Ethics, ROC & Professionalism Flashcards
Your friend asks you to prepare a valuation report on his mother house for sale purposes to a private buyer. Would you undertake this work? If yes what would you need to do?
You could undertake the work as long as all parties were made aware of the conflict of interest and agree to proceed on this basis.
A client offers you a bottle of wine for work you prepared for them at short notice, would you accept this gift? Who would you need to tell?
Your firm should maintain a gift register for gifts and hospitality.
You notice an assessor colleague has been given an expensive watch for valuation work undertaken on a commercial warehouse, what would you do?
report to senior management.
You work in private practice within the ratings appeal team for your firm, a client asks you to value his house for him, what would you do in this situation.
Advise that I am in the rating appeal team and refer them to a colleague who specialises in residential property valuations.
When was the RICS founded?
1868
What is the RICS Motto?
Est Modus in rebus (There is measure in everything)
Who is the president elect of the RICS?
Nick Maclean acting
What are the 3 market sectors covered by the RICS
Property, Land & Construction
How is the RICS structured?
A) Governing Council
B1) RICS BOARD (Membership Service Committee, Audit Committee, Knowledge and Practice Committee)
B2) Standards and Regulations Board (Standards Committee, Qualifications and Assessments Committee, Dispute Resolution Board & Valuation Assurance Committee)
Why do you want to become a member of the RICS?
To become part of a global professional community and distinguish myself from others in the marketplace.
Rules of Conduct 2022. Rule 1?
Members and Firms must act with integrity and honesty, and comply with professional obligations
Rules of Conduct 2022. Rule 2?
Members and Firms must maintain their professional competence and ensure services are provided by competent individuals
Rules of Conduct 2022. Rule 3?
Members and Firms must provide a good and due diligent service
Rules of Conduct 2022. Rule 4?
Members and Firms must treat others with respect and encourage diversity and inclusion.
Rules of Conduct 2022. Rule 5?
Members and Firms must act in the public interest, take responsibility for their actions and promote public confidence in the profession.
What are the three professional obligations for members?
a. Members must comply with the CPD requirements set by the RICS which requires 20 hours of CPD for each calendar year, 10 hours of which must be formal CPD.
b. Members must cooperate with RICS.
c. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
What are the professional obligations for Firms?
a. Must publish a complaint handling procedure, which includes and alternative dispute resolution provider approved by RICS and maintain a complaints log.
b. All previous and current professional work is covered by professional indemnity policy
c. Firms with sole principal must make arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
d. Must cooperate with RICS
e. Must provide any information reasonably requested by the standard and regulations board
f. Must display they are regulated by the RICS
g. Must report any matter as required by the rules for the registration of firms
In the case of a breach of a rule of conduct what is the procedure?
a. Not every shortcoming will necessarily give rise to proceedings.
b. A formal investigation by the Head of Regulation of the RICS is the first step in the process.
c. The RICS can request information and/or visit and inspect to investigate compliance.
d. Members must cooperate fully with all enquiries.
How can a disciplinary proceeding be triggered?
a. Someone complaining to the RICS.
b. An allegation by a client or third party.
c. Information received or established by the RICS
What procedures must you follow if you are starting up a new practice?
a. Contact the RICS for guidance and obtain a company start up pack.
b. Inform the RICS and register for regulation.
c. Appoint a contact officer for all RICS communication.
d. Prepare a complaint handling procedure.
e. Obtain Professional indemnity insurance cover.
f. Abide by the Rules of Conduct for Firms.
g. Use the designation ‘Regulated by RICS’ on all practice material.
What insurances would you need if you were starting up your own firm?
a. Professional Indemnity Insurance.
b. Employer’s Liability.
c. Public Liability.
d. Building’s insurance of an office premises.
What is the purpose of Professional Indemnity Insurance?
Provides financial cover if a client was to suffer a financial loss at the hands of a breach of professional duty. Covers things like errors and neglect of duty.
What breaches would expulsion be suitable for?
a. Persistent failure to comply with RICS rules of conduct
b. Fraud
c. Dishonesty
d. Conviction of a serious criminal offence
e. Gross Incompetence
f. Deliberate discrimination
g. Misappropriation of clients money
How can a disciplinary proceeding be triggered?
a. Someone complaining to the RICS
b. An Allegation by a client or third party
c. Information received or established by RICS
