Brainscape's Knowledge GenomeTM

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


See full index

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

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

What are the CPD requirements for RICS members?

A

20 hours per calendar year
10 hours must be formal

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

Can you give me an example of formal CPD?

A

Formal CPD is structured learning;
Presentations
Lectures

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

Can you give me an example of informal CPD?

A

Informal CPD is self-managed learning;
Modus
Study

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

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

What is a conflict of interest?

A

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

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

What types of conflict of interest is there?

A

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

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

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

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

When was the new Rules of Conduct introduced?

A

2nd February 2022

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

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

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

A

Identifying conflicts of interest

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

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

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

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

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

Where would you find the professional obligations for members and firms

A

Appendix A of the new Rules of Conduct

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

When was RICS founded?

A

1868

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Where is the RICS headquarters?

A

Parliament Square, London

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What levels of membership are included in RICS?

A

FRICS
MRCIS
AssocRICS
Student

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

How do you become a fellow?

A

Become MRICS

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a Royal Charter?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is the governance structure of the RICS?

A

Privy council council
Governing council
Boards & committees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What is the role of the Governing Council?

A

Strategic and management leadership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is the role of the Standards & Regulations Board?

A

Decide on policies and regulatory matters

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What is the role of the Committees?

A

Integrity and effectiveness of reporting, internal control and risk management systems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

How many RICS faculties are there?

A

18

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Can you give some examples of the faculties?

A

Quantity surveying
Building surveying
Valuation
Project management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Who is the current president?

A

Ann gray

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What documents do the RICS publish?

A

Practice statements (mandatory)
International standards and professional statements (mandatory)
Guidance notes (guidance)
Code of practice / help sheets / consumer guides (guidance)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

What is the purpose of international statements and professional statements?

A

To protect consumers and businesses ensuring the highest level of professionalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Can you provide an example of any professional standards you have read?

A

Rules of conduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What would happen if you did not follow any of the guidance notes?

A

Negligence

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What are help sheets produced for?

A

To provide foundation and structure to RICS and members
To protect the public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Why might a firm want to be regulated?

A

Consumer confidence (monitored by RICS regulation)
Professionalism
Security (PII, redress and complaints procedure)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

If a firm wishes to register, how do they go about this?

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What are the rules around using the RICS logo?

A

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
Q

What would you do if there was a potential conflict of interest?

A

Raise it to management
Do not proceed

41
Q

Are there any exceptions where you can proceed?

A

If you get informed consent from all parties

42
Q

How are disciplinary proceedings handled?

A

Depends on the seriousness of the case
Generally handled by the Head of Regulation

43
Q

What are some of the penalties for misconduct and disciplinaries?

A

Cautions
Conditions on memberships
Fines (up to £2,000)

44
Q

If a member failed to comply with their CPD requirement for a year, what disciplinary action would they receive?

A

Caution

45
Q

What is the role of the Head of Regulation?

A

To manage the regulation regime for Standards and Regulation Board

46
Q

What are the timescales around a complaint handling procedure?

A

7 days to acknowledge the complaint
28 days to be investigated

47
Q

What is a redress scheme in regard to complaints?

A

2nd stage of a complaint handling procedure
An independent investigation of complaints

48
Q

What are the RICS approved redress mechanisms?

A

The property ombudsman
Ombudsman services
RICS dispute resolution service

49
Q

What is a complaints handling officer?

A

Nominated person within an organization who deals with complaints

50
Q

What is Turner & Townsend’s complaint handling procedure?

A

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
Q

Who must be notified of a complaint?

A

Professional indemnity insurer
Complaints handling officer

52
Q

If you are a sole practitioner, how do you deal with complaints?

A

Sole practitioners have to nominate a surveyor in another firm to act as their complaints handling officer

53
Q

How would a client find out about your complaint handling procedure?

A

It should be issued as part of the terms of service
Turner & Townsend also have theirs on their website

54
Q

Who approves a complaints handling procedure?

A

RICS

55
Q

How do you protect yourself against claims of negligence?

A

Professional indemnity insurance

56
Q

Why would a firm require PII and who would it protect?

A

It protects the surveyor, client and third parties against negligence

57
Q

If you were to identify the level of PI for a business, how would it be determined?

A

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
Q

If a company ceases to trade, what happens to PI at that point?

A
  • Depends on contract execution
  • Minimum 6 years (underhand execution
  • 12 years for deed execution
59
Q

Is run off cover indefinite or is there a limit?

A

Limit of 1m

60
Q

If you were in a social environment and a friend asked you for some professional advice what would your response be?

A

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
Q

What are the maximum levels of uninsured excess (how much the firm pays per claim)?

