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RICS Investment and Finance Pathway > Ethics, rules of conduct and professionalism Level Three > Flashcards

Ethics, rules of conduct and professionalism Level Three Flashcards

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1
Q

Give me an example of when you have acted with integrity?

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2
Q

Tell me about when you have provided a high standard of service.

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3
Q

Tell me about how you have promoted trust in the profession.

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4
Q

Explain how you have taken responsibility in your current role.

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5
Q

Tell me about how you treat clients with respect.

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6
Q

Tell me about how you treat other surveyors with respect.

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7
Q

Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.

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8
Q

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.

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9
Q

What would you do if you were asked by a client to reduce a fee proposal to win new work?

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10
Q

What would you do if you became suspicious that a client was involved in money laundering?

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11
Q

What would you do if you became suspicious that a client was involved in terrorist activities?

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12
Q

If you were to set up in practice on your own, tell me about the types of insurance you would need.

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13
Q

What is the central purpose of the RICS?

A

1) To maintain the highest standards of education and training

2) To protect consumers through strict regulation of professional standards

3) To be the leading source of information and independent advice on land, property, construction and associated environmental issues

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14
Q

What is the RICS?

A

UK based professional body for surveyors

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15
Q

Give a brief history of the RICS

A

1) Founded in London in 1868 by 49 surveyors as the institution of surveyors

2) Received royal charter as the Surveyors Institution in 1881 with the requirement of promoting the usefulness of the profession for the public advantage in the UK and globally

3) In 1930 it became the chartered surveyors institution

4) In 1946 they were granted the title royal and therefore in 1947 became the RICS

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16
Q

How is the RICS linked to other bodies?

A

They work in collaboration with other professional bodies such as RIBA, governments, central banks etc

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17
Q

How many RICS members are there? (roughly)

A

130,000

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18
Q

Who is the current president, president elect and senior vice president of RICS?

A

President - Clement Lau
President elect - Ann Gray
Senior vice president - Tina Pailette

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19
Q

What is the significance of the governing council?

A

They are the highest governing body

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20
Q

What do the RICS governing body do?

A

1) Sets global strategy and ensures RICS fulfils its Royal Charter obligation

2) Provides strategic oversight on requirements for entry into the profession and the setting and enforcement of professional standards

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21
Q

How is the governing council composed?

A

1) Chair of governing council

2) 6 Strategy seats (academia & education; capital markets and valuation; land; research and development; residential; urbanization and planning

3) 15 market seats (africa; asean; australiasia; brazil; canada; caribbean; china; europe x 22; hong long; india; middle east; UK & Ireland x 2; USA

4) RICS president, president elect and senior vice president

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22
Q

What does the audit committee do?

A

Monitors the integrity and effectiveness of RICS’ financial reporting, internal control and risk management systems, reviews anti-fraud measures and raising concerns policies and reviews the effectiveness of and recommends each year the appointment of the external auditor

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23
Q

Is the audit committee comprised of just RICS members?

A

No, it is also comprised of non-rics members?

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24
Q

What is the standards and regulation board responsible for?

A

Strategy, policy and operational oversight of the standards, entry and admission to the profession (through RICS education and qualification standards) and regulatory functions of RICS

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25
Q

What is the purpose of the management board?

A

Direct RICS affairs under delegated authority from governing council

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26
Q

Who is the management board comprised of?

A

Non members, RICS members and RICS executives

27
Q

What is the rule 1 of RICS Rules of Conduct 2021?

A

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

28
Q

What is the rule 2 of RICS Rules of Conduct 2021?

A

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

29
Q

What is the rule 3 of RICS Rules of Conduct 2021?

A

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

30
Q

What is the rule 4 of RICS Rules of Conduct 2021?

A

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

31
Q

What is the rule 5 of RICS Rules of Conduct 2021?

A

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.

32
Q

What obligations are mandatory to RICS members?

A
  1. Members must comply with the CPD requirements 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.
33
Q

What obligations are mandatory for RICS regulated firms?

A
  1. Firms must publish a complaints-handling procedure, which includes an alternative dispute
    resolution provider approved by RICS, and maintain a complaints log.
  2. 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.
  3. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
  4. Firms must cooperate with RICS.
  5. Firms must promptly provide all information reasonably requested by the Standards and
    Regulation Board, or those exercising delegated authority on its behalf.
  6. 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.
  7. Firms must report to RICS any matter that they are required to report under the Rules for the
    Registration of Firms.
34
Q

What are the RICS ethical standards?

A

A
1. Act with integrity

  1. Always provide a high standard of service
  2. Act in a way that promotes trust in the profession
  3. Treat others with respect
  4. Take responsibility
35
Q

What does the first RICS ethical standard mean?

A

Be honest and straightforward in all that you do

36
Q

What does the second RICS ethical standard mean?

A

Always ensure your client, or others to whom you have a professional responsibility, receive the best possible advice, support or performance of the terms of engagement you have agreed to. This standard includes, but is not limited to, the following behaviors or actions

37
Q

What does the third RICS ethical standard mean?

A

Act in a manner, both in your professional life and private life, to promote you, your firm or the organization you work for in a professional and positive way.

38
Q

What is an information barrier?

A

The physical or electronic separation of individuals within the same firm that prevents confidential information passing between them

39
Q

What are some things regulated firms must do in relation to bribery and corruption?

