Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APC OS > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

How many members of the RICS are there?

A

100,000 members globally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who is the RICS president?

A

Ann Gray FRICS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Who is the RICS CEO?

A

Richard Collins (Interim since 2021)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Give me an example where you acted with integrity

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 5 Rules?

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Why do you want to become a member of RICS?

A

Two reasons:
1) Gain chartership to reflect my level of competence in the profession to the public
2) Qualification is recognised worldwide, opening doors to global career opportunities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the role of RICS?

A

RICS’ main roles are:
1) Advancing the highest ethical and technical standards for professionals in land, property and the built environment.
2) Protecting and providing benefits to consumers by enforcing standards and codes of best practice.
3) Providing expert impartial advice to governments, business and the public.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a Royal Charter?

A

Royal Charters are have been used to found cities, universities, royal hospitals, charities and professional bodies

e.g. RICS, BBC, the Bank of England, the British Red Cross and the British Council.

Royal Charters are granted by the privy council (= a body set up in the early days of the monarchy to advise the king on matters of state)

Royal Charters are used to help fortify the independence of the organisation, as parliament has no role in amending the royal charter that governs the corporation.

The Royal Charter was granted to RICS in 1881 to “maintain and promote the usefulness of the profession for the public advantage in the UK and abroad”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a Bye-Law?

A

A bye-law is a set of rules established by an organisation so as to regulate itself, as allowed or provided for by some higher authority.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Give an example behaviour for Rule 1

A

(must be honest, act with integrity and comply with their professional obligations)

  • Members and firms do not mislead others by their actions or omissions, or by being complicit in the actions or omissions of others.
  • Members and firms identify actual and potential conflicts of interest throughout a professional
    assignment and do not provide advice or services where a conflict of interest or a significant risk of
    one arises, unless they do so in accordance with the current edition of Conflicts of interest, RICS
    professional statement.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Give an example behaviour for Rule 2

A

(maintain professional competence)

  • only undertake work that they have the knowledge, skills and resources to
    carry out competently.
  • maintain their competence through CPD
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Give an example behaviour for Rule 3

A

(provide good-quality and diligent service)

Understanding needs:
Members and firms understand clients’ needs and objectives before accepting any professional work.

Sustainability advice:
Members and firms, when advising clients about projects, encourage solutions that are sustainable in that they minimise harm and deliver balanced economic, social and environmental benefits

Data management:
Members and firms check that all data used is accurate and up to date, is kept securely, and
that they have proper legal rights to use it and, where required, share it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Give an example behaviour for Rule 4

A

(treat others with respect and encourage diversity and inclusion)

No discrimination
No bullying
Inclusive culture in their workplaces

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Give an example behaviour for Rule 5

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)

Whistleblowing:
Members and firms support directors, partners, employees, colleagues or clients who have
acted in good faith to report concerns.

Public statements:
Members and firms ensure that public statements made by the firm, or in which members
are (or could be) identified as members of the profession, do not undermine public confidence in the
profession.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is your RICS membership number?

A

69636550

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What do you understand by international ethical standards

A

(We are not not referring the ‘global professional and ethical standards’ document - doest exist anymore)

This is what RICS is doing with other orgs around the world, they are agreeing a set of 10 ethical standards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Why did the RICS move to the new rules of conduct?

A

3 global issues
- better data management
- sustainability
- diversity and inclusion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is included within the Rules of Conduct Appendices?

A

Appendix A lists the professional obligations to the RICS (10 obligations = 3 for members +7 for firms)

There are 3 for members:
1. Comply with CPD
2. cooperate with RICS
3. provide all info requested by the Standards and Regulation Board

There are 7 for firms:
1. publish a CHP which indlues an ADR provider approved by RICS and maintain a complaints log
2. ensure that all work is covered by appropriate PIII cover that meets RICS standards
3. make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence, inability to work 4. cooperate with RICS
5. provide all info requested by the Standards and Regulation Board
6. display RICS logo on business literature
7. report to RICS any matter they are required to report under the Rules for the Registration of Firms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How would you set up a regulated firm?

A

Key rules:
- Professional Indemnity Insurance (PII)
- Complaints Handling Procedure (CHP)
- handover person named

also
- register your firm with the RICS
- put RICS logo on your stationary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What can you tell me about the Bichard Review?

