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Ethics,Rules Of Conduct And Professionalism > Ethics, Rules Of Conduct And Professionalism Part 1: RICS Requirements > Flashcards

Ethics, Rules Of Conduct And Professionalism Part 1: RICS Requirements Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

RICS has a royal charter, who granted this initially?

A

The Privy Council

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3
Q

What sets out governance in the institution?

A

Bye laws and RICS regulations

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4
Q

As on December 2023 how many qualified members are in the RICS.

A

As of December 2023 it was 113,000 qualified members and 28000 trainee members

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5
Q

What are the four levels of membership?

A

RICS Fellow - FRICS
Chartered Member - MRICS
Associate member - AssocRICS
RICS Student

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6
Q

What is the current RICS governance structure?

A

RICS is governed under the terms of its royal charter, by various councils and boards. The RICS governing council is the highest governing body ensuring the RICS fulfils its royal charter obligations and provide management and strategic direction.

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7
Q

Who is the current RICS president elect?

A

Justin Sullivan RICS

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8
Q

What was the Bichard review?

A

Lord Michael Bichard undertook a review of the RICS, after an independent review in 2021 of internal governance failings. The Bichard review included consultation with key members and external stakeholders and recommended a phased approach to adopting clear responsibilities for governance by individuals. This included, recruiting a new management board and standards and regulation board, and holding elections for key RICS committees and groups. The RICS agreed to adopt all the Bitchard recommendations and changes are on going. The aim is to deliver a member-led public interest focussed RICS with 5 key themes of governance, strategy, people, culture and values and member service.

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9
Q

When was the Bichard review reported?

A

June 2022 making 36 recommendations in 7 key areas

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10
Q

In November 2023 the RICS published 5 future foundations following the Bichard review what are they?

A

Vision, mission, strategic goals, values and a world class organisation.

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11
Q

What are 5 benefits of being an RICS member?

A
  1. Status - your professional credentials provide unrivalled client confidence
  2. Recognition - promotion of your professional excellence to governments and markets
  3. Market advantage - RICS status and standards gives you a competitive advantage
  4. Knowledge - international practice standards,
    Professional guidance, CPD & knowledge sharing
  5. Network - access to professionals worldwide
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12
Q

What does the RICS 2022 Rules for the Regulation of firms state?

A

If 50% of principals of the UK which provide surveying services are RICS members then it has to be regulated, and if at least 25% then it can apply to be regulated.

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13
Q

What information is required by the RICS for registration?

A
  1. Type of business and staffing details
  2. Name of responsible person
  3. Statutory regulated activities - such as for financial services
  4. Nature of clients
  5. Complains handling procedure details and records
  6. Professional indemnity insurance details
  7. Whether the firm holds clients money
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14
Q

When were the RICS Rules of conduct published?

A

October 2021but became effective from feb 2022

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15
Q

Name the five rules of conduct

A
  1. Members and firms must be honest, act with integrity and comply with their professional obligations including 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 and firms must provide good-quality and diligent services
  4. Members and firms must treat others with respect and encourage diversity and inclusion
  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.
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16
Q

What are professional obligations?

A

Appendix A to the rules of conduct set out professional obligations which are to be followed by members and by regulated firms. RICS MEMBERS must:
1. Comply with the CPD requirements set by RICS
2. Cooperate with RICS
3. Promptly provide all information reasonably requested by the standards and regulation board, or those exercising delegated authority on its behalf.

There are seven separate RICS professional obligations for RICS regulated firms.

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17
Q

What is the RICS ethics decision tree?

A

The RICS ethics decision tree provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner or situation.

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18
Q

What three levels of disciplinary actions are there?

A
  1. Action by Head of Regulation
  2. Disciplinary panel
  3. Appeal panel
19
Q

The first step of an investigation can be a formal investigation by the Head of Regulation of the RICS. The head of regulation can initiate one of the following four actions upon completion of their investigation if they consider that disciplinary action is required, what are the four actions that could be enforced?

A
  1. Serve a fixed penalty notice
  2. Make a regulatory compliance order
  3. Refer the matter to a single member of the regulatory tribunal for consideration
  4. Refer the matter directly to a disciplinary panel.
20
Q

What guidance for RICS members is there for social media?

A

Use of social media: guidance for RICS members 2024.

21
Q

There is a new RICS core material replacing the RICS professional statements and guidance notes what is this?

A

RICS professional standards the RICS is currently reviewing and re-categorising all current professional statements and guidance notes to become professional standards.

22
Q

What are professional standards?

A

These are set requirements or expectations for RICS members and regulated firms about how they provide services or the outcomes of their actions.

23
Q

What must be stated within the Terms of Engagement?

