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APC Residential Scotland > Ethics & RICS > Flashcards

Ethics & RICS Flashcards

1
Q

What does the RICS designation mean and how does a firm get one?

A

RICS Designation means that we are a firm that has a duty to promote our industry to the public advantage

Designation is issues by the King to firms,

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2
Q

What are the 6 principles that underpin the ethical standards and rules?

A

Honesty
Integrity
Competence
Respect
Service
Responsibility

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3
Q

What is a bye-law and give an example?

A

Bye-laws are rules set out by the body to govern themselves.

5.2.1A - members must in a manner befitting of the RICS designation.

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4
Q

What are the 5 codes of conduct?

A
  1. Members and firms must be honest, act with integrity and comply with their
    professional obligations, including obligations to RICS.
  2. Members and firms must maintain their professional competence and ensure
    that services are provided by competent individuals who have the necessary
    expertise.
  3. Members and firms must provide good-quality and diligent service
  4. Members and firms must treat others with respect and encourage diversity and
    inclusion.
  5. 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.
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5
Q

Explain Rule 1 in more depth

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

Members and firmed should not allow themselves to be influenced improperly through the acceptance of work referrals, gifts or hospitality.

Members and firms must also be sure to identify conflicts of interest and not provide services or advice where these conflicts occur.

Don’t mislead or be mislead. Do not allow for conflicts of interest - or manage

Do not take advantage of others

Take care of client money - do not allow money crimes / bribery

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6
Q

Explain Rule 2 in more depth

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

members and firms must only act for clients where they have the necessary knowledge, skills and resources to carry out the work competently.

Firms must supervise any employees or subcontractors undertaking work on their behalf. Ex, requesting a junior surveyor to undertake a complex valuation due to resourcing issues would be against this rule.

Do not take on anything that is out with your expertise.

Keep up to date with CPD.

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7
Q

Explain Rule 3 in more depth

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

Understand clients needs and objectives, agree scope of services, agree changes / exclusions.

Give good service, be timely, due care, skill and diligence

Promote sustainable options

Keep accurate records

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8
Q

Explain Rule 4 in more detail

A
  1. Members and firms must treat others with respect and encourage diversity and
    inclusion.

Respect other rights and treat with courtesy

Be fair and do not discriminate

No tolerance of bullying or harrassment

Check supply chains and report abuse

Work cooperatively

Develop inclusive cultures and support equal access and opportunities

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9
Q

Explain Rule 5 in more detail

A
  1. 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.

Question practices and decisions they suspect are not right and raise issues

Support each other to act in good faith

Do not undermine public confidence in the profession

Respond to complaints and don’t dissuade

Cooperative with investigations

Consider health affects on your competence

Manage professional finances responsibly

Take appropriate action when rules have been breached

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10
Q

What are the 5 concepts of good regulation?

A

Proportionality
Accountability
Consistency
Transparency
Targeted

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11
Q

What is in Annex A / The requirements of members and firms?

A
  1. members must comply with the CPD requirement set by RICS.
  2. members must cooperate with RICS.
  3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
  4. Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
  5. Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
  6. Firms with a sole principle must make appropriate arrangements for their professional work to continue in the vent of the incapacity, death, absence from or inability to work.
  7. Firms must cooperate with RICS.
  8. Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
  9. Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.
  10. Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
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12
Q

What is the difference between Guidance Notes and Survey Standards - give examples

A

Guidance notes - used as guidance and best practice, generally refers to locations legislation and law.

Standards - prescriptive documents on how to go about our business. Must be adhered to.

Surveying Safely 2019 versus Riles of Conduct 2021

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13
Q

What must you do to become an RICS firm?

A
  1. Register with RICS
  2. Inform them of your type of business.
  3. Have a CHP and ADR
  4. Agree to RICS governance
  5. Have appropriate RICS approved insurance.
  6. Minimum 25% of principles RICS qualified.
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14
Q

Why were the previous rules revised? What are the changes?

A

The previous rules had been in place since 2007.
Members, firms and the public voted for new rules.
Replaced the separate docs: rules for members, rules for firms, and global professional and ethical standards. Provided a single document with greater clarity and more example behaviours. Includes evolving technology and tackling climate change.
Appendix A now contains the professional obligations of members and firms.

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15
Q

What are the offences of the Bribery Act?

A

Making a bribe

Receiving a bribe

bribery of a foreign public official

Failure of a corporate entity to prevent bribery on its behalf

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16
Q

What companies does the bribery act apply to

A

The legislation applies to all UK Entities and includes associated Persons, for example sub-consultant and external advisors.

