Level 1 Ethics Flashcards
What is the role of the RICS as a professional institution?
MPL
MAINTAIN - To maintain to the highest standard of education and training
PROTECT - consumers through strict regulation and professional standards
LEADING - source of information and independent advice on land, property, construction and associated environmental issues (RIC 2015)
What are the THREE main roles of the RIC?
Maintain the highest standard of education and training.
To protect consumers through the 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)
What are the RICS 5 Rules of Conduct 2021?
ICQRP (Integrity, Competency, Quality service, Respect, Public Interest)
RULE 1 – INTERITY – members must be honest, act with integrity.
RULE 2 – COMPETENCY – members and firms must maintain their professional competency and ensure that services are provided my competent individuals who have the necessary expertise.
RULE 3 – QUALITY SERVICE – Understanding the Clients needs and objectives and meeting timeline
RULE 4 – RESPECT – members and firms must treat others with respect and encourage diversity and inclusion.
RULE 5 – PUBLIC INTEREST – members and firms must act in the public interest, take responsibility for their actions and maintain public confidence in the profession.
Can you tell me about some example behaviours associated with these rules?
Rule 1 – Do not mislead others, advise based on evidence, open and transparent over fees and services.
Rule 2 – Do not take on instructions above your knowledge, Not giving Building Surveying advice on Valuations, CPD and up to date knowledge.
Rule 3 – Understanding the Clients needs and objectives and meeting the timeline.
Rule 4 – Respecting others, do not bully, victimise or harass, working cooperatively with people
Rule 5 – Raising concerns about workplace behaviour and how you handle complaints from the public.
What measures do you personally take to uphold high standards in your daily work?
I follow the RICS 5 Rules of Conduct
Ensure regular CPD training
Apply ethical frameworks like RICS Ethics Decision Tree
How do you monitor your performance to ensure you’re continually meeting RICS expectations?
I track my CPD against the RICS requirement of a minimum of 20 hours per year, including formal training in areas like Anti-Money Laundering and Anti-Bribery.
I seek peer reviews to gain feedback about my performances in the team.
Can you recall a time when you faced a challenge in maintaining these standards, and how did you resolve it?
A client pushed for a valuation report to be adjusted in their favour.
This challenged my responsibility to provide an impartial and accurate assessment.
I referred to the RICS 5 Rules of Conduct, particularly Rule 1 on Integrity and maintained my original valuation based on the Market Evidence.
I communicated clearly with the client that I saw no evidence to increase the value and upheld my professional duty despite the pressure.
How would you use the RICS Ethics Decision Tree in an ethical dilemma, such as a client asking you to overlook a regulation?
I would use the RICS Ethics Decision Tree to determine the best course of action when facing a situation in which I have been asked to act in a potentially unethical situation.
The first step in the tree is to assess whether you have sufficient facts, is it legal and is it inline with the RICS Rules of Conduct? If no to any, then do not proceed.
Overlooking a regulation would clearly violate RICS rules, and I would inform the client of my ethical obligations, explaining why I cannot proceed in that manner.
If you felt unsure about the ethical implications of a situation, how would you use the decision tree to guide you?
If the situation were ambiguous, I would consult senior colleagues and potentially seek external advice from the RICS hotline.
The decision tree advises escalation when in doubt.
What did you learn in your CPD training in Anti-Money Laundering and Anti-Bribery?
The training provided me with the knowledge to identify suspicious transactions, conduct appropriate due diligence and avoid situations where bribery could be an issue.
How do you identify suspicious transactions in Anti-Money Laundering?
I upload details of the client onto Salesforce – this triggers the necessary processes which are undertaken by my firms compliance department – which include online searches, use of publicly available info and use an online portal which clients can submit their info and identify documentation.
The clients IDs, confirmation of where money is coming from by speaking with banks, check statements and identifying beneficial owners.
What were the appropriate due diligence you to undertook in Anti-Money Laundering?
Customer Due Diligence – identify and verify the client based on a reliable form of identification, identify beneficial owners or Persons of Significant Control – Companies House.
Enhanced Due Diligence – additional procedures required for transactions or business involving a person in a ‘high-risk third country’ or a ‘politically exposed person’.
What does it mean to act in the public interest as an RICS member?
Acting in the public interest means prioritising ethical conduct over personal or commercial gain. This includes ensuring transparency, avoiding conflicts of interest, and upholding professional and legal standards to maintain public trust.
What is the RICS Royal Charter, and why is it important?
A royal charter is a document issued by the monarch that gives independent legal standing to an organisation. The RICS Royal Charter grants the institution authority to regulate its members and promote professional excellence. It reinforces the duty of surveyors to act in the public interest and maintain ethical standards.