A

Must state in writing the clients agreement to the proposed fee basis, payment and expenses (and how calculated) and that a copy of the firms complaints handling procedure is available upon request.
Must be compliant with section 18 of the Estates agents act 1979 and Money Laundering regulations 2017 amended.
Members ,use check professional competence, ensure there is no conflicts of interest or personal interests, confirm terms if engagement in writing before written approval from the client before starting any works on instruction.

24
Q

When may it be appropriate to decline an instruction?

A
  1. You are not competent to undertake the works
  2. You do not have sufficient facts on the issue
  3. The proposed client will not sign your terms of engagement or complete AML checks
  4. There is a conflict of interest or personal interest
  5. Professional indemnity insurance liability cap cannot be agreed
  6. The advice is for a friend or on a pro bono basis
  7. The potential client is on the UK government sanctions list
25
Q

What is a conflict of interest?

A

A conflict of interest arises when a member or firms independence and impartiality is threatened due to the existence of a conflict between two clients examples include;
1. Any financial interest
2. A personal interest
3. Commercial relationships
4. Acting on both sides of a transaction

26
Q

What are the three types of conflicts of interest?

A
  1. A party conflict - relating to work on the same or related instruction for two different parties
  2. An own interest conflict - relating to a personal interest
  3. A confidential information conflict - relating to work between two parties that is confidential
27
Q

When a conflict of interest arises what three steps must be taken?

A
  1. Step one - conflict avoidance
  2. Step two. - written advice to both parties
  3. Step three - conflict management
28
Q

Tell me about client confidentiality

A

RICS bye laws state that client confidentiality must be maintained for all clients affairs. If a third party wants to access a clients files I ,its first get my clients permission unless subject to statutory overriding the clients confidentiality rights such as the police or HMRC.

29
Q

How long should old files from clients be held before they are destroyed securely?

A

Minimum of 6 years

30
Q

What responsibilities does an RICS regulated firm have in regards to the complaints handling procedure?

A

It is a requirement of RICS regulated firms to have a published complaints handling procedure that meets the requirements of the RICS of conduct, 2021. Whenever an RICS regulated firm issues terms of engagement it should be made clear to the client that the firm operates a complaints handling procedure. RICS firms should notify their PII insurers if there is a complaint as this could lead to a negligence claim.

31
Q

What is the minimum procedures for handling complaints in house (stage 1)?

A
  1. Details of the CHP should be issued whenever the firm receives a complaint from a valid complainant to whom the firm owes a duty of care.
  2. Procedure must be quick, clear, transparent and impartially implemented.
  3. Details of the nominated person who will be investigating the complaint (the complaints handling officer) must be stated as the person to be contacted in the first instance.
  4. The complaint must be in writing
  5. A complaint must be acknowledged in 7 days and investigated in 28 days.
32
Q

What is the CPD requirements for members?

A

Members must complete a minimum of 20 hours CPD in a calendar year at least half must be formal CPD the remainder can be informal CPD.

33
Q

What is the COD requirements for members?

A

Members must complete a minimum of 20 hours CPD in a calendar year at least half must be formal CPD the remainder can be informal CPD.

34
Q

Name some examples of formal CPD

A

Structured learning with clear objectives and outcomes such as structure red online training, professional courses, seminars, conferences, self management learning that can be assessed by a third party.

35
Q

Name some examples of informal CPD

A

Private study, on the job shadowing/learning, informal seminars or events,

36
Q

What is the purpose of professional indemnity insurance?

A

To protect clients, surveyors, and third parties against negligence claims when there is a duty of care breached and a claim for damages arises. Details are set out in the RICS professional indemnity insurance requirements July 2024.

37
Q

What dictates the minimum level of indemnity required ?

A

The firms turnover in the preceding year

38
Q

What is the minimum level of indemnity required for a firm with a turnover of £100,000 or less in the preceding year?

A

£250,000

39
Q

What is the minimum level of indemnity required for a firm with a turnover of between £100,001 to £200,000 in the preceding year?

A

£500,000

40
Q

What is the minimum level of indemnity required for a firm with a turnover of £200,001 and more in the preceding year?

A

£1,000,000

41
Q

What is the name of the professional standard in relation to handling clients money?

A

RICS Professional standard: client money handling 2019

42
Q

There are six main areas of good practice as set out in the RICS professional standard client money handling 2019.

A
  1. Holding client money
  2. Providing information to clients
  3. Receipts or client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
43
Q

What are some of the procedures that all chartered surveyors must be aware of?

A

Client accounts must be kept separate and clearly identifiable.
The word ‘client’ must be in the bank account and cheque book.
A client must be able to have their monies on demand.
Payment of interest is agreed with the client and accounts must be kept in credit.

44
Q

When starting a new practice what two sets of compliance must you adhere to?

A

RICS complaisance and statutory compliance

Ethics,Rules Of Conduct And Professionalism (2 decks)

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