Ethics L1 Flashcards
Why do you want to become a member of RICS?
I want to become a member of the RICS so that I can inspire a level of professionalism in my clients and join a respected body of like-minded professionals.
What is the role of RICS?
The role of RICS is to
What are the key functions of RICS?
Key functions include
What is a Royal Charter?
A Royal Charter requires members to promote the profession for the public benefit
Who is the current RICS president?
The current president is Kathleen Fontana.
What do you understand by the term self regulation?
Self-regulation is
What are the five principles of better regulation?
- PROPORTIONALITY
- ACCOUNTABILITY
- CONSISTENCY
- TARGETING
- TRANSPARENCY
What is a bylaw?
A bylaw is
Give an example of one of the RICS bylaws?
An RICS bylaw might be
What are the five professional and ethical standards?
- Provide a high level of SERVICE.
- Promote TRUST in the profession.
- Act with INTEGRITY.
- Treat others with RESPECT.
- Take RESPONSIBILITY.
Tell me about a key principle of the rules of conduct for firms?
..
Tell me about a key principle of the rules of conduct for members?
..
What disciplinary procedures can RICS impose?
The RICS can
In what circumstances can these disciplinary procedures be imposed?
These procedures can be imposed
When did RICS last update the disciplinary panel rules?
The rules were last updated
What are the different levels of action within RICS disciplinary procedures?
The different levels of action are
What do you understand by the term professional practice?
Professional practice
What money-laundering regulations or legislation are you aware of?
I am aware of
What primary legislation are you aware of?
I am aware of
What is a bribe?
A bribe is something given an expectation of a change in behaviour
What are the penalties for accepting a bribe?
For an individual: unlimited fine/up to 10 years in prison.
For a company: an unlimited fine.
What are the penalties for being involved in money-laundering?
The penalties can be
What constitutes an offence under the bribery act 2010?
An offence under the bribery act might be
What constitutes an offence under the current money-laundering regulations?
An offence might be
What is professional indemnity insurance (PII)?
Professional indemnity insurance is
Tell me about the RICS requirements in relation to PII?
The RICS
What would you do if you receive notice of a PII claim from the client or their solicitor?
I would
What is an annual return?
An annual return is
What do you know about complaints handling procedures?
I know
When and how can the RICS be involved in a complaint about a firm or member?
RICS can be involved
Tell me about the CPD requirements for members of RICS?
RICS members must undertake a minimum of 20 hours CPD each year, 10 of which must be formal.
Why is CPD important?
CPD is important
Tell me about the RICS guidance on dealing with conflicts of interest?
The guidance
Are you aware of any new guidance in dealing with conflicts of interest?
I am aware of
How would you close down a regulated firm?
A Regulated firm would be closed down by
What can you tell me about the RICS guidance relation to bribery, corruption or money-laundering?
RICS guidance
What are some of the key principles of the RICS guidance relating to bribery corruption or money-laundering?
Some of the key principles are
What are the current RICS rules for registration of firms?
The current rules are
When must a firm register for regulation?
A firm must register for regulation when at least 50% of the directors are RICS members.
What must be included in terms of engagement relating to firm regulation?
Terms of engagement must include
What is a Locum and who might need one?
A Locum agreement Ensures business continuity in the case of long-term absence from illness or death, or unforeseen circumstances.
Can be another RICS member or suitably qualified professional (solicitor)
How could a sole trader set up their complaints handling procedure using a Locum?
A sole trader could
What RICS guidance relates to handling client money?
The guidance relating to handling client money is
What do the RICS rules of conduct say about client money?
The RICS rules of conduct say
What are some of the key principles of the RICS professional statement relating to client money protection?
Some of the key principles are
What are the 9 rules of conduct for members?
- Interpretation of member
- Communication
- Ethical behaviour
- Competence
- Service
- Continuing professional development (CPD)
- Solvency
- Information to RICS
- Cooperation
What are the 15 rules of conduct for firms?
- Definition of a firm
- Communication
- Professional behaviour
- Competence
- Service
- Training and CPD
- Complaints handling
- Clients money
- Professional indemnity insurance (PII)
- Advertising
- Solvency
- Arrangements to cover death or incapacity (Locum agreement)
- Use of designations
- Information to RICS
- Cooperation
Why are ethics important?
Ethics are about choosing the right thing to do.
Professionals have a high standing in society.
With this comes responsibility to act in the public interest and for the good of the profession.
Can you tell me about the RICS mission statement?
To advance and enforce standards and land, property and the built environment to promote the usefulness of the profession for the public good
Tell me about the fifth money-laundering directive 2019.
The fifth money-laundering directive