Ethics, Rules of Conduct and Professionalism Flashcards
What is the RICS?
It is the global standards and membership organisation for professionals involved in land, property, construction and environmental matters.
What is the RICS’ motto?
Est modus in rebus (There is measure in all things).
What is the role of the RICS?
- To maintain the highest standards of education and training;
- To protect consumers through strict regulation and professional standards;
- To be the leading source of information and independent advice on property, land, construction and environmental matters.
When was the RICS founded?
1868.
Who was the first president of the RICS?
John Clutton.
Who is the current president of the RICS?
Clement Lau FRICS (elected September 2021).
What are the four levels of RICS membership?
- Trainee;
- AssocRICS (Associate Member) - entry-level way to join RICS;
- MRICS (Member);
- FRICS (Fellow).
What is the governance structure of the RICS?
- Privy Council - formal body of advisers to the Queen;
- Governing Council - runs the RICS and provides management and strategic direction;
- Regulatory Board - reports solely to the Governing Council on its activities;
- Management Board - delegated key decision making by the Governing Council to assist in day-to-day performance and delivery of the business plan;
- Audit Committee;
- Nominations Committee;
- Administrative Appeals Panel.
Who forms the Governing Council?
- Chair of Governing Council;
- 6 Strategy Seats;
- 15 Market Seats;
- RICS President;
- RICS President-Elect;
- RICS Senior Vice-President.
What literature does the RICS produce?
- International Standard (mandatory);
- Professional Statement (mandatory);
- Practice Statement (mandatory);
- Guidance Note (recommended for accepted good practice);
- Code of Practice (developed in collaboration with other professional bodies, recommended for accepted good practice);
- RICS Information Paper (specific up-to-date information/explanatory comment);
- RICS Help Sheet (information on aspects of regulation for members and firms);
- RICS Consumer Guide (key topics/notes to consumers).
What are the five ethical standards?
- Act with integrity;
- Always provide a high level of service;
- Promote trust within the profession;
- Take responsibility;
- Treat others with respect.
What are the different types of conflict of interest?
- Party Conflict- a situation in which the duty of an RICS member or a regulated firm to act in the interests of a client or other party professional assignment conflicts with a duty owed to another client or other party professional in relation to the same or related professional assignment.Also applies with other party conflicts e.g. duty owed to a court or tribunal when acting as an expert witness or when acting as an adjudicator/arbitrator or mediator etc.;
- Own Interest Conflict- a situation in which the dutyof an RICS member or regulated firm to act in the interest of a client in a professional assignment conflicts with interests of the same RICS member/firm;
- Confidential Information Conflict-a duty of an RICS member or of a regulated firm (under paragraph 2.2) to provide material to one client and the duty of the RICS member or of a regulated firm (under paragraph 2.1) to another client to keep that same information confidential.
What is a bribe?
The offer or acceptance of an advantage as an inducement for an action that is unethical or illegal.
What is the purpose of the Bribery Act 2010?
- To stop corruption in business practices;
- To place responsibility on companies for the actions of their staff unless they have adequate polices, procedures and training in place.
What measures does the Bribery Act 2010 enforce?
Companies are responsible for their employees’ corrupt acts unless they can show they have adequate anti-bribery procedures and gift/hospitality register requirements.
Four offences are:
- Bribing;
- Receiving a bribe;
- Bribing a foreign public official;
- Failing to prevent bribery.
