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APC > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

Who is the President of the RICS?

A

Tina Paillet

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2
Q

What are the benefits of RICS membership?

A
  1. Status
  2. Recognition
  3. Market advantage
  4. Knowledge
  5. Network
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3
Q

How many RICS members are there worldwide?

A

Over 134,000

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4
Q

When did RICS receive Royal Charter?

A

1881

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5
Q

Who is the Patron of the RICS?

A

King Charles III

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6
Q

When was the RICS founded?

A

1868

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7
Q

What are the RICS member grades?

A
  • RICS Fellow (FRICS)
  • Chartered member (MRICS)
  • Associate Member (AssocRICS)
  • RICS Student
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8
Q

What are the CPD requirements for members?

A

20 hours per year (at least 10 formal)

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9
Q

What are the RICS Rules of Conduct? (5)

A
  1. Members and firms must be honest, act with integrity and comply with their professional 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 are firms must provide good quality and diligent service.
  4. Members and firms must treat others with respect and encourage diversity and inclusion.
  5. Members are 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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10
Q

What is a conflict of interest?

A

A situation where your duty to someone is potentially compromised by the fact that you have a material interest at stake in the matter.

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11
Q

What are the three types of conflict of interest defined by the RICS?

A
  1. Party conflict
  2. Own interest conflict
  3. Confidential information conflict
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12
Q

What is a party conflict?

A

When working for two different clients on a matter, where those two clients have conflicting interests, you will be conflicted, even if your material interests won’t be affected either way by the work.

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13
Q

What is own interest conflict?

A

Your own interests are at stake.

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14
Q

What is confidential information conflict?

A

You are conflicted if you are obliged to keep certain information confidential for one party but obliged to reveal the same information to another party.

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15
Q

What is the role of the RICS?

A

To promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

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16
Q

What are the core values of the Civil Service? (4)

A
  1. Objectivity
  2. Honesty
  3. Integrity
  4. Impartiality
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17
Q

Who is the CEO of the RICS?

A

Justin Young

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18
Q

You see that a colleague is having some unwanted attention from a male colleague and it has happened a few times, what action if any would you take and what is this?

A

Consider this as a potential form of workplace harassment. I would go and speak to the male colleague and tell him its not acceptable behaviour, I would also report to my senior.

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19
Q

What are RICS professional statements?

A

Mandatory requirements for RICS memebers and regulated firms.

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20
Q

What are RICS guidance notes?

A

A document that provides users with recommendations or an approach for accepted good practice as followed by conscious and conscientious practitioners.

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21
Q

What is the status of an RICS professional statement? Who does it apply to?

A

Mandatory. Applies to RICS trainees, members and regulated firms.

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22
Q

What would you do if you considered your directors advice to be incorrect?

A

Consider:
1. the implications of the advice
2. is it legal?
3. discuss with managers, colleagues
4. refer to the RICS Ethics decision tree

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23
Q

How does you behaviour differ professionally and personally?

A

My approach and behaviour does not change. I adhere to the RICS Rules of Conduct both in and out of work.

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24
Q

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

A
  • Type of business and staffing details
  • Statutory regulated activities
  • Nature of clients
  • Complaints handling procedure and records
  • PII certificate
  • Whether the form holds client money
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25
Q

How do you keep up to date with current affairs and topic issues?

A

Mailing lists, office discussion, CPD, magazines and other publications

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25
Q

What is something you have recently seen in the press relating to surveying?

A
26
Q

Why do you want to become chartered?

A
  • Gold standard in the profession
  • Offers guidance and support from RICS
  • Designation will help my career
  • I am committed to lifelong learning
  • I want to give something back to future generations of surveyors
27
Q

What are ethics?

A

Moral principles that govern an individuals behaviour.

28
Q

What is the RICS ethics decision tree?

A

A tool to assist members in making informed decisions, confirming my actions are ethical and legal.

29
Q

RICS Rules of Conduct: Rule 1

A

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

30
Q

RICS Rules of Conduct: Rule 2

A

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

31
Q

RICS Rules of Conduct: Rule 3

A

Members and firms must provide good quality and diligent service.

32
Q

RICS Rules of Conduct: Rule 4

A

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

33
Q

RICS Rules of Conduct: 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.

34
Q

Why are ethics important?

A

Act as an anchor to appropriate behaviour and ensure consistency and clarity in the market. It allows us to provide the best service for the client and recognise the wider public.

35
Q

What does it mean to act ethically as a Chartered Surveyor?

A

Acting ethically means complying with standards and ensuring that you are acting on behalf of your clients best interests.

36
Q

What are three types of due diligence?

A
  1. Simplified due diligence
  2. Enhanced due diligence
  3. New customer due diligence
37
Q

What is simplified due diligence?

A

Where you determine the business relationship is low risk of money laundering/terrorism

38
Q

What is enhanced due diligence?

A

For high risk customers and transactions with greater threat to financial sector

39
Q

What is new customer due diligence?

A

Doing the checks to ensure that your client is who they say they are

40
Q

What are the three benefits of regulation for firms?

A

CPS:
- Confidence - for client as regulated firms are monitored by RICS regulation
- Professionalism - firms have to provide clear, impartial expert advice
- Security - firms have to have a recognised complains handling procedure, access to ADR and PII cover

41
Q

Why do firms issue terms of engagement?

A

Creates a contract with the client and provides a clear definition of what is expect and on what terms etc.

42
Q

What should be included in the terms of engagement?

A
43
Q

What additional information might you find in the valuation report which isn’t included in the terms of engagement?

A

The value

44
Q

How would you close down a practice?

A
  1. Inform the RICS
  2. Inform clients and arrange for them to be handed over to a new firm
  3. Return any client money
  4. Set up professional indemnity run-off cover for a minimum of 6 years
  5. Retain a copy of client files and record for a minimum of 6 years
45
Q

How long should files be kept for?

A

A minimum from 6 years from the date on which you completed the work. They should be destroyed securely. RICS recommended best practice is to keep them for 15 years.

46
Q

How can the RICS logo and designation be used?

A
47
Q

What are the CPD requirements?

A
  • Qualified/MRICS member – 20 hrs per year, min 10 hours formal
  • Student member – 48 hrs per year (Min 24 formal)
48
Q

What is the difference between formal and informal training?

A
49
Q

What is a complaints handling procedure?

A
50
Q

What should the complaints handling procedure include?

A
51
Q

What is ADR?

A
52
Q

What are some examples of ADR?

A
53
Q

What is the property ombudsman?

A
54
Q

Where would you find the RICS requirements for professional indemnity cover?

A
  • Professional indemnity insurance requirements
  • Regulation Document
  • Version 9 with effect from 1 April 2022
55
Q

What is professional indemnity insurance?

A

Covers compensation claims for financial loss, personal injury and property damage resulting from your negligent act or error at work.

56
Q

What changes to PII requirements came into effect on 1 July 2024 (RICS)?

A
  • 2024 RICS Approved Minimum Policy Working (UK and Ireland)
  • Changes to PII cover for fire safety claims
  • Changes to cover for EWS, EWS1 Forms and FRAEW for buildings up to 18m high
57
Q

What are the required levels of PII?

A
58
Q

How many years after a completed instruction can a PI claim be made? What legislation determines this?

A
59
Q

What type of cover would you need to cover a claim brought after a firm or member ceases to trade?

A

Run off cover

60
Q
A
61
Q

What must you do to become FRIS?

A
  1. Five or more years at MRICS
  2. Leadership role
  3. Professional/technical achievement
  4. Academic achievement or raising profile of RICS
62
Q

What is the purpose of AML checks?

A

Confirm identity and check source of funds

APC (12 decks)

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