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APC > Ethics, Rules of Conduct And Professionalism > Flashcards

Ethics, Rules of Conduct And Professionalism Flashcards

1
Q

Why do you want to become a member of RICS?

A

It is a global benchmark for integrity and professionalism recognised and valued by clients and governments around the world.

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2
Q

What are the key functions of RICS?

A

Advancing the highest ethical and technical standards for professionals in land, property and the built environment.

Protecting and providing benefits to consumers by enforcing standards and codes of best practices.

Providing expert impartial advice to governments, business and the public.

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3
Q

What is a Royal Charter?

A

It is an instrument of incorporation, granted by the King, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs.

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4
Q

What is the role of RICS?

A

A leading body working in the public interest to advance knowledge, uphold standards, and inspire current and future professionals.

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5
Q

Who is the current RICS President?

A

Tina Paillet

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6
Q

What do you understand by the term self-regulation?

A
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7
Q

Can you tell me what you understand by the principles of better regulation?

A
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8
Q

What is a Bye-Law?

A

The RICS Bye-Laws provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs. Those decisions are made in accordance with the Rules and guidance created by the Standards and Regulation Board.

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9
Q

Give an example of one of the RICS Bye-Laws.

A
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10
Q

Explain to me the new RICS Rules of Conduct - what do they replace?

A

Rules of Conduct for Firms and for Members and the Global Professional & Ethical Standards

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11
Q

When do they take effect?

A

2nd Feb 2022

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12
Q

Who do they relate to?

A

The new Rules of Conduct apply to both Members and Firms globally.

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13
Q

What are the ethical principles that the Rules of Conduct are based on?

A

The Rules of Conduct are based on ethical principles of honesty, integrity, competence, service, respect and responsibility.

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14
Q

What are the 5 Rules?

A

Rule 1
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS. Example behaviours include not being improperly influenced by others and being transparent with clients about fees and services.

Rule 2
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise. Example behaviours include only undertaking work where a Member has the relevant knowledge, skills and resources and undertaking sufficient CPD each year.

Rule 3
- Members and firms must provide good-quality and diligent service. Example behaviours include understanding clients’ needs and objectives before accepting work and communicating clearly with clients.

Rule 4
- Members and firms must treat others with respect and encourage diversity and inclusion. Example behaviours include treating others courteously and respectfully and developing an inclusive workplace culture.

Rule 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. Example behaviours include managing professional finances responsibly and responding to complaints promptly, openly and professionally.

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15
Q

Give an example behavior for each.

A

Rule 1 - Members and firms are open and transparent with clients about their fees and services.

Rule 2 - Members and firms only undertake work that they have the knowledge, skills and resources to
carry out competently.

Rule 3 - Members and firms understand clients’ needs and objectives before accepting any professional
work.

Rule 4 - Members and firms do not bully, victimise or harass anyone.

Rule 5 - Members and firms support directors, partners, employees, colleagues or clients who have
acted in good faith to report concerns.

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16
Q

What are the core professional obligations of firms and members to RICS?

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.

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17
Q

What disciplinary procedures can the RICS impose?

A

Caution – this is a warning against repeating the conduct or action which is found to have constituted the contravention of conduct expected of Regulated Members

Reprimand - this is another form of warning against repeating the conduct or action which is found to have constituted the contravention of Conduct expected of Regulated Members

Undertakings – one or more requirements imposed on Regulated Member in regards to future conduct

Fine – monetary penalty imposed in accordance with the RICS Sanctions Policy approved by SRB

Conditions – requiring Regulated Member to carry out or restrict activities within a set period which will be monitored by RICS

Expulsion (of individual Member) - removing the Regulated Member from RICS register

Removal (of a Firm’s registration) – removing the Regulated Firm from RICS register

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18
Q

In what circumstances can these be imposed?

A
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19
Q

When did RICS last update their disciplinary panel rules?

A

2nd March 2020

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20
Q

What are the different levels of action within these procedures?

A
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21
Q

What do you understand by the term professional practice?

A
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22
Q

What money laundering regulations or legislation are you aware of?

A
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23
Q

What is a red flag of money laundering?

A
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24
Q

What bribery legislation are you aware of?

A
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25
Q

What is a bribe?

A
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26
Q

What are the penalties for accepting a bribe?

A
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27
Q

What are the penalties for being involved in money laundering?

A
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28
Q

What constitutes an offence under the Bribery Act 2010?

A
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29
Q

What constitutes an offence under the current money laundering regulations?

A
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30
Q

How long should you keep anti money laundering records for?

A
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31
Q

What is Professional Indemnity Insurance (PII)?

A
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32
Q

Can you tell me about the RICS requirements in relation to PII?

A
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33
Q

What is a PII aggregation clause?

A
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34
Q

What does ‘claims made’ mean in terms of PII?

A
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35
Q

Is a PII excess usually paid for per claim?

A
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36
Q

In a negligence claim, what would help to show that you acted with consideration and due process?

A
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37
Q

Can good record keeping help to provide a defence in a PII claim?

A
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38
Q

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

A
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39
Q

What is run off cover?

A
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40
Q

What RICS requirements are there relating to run off cover?

A
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41
Q

What changes did RICS recently make to the Minimum Approved PII Wording?

A
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42
Q

Would a dictated report avoid the need to have any written site notes?

A
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43
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A
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44
Q

How long can a PII claim arise after the work is undertaken?

A
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45
Q

What is the Assigned Risks Pool (ARP)?

A
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46
Q

Who might need to access the ARP?

A
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47
Q

Explain your understanding of the RICS Professional Standard Risk, Liability and Insurance (1st Edition).

