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TARJI JONES APC 2024 > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

What are the obligations for RICS members?

A

Must comply with CPD requirements
Must cooperate with RICS
Must provide all information requested by Standards and Regulations board

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2
Q

What are the CPD requirements for RICS members?

A

20 hours per calendar year
10 hours must be formal

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3
Q

Can you give me an example of formal CPD?

A

Formal CPD is structured learning;
Presentations
Lectures

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4
Q

Can you give me an example of informal CPD?

A

Informal CPD is self-managed learning;
Modus
Study

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5
Q

If you were to become a member of the RICS, when do you need to submit your CPD to the RICS?

A

31st January

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6
Q

What is a conflict of interest?

A

When personal interests conflict judgement and effects the persons or firms ability to act impartially

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7
Q

What types of conflict of interest is there?

A

Party conflict (duty owe to another party)
Own interest conflict
Confidential information conflict

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8
Q

What is the procedure for members in respect to handling gifts with the RICS?

A

Declare the gift to their employer
Attend relevant training provided by the employer
Be familiar with their employer compliance

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9
Q

Why does the RICS have rules of conduct?

A

Core standards and behaviours for firms and members
To provide benchmarks for measuring complaints

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10
Q

When was the new Rules of Conduct introduced?

A

2nd February 2022

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11
Q

What were the changes in the new rules of conduct?

A

Replaced the rules of conduct for members and firms combining them into one single document
Replaced the global and ethical professional standards

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12
Q

What are the Rules of Conduct for members and firms

A
  1. Honesty, integrity and obligations
  2. Professional competence
  3. Good quality and diligent service
  4. Inclusion and respect
  5. Act in the public interest, take responsibility and maintain public confidence
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13
Q

Can you provide an example of how you have demonstrated Rule 1 (of the Rules of Conduct)?

A

Identifying conflicts of interest

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14
Q

Can you provide an example of how you have demonstrated Rule 2 (of the Rules of Conduct)?

A

Rule number 2 regards professional competence

Ensure I have the correct skills and experience to carry out services

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15
Q

Can you provide an example of how you have demonstrated Rule 3 (of the Rules of Conduct)?

A

Rule 3 regards a good quality and diligent service

Ensure all work is quality checked before being issued to a client

Ensure I understand client timescales

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16
Q

Can you provide an example of how you have demonstrated Rule 4 (of the Rules of Conduct)?

A

Rule 4 regards respect, inclusion and diversity

Ensure I make meeting with overseas colleagues at inclusive times

Ensure to include requirements for modern slavery statements when issuing pre-qualification questionnaires

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17
Q

Can you provide an example of how you have demonstrated Rule 5 (of the Rules of Conduct)?

A

Rule 5 regards public interest, confidence and responsibility

Ensure I comply with the complaints handling procedures

Ensure statements on social media do not jeopardise RICS brand

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18
Q

Where would you find the professional obligations for members and firms

A

Appendix A of the new Rules of Conduct

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19
Q

What are the professional obligations for firms?

A
  1. Firms must publish a complaints handling procedure
  2. Firms must have adequate professional indemnity cover
  3. Firms with a sole principal must have appropriate arrangements in the event of incapacity or illness
  4. Firms must cooperate with the RICS
  5. Firms must provide information to Standards and Regulation board
  6. Firms must display their business literature in accordance with the RICS
  7. Firms must report any matters required to the RICS
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20
Q

When was RICS founded?

A

1868

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21
Q

Where is the RICS headquarters?

A

Parliament Square, London

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22
Q

What levels of membership are included in RICS?

A

FRICS
MRCIS
AssocRICS
Student

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23
Q

How do you become a fellow?

A

Become MRICS

Demonstrate different skills including champion, expert, influencer and role model

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24
Q

What is a Royal Charter?

