Ethics, Rules of Conduct and Professionalism Flashcards
1
Q
When was the RICS founded?
A
1868
2
Q
When did the privy council grant RICS a Royal Charter?
A
1881
3
Q
Do RICS Regulations and Bye-laws have any weighting?
A
They are set out in the governance of the Institution.
4
Q
What are the 4 levels of membership?
A
- RICS Fellow - FRICS
- Chartered Member - MRICS
- Associate Member - AssocRICS
- RICS Student
5
Q
What are the current membership rates as of Dec ‘23?
A
Membership - 113,000
Trainee Members - 28,000
6
Q
What is the role of the RICS?
A
- Promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure (RICS, 2020).
- Accountable to both members and the public.
Involved in policy influence and political engagement.
7
Q
What are the 3 main roles of the RICS?
A
- To maintain the highest standards of education and training.
- To protect consumers through strict regulation of professional standards.
- To be the leading source of information and independent advice on land, property, construction and associated environmental issues (RICS 2015).
8
Q
How would you become a fellow?
A
Evidence 4 fellowship characteristics to the assessor including:
- 5 or more years at MRICS
- a leadership role
- professional/technical achievement
- academic achievement or raising the profile of the RICS.
- Provide a portfolio of professional achievement to support the application is required for your CPD record.
9
Q
Who is the RICS Governed by?
A
RICS are governed under the terms of its Royal Charter, various councils and boards.
10
Q
How many members does the Governing Council have?
A
29 members
11
Q
What is the Governing Council for?
A
Provides management and strategic direction, ensuring that the RICS fulfils its Royal Charter obligations.
12
Q
Who reports to the Governing Council?
A
The Standards and Regulation board and the Management Board report to the Governing Council.
13
Q
How many specialists professional groups represent property, land and construction?
A
- Each group has an elected board and is responsible for outlining standards of competence and practice.
14
Q
Who is the current CEO?
A
Justin Young
15
Q
Who is the current President?
A
Nicolas McClean
16
Q
Does the Bribery Act 2010 apply to the UK only?
A
The Bribery Act 2010 applies to British Citizens / UK Businesses.
17
Q
What is insolvency?
A
When a business can’t pay their debts.
18
Q
What is administration?
A
When a business has to cut back on their debts.
19
Q
What is liquidation?
A
When the business must sell all their assets/end of the line.
20
Q
What are the 3 Rules required for businesses to become RICS regulated?
A
1) 50% of the employees must be chartered.
2) A responsible person must be appointed to look after RICS procedures.
3) Provide the businesses annual return to the RICS.
21
Q
What might you consider when providing a fee proposal for a dilapidations?
A
1) 2 stages of the fee, percentage billed at interim stages.
2) Provision of a lump sum figure.
3) Cap on negotiation fees. Perhaps 10% of savings.
22
Q
What might you consider when providing a fee proposal for a TDD/RCA?
A
1) Size of the property.
2) Hourly rates/time charge.
23
Q
How would you determine a companies financial status?
A
1) Balance Sheet
2) Profit Ratio
3) Debt Ratio
24
Q
What are the three levels of disciplinary?
A
1) Action by head of regulations (written warning).
2) Disciplinary Panel
3) Appeal Panel
25
What are disciplinary measures provided by the disciplinary panel?
1) Caution
2) Fine
3) Reprimand
4) Expulsion from membership
5) Opposed conditions
26
Can you continue with an instruction if there's a conflict of interest?
Yes, if I'm able to act impartially. If not, I'd use the 'Refer a Surveyor' function on the RICS website.
27
What is the difference between conflict management vs conflict avoidance?
- Management - trying to manage a conflict.
- Avoidance - when a conflict is present.
28
What is the second stage of a complaint?
- For a complaint outside of contracts, C&W have an external third party resolution service - C&W use the RICS - - Dispute Resolution Service.
- CIDER / RICS Property Ombudsman can also be used.
29
What would you consider when accepting an instruction?
- Whether I have the correct information.
- Am I competent?
- Do I have enough PII.
- Am I conflicted?
30
How long must a deed be kept on file?
- 12 years considering the timeline of a deed.
- Due to the negligence Act, a deed must be kept for 15 years as negligence can be claimed for within that 15 years.
31
What's the difference between an Asbestos Management Survey, and an R&D Survey?
- R&D Survey is done prior to works taking place. This is an intrusive survey which requires samples.
- Management survey is an ongoing process, which doesn’t require samples.
32
What are the different works required with Asbestos?
- Licenced - Notifiable to HSE
- Non-licenced - encapsulating asbestos/small works
- Notifiable non-licenced - maintained, but required notification to HSE.
33
What type of contractor must deal with asbestos?
Licenced (HSE).
34
What must happen following changes/removal of asbestos?
Following works, the asbestos register must be updated.
35
In what instance can you facilitate a bribe?
In an instance I, or my team are under duress. Where if effects Life, Limb or Liberty.
36
What are the 8 Principals under GDPR 2018?
1) Fairly and lawfully processed.
2) Purpose
3) Adequacy
4) Accuracy
5) Storage
6) Rights
7) Security
8) International Transfers
37
Can you give me an example of a Practice Statement?
