Ethics & RICS Flashcards
(44 cards)
What does the RICS designation mean and how does a firm get one?
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,
What are the 6 principles that underpin the ethical standards and rules?
Honesty
Integrity
Competence
Respect
Service
Responsibility
What is a bye-law and give an example?
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.
What are the 5 codes of conduct?
- Members and firms must be honest, act with integrity and comply with their
professional obligations, including obligations to RICS. - 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 provide good-quality and diligent service
- Members and firms must treat others with respect and encourage diversity and
inclusion. - 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.
Explain Rule 1 in more depth
- 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
Explain Rule 2 in more depth
- 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.
Explain Rule 3 in more depth
- 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
Explain Rule 4 in more detail
- 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
Explain Rule 5 in more detail
- 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
What are the 5 concepts of good regulation?
Proportionality
Accountability
Consistency
Transparency
Targeted
What is in Annex A / The requirements of members and firms?
- members must comply with the CPD requirement set by RICS.
- members must cooperate with RICS.
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
- Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
- 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.
- 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.
- Firms must cooperate with RICS.
- Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
- 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.
- Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
What is the difference between Guidance Notes and Survey Standards - give examples
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
What must you do to become an RICS firm?
- Register with RICS
- Inform them of your type of business.
- Have a CHP and ADR
- Agree to RICS governance
- Have appropriate RICS approved insurance.
- Minimum 25% of principles RICS qualified.
Why were the previous rules revised? What are the changes?
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.
What are the offences of the Bribery Act?
Making a bribe
Receiving a bribe
bribery of a foreign public official
Failure of a corporate entity to prevent bribery on its behalf
What companies does the bribery act apply to
The legislation applies to all UK Entities and includes associated Persons, for example sub-consultant and external advisors.
What procedures can companies put in pace to prevent bribery on their behalf?
- Proportionate procedures
- Top level commitment
- Risk Assessments
- Due diligence
- Communication
- Monitoring & review
How has Covid-19 affected your area?
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.
Under the Bribery Act, under what circumstances is a facilitation payment permitted?
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
What is ACM cladding? What is its significance in relation to the Grenfell Disaster?
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
Explain your understanding of an EWS1?
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.
What is the new Fire Safety Act 2021?
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.
What are the COPS?
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.
What is a green mortgage?
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.