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17
Q

What procedures can companies put in pace to prevent bribery on their behalf?

A
  1. Proportionate procedures
  2. Top level commitment
  3. Risk Assessments
  4. Due diligence
  5. Communication
  6. Monitoring & review
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18
Q

How has Covid-19 affected your area?

A

People were prioritising green and amenity space and were prepared to pay highly for it. Home offices were seen as a priority, with people wanting bigger homes to accommodation and creating a bottle neck of supply. This pushed certain markets above what had previously been anticipated.

19
Q

Under the Bribery Act, under what circumstances is a facilitation payment permitted?

A

The only circumstances is when you are under duress.
For example, if there is a real and present risk or danger to ‘life, limb or liberty’
If you or your companions are under immediate physical threat
You should put safety first, make the payment and report the matter immediately

20
Q

What is ACM cladding? What is its significance in relation to the Grenfell Disaster?

A

ACM stands foe aluminium composite material.

Consists of two skins of aluminium bonded to either side of a lightweight core of material such as polyethylene or a mineral core aimed to provide insulating properties.

The ACM cladding in use was thought to contain combustable materials which contributed to the spread of the fire.

As a result the UK gov has banned combustable materials on high rise homes.

Not permitted on the external walls of a new building above 18m

Local authorities also need to undertake remediation works to replace dangerous ACM cladding on existing buildings

21
Q

Explain your understanding of an EWS1?

A

External Wall System Fire Review Certificate

Applicable when residential multi-storey is being sold or re-mortgaged.
Not a building safety certificate but a re-mortgaging valuation tool.
The RICS and mortgage lenders jointly formed the EWS1 form as a way of mortgage lenders assessing the external wall safety of buildings over 18m.

22
Q

What is the new Fire Safety Act 2021?

A

Update to first Act March 2020, which was update to 2005.
Clarified that it will apply to the structure and external walls and anything attached.
Made clear who is responsible for fire safety compliance for these elements of the building.
Will force landlords, managing agents to take responsibility to identify and take remediate actions.

23
Q

What are the COPS?

A

Annual UN climate change conference. Conference of the Parties.

Discuss reduction in coal and fossil fuels, carbon zero, clean energy.

Paris agreement was formed at COP21 - reduce temperatures rising above 1.5C.

24
Q

What is a green mortgage?

A

Mortgage that rewards someone for buying or owning an energy efficient home by offering favourable terms.

Typically results in lower interest rates or cash back at start of mortgage.

25
Q

What is the Data Protection Act 2018?

A

The act replaces the previous 1998 legislation and manages how personal data is processed by organisation and the government.

It is the UK legislation for the implementation of the EU General Data protection Regulations (GDPR).

26
Q

What are the key principles of the Data Protection Act 2018?

A

The act ensures that data is:
- Used fairly, lawfully and transparently
- Used in a way that is adequate, relevant and limited to only the purpose it is intended
- Is retained for no longer than is necessary
- Processed securely including the protection against unlawful use, loss or destruction

27
Q

What are a person’s rights under the Data Protection Act?

A
  • To be informed about how their data is being used
  • The right to access their data
  • The right to have incorrect information updated
  • To have their data erased
  • To stop or restrict the processing of their data
  • The right of portability
  • To object to the use of their data
28
Q

Who are the key persons outlined within GDPR?

A

Controller - natural person or legal entity that determines the purpose and means of the processing of personal data for example when processing an employee’s personal data, the employer is the controller

Processor - natural person or legal entity that processes personal data on behalf of the controller, for example, a call centre acting on behalf of its clients

Data Protection Officer (DPO) - leadership role required by EU GDPR. Role exists within companies that process the personal data of EU citizens, DPO is responsible for overseeing the data protection approach, strategy and its implementation.

29
Q

What legislation or regulations relate to inclusive environments?

A

Equality, Diversity and Inclusion Act 2010 and the Human Rights Act 1998

30
Q

Please explain your understanding of inclusion within the work place?

A

Inclusion within the workplace is creating an environment and culture where all company employees feel like they belong in the organisation.

This results in every employee being comfortable to voice their opinions and that no one person feels excluded on the basis of their identity.

31
Q

What sustainable initiatives are you aware of that are implemented by the RICS?

A

SKA rating encouraging green codes of practice for commercial properties

RICS has launched the Value the Planet campaign and committed to forming a climate change expert panel to implement the UN’s sustainable development goals.

RICS has also launched a Responsible Business report filled with solutions for companies to operate in a greener capacity, regardless of the firm’s size. this includes introducing higher recycling rates an reusing energy, transport and water use where possible.

32
Q

What things do you implement to promote sustainability?

A

Print only when necessary
File-less in the office
Recycling
Cycle to work

33
Q

Explain you understanding of the term carbon neutral?

A

Carbon neutrality is to have a balance between the carbon emitted and the carbon absorbed from the atmosphere in carbon sinks.

This is an important measure of the impact that businesses and projects have on the environment and global warming.

To date no artificial carbon sinks are able to remove carbon from the atmosphere at the levels to off set global warming.

34
Q

What is the Paris Agreement?

A

Legally binding international treaty concerning climate change.

It was adopted by nearly every nation and came into affect in 2016.

Limit warming to well below 2C with target below 1.5C (pre industry levels)

35
Q

Name some sustainable building methods?

A

-Use of recycled material such as reclaimed timber, recycling tiles and plastics
- Heat Pumps
- Solar Panels
- Wind Turbines
- Rainwater harvesting
- Green roofs
- Automated Building Systems (lighting sensors)

36
Q

What regulations and codes of practice are you aware of that affect sustainability in construction?

A

Clean Air Act
Wildlife and Countryside Act
Environmental Protection Act
More

37
Q

What are the new RICS PII requirements 2022?

A

Updated from Version 9 - effective from 1st April 2022
Change to maximum uninsured excess of PII
Larger companies with turnover in excess of 10mill there is no maximum limit of uninsured excess.
Less than 10mill, the max in the greater of 10k or 2.5% of the insured sum

38
Q

What is the RICS futures report?

A

In 2015, report launched highlighting key trends such as urbanisation, big data, climate crises and how it affects out industry.
Since 2015 RICS has analysed these trends by engaging with the profession to keep its members informed on how to address these key issues.

2020 Futures report, construction produces large amounts of data (most behind financial services), but 95% is currently wasted. RICS is setting up an innovation and technology hub to provide a centre of expertise on how it can be used.
rapid urbanisation in China highlighted, with mega-cities creating key challenges.
Increase in use of drones, issues with compliance.
RICS developing courses to use technology safely, competently and legally.

39
Q

Are you aware of some of the aims highlighted within the RICS Business Plan for 2021-2022

A

Incorporating Levitt Report
- Be more open and transparent with members and the public about operational deciions making and finances
- Developing and implementing new, more effective, internal whistleblowing arrangements
- Reviewing the arrangements for senior executive reward

Immediate Financial Priorities
- Continue to support the profession as economies recover from Covid-19 and seek to minimise any increase in the cost of subscription levels
- utilise and surplus cash generated to pay back furlough monies received form the Government.
- Reduce the RICS need to access external financial support
- Reduce any finding deficit in the closer Final Salary Pension Scheme

40
Q

What key challenges does the Global Economic Recession present to your area of surveying?

A

Rising inflation rates of around 10-11% have resulted in the Bank of England increasing the base interest rate which has subsequently caused a large increase in borrowing costs.

Has created additional challenges on building owners with constraints over the financial viability of borrowing.

The shift to home working and hybrid working has resulted in a scaling back of office space but also a requirement for home offices.

41
Q

What affect has the conflict in Ukraine has on the UK property & Construction industry?

A

Due to the high dependancy that Europe has on Russian gas and oil, the conflict in Ukraine has resulted in significant energy price increases.

This means the cost of production of building products that require high energy input have also increased.

Home owners are more challenged when affording their mortgages.

In summary, the conflict has intensified an already turbulent market.

42
Q

How has Brexit effected the UK Property & Construction industry?

A

Movement of Personnel
- free movement ended Dec 202, new global immigration system.
- Employers must register as sponsor to recruit from abroad.
- Reduced labour has lead to increased costs and reduction in labour.

Movement of materials
- Prices / costs increase due to boarder checks and admin

43
Q

What happened in COP27?

A

Highlighted ‘loss and damage’ of extreme wether due to climate change. New fund agreed for richer countries that have not agreed on targets to provide funds to countries more in need. Larger focus on paying for the damage caused, but not enough emphasis put on mitigation.

44
Q

What is embodied carbon?

A

Carbon emissions generated as a result of energy consumption and chemical processes during the extraction, manufacture, transportation, assembly, replacement and deconstruction of construction materials or products.

Resultant emissions from all the activities involved in the creation and demolition of a building less the operational carbon impact.

APC Residential Scotland (8 decks)

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