Ethics, Rules of Conduct and Professionalism Flashcards
What are the RICS Rules of Conduct?
The Rules of Conduct are mandatory standards of professional conduct and practice expected of all RICS members, candidates, students, and regulated firms.
What is rule 1 of the RICS Rules of Conduct?
Members and firms must be honest, act with integrity and comply with their
professional obligations, including obligations to RICS.
What is rule 2 of the RICS Rules of Conduct?
Members and firms must maintain their professional competence and ensure
that services are provided by competent individuals who have the necessary
expertise.
What is rule 3 of the RICS Rules of Conduct?
Members and firms must provide good-quality and diligent service.
What is rule 4 of the RICS Rules of Conduct?
Members and firms must treat others with respect and encourage diversity and
inclusion.
What is rule 5 of the RICS Rules of Conduct?
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.
What are the 5 RICS Professional Standards?
1) Honesty
2) Integrity
3) Competence
4) Service
5) Respect & Responsibility
What date were the professional standards last updated?
October 2021 - Effective from 2nd Feb 2022.
What legislation covers RICS Anti-Money Laundering policies?
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
What is the RICS Ethical Decision Tree?
A framework of questions members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner or situation.
What is PII, why is it important and who does it protect?
Personal Indemnity Insurance - it protects both the firm, member and Client from suffering financial loss from a claim.
What level of PII cover is required by a firm?
Based on the turnover of a firm:
£0 - £100,000 = £200,000 of cover
£101,000 - £200,000 = £500,000 of cover
£200,000 + = £1,000,000 of cover
What is run off cover and how long is it needed for?
To ensure that firms, members and their clients are not exposed to financial detriment in the period
following a firm ceasing to trade. It is required for at least 6 years.
What is your firms complaints handling procedure?
A mechanism for Clients to register their dissatisfaction with either an employee or a service provided. The CPH must meet the requirements of the RICS Rules of Conduct. It must include an Alternative Dispute Resolution.
It is important to as it allows the Client to feel protected and confident about the service they are receiving.
GFW will acknowledge receipt of your complaint within 7 days and will provide an update within 28 days when you can expect to receive a written response.
What methods of ADR are there?
1) Adjudication - 28 days
2) Mediation
3) Arbitration
4) Expert determination
Advantages - Cheaper, quicker, confidential, less stressful than court.
Disadvantages - Reluctant opponent, No ruling on legal rights, lower compensation amounts.
