Head of Regulation is happy that: ◊ Appointing an RICS member is impractical ◊ AND the person selected has sufficient experience to carry out the duties of responsible principal - The role of the responsible principal is to ensure the firm complies with its regulatory and statutory obligations.
39
What must firms provide annually to the RICS?
- What services are being offered - Staff level - Clients we work for - Complaints handling procedure - PI details - Whether the firm holds Clients money.
40
What are the fines for members?
○ £150 (first 28 days) ○ £250 if payment is not made
41
What are the fines for firms?
○ £300 (first 28 days) ○ £500 if payment is not made
42
Can you tell me why you would like to become a member of the RICS?
- Global Recognition - Networking opportunities with fellow professionals - Shows I'm promoting best practice to my Client
43
How many existing members are there?
112,000 qualified professionals.
44
In the structure of the RICS, who sits below the RICS board?
- Knowledge and Practice Committee - Nominations and Remunerations Committee
45
In the structure of the RICS, who sits below the Standard and Regulations Board?
- Qualifications and Assessments committee - Dispute Resolution Appointments board
46
What gives the RICS the ability to impose bye laws?
Its Royal Charter.
47
What is Appendix A?
Obligations to the RICS for members and firms.
48
What are the CPD requirements for members?
20 hours with at least 10 being formal.
49
What are the 3 sanction types?
Regulatory Compliance Order Regulatory Sanction Fixed Penalty Notice
50
What are the four offences under the Bribery Act 2010?
- Giving a bribe - Receiving a bribe - Bribing a foreign public official - Failure by corporation to prevent a bribe
51
When was the latest publish of the RICS Bye-Laws?
Feb 2020
52
What are the rules of your firm regarding gifts?
Gleeds policy is that employees should take a view as to when a gift is inappropriate. If a gift is taken, it should not be greater than £50 in worth, and cannot be monetary.
53
What are the money laundering regulations?
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
54
Can you name some signs of money laundering?
- Cash payments - Shady about source of funds.
55
How do you deal with a conflict of interest?
Informed consent. Physical and virtual barriers.
56
What must RICS firms do with regards to client money?
They MUST

RICS APC LG - Final Mandatories (10 decks)

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