A

Why Bichard review happened: members complaining about mismanagement of RICS

More D&I: the fact that no careers fair at school actively promote the profession.
In fact, I am involved in my day to day about this. I represent TfL and its property department at careers fair, and I also attended careers fair with the RICS as an RICS ambassador.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is PII? Who does it cover?

A

Professional Insurance Indemnity

21
Q

What does the RICS P/S Countering Bribery and Corruption, Money Laundering and Terrorist Financing 2019 state?

A
  • refers to Bribery Act 2010 and Anti ML Regulations 2017
  • firms should have written policies and procedures (includes training and awareness-raising for staff, and regular reviews)
  • appoint compliance and ethics champions
  • special care when dealing with politically exposed persons (PEPs) liable to be offered bribes
  • Whistleblowing: the P/S emphasizes the importance of reporting any suspicions of bribery and corruption, money laundering, and terrorist financing to the relevant authorities, as well as establishing and maintaining effective whistleblowing procedures.
  • Provides an ‘Anti-money laundering’ checklist
22
Q

What does your employer’s ethics and gift policy state?

A
23
Q

Tell me the key takeaways from the P/S on Conflict of Interest?

A

RICS P/S Conflicts of Interest (2017, became effective Jan 2018)

3 types of COI:
- professional
- party
- personal aka ‘own interest’ conflicts which can occur in my line of work

  • There is a requirement to manage conflicts and maintain systems to keep confidential information
  • The RICS requires conflicts to be declared to the parties and recommend if the parties are content for the surveyors to continue to act this be confirmed in writing
  • It is the surveyor’s decision whether to act or not

There is also a UK specific COI professional statement but this relates only to agencies and consultants to prevent double dipping (representing both sides)

24
Q

How do you ensure you avoid bribery in your work?

A

Law: Bribery Act 2010
RICS: P/S Countering Bribery and Corruption, Money Laundering and Terrorist Financing 2019
TfL: ethics and gifts handling policy

What I do:
- I follow guidance
- I know to flag offers to my manager and to the gifts register
- I know to whistleblow if needed

25
Q

What should you do if an ‘own interest’ conflict arises?

A

If an own interest / personal interest arises, I must abide by the RICS P/S Conflict of Interest 2017

  • I must not let it interfere or influence with my professional judgment
  • full transparency required
  • facts must be declared in writing before accepting the instruction

Given the nature of my employer’s organisation, I have filled in a Declaration of Interest form which is publicly available (??) / requestable under FOI ?? . This helps to prevent COI and also promotes trust in the profession

My employer’s employees have a legal duty (under the Localism Act 2011) to declare and monitor any interests which might have a bearing on our work.

26
Q

Why do we have Rules of Conduct?

A

The rules set out standard of professional conduct and practice expected of members and firms registered for regulation by RICS

27
Q

What is the definition of ethics?

A

A moral framework by which to make decisions

An ethical person has a higher standard than just avoiding a certain behaviour or practice because it is illegal. (More than just legal)

28
Q

What might happen if a member contravenes the rules of RICS?

A

Head of Regulation + Regulatory Board at RICS

Can issue a:
- caution
- fine
- conditions (more CPD)
- removal of registration (for regulated firms)
- explusion

29
Q

How is the RICS structured?

A

Boards sit below the Governing Council.

Structure of RICS changed recently with the Bichard review

30
Q

On what date were the new Rules of Conduct implemented?

A

Feb 2022

31
Q

Why is it important that APC candidates know the Rules around setting up a firm?

A

On Day 6 after interview, candidates could wet up your own Regulated Firm

32
Q

What would you need to do to set up a regulated firm?

A

Follow “Rules for the Registration of Firms (2022)” published by RICS

Biggest 3 points:
- PII
- CHP
- Handling Client money

Also
- locum agreement (in case of sole practitioner incapacity or death)
- register your firm with RICS
- put RICS on your documents

What you need to become a registered firm
>50% of Principals are qualified members (mandatory to become regulated)
25-49% of Principals are qualified members (you are eligible)
0-24% of Principals are qualified members

33
Q

What are the implications of getting consultant’s ToE wrong?

