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3 APC_J Brookes > Ethics and RICS > Flashcards

Ethics and RICS Flashcards

1
Q

What are Ethics?

A

Moral principles that govern a persons behaviour

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2
Q

What are the old 5 ethical standards?

A

Integrity
Service
Trust
Respect
Responsibility

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3
Q

What must you do when you set up a company?

A

PI
Register RICS regulation
Insurances
Complaints Handling Procedure
Handling Clients Money
Co-operate with RICS

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4
Q

What registered firms submit to RICS annually?

A

Nature of business
PI details
Complaints handling procedure

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5
Q

What insurances are there?

A

PI
Public Liability
Employer’s Liability
Buildings
Runoff - covers claims from companies that have ceased to trade [Merrit vs Bab]

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6
Q

What happens when breach of rules/complaint?

A

RICS carry out formal investigation
RICS request information
Members must cooperate fully

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7
Q

What are the outcomes of a breach?

A

Fixed Penalty
Consent Order - agree to comply with
Disciplinary Panel - caution/fine/expulsion

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8
Q

What’s a Conflict of Interest?

A

A person in a trusted position who has a personal/professional interest which could make it difficult to act impartially

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9
Q

What is a Locum?

A

A service provided on behalf of a sole practioner in case of capacity - step in/appointed chartered surveyor

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10
Q

How do you become a Fellow?

A

5 years post qualification and prove you have made a significant contribution to the profession

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11
Q

What’s APC stand for?

A

Assessment of Professional Competence

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12
Q

What is Client’s Money?

A

Holding money on behalf of someone else

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13
Q

RICS rules for handling client’s money?

A

Set up separate account and named
Provide client with Statement
Agreeing drawdowns with client
Sending clients statements prior to drawdowns

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14
Q

Why hold client’s money?

A

Insolvency
Easier for client to manage finances
Death of sole practitioner

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15
Q

What is ‘Client’s Money Protection Scheme’?

A

Run by RICS
Provides members of public reimbursement of direct loss
Goes through RICS insurance policy

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16
Q

When founded?
Headquarters?
Motto?
Royal Charter?

A

1868
12 Great George Street
Est Modus in Rebus - There’s measure in everything
1881 - to maintain and promote usefulness of the profession for public advantage

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17
Q

What is the organisational structure?

A

Privy Council
Governing Council
Management Board
Regulatory Board
Audit Committee
Finance Committee
Member Board

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18
Q

Is there any legislation on slavery?

A

Anti-Slavery 2015

Provides punishments up to life imprisonment
Support to victims

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19
Q

Can you name the President and others?

A

President - Tina Paillet
President Elect - Justin Sullivan
Senior Vice President - Nicholas Maclean
CEO - Justin Young

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20
Q

Can you name any RICS Faculties?

A

Quantity Surveying
Building Surveying
Project Management
Dispute Resolution
Facilities Management

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21
Q

What are the 3 market sectors?

A

Land
Property
Built Environment

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22
Q

What are the principles of better regulation?

A

Proportionality - remedies appropriate to risk
Accountability - justify decisions
Consistency - standards implemented fairly
Targetting - focus on problem and minimise effects
Transparency - open and honest

23
Q

What are obligations of firms?

A

7 altogether

PI
CHP
Handling Clients Money
Fully cooperate

24
Q

What is limit of liability?

A

A cap on liability for a company

25
Q

What’s a Net Contribution Clause?

A

Consultants liability is only the loss they cause

26
Q

What is PI Insurance?

A

Insurance to protect someone or organisation from an inadequate service

27
Q

What are the PI levels?

A

0-100k = 250k
100-200k = 500k
200k+ = 1 million

28
Q

What is Money Laundering?

A

Concealment of the origins of illegally obtained money

29
Q

What is Bribery?

A

Bribery Act 2010

Someone in a certain position in breach of trust for a benefit

30
Q

4 ways to breach Bribery Act?

A

Giving a bribe
Accepting a bribe
Failure to stop a bribe
Bribing a public official

31
Q

What are the penalties for Bribery Act?

A

Up to 10 years
Unlimited fine

32
Q

RICS Decision Tree?

A

6 steps

Is it legal?
Do I have sufficient information
Happy going public

33
Q

What is Bona Fide?

A

Genuine and in good faith. Declaring the absence of fraud or deception.

34
Q

Why update to the Rules of Conduct?

A

5 key stages

Simple structure
Clear examples
Sustainability
Evolving Technology
Respect and Diversity

35
Q

The 7 Pillars?

A

Think ahead
Leadership and inspiration
Sustainbility
Multidisciplinary and life long learning
Networks and collaboration
Technology
Ethics

Help shape the future of the profession

36
Q

New Rules of Conduct?

A

Honesty and integrity
Maintain professional competence
Good quality/diligent service
Respect
Public interest - responsibiility

37
Q

Honesty and Integrity example?
How would you promote?

A

Highlight errors for all parties;
valuation

38
Q

Maintain Professional Competence?
Example/promote?

A

Not undertake work without knowledge;
design

39
Q

Good Quality and Due Diligence?
Example/promote?

A

Understanding client’s needs before accepting work;
time

40
Q

Treat With Respect?
Example/promote?

A

Don’t discriminate

41
Q

Responsibility?
Example/promote?

A

Cost estimate to avoid affordable housing;
planners
respond openly to complaints

42
Q

What’s sensitivity analysis?

A

Finance modelling
How variables affect another variable

43
Q

Stop/defend bribery?
(can make payments under duress)?

A

Proportionality
Top Level Commitment
Risk Assessment
Due Diligence
Communication
Monitor and Review

44
Q

Bribery Act - is a company liable?

A

Very senior
Employee pays bribe
Specifically for business

45
Q

What must members do?

A

Comply CPD
Co-operate
Provide info
Pay fees
Uphold ethical standards

46
Q

What is Unconscious Bias?

A

Associations we hold outside our conscious awareness
Be aware/think logically with others

47
Q

Equality within RICS?

A

Inclusive Employer quality mark - 2015

Response to moving towards a diverse future
Based on 4 principles; leadership/recruitment/culture

48
Q

Rules for firms?

A

CHP
Cooperative with RICS
PI
Appropriate arrangements in case of death

49
Q

Guidance on money laundering?

A

Countering Bribery and Corruption, Money Laundering and Terrorist Financing

Not facilitate
Training
Report suspicious activity
Verify client - basic checks

50
Q

What is the RICS?

A

A globally recognised professional body - promotes and enforces the highest professional standards in the development and management of land, real estate, construction and infrastructure.

51
Q

Requirements for a complaint handling procedure?

A

2 stage - second stage is 3rd party
Advise to resolve or at least up date within 28 days

52
Q

What are RICS Bye Laws?

A

Rules made by an authority/professional body
Classes
Eligibility

53
Q

What if you don’t have PI?

A

Can’t provide advice
RICS offer temporary cover ‘Assigned Risk Pool’

54
Q

Benefits of being a member?

A

Status
Recognition
Knowledge
Network
Market advantage
Knowledge of standards

3 APC_J Brookes (16 decks)

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