Ethics Flashcards
What are the 5 ethical standards
Act with integrity- being straightforward/ trustworthy and acting in the public’s interest
Act in a way that promotes trust in the profession- Understanding how your actions affects others and the profession, doing what you say
Treat others with respect- Treating people fairly, being considerate and never discriminate
Take responsibility- Act with skill and diligence
Always provide a high standard of service- Act within your scope of competence, be transparent about fees, communicate in way that allows your client to make an informed decision.
What are the main roles of the RICS
Protect the interests of consumers and businesses through strict regulation of the profession
Maintain the highest standards of education and training in the surveying profession
Be the leading source of information and independent advice on land, property, construction and associated environmental issues.
Act in the public’s interest
What are the benefits of Joining the RICS
Status Recognition Market Advantage Knowledge Network
- What are the rules for firms
Professional Behavior Competence Service Training and CPD Complaints handing Client Money Indemnity Use of designation Advertising Arrangements in the event of incapacity or death Solvency Information to RICS Co-operate with RICS
- What are the rules for members
Ethical behavior Competence Service CPD Solvency Information to RICS Cooperation with RICS
- What is a conflicts in interest
A conflict of interest arises in a situation where there may be an actual, perceived or potential risk that the professional judgement of an RICS-regulated firm or member will be compromised when undertaking an assignment. The most common conflicts that arise include the following:
- A ‘party conflict’ – a situation in which the duty to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
- An ‘own interest conflict’ – a situation in which the duty to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/firm.
- A ‘confidential information conflict’ – a conflict between the duty of an RICS member to provide material information to one client, and the duty of that RICS member to another client to keep that same information confidential.
- How will you deal with a conflict in interest:
Informed consent
Reject the instruction
Information barrier
- What the required amount of CPD required by a RICS member ?
10 hour formal
10 hour informal
- What are the percentage split on CPD
50% formal
50% informal
- How do you deal with Anti money laundry ?
Ask customer for proof of address and up to date ID
Carry out due diligence on the customer
If an issue is spotted then report this to the Anti money laundry reporting officer to log a suspicious activity report
- What law relates to anti money laundry ?
Anti-Money Laundry regulations 2017
- What are the penalties of the MLR
Up to 14 years in prison or an unlimited fine for assisting with money laundering
Up to 5 years prison sentence and unlimited fine for tipping off a person
- What do you need to set up an RICS firm
Fill our registration form
Appoint responsible person and complaints handling officer
Indemnity insurance
Approval of Complaints handling procedure
Client money
Arrangements in the event of incapacity or death
Training plan
- Who is the president of RICS ?
Timothy Neale (2020)
- What are the five principles of better regulation
Proportionality Accountability Consistency Targeting Transparency
- What year was the RICS started
1868
- Who is the chief executive of RICS
Sean Thompkins
- In your example why did you accept the Champaign and not the money ?
I declined the cash offer as it was right thing to do both ethically and professionally. Having read my company’s gift handling procedures, I was aware that no amounts of cash were allowed to be accepted and that gifts, that are of a proportionate amount to the work carried out, can be accepted by the company but not by the individual. This is why the gift of champagne was entered into the company raffle.
- What is an acceptable gift ?
In my company a gift up to £250 (No cash) a year is acceptable and only if it is for hospitality or entertainment. Certain types of gifts require prior approval from management.
- Why didn’t you advise your friend ?
Didn’t have professional indemnity insurance
Referred friend to the find a surveyor service
- Why didn’t you accept the flight to France ?
The gift could have be misconstrued as an advantage which had the potential to induce ones in its official capacity
- Name me a professional standard
RICS Valuation- Global Standards (2020)
- Name me two guidance notes
Surveying safely 2018
Valuation of Development properties 2019
- Name me two professional statements
Conflicts of interest 1st edition 2017
RICS Property Measurement, 2nd Edition 2018
- How many faculties are there in the RICS
17 professional groups
- Please explain the amount of indemnity for the different turnovers
Up to 100k- 250k
£100,001- £200k – 500k
200k+ - £1m
- What are the three levels of disciplinary action
Action by Head of regulations
Disciplinary panel
Appeal Panel
- What actions can the head of regulations impose:
Serve a fixed penalty notice
Make a regulatory compliance order
CPD sanctions
Refer the matter to the disciplinary panel for consideration
- What penalties can the disciplinary panel impose ?
Issue a compliance order
Impose an unlimited fine proportionate to the offence
Impose conditions upon future continued RICS registration
Expulsion from membership or remove firm
Require publication on website and modus
- What actions can the disciplinary panel take ?
- caution
- reprimand
- undertakings as to future conduct
- fines (in accordance with Supplement 2 to the Sanctions Policy: Fines, Costs and Administration Fees)
- conditions on the Member’s continued membership of RICS
- conditions on the Firm’s registration for regulation
- expulsion of the Member from RICS
- removal of the Firm’s registration for regulation.
- What are the levels of members
Fellow of RICS
Member of RICS
Associate Member of RICS
Student Member
- How do you become a Fellow of the RICS
Here are three core principles at the heart of being an RICS Fellow:
• acting to further RICS and the profession
• acting for the benefit of a third party to reflect RICS’ public interest mandate
• promoting RICS objectives and the profession.
- What is informed consent
Consent given willingly by a party who may be affected by a Conflict of Interest, that party having demonstrated to the RICS member working independently or within a non-regulated firm or regulated firm or member
- Why do you want to become a member of RICS ?
- Recognition
- Uphold professional standards
- Better employment prospects
- Be part of the global network
- What due diligence on a publicly listed company ?
Check London Stock Exchange Listing
- What does being chartered mean ?
Chartered professional is a person who has gained a specific level of skill or competence in a particular field of work, which has been recognised by the award of a formal credential by a relevant professional organization.
- How do you treat other with respect ?
I treat everyone with courtesy, politeness and understand/ consider cultural sensitivities
- How do you act with integrity
I am straightforward in all that I do
- How do you take responsibility
I am always accountable for my actions
- How do you provide a high standards of service ?
I give my clients the best possible advice
- How do you promote trust in the profession?
Acting responsibly in my professional and personal life.
- What is the purpose for the rules of conduct for members/firms?
The Rules provide a strong foundation for RICS, its professionals, and the firms it regulates, helping to protect the public and uphold the reputation of the profession.
The Rules of Conduct demonstrate to clients, consumers and the public the high professional standards that RICS professionals and firms work to. Being able to show that you are a qualified RICS professional or that your firm is regulated by RICS provides independent external confidence.
The Rules of Conduct for Members are mandatory for all RICS professionals, students and trainees regardless of their geographic location and sector of practice.
Rules of Conduct for Firms are mandatory for all RICS regulated firms.
- What is money laundering?
Is the process of making illegally-gained proceeds (i.e., “dirty money”) appear legal
- What is an anti-money laundering check?
is an identity assessment to ensure all purchasers etc are who they claim to be, and are not investing on behalf of somebody else.
- If you suspected a client of money laundering, what would you do?
Notify the Money laundry Monitoring officer within my organisation
- What are the money laundering offences?
Accepting
Offering
Failing to report
- Who polices money laundering regulations?
HMRC
- What legislation governs the receiving of gifts/hospitality in exchange for services?
Bribery Act 2010
- What are the key principles of the Bribery Act?
Proportionality - The action taken should be proportionate to the risk and the size of the organisation.
Top level commitment - Those in senior positions are best placed to ensure the organisation conducts business without bribery.
Risk Assessment - Many organisations will have little or no risk of bribery but a risk assessment will show the nature or extent of exposure to bribery.
Due Diligence - This is about having a risk based approach to business relationships - with those you deal with or who provide services for you.
Communication - Employers will need to communicate their policies and procedures to staff and others who perform services, additional training may help raise awareness, and this would be proportionate to the size and type of organisation.
Monitoring and Review - Risks to your organisation may change, over time you may want to carry out regular reviews and re-assessments.