A

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
Q

Can you tell me what types of professional indemnity insurance there is?

A

Each and every claim basis

Aggregate

63
Q

How would you go about finding an insurer for PI?

A

RICS has a list of approved insurers

64
Q

Can you provide an example of party conflict?

A
  • Okehampton station refurbishment
  • T&T enacted QS and CA role
65
Q

Can you provide and example of “Own Interest”?

A
  • A professional assignment may conflict with a family member
66
Q

Can you provide an example of confidential information interest?

A

-

67
Q

What measures can firms include to manage conflicts of interest?

A
  • Record keeping
  • Information barrier
  • Separate geographical locations
  • Sign up to a non disclosure agreement
68
Q

What is an information barrier?

A

Where information and discussion of the project remain confidential and are not discussed between the two parties

69
Q

When should the PI insurer be aware of a complaint?

A

Immediately

70
Q

What sort of insurances must a Chartered Surveyor have?

A
  • Professional indemnity insurance
  • Buildings and contents insurance
  • Employer liability insurance
  • Run off cover
71
Q

What legislation must a Chartered Surveyor be aware of?

A
  • Housing grants, construction and regeneration act
  • Construction Design and Management Regulations 2015
  • Fire safety Act 2021
  • Building safety Act 2022
72
Q

What are ‘net contribution’ clauses?

A
73
Q

What are the main principles of the bribery act?

A
  • Proportionality
  • Commitement
  • Risk assessment
  • Due diligence
  • Communication
  • Monitoring and review
74
Q

What are the requirements of a firm in relation to bribery?

A
  • 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
Q

What are the requirements of a member in relation to bribery?

A
  • Declare certain items (gifts, hospitality, travel or donations)
  • Attend relevant training provided by their employer
  • Be familiar with their employers policy
76
Q

What are the offences in regard to the Bribery Act?

A
  • Making a bribe
  • Receiving a bribe
  • Bribery of a public foreign official
77
Q

What is a facilitation payment?

A

A type of bribe to speed up administrative process

78
Q

What items should a member declare to their employer?

A
  • Gifts
  • Hospitality
  • Charitable donations
  • Travel
79
Q

Can you summarise Turner & Townsends gift policy?

A
  • Obtain permission from the commission manager or director
  • Record details of the expense
80
Q

What are the RICS 5 principles of better regulation?

A
  • Proportinality
  • Accountability
  • Consistency
  • Targeting
  • Transparency
81
Q

How would you set up your own practice?

A
  • 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
Q

Can you tell me about Merrett v Babb case law?

A
83
Q

What if the loss exceeds the PI cover?

A
  • The firm is liable for the difference
84
Q

What measures should be taken to try and avoid PI claims?

A
  • Keep detailed records
  • Use proper letters of engagement
  • Don’t advise outside your expertise
  • Use RICS guidelines
  • Avoid poor management and excessive workloads
85
Q

Are you familiar with the term limit of liability and where might this be used?

A
  • The limit to which a claim can amount too
  • Should be stated within the terms of engagement
86
Q

What was the carlsbery report 2005?

A

Through review of RICS regulation after member dissatisfaction

87
Q

What is the purpose of the 5 principles of better regulation?

A

Maintain the highest standard and promote integrity to benefit public interest

88
Q

Name some topics which the RICS publishes help sheets and policy documents?

A
  • CPD
  • Clients money handling
  • PII
  • Complaints handling procedures
89
Q

What are the insurance requirements for regulated firms?

A

Professional indemnity
Buildings insurance
Public liability
Employer liability
Director and officer cover
Contents
Business interruption

90
Q

What tools are available to determine if CPD is formal or informal?

A

RICS decision tree

91
Q

What are the objectives of client money handling procedures?

A

Keep it safe
Used for appropriate purposes only
Safeguarding with appropriate procedured

92
Q

What are the RICS requirements for PI insurance?

A
  • 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
Q

What is run-off pool?

A

RICS coverage for run off cover if a firm cannot add it to their policy

94
Q

What is the RICS futures report?

A
  • A report which highlights key trends in the construction and property industry including drone technology and sustainability
95
Q

Can you explain the RICDS structure?

A

1) Governing council
2a) RICS Board
2b) Standards and Regulation Board
3) Knowledge, finance, member comittees

96
Q

What types of sanctions can the RICS issue?

A

Cautions
Reprimand
Expulsion
Fines
Conditions

97
Q

What is a bribe?

A

Offer, acceptance, promising or giving of something to gain advantage in an illegal or unethical action

TARJI JONES APC 2024 (16 decks)

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