Ethics, Rules of Conduct & Professionalism Flashcards
Who is the President of RICS
Ann Gray.
What is RICS’ motto?
‘Est Modus in Rebus’ - There is measure in all things.
When was RICS founded?
1868.
When did the Rules of Conduct come into effect?
February 2022
What are the RICS Rules of Conduct?
A set of mandatory standards of professional conduct and practise expected of RICS members and firms.
What are RICS CPD requirements?
As an APC candidate it is 48 hours every 12 months, with at least 50% formal.
For a member it is 20 hours every 12 months, with at least 50% formal.
Can you name some RICS Professional Bodies / Groups?
1) Lionheart - An independent charity set up specifically to support past and present RICS professionals and their families.
2) RICS Matrics - A global professional network which provides support, networking and development for young professionals.
Can you provide some examples of formal and informal CPD?
Formal - Professional courses, seminars or conferences. In house training. Academic courses. MUST HAVE A LEARNING OBJECTIVE.
Informal - Private study such as reading books or articles. Shadowing colleagues or receiving coaching.
What is a conflict of interest?
RICS Professional Statement on Conflicts of Interest 2018 states there are three types:
1) A Party Conflict
2) Own Interest Conflict
3) Confidential Information Conflict
What is a Royal Charter?
It’s an instrument of incorporation, granted by The Sovereign, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs.
Who are the Privy Council?
A body of advisors comprising of mainly senior politicians to the Sovereign who advise on the issuing of Royal Charters.
What Governance bodies are required by the Royal Charter and Bye-Laws?
1) Governing Council
2a) Standards & Regulations Board
2b) Management Board
2c) Audit Risk Assurance And Finance Committee
2d) Nominations And Remuneration Committee
Who are the Governing Council?
Who are the Standards & Regulations Board?
Who are the Audit, Risk Assurance and Finance Committee?
What are Bye-Laws?
What is Rule 1 of the 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 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 Rules of Conduct?
Members and firms must provide good-quality and diligent service.
What is Rule 4 of the Rules of Conduct?
Members and firms must treat others with respect and encourage diversity and inclusion.
What is Rule 5 of the 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 is a Professional Statement?
A document which contains mandatory requirements for RICS members and RICS regulated firms.
List the RICS Professional Statements?
1) Client Money Handling, 1st Edition
2) Conflicts of Interest for Members Acting as Dispute Resolvers, 2nd edition
3) Countering bribery and corruption, money laundering and terrorist financing, 1st Edition
What is a Guidance Note?
A document which provides an approach for accepted good practice as followed by competent and conscientious practitioners.
Are Guidance Notes compulsory?
No. However, if a negligence claim is made against you, the courts will review available RICS Guidance Notes. Compliance with these can offer a partial defence as Guidance Notes describe how competent surveyors should act.
Provide examples of RICS Guidance Notes?
What are RICS Professional Groups?
What is the purpose of the Professional Groups?
A Contractor buys you a gift hamper at Christmas, what would you do?
I would politely decline the gift as this could be seen as improperly influencing my ability to act impartially.
A Client buys you tickets for you both to watch Leicester City, what would you do?
I would politely decline the invitation to attend as this could be seen as improperly influencing my ability to act impartially.
You identify a possible conflict of interest at work, what do you do?
I would notify my line manager prior to following Summers Inman’s conflict of interest procedure to make a decision on whether accepting the instruction would be in line with RICS Conflict of Interest professional statement. I would keep a written record of the possible conflict and the decision taken following the review of our procedures.
A client calls to express dissatisfaction with your service, what do you do?
I would firstly listen to the client and create a written record all of the sources of dissatisfaction before trying to resolve the issue myself. If the client was still dissatisfied with my response, I would provide them with a copy of Summers Inman’s complaint handling procedure and ask them to raise a complaint in line with that.
How do you register a new firm with RICS?
How do you obtain Professional Indemnity Insurance?
A Client wants to pay for your services with cash, what do you do?
How do you encourage diversity and inclusion?
How would you ensure you are acting ethically?
RICS Ethics Decision Tree
What is a Party Conflict?
A situation in which the duty of an RICS member or a regulated firm to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
What is an Own Interest Conflict?
A situation in which the duty of an RICS member or a regulated firm to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/ firm.
What is a Confidential Information Conflict?
A conflict between the duty of an RICS member under paragraph 2.2 to provide material information to one client, and the duty of that RICS member or of a regulated firm under paragraph 2.1 to another client to keep that same information confidential.
What must a Complaints Handling Procedure contain?
Details of how to access independent redress if the firm cannot resolve the complaint.
What insurances are required by RICS registered firms?
How many obligations are there for members and firms?
What should you do if a colleuge is acting in an unethical or unproffesional manner
Does Summers Inman have a whistleblowing procedure
Three types of conflict of interest
What is an information barrier
What is a bribe
what are the 6 principles under the bribery act
what information in formal terms of engagement
what rics guidance on complaints handling
what is PII and what are the minimum requirements
what is run off cover
rics guidance on liabilty and insurance
what is tort of negligence
rics requirements for registration of firms