A

A formal grant issued my the monarchy which grants and organisation certain rights

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25
What is the governance structure of the RICS?
Privy council council Governing council Boards & committees
26
What is the role of the Governing Council?
Strategic and management leadership
27
What is the role of the Standards & Regulations Board?
Decide on policies and regulatory matters
28
What is the role of the Committees?
Integrity and effectiveness of reporting, internal control and risk management systems
29
How many RICS faculties are there?
18
30
Can you give some examples of the faculties?
Quantity surveying Building surveying Valuation Project management
31
Who is the current president?
Ann gray
32
What documents do the RICS publish?
Practice statements (mandatory) International standards and professional statements (mandatory) Guidance notes (guidance) Code of practice / help sheets / consumer guides (guidance)
33
What is the purpose of international statements and professional statements?
To protect consumers and businesses ensuring the highest level of professionalism
34
Can you provide an example of any professional standards you have read?
Rules of conduct
35
What would happen if you did not follow any of the guidance notes?
Negligence
36
What are help sheets produced for?
To provide foundation and structure to RICS and members To protect the public
37
Why might a firm want to be regulated?
Consumer confidence (monitored by RICS regulation) Professionalism Security (PII, redress and complaints procedure)
38
If a firm wishes to register, how do they go about this?
Register through the RICS website RICS will require a range of information including business, staffing details, complaints handling procedure, PII details and whether the firm is handling client money
39
What are the rules around using the RICS logo?
Must be a member or registered firm Cannot alter without permission Mustn't be used in a manner which can have adverse effect on
40
What would you do if there was a potential conflict of interest?
Raise it to management Do not proceed
41
Are there any exceptions where you can proceed?
If you get informed consent from all parties
42
How are disciplinary proceedings handled?
Depends on the seriousness of the case Generally handled by the Head of Regulation
43
What are some of the penalties for misconduct and disciplinaries?
Cautions Conditions on memberships Fines (up to £2,000)
44
If a member failed to comply with their CPD requirement for a year, what disciplinary action would they receive?
Caution
45
What is the role of the Head of Regulation?
To manage the regulation regime for Standards and Regulation Board
46
What are the timescales around a complaint handling procedure?
7 days to acknowledge the complaint 28 days to be investigated
47
What is a redress scheme in regard to complaints?
2nd stage of a complaint handling procedure An independent investigation of complaints
48
What are the RICS approved redress mechanisms?
The property ombudsman Ombudsman services RICS dispute resolution service
49
What is a complaints handling officer?
Nominated person within an organization who deals with complaints
50
What is Turner & Townsend's complaint handling procedure?
Notify the complaints handling officer The complaints handling officer will acknowledge the complainant with notification of investigation The complaints handling officer will inform of the outcome in 21 days
51
Who must be notified of a complaint?
Professional indemnity insurer Complaints handling officer
52
If you are a sole practitioner, how do you deal with complaints?
Sole practitioners have to nominate a surveyor in another firm to act as their complaints handling officer
53
How would a client find out about your complaint handling procedure?
It should be issued as part of the terms of service Turner & Townsend also have theirs on their website
54
Who approves a complaints handling procedure?
RICS
55
How do you protect yourself against claims of negligence?
Professional indemnity insurance
56
Why would a firm require PII and who would it protect?
It protects the surveyor, client and third parties against negligence
57
If you were to identify the level of PI for a business, how would it be determined?
Level of turnover RICS suggest the following levels of cover: Less than 100k turnover = 250k minimum limit of liability 100k - 200k turnover = 500k minimum limit of liability Over 200k turnover = 1m minimum limit of liability
58
If a company ceases to trade, what happens to PI at that point?
- Depends on contract execution - Minimum 6 years (underhand execution - 12 years for deed execution
59
Is run off cover indefinite or is there a limit?
Limit of 1m
60
If you were in a social environment and a friend asked you for some professional advice what would your response be?
I’d inform them that I do not have PI cover nor has there been any terms of service agreed so therefore I would decline.
61
What are the maximum levels of uninsured excess (how much the firm pays per claim)?
Depends on level of indemnity Up to £500,000 indemnity insurance = the greater of 2.5% of sum insured or £10,000 Over £500,000 indemnity insurance =2.5% of the sum insured
62
Can you tell me what types of professional indemnity insurance there is?
Each and every claim basis Aggregate
63
How would you go about finding an insurer for PI?
RICS has a list of approved insurers
64
Can you provide an example of party conflict?
- Okehampton station refurbishment - T&T enacted QS and CA role
65
Can you provide and example of “Own Interest”?
- A professional assignment may conflict with a family member
66
Can you provide an example of confidential information interest?
-
67
What measures can firms include to manage conflicts of interest?
- Record keeping - Information barrier - Separate geographical locations - Sign up to a non disclosure agreement
68
What is an information barrier?
Where information and discussion of the project remain confidential and are not discussed between the two parties
69
When should the PI insurer be aware of a complaint?
Immediately
70
What sort of insurances must a Chartered Surveyor have?
- Professional indemnity insurance - Buildings and contents insurance - Employer liability insurance - Run off cover
71
What legislation must a Chartered Surveyor be aware of?
- Housing grants, construction and regeneration act - Construction Design and Management Regulations 2015 - Fire safety Act 2021 - Building safety Act 2022
72
What are ‘net contribution’ clauses?
73
What are the main principles of the bribery act?
- Proportionality - Commitement - Risk assessment - Due diligence - Communication - Monitoring and review
74
What are the requirements of a firm in relation to bribery?
- Must not offer or accept anything which could be a bribe - Have plans in place to comply with legislation - Report any activity that breaches anti-bribery - Act with due diligence - Retain information of how the firm complies with the professional standard
75
What are the requirements of a member in relation to bribery?
- Declare certain items (gifts, hospitality, travel or donations) - Attend relevant training provided by their employer - Be familiar with their employers policy
76
What are the offences in regard to the Bribery Act?
- Making a bribe - Receiving a bribe - Bribery of a public foreign official
77
What is a facilitation payment?
A type of bribe to speed up administrative process
78
What items should a member declare to their employer?
- Gifts - Hospitality - Charitable donations - Travel
79
Can you summarise Turner & Townsends gift policy?
- Obtain permission from the commission manager or director - Record details of the expense
80
What are the RICS 5 principles of better regulation?
- Proportinality - Accountability - Consistency - Targeting - Transparency
81
How would you set up your own practice?
- Inform RICS - Appoint contact officer - Register with RICS - Arrange PII - Obtain RICS approval for complaints handling prodecure - Appoint a complaints handling officer - Make arrangements for succession and future running of the business (“a locum”) - Set up staff training - Ensure CPD management system
82
Can you tell me about Merrett v Babb case law?
83
What if the loss exceeds the PI cover?
- The firm is liable for the difference
84
What measures should be taken to try and avoid PI claims?
- Keep detailed records - Use proper letters of engagement - Don’t advise outside your expertise - Use RICS guidelines - Avoid poor management and excessive workloads
85
Are you familiar with the term limit of liability and where might this be used?
- The limit to which a claim can amount too - Should be stated within the terms of engagement
86
What was the carlsbery report 2005?
Through review of RICS regulation after member dissatisfaction
87
What is the purpose of the 5 principles of better regulation?
Maintain the highest standard and promote integrity to benefit public interest
88
Name some topics which the RICS publishes help sheets and policy documents?
- CPD - Clients money handling - PII - Complaints handling procedures
89
What are the insurance requirements for regulated firms?
Professional indemnity Buildings insurance Public liability Employer liability Director and officer cover Contents Business interruption
90
What tools are available to determine if CPD is formal or informal?
RICS decision tree
91
What are the objectives of client money handling procedures?
Keep it safe Used for appropriate purposes only Safeguarding with appropriate procedured
92
What are the RICS requirements for PI insurance?
- Must be each and every claim basis - Must have minimum policy wording - Must have minimum levels of indemnity - Must have run off cover - Must be fully retroactive
93
What is run-off pool?
RICS coverage for run off cover if a firm cannot add it to their policy
94
What is the RICS futures report?
- A report which highlights key trends in the construction and property industry including drone technology and sustainability
95
Can you explain the RICDS structure?
1) Governing council 2a) RICS Board 2b) Standards and Regulation Board 3) Knowledge, finance, member comittees
96
What types of sanctions can the RICS issue?
Cautions Reprimand Expulsion Fines Conditions
97
What is a bribe?
Offer, acceptance, promising or giving of something to gain advantage in an illegal or unethical action

TARJI JONES APC 2024 (16 decks)

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