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Joes APC > Ethics lvl 1 > Flashcards

Ethics lvl 1 Flashcards

ethics

1
Q

1. What are the 5 rules of conduct?

A

Rule 1 - Honest, act with integrity and comply with their professional obligations
Rule 2 - Maintain professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3 - Provide good-quality and diligent service.
Rule 4 - Treat others with respect and encourage diversity and inclusion.
Rule 5 - Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence.

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2
Q
  1. Can you give an example behaviour, or explain your understanding of rule 1?
A

i. Transparent about fees and services
ii. Identify potential conflicts of interest
iii. Don’t accept gifts

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3
Q
  1. Can you give an example behaviour, or explain your understanding of rule 2?
A

i. Only undertake the works where you have the knowledge
ii. Undertake CPD

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4
Q
  1. Can you give an example behaviour, or explain your understanding of rule 3?
A

i. Data – QAQC process
ii. Scope of services

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5
Q
  1. Can you give an example behaviour, or explain your understanding of rule 4?
A

i. Respect other and treat with courtesy
ii. Do not bully or harass anyone

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6
Q
  1. Can you give an example behaviour, or explain your understanding of rule 5?
A

i. Whistleblowing – raise concerns when something is not right
ii. Respond to complains promptly, and don’t dissuade complaints

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7
Q
  1. When did the rules of conduct come into force?
A

a. February 2022

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8
Q
  1. What are the new RICS document categories?
A

a. Professional standards, set requirements for competent and ethical practice
b. Practice information, provide advise or support to members

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9
Q
  1. Who is the current president of RICS?
A

a. Tina Paillet

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10
Q
  1. When was RICS founded?
A

a. 1868

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11
Q
  1. When did RICS get the royal charter?
A

a. 1881

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12
Q
  1. What is RICS and its role?
A

a. High profile international institution offering advice on property and construction, regulating and promoting, high professional standards, and to protect clients and their interests.

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13
Q
  1. What is lionheart?
A

a. An independent benevolent charity to offer assistance to RICS members and families

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14
Q
  1. What dies CPD stand for?
A

a. Continuing Professional Development

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15
Q
  1. What is the difference between formal and informal CPD?
A

a. Formal is structured training with clear defined learning outcomes, whereas informal is based on self assessment

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16
Q
  1. What’s the motto of the RICS?
A

a. Est modus in rebus – there is measure in all things

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17
Q
  1. What is the structure of the RICS?
A

a. The royal charter of RICS means to act in public interest. There is a governing council supported by the Executive Board and the Standards and Regulations Board. The executive board sets RICS vision and strategy in motion, the S&R board exercises RICS regulatory functions.

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18
Q
  1. What is the role of RICS?
A

a. Promote high standards, protect clients, and offer impartial advice, as well as governing the surveying practice.

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19
Q
  1. How do you promote trust in the profession?
A

a. Act in trustworthy manner, adhere to RICS rules of conduct, and professional obligations.

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20
Q
  1. Are you aware of the guidance on use of RICS logo?
A

a. I am aware there is guidance and rules on how to use the RICS logo, cant use the logo if you’re not a registered member

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21
Q
  1. What types of insurance are there that firms need?
A

a. Public Liability - protect against damage to third parties
b. Employer’s Liability - protect against harm to employees
c. Professional Indemnity - professional negligence or breach of contract

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22
Q
  1. What is Professional Indemnity Insurance?
A

a. Provides financial cover in the event a client suffers financial loss as a result of a breach of professional duty through neglect, errors or omissions through advice or services provided.

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23
Q
  1. What standards should PII meet?
A

a. An each and every claim basis or aggregate

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24
Q
  1. What is the maximum level of uninsured excess? (the part of each claim the firm must pay itself)
A

a. Depends on the level of indemnity
b. Up to 10mil = greater of 2.5% of insured sum or £10,000
c. Over 10mil = no limit set

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25
Q
  1. What are the minimum limits of indemnity?
A

a. This depends on the firm’s turnover
b. If turnover is £100k or less it is £250k
c. If turnover is £100 - £200k it is £500k
d. If turnover is above £200k it is £1m

26
Q
  1. What is your companies PI cover?
A

a. £20mil

27
Q
  1. If you made a mistake in your cost plan what would your insurance company expect?
A

a. For you to notify them and comply with any conditions / procedures set out in the insurance policy

28
Q
  1. Are you familiar with the term limit of liability and where would it be used?
A

a. Limit of liability is used to place a cap on the level of exposure a business signs up to.
b. In the aggregate means as a maximum after many different claims.
c. If cover is for each and every claim, it is that level for each claim.
d. Anything not covered by PI insurance can be gone after so assets could be at risk. As such, companies try and place a limit of exposure.

29
Q
  1. How would a net contributions clause affect this?
A

a. Net contribution clauses seek to ensure that the consultant’s liability is only for the loss they cause. If another party is also responsible for loss the client will have to sue them separately

30
Q
  1. If an estimate prepared by a QS is incorrect can the client claim damages?
A

a. Not necessarily
b. An estimate that is incorrect in itself will not provide the client with a right of redress
c. The client must demonstrate that the QS warranted the accuracy of the estimate OR that it was incorrect due to a lack of reasonable skill and care
d. It could have been incorrect due to reasons outside their control e.g. market conditions

31
Q
  1. What do you need to set up a company?
A

a. Need complaints handling procedure
b. H&S policy
c. Provide CPD and training
d. Register with companies house
e. Insurances
f. Must have locum agreement in place

32
Q
  1. What do you need to do to be RICS registered by regulation
A

a. At least 50% of employees must be qualified RICS professionals
b. Agree to and implement RICS rules of conduct
c. Must provide surveying services to the public

33
Q
  1. What information do firms have to send to RICS annually?
A

a. Client base, insurances, CHP

34
Q
  1. What are the 5 principles of better regulation?
A

a. PACTT
b. Proportionality
c. Accountability
d. Consistency
e. Transparency
f. Targeting

35
Q
  1. Can you name Rule 3 and advise of some behavioural examples?
A

a. Members and firms must provide good-quality and diligent service b. Members and firms agree with clients the scope of the service to be provided and its limitations, and timescales for the work.

36
Q
  1. What is classed as bribery?
A

a. The offer or acceptance of an advantage as an inducement for an action that is illegal.

37
Q
  1. What are the 6 principles of the bribery act? (Prevention)
A

a. Principle 1: Proportionate Procedures.
b. Principle 2: Top Level Commitment.
c. Principle 3: Risk Assessment.
d. Principle 4: Due Diligence.
e. Principle 5: Communication (including Training)
f. Principle 6: Monitoring and Review.

38
Q
  1. Can you accept cash payments? If so, what is the limit?
A

a. RLB policy is to not accept cash payments, if I set up my own business, I would adopt this approach.
b. If there was no other option I would validate the amount of payment, if it could be perceived as a dodgy amount, and whether it would be one off or rolling monthly. I would also ask for record of where the cash has come from, to protect against money laundering. I would ensure that the payment is followed with paperwork, invoices, and any communication is in writing.

39
Q
  1. If a client pays you up front for work still to be completed months ahead, what do you do?
A

a. Part of RLBs policy to not accept this, and as my own firm I would adopt this principle.
b. However, I understand a separate bank account should be set up to draw down funds from over time if necessary.

40
Q
  1. Where are the Professional Obligations to the RICS set out in the Rules of Conduct Document?
A

a. Appendix A

41
Q
  1. Can you give an example of professional obligations?
A

a. Must comply with CPD
b. Must co-operate with RICS
c. Complaints handling procedure

42
Q
  1. If a company is to cease trading, what do they need to have in place?
A

a. Run Off Cover

43
Q
  1. How long is this required for?
A

a. 6 years or 12 years

44
Q
  1. What is the minimum limit for run off cover?
A

a. £1 million

45
Q
  1. What is pool re cover?
A

a. Terrorism cover – Pool Re was an insurance company set up to be used for terrorism specific insurance claims.

46
Q
  1. What is a net contribution clause?
A

a. Means the insured can only be sued for advice actually given. The suer, sues everyone privy to the contract or involved and the insurer chases all of them and all parties must agree who was un the wrong.

47
Q
  1. What are the CPD requirements for a year?
A

a. 20 hours per year for chartered professional, minimum 50% Formal

48
Q
  1. How do you differentiate between formal and informal CPD?
A

a. I use the RICS CPD decision tree

49
Q
  1. What is the Levitt report?
A

a. Commissioned by RICS following a treasury audit where RICS had to extend its overdraft by £3m due to poor cashflow forecasting.an independent review was commissioned.
b. RICS governing council are to have more oversight on internal dealings, and are briefed by a management board as opposed to a CEO.

50
Q
  1. What are some offences of the bribery act (there are 4)?
A

Making a bribe, receiving a bribe, bribing foreign public official, failure of company to prevent bribery

51
Q

What is a conflict of interest?

A

When someone’s judgement or actions at work are affected by something unconnected with their role. This includes any circumstances that affect someone’s impartiality.

52
Q
  1. What are the types of conflict of interest?
A

a. Party conflict – working for two clients and owe a duty to both conflicts
b. Own interest conflict – typical scenario where own interests are at stake
c. Confidential information conflict – if obliged by one party to keep info and another party to destroy that info

53
Q
  1. What are the RICS byelaws?
A

a. What the RICS has to operate by such as: Application and definitions / Membership and registration / Designations / Contribution to funds / conduct

54
Q
  1. If you are working in UK in a company with HQ in Dubai, do you have to adhere to the bribery act?
A

a. If the company has dealings where I’m working, then I adhere to that countries bribery rules.

55
Q
  1. If a mate asks you to provide QS advice, what do you do?
A

a. Politely decline, as I have no PI, say they can find surveyors online, or I can provide a fee and go through with my firm.

56
Q
  1. Why is feedback important from a client?
A

a. It helps highlight areas of good work or areas for improvement, this allows betterment of the person/profession as a whole to provide a proper professional service to clients

57
Q
  1. Are you aware of any guidance that applies to RICS members when using social media?
A

a. There is a guidance note, use of social media 2021.

58
Q
  1. What is the Birchard Review?
A

a. Aimed to create new sense of purpose of RICS, and a proposed structure, and implemented RICS Matrics.

59
Q
  1. What is the Levitt Review?
A

a. External audit found wrongdoings or miscalculations of cashflows. Therefore structure in RICS was changed so the management board report to a governing council

60
Q

Why do you want to become a member of RICS?

A

I want to become a member to better myself and knowledge base, and provide knowledge and expertise to RICS as a whole, helping others become chartered, and making a valuable contribution to the surveying construction industry. I want to act for the top royal chartered, surveying institution in the world. I also see this as a stepping stone to my next challenge.

61
Q

When is a firm required to register for RICS?

A

Provide Surveying services, and 50% of principles to be RICS members

Joes APC (22 decks)

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