Role of a CA.
38
What is arbitration?
- Governed by Litigation Act 1996.
- Private.
- Overrun by Court.
- Civil procedure rules are more expensive.
- Can't be overturned.
39
What is your ethical responsibility with regards to Sustainability?
Recommending sustainable fabrics, such as use of LED lights/solar panels.
40
Would you accept a gift from a contractor?
-Must be proportional. Gifts must be £100 max; £250 for a day out; no cash nor vouchers.
- Must add to a gift register.
- In the instance refusing a gift is against someone's beliefs/religion, I must consider donating the gift to charity.
41
How does third-party appointments work in C&W?
We don’t appoint a third party directly, in any instance. Appointments will always be made via the client.
42
What is a letter of reliance?
A letter of reliance ultimately protects the clients. It's used when a third party relies on a report/schedule produced by C&W.
43
What is the difference between Ethics and Integrity?
Ethics are standardised rules, whilst integrity are personal rules of conduct.
44
When is the PD responsible for H&S?
Pre-construction phase.
45
What was the review carried out the to RICS?
- Review of the RICS.
- The Birchard Review carried out by Alison Levitt in 2021 - commissioned by Lord Birchard to clarify the purpose of the RICS.
46
How many recommendations did the Birchard Review make?
36.
47
What were the 7 jey areas of the Birchard Review?
1) Increased focus on the public interest. Formed the public interest panel to advise the Governing Council.
2) Maintaining self-regulation.
3) Increased focus on diversity and inclusion.
4) Empowering and enabling members with greater support for regional board/focus on young members.
5) Conducting a review every 5 years.
6) Simpler, clearer accountable governance structure.
7) Showing greater leadership on issues concerning society, sustainability and climate change.
48
What are the 5 Future Foundation sin November 2023 following the Birchard Review?
1) Vision
2) Mission
3) Strategic Goals
4) Values
5) A world class organisation
49
5 benefits of being and RICS member?
1) Status
2) Recognition
3) Market advantage
4) Knowledge
5) Network
50
What is required for a firm to register with the RICS according to The RICS Rules for the Regulation of Firms 2022?
- If 50% of the firm are RICS members, the firm has to be regulated.
- If 25%, a firm can apply to be regulated.
- Each firm must nominate a 'Responsible Principal' to ensure systems and compliance is in place in line with RICS Standards and Regs.
- Dispute procedures are correctly set out.
- Complete an annual return form on the RICS Professional Portal.
- Only RICS members or registered firms can use RICS logo."
51
What information is required by the RICS for registration?
1) Business and staffing details.
2) Name of Responsible Principal.
3) Statutory regulated activities - financial services.
4) Nature of clients.
5) Complaints handling procedure details/reports.
6) Professional indemnity insurance.
7) Whether the firm hold the clients money.
52
What are the 5 Rules of Conduct?
1) Members and firms must be honest, act with integrity and comply with their personal obligations, including obligations to the 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 a good-quality and diligent service.
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 fir their actions and act to prevent harm and maintain public confidence in the profession.
53
What are the main considerations in the RICS Decision Tree?
1) Do you have sufficient facts on the issue?
2) Is it legal?
3) Is it in line with RICS Rules of Conduct?
4) Have you consulted with the appropriate people to make an informed decision?
5) Do you have clear reasoning in making your decision?
54
What are the 3 levels of disciplinary?
1. Action by Head of Regulation.
2. Disciplinary Panel.
3. Appeal Panel.
55
How long must old files be kept?
For a minimum of 6 years.
56
What happens if I come across confidential information?
Don’t use it - advise the client/sender of the error and record with the firms compliance officer.
57
What is the timeline for a complaint?
Acknowladge in 7 days and investigate witin 28 days.
58
What is stage two of a complaint?
- ADR - The name of the apppropriate redress mechanism must be provided to the complainant such as the Centre for Effective Dispute Resolution (CEDR) or the Property Redress Scheme and the RICS Dispute Resolution Service.
59
Can you explain to me how advising your client on M&E is a case of ethics?
With reference to RICS Rule of Conduct No.2.
60
With regards to Gresham Street, can you provide an explanation on the conflict you reference?
61
With regards to Gresham Street, how did you determine which instruction to step away from?
62
With regards to Gresham Street, how do C&W proactively mitigate risk against conflicts of interest?
63
What legislation covers bribery?
The Bribary Act 2010
64
What are the six key principals of the bribery act?
65
What are the penalties associated with being found guilty of bribery?
66
When would it be acceptable to accept hospitality invitations from a contractor?
67
Is a contractor sending you a case of wine at Christmas acceptable? - How would you deal with this situation?
68
When did the new RICS Rules of Conduct come out?
69
Can you identify two rules within the Rules of Conduct and provide two examples for each rule?
70
Why do you want to become a chartered member of the RICS?
71
Can you tell me about the minimum levels of PI you would need if you were to set up your own firm?
72
What do you understand about the term run off cover?
73
Who is your main priority?
- 5th Rule of Conduct - Protecting the public
- Client