A
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48
Q

Explain when you might agree a liability cap.

A
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49
Q

How would set out third party reliance in Terms of Engagement?

A
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50
Q

What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

A
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51
Q

What is an annual return?

A
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52
Q

Tell me what you understand about Complaints Handling Procedures (CHP).

A
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53
Q

When and how can the RICS be involved in a complaint about a firm or member?

A
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54
Q

Can you tell me about the CPD requirements for members of RICS?

A
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55
Q

Why is CPD important?

A
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56
Q

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

A
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57
Q

What is double dipping (dual agency)?

A
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58
Q

Why is double dipping (dual agency) an unacceptable practice?

A
59
Q

How would you close down a regulated firm?

A
60
Q

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

A
61
Q

What status does it hold?

A
62
Q

What are some of the key principles of this guidance?

A
63
Q

What must/should firms/members do to comply with the guidance?

A
64
Q

What are the current RICS rules for registration of firms?

A
65
Q

When did these last change?

A
66
Q

What were the key changes?

A
67
Q

Who is a ‘qualified member’ of RICS?

A
68
Q

What is a phoenix firm?

A
69
Q

When must a firm register for regulation?

A
70
Q

What are the registration eligibility criteria?

A
71
Q

Who is a Responsible Principal?

A
72
Q

What happens if a firm cannot comply with the eligibility criteria?

A
73
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

A
74
Q

When did these rules last change?

A
75
Q

What changes were made?

A
76
Q

Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.

A
77
Q

What must be included in ToE relating to firm regulation?

A
78
Q

What is a locum and who might need one?

A
79
Q

How could a sole trader set up their CHP using a locum?

A
80
Q

What RICS guidance relates to handling client money?

A
81
Q

When was this last updated?

A
82
Q

What do the RICS Rules of Conduct say about client money?

A
83
Q

Explain your understanding of the RICS Scheme Rules relating to client money protection.

A
84
Q

What are the main schemes available to firms?

A
85
Q

When were these last updated?

A
86
Q

What is the current compensation limit?

A
87
Q

What does the annual regulatory review fee relate to?

A
88
Q

What might client money include?

A
89
Q

How does this differ to office money?

A
90
Q

What are some of the key principles of the RICS Professional Standard relating to client money protection?

A
91
Q

Explain the key themes from the RICS Futures 2020 Report.

A
92
Q

Explain the potential implications of the Hart v Large case.

A
93
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A
94
Q

What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?

A
95
Q

Explain your understanding of the RICS Levitt review.

A
96
Q

What is whistleblowing?

A
97
Q

What does good governance mean to you?

A
98
Q

Explain what the Pandora Papers are, and the ethical issues raised within them.

A
99
Q

Explain what you understand by the RICS Bichard Review.

A
100
Q

Explain some of the recommendations of the Bichard Review.

A
101
Q

How will these recommendations be implemented by RICS?

A
102
Q

How do professional integrity and professional ethics differ?

A
103
Q

What is modern slavery and how would you identify red flags of it?

A
104
Q

Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.

A
105
Q

What is the Sanctions List and why should you be aware of it?

A
106
Q

Why was the Register of Overseas Entities introduced?

A
107
Q

What are the six RICS values published as a result of the Levitt review?

A
108
Q

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.

A
109
Q

How do you ensure that you comply with bribery legislation?

A
110
Q

How do you ensure you comply with money laundering regulations?

A
111
Q

How do you ensure you comply with your firm’s bribery and gifts policy?

A
112
Q

Tell me about an instance of when you have been offered a gift or hospitality by a client.

A
113
Q

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.

A
114
Q

Tell me about an instance of when you have handled client’s money.

A
115
Q

How would you keep client’s money securely and safely held?

A
116
Q

Tell me about how you would handle a client complaint.

A
117
Q

Tell me about your understanding of your firm’s process for escalating a complaint to Alternative Dispute Resolution (ADR).

A
118
Q

Tell me about a conflict of interest check you have carried out.

A
119
Q

If you identified a potential or actual conflict of interest, how could you handle this?

A
120
Q

Studio 2 – how did you respond to this unprofessional personal relationship?

A

I made it clear that i was uncomfortable with the situation and that if we did proceed we would need to ensure that there were clear boundaries and all parties need to be aware of them and what happens if any are crossed.

121
Q

What action did you recommend was taken?

A
122
Q

How did you avoid a reoccurrence in future?

A
123
Q

How do you personally avoid conflicts of interest?

A
124
Q

Hanover – how did you identify and deal with the conflict of interest?

A
125
Q

Why was it unethical to have more favourable payment terms for one contractor, than another?

A
126
Q

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

A
127
Q

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

A
128
Q

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

A
129
Q

Explain how you have taken responsibility in your current role.

A
130
Q

Tell me about how you treat clients with respect.

A
131
Q

Tell me about how you treat other surveyors with respect.

A
132
Q

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

A
133
Q

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

A
134
Q

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

A
135
Q

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

A
136
Q

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

A
137
Q

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

A
138
Q

Windsor Dials – why did you refuse to make the payment?

A

I had valued the account in lots of detail and i knew that the account was not worth the amount i was being asked to pay. There were items that that company did not carry out and so there was no way their account could increase.

139
Q

What Rule(s) of Conduct did you apply?

A
140
Q

How did you advise your directors on ethical payment practices?

A
141
Q

How did you advise on the conflict of interest?

A
142
Q

How did you ensure a fairly appointed replacement was sourced?

A
143
Q

Who needed to give written informed consent in this scenario?

A

APC (11 decks)

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