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AF - APC > M - Conduct Rules, Ethics & Professional Practice (3) > Flashcards

M - Conduct Rules, Ethics & Professional Practice (3) Flashcards

1
Q

What are the RICS Professional and Ethical Standards?

A
  1. Act with Integrity
  2. Treat Others with Respect
  3. Take Responsibility
  4. Provide a High Standard of Service
  5. Act in a Way tht Promotes Trust in the Profession
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2
Q

What year did RICS recieve it’s royal charter?

A

1881

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3
Q

What year was the RICS formed?

A

1868

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4
Q

What is the goal of the RICS?

A

To uphold professional standards by laying out ethical, conduct and competence guidance which deliver confidence and transparency to consumers and businesses.

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5
Q

What is the motto of the RICS?

A

Est Modus in Rebus - There is measure in all things

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6
Q

Who is the President of the RICS?

A

Tim Neal - works for Arcadis’s architecture and design practics - chair of the IFSS (international fire safety standards) coalition

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7
Q

Who is the President elect?

A

Kath Fontana - director at Mitie

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8
Q

How many members are there

A

134,000 - RICS website

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9
Q

How is the RICS governed?

A

The Privy Council’s charter informs the Governing Council. The Governing Council sits above the Standards & Regulation Board, Management Board, Audit Committee, Nominations Committee and Presidential Nominations Committee. The Management Board sits above the Finance Committee, the Regional Boards, Advisory Panels and Remuneration Committee.

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10
Q

What does the Privy Council do?

A

Advises the monarch and grants and awards the Royal Charter.

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11
Q

What does the Governing Council do?

A

Sets the strategy for the RICS and ensures the Royal