A

1) Prepare a written policy covering anti-bribery and corruption

2) Have an appropriate governance and systems and controls in place

3) Have a register for gifts and hospitality etc

4) Appoint a person in the company that can be contacted to discuss these matters

5) Carry out due diligence on third party suppliers to ensure they are acting appropriately

40
Q

What are some things RICS members should do in relation to anti-bribery and money laundering?

A

1) Declare gifts, hospitality etc to their employers

2) attend relevant training addressing these issues

3) be familiar and act in compliance with their employers policy

4) If in a senior management position, take a leadership role in attempting to ensure that their employer has an appropriate regime in place for addressing bribery and corruption

41
Q

What should RICS regulated firms do in relation to money laundering and terrorist financing?

A

1) Have a written policy addressing these issues

2) have appropriate governance systems in place

3) provide appropriate training for staff

4) keep reports of suspicion of money laundering and terrorist financing and the firms system to counter these risks

42
Q

In relation to money laundering and terrorist financing, what should RICS members do?

A

1) Keep up with training on the matter

2) Comply with their firms policy and processes relating to these matters

3) keep report of suspicious activity

43
Q

Why must a Chartered Surveyor do CPD?

A

It ensures that we remain up to date with relevant legislation and any changes in the industry

44
Q

Why must a Chartered Surveyor main solvent?

A

1) If we are not solvent then we are more at risk to taking bribes and not asking within the clients best interests

2) If we cant manage our own finances it does not reflect well on being able to manage our clients finance

45
Q

What would you do if you were asked to do something unethical?

A

1) Speak to somebody more senior than me (line manager etc)

2) Whistle blow to the correct organization if required

46
Q

What has the RICS produced to help surveyors make ethical decisions?

A

The RICS has created the Ethics Decision Tree, which members can refer to if they are asked to do something they are unsure about

47
Q

Why would you like to be a Chartered Surveyor?

A

1) Professional credentials promotes client confidence

2) Promotion of your professional excellence

3) RICS status gives a competitive advantage

4) International practice standards and guidance gives up to date and relevant knowledge

5) Promotes professional network

48
Q

What are the THREE benefits of regulation for firms?

A

1) Client confidence

2) Firms have to provide clear, impartial and expert advice

3) Firms have to have recognized CHP, access to ADR and PII cover

49
Q

What information is required by RICS for registration of firm and in annual return?

A

1) Type of business and staffing details

2) Statutory regulated activities

3) Nature of clients

4) Complaints handling procedure and records

5) PI insurance certificate

6) Whether the firm holds clients money or not

50
Q

Why are the RICS requiring 25% of Principal to be members in order for firms to apply to be regulated?

A

Concerned that as the RICS profession and brand grows, having a single RICS qualified Principal does not provide sufficient assurance that RICS professional standards have adequate influence within the senior management of firms

51
Q

If you thought it was appropriate to accept a gift from a client, how would you proceed?

A

Record it on my firm’s Gifts and Hospitality Register

52
Q

What is the law associated with gift giving and receiving?

A

Bribery Act 2010 and Proceeds of Crime Act 2002

53
Q

What are the SIX principles of the Bribery Act 2010?

A

1) Proportionality

2) Top level commitment

3) Risk assessment

4) Due diligence

5) Communication

6) Monitoring and review

54
Q

What are the FOUR offences under the Bribery Act 2010?

A

1) Bribing

2) Receiving a bribe

3) Bribing a foreign public official

4) Failing to prevent bribery

55
Q

How would you define a bribe?

A

Bribe can be the giving, offering, promising or receiving of an advantage such as a payment, gift or a service for an action which is illegal or a breach of trust

56
Q

What identification do you require on a client to do Customer Due Diligence?

A

Private: identify client and their identity based on a reliable independent source (e.g. passport or driving licence). Proof of address (e.g. bank statement, council tax statement) not more than 3 months old

Company: certificate of incorporation, full name, company number and address of registered office (names of directors and beneficial owners as anyone who has a shareholding of 25% or more)

Publicly accountable body: proof of government ownership/control

57
Q

What is considered an appropriate margin of error?

A

When valuing it depends on the availability of comparable evidence and the complexity of the valuation, as to what would be an acceptable margin of error
±10% is usually considered to be a reasonable margin of error but more likely ±5% for residential property

58
Q

What are the FOUR levels of membership for the RICS?

A

1) FRICS

2) MRICS

3) AssocRICS

4) Trainee/student

59
Q

What must you do to achieve FRICS status?

A

Provide evidence of achievement to the Fellowship assessor of FOUR Fellowship characteristics. They are grouped into the following categories:

  1. Champion
  2. Expert
  3. Influencer
  4. Role model

A personal statement on current role, practices and ambitions.

60
Q

In what circumstance will the RICS disciplinary procedure be triggered?

A

1) Someone complaining to RICS

2) Allegation by a client or third party

3) Information received or established by the RICS

61
Q

What are the THREE levels of disciplinary action?

A

1) Action by head of regulation

2) Disciplinary panel

3) Appeal panel

62
Q

What are the THREE most common breaches of the Rule of Conduct for Firms, 2007 (as amended 2017)?

A

1) Professional behavior

2) CPD

3) Protecting client money

63
Q

What FOUR actions can the Head of Regulation of the RICS impose?

A

1) Fixed penalty notice

2) Compliance order

3) CPD sanctions

4) Referred to disciplinary panel

RICS Investment and Finance Pathway (54 decks)

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