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APC - PERSONAL > Ethics Rules of Conduct and Professionalism > Flashcards

Ethics Rules of Conduct and Professionalism Flashcards

1
Q

What is the structure of RICS?

A

FromJuly 2024
1) The Governing Council

2) One arm is RICS Board which is made up of 4 commitees:
Global Memebers Commitee, Audit and Finance Commitee, Knowledge Comittee, Nominations and Reumeration Comitte

3) One arm is the Standards and Regulation Board which is made up of an assigned Risk Pool Panal, Regulatory Tribunal & 4 commitees:
Standards Commitee, Qualifications Commitee, Dispute Resolution Commitee, Valuation Assurance Commitee

Following the Levitt Report and Lord Birchards Inderpendant review

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2
Q

When was the RICS Founded?

A

Founded in 1868
Royal Charter given in 1881

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3
Q

Who is the President of RICS?

A

Ann Grey is the president
Tina Paillet is the president elect

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4
Q

What are the RICS Member Grades?

A

RICS Student
Assoc RICS
MRICS
FRICS

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5
Q

How do you achieve FRICS?

A

5 Years MRICS
Champion
Expert
Influcer
Role Model

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6
Q

What are the benefits of being MRICS?

A
  1. Status
  2. Recognition
  3. Knowledge
  4. Network
  5. Market Advantage
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7
Q

What are the benefits of regulation?

CPS

A
  1. Confidence - Monitored by RICS
  2. Proffesionalism - Providing impartial expert advice
  3. Secuity - PII and access to independent redress
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8
Q

What are the Rules of Conduct?

A

Rule of conduct 2022
Members must:
1. Be honest and act with integrity
2. Maintain thier professional competence
3. Provide diligent service
4. Treat others with respect and encourage diversity
5. Take responsibility in the public interest

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9
Q

Give me an example of acting with integrity?

A

Members and firms being open and transparent with client about their fees and services

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10
Q

Give me an example of when you have maintained your professional competence?

A

Undertaking CDP and learning to develop an understanding of a particular area.

Taking advice from senior collegues on areas of work I am not competent in

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11
Q

Give me an example of when you have provided a dilgent service?

A

I have communicated with unrepresented rate payers in a clear way that they can understand without using techincal jargon

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12
Q

Give me an example of when you have treated others with respect and encouraged diversity?

A

I treat others fairly and do not discrimate.

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13
Q

Give me an example of when you have taken responsibility to maintain public confidence?

A

I have reported impartial and professional valuation advice to client throughout my work.

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14
Q

What is the VOA Code of conduct?

A

Integrity
Honesty
Objectvity
Impartiality

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15
Q

What is the heirarchy of RICS publications?

A
  1. Rules of Conduct (Mandatory)
  2. Global Standards (Mandatory)
  3. Professional Statement (Mandatory)
  4. Practice Statements (Mandatory)
  5. Guidance Notes (Voluntary)
  6. Code of practice (Best Practic)
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16
Q

Are there any recent changes RICS document categories?

A

RICS are in the process of reveiwing its standards portfolio into 2 simplifed categories:

1) Professional Standards
- Implimenting clarification around ‘must’ and ‘should’

2) Pratice Infomation
- Practice support guidance

17
Q

When does a firm require RICS registration?

A

If 25% of employees are MRICS they have the option to register

If there is 50% of principles are MRICS then registration is mandatory

18
Q

What infomation do firms have to provide to RICS in an annual return?

A
  1. Type of buiness and staffing
  2. Nature of clients
  3. Client money provisions
  4. Complaints handling log and procedure
  5. Professional Indemnity Insurance (PII)
  6. Staturoty Regulated Activities
19
Q

How do you decided a fee?

A
  1. Avoid price fixing with competitors
  2. Keep it market based
  3. Must make the client aware if you recieve a referral fee
  4. Be clear in ToEs
20
Q

What are the CPD requirments for a MRICS?