A

To ensure consultants are clear on what you want them to deliver

34
Q

What are the 9 protected characteristics under the Equality Act 2010?

A
  • Gender
  • Gender reassignment
  • Sexual orientation
  • Age
  • Disability
  • Race
  • Religion
  • Marriage of civil partnership
  • Pregnancy
35
Q

What are the timescales regarding dealing with a client’s complaint?

A

Under the RICS GN Complaints Handling (2016):

  • Response time: 7 days to acknowledge, 21 days to give a solution
  • If there is no solution after 28 days, it could be an update OR it could include a redress system (a 3rd party ADR eg Centre for Effective Disp Resolution)
  • Firms must have a CHP in place
  • ## Firms must have a complaints handling offer and complaints handling log
36
Q

What is your firm’s complaint handling procedure?

A

States that a request will be acknowledged within 7 days, and replied to within 21 days

37
Q

What are the rules about holding Client money

A

Under the RICS P/S Client Money Handling:
- Money held in separate account, managed with adequate control
- Account named under the Client
- Firms must preserve security of client money

37
Q

Who does PII protect?

A

Primarly: protects our clients against our negligence
Secondarily: it protects ourselves (members and firms)

38
Q

What level of PII would be required?

A
39
Q

What is meant by run-off cover?

A

Insurance still needs to be in place after your retirement.
Statue of Limitations 1980 states a minimum of 6 years but in practice it’s often 12-15 years

40
Q

What is a conflict of interest? (COI)

A

Acting for both buyer and seller
Having personal interest to a certain outcome –> to be resolved without company losing the work, one could put an ‘information barrier’ in place so you would pass it on to another colleague and not be involved

41
Q

What is a bribe

A

An illegal inducement to influence behaviour

(Give example: When acting as DM, I received an invitation to attend a well known social event. I declined as the invitation was from a consultant which could be working on my project in the future - accepting this gift could be construed as a bribe)

42
Q

What is the difference between a bribe and hospitality?

A

Two tests:
1. Proportionality
2. Timing

43
Q

A friend of a friend asks you to value a property they are selling and then tries to persuade you to overvalue it to maximise the sale price.

A
  • Fraud (Fraud Act, Red Book)
    Also:
  • COI issue
  • PII issue (if case is pro bono)
44
Q

You are sending out tenders for a high value construction job and have discovered that a relative works for one of the tendering
contractors.

A

It depends:
- Analyse the impact (000s, millions? nature of relative?)

If relative is close:
- Inform my client/employer
- Asked to be removed from the tender evaluation process
- Ethical decision tree

45
Q

What are the main requirements of anti money laundering regulations?

A
  • Confirm identity of clients
  • Appoint a money laundering reporting officer
  • Training
  • Control systems in place
  • Hold records
46
Q

What is the penalty for money laundering?

A

Criminal offense with a max. period of 14 years in prison and/or an unlimited fine

47
Q

Why are Terms of Engagement important?

A

It defines the scope of the work, clarifies the fee, and limits the liability to the client

48
Q

What is included in Terms of Engagement?

A
  • Identity of the client
  • name any other parties that will rely on using the
  • Identity of the person who has overall responsibility for the case
  • experience and competence of the responsible members for the work.
  • Conflict of interest check
  • A declaration of any actual or potential conflict of interest, AND any potential means of managing the conflict agreed with the client including the client’s declaration of informed consent
  • Description of the assignment and its end purpose
  • Relevant legislation, standards and regulation to be adhered to
  • Scope of inspections, data collection, enquiries and any limitations to due diligence (work you WILL do, work you WILL NOT do)
    -Limitations in investigations, enquiries and due diligence result in gaps in knowledge. For every gap, an assumption about the likely facts needs to be agreed with the client, point by point.
  • Limitations in liability to the client and third parties (There should be an absolute limit at the level of the professional indemnity insurance.)
  • Description of the deliverable
  • amount of the fee or the formula for calculating the fee
  • Limitations should be agreed on the amount of follow-up work or further advice
  • Declare to the client that you have a complaints-handling procedure, compliant with RICS requirements, which is available upon request

APC OS (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions