Ethics, rules of conduct and professionalism

Question 1

What are the 5 RICS professional and ethical standards?

Answer 1

a. Service – always provide a high standard of service b. Trust – act in a way which promotes trust in the profession c. Integrity – always act with integrity d. Respect – treat others with respect e. Responsibility – always act responsibly

Question 2

How is integrity and trust in the profession regulated and maintained?

Answer 2

Through the code of practice for firms and members

Question 3

Who regulates the RICS?

Answer 3

a. Itself b. The RICS is self regulating as granted by the royal charter c. Regulation board

Question 4

What is the Bribery Act 2010?

Answer 4

a. Key legislation covering bribery to UK citizens and companies operating both in the UK and abroad b. Global reach c. Made bribery a criminal offence not a civil offence d. Punishments include a 10 year prison sentence e. Exclusion from the RICS f. Unlimited fine

Question 5

What is the purpose of the Bribery Act?

Answer 5

a. To improve competition in the industry b. To eradicate corruption

Question 6

What are the different levels of publications by the RICS?

Answer 6

a. International STANDARD - MANDATORY b. RICS professional STATEMENT - MANDATORY c. RICS code of PRACTICE – MANDATORY/BEST PRACTICE d. RICS Guidance NOTE – BEST PRACTICE e. RICS Information PAPER – INFO/BEST PRACTICE

Question 7

What is the black book?

Answer 7

a. A set of guidance notes that outline best practice for the quantity surveyor b. Essential development guides and best practice c. Currently being updates to allow for JCT updates and CDM d. 25 to download from the RICS website e. Name 3: i. Ascertaining loss and expense ii. Cost analysis and benchmarking iii. Interim valuations and payment iv. Valuing change v. Value management and value engineering

Question 8

What is a conflict of interest?

Answer 8

A conflict of interest is anything that impedes or might be perceived to impede an individuals or firms ability to act impartially and in the best interest of a client

Question 9

What are the 6 key principles of the Bribery Act?

Answer 9

1. Proportionality:
   
   1. The action taken should be proportionate to the risk and the size of the organisation
2. Top level commitment
   
   1. Those in senior positions are best placed to ensure the organisation conducts business without bribery
3. Risk assessment:
   
   1. Many organisations will have little or no risk of bribery but a risk assessment will show the nature or extent of exposure to bribery
4. Due diligence:
   
   1. Have a risk based approach to business relationships
5. Communication
   
   1. Employers will need to communicate their policies and procedures to staff and others who perform services. This includes training
6. Monitoring and review:
   
   1. Risks to your organisation may change over time, regular re assessments and reviews will help combat this

Question 10

What is bribery?

Answer 10

The act of giving or receiving a financial or other advantage in connection with improper performance

Question 11

Who is affected by the Act?

Answer 11

• All UK citizens and companies both at home and abroad
• Global reaching

Question 12

What are the CPD requirements for candidates?

Answer 12

48 hours annually with at least half coming from formal

Question 13

1. What are the CPD requirements for members?

Answer 13

1. 20 hours annually
2. At least half formal

Question 14

1. What are some examples of formal CPD?

Answer 14

1. Structured learning
2. Assessed learning
3. Seminars
4. Presentations

Question 15

1. What are some examples of informal CPD?

Answer 15

1. Private study
2. Reading building magazine
3. Reading modus

Question 16

1. Why is CPD important?