A

1) 20 Hours of CPD a year
- 10 hours of formal with learning objectives

2) Professionalism Module
- Every 3 years

3) Recorded on the RICS CPD managment system

21
Q

What disciplinary procedures are there?

A

There are 3 main types of disciplonary procedures

1) Action by the Head of Regulation
- May impose a Regulatory Compliance Order such as a proportional fine or CPD sanction
- avoids public hearing

2) Hearing by Regulatory Tribunal
- Where memeber does not admit allegations head of regs can refer tribunal or disciplinary panel

3) Disciplinary Panel
- Both 2 & 3
- can include explusion and future RICS Registation
- Published to RICS website and modus

22
Q

What checks would you undertake before sending terms of engagement?

A

1) Professional competence

2) Conflict of interest

3) Inline with Consumer Rights Act 2015
- 14 day cooling off period

23
Q

When would you decline work?

A
  1. Conflict of interest
  2. Not competent
  3. Insufficent facts
  4. Professional Indemnity cap cannot be agreed
24
Q

What is conflict of interest and what RICS guidance exisits?

A

A conflict of interest is when a members or firm impartiality is compromised.

There is the ‘RICS Conflict of Interest Professional Standard 2017’ which provides clear guidance on how to identify and manage conflicts of intrest.

25
Q

What are the different types of conflicts?

Give examples

A
  • Party Conflict
  • When there is a related instruction for two different parties
  • Own Conflict
  • When a members own intrest could affect their impartiatlity
  • Confidential Information Conflict
  • When infomation relevent to the instruction between two parties may not be disclosed
26
Q

What are the steps to a Conflict of Interest?

A
  1. Identify
  2. Avoidance
  3. Advice
  4. Conflict Management
27
Q

How do you manage a conflict of interest?

A
  1. Infromed consent with all parties in writting
  2. Implement an ethical barrier with reasonble steps taken
  3. Ensure infomation is secured safely
  4. Clear audit trail over seen by compliance officer
28
Q

What is negligence?

A

Where work has not been carried out with a reasonble level of care and skill and there has been a breach of contract resulting in possible damages

Limitation Act 1980 - Contract negligance from 6 years
3 years from knowledge of damages
15 years long stop from negligence
tort of negligence

29
Q

How can you avoide negligence?

A
  • Clear Terms of Engagement
  • PII liability Cap Agreed in ToEs
  • Ensure Professional Competence
  • Use RICS Guiance
  • CDP
  • Creation of a Detailed Audit Trail
30
Q

What gudiance is there on complains handling?

A

**RICS Complaints Handling 2016
Professional Standard

31
Q

What does RICS guidance say about Complaints Handling?

A
  • Firms must have their Complaints Handling Procedure approved by RICS and use a complaints log
  • Firms should consider whether to infrom their insurer
  • Complaints Handling Procedure must be in terms of engagement
  • Complaints Handling Procedure must include a RICS ADR mechanism
  • Firms must appoint a complains handling officer
  • Complaints Handling Procedure must be published and sign posted
32
Q

What is the RICS complaints handling procedure?

A

2 X Tier System

1) In house (Stage 1)
- In writting
- 7 days Aknowledgment
- 28 days to investigate
- Handled by the complaints handling officer

2) ADR - Inderpendant Redress (Stage 2)
- Such as Ombudsman, or RICS Dispute resoluation services

33
Q

What is the VOA’s Complaints Handling Procedure?

A

VOA has a 3 X tier system
1. Business stream
2. VOA complaints handling team
3. Case can be referred to obmudman via local MPs Office

VOA aims to confirm recipt within 3 days and 20 days to respond

34
Q

What is PII?

A

PII protects firms and members against negligence where duty of care has been breaches and there is a claim for damages

35
Q

What guidance does RICS proivde in respect of PII and what does it say?

A

UK PII Requirements 2024 Regulations

  • Insures must be RICS approved
  • There must be adeqet cover for instruction
36
Q

What are the minimum levels of PII?

A

Up to £100k = £250k
£100k - £200k = £500k
over £200k upwards = £1m

37
Q
A

APC - PERSONAL (4 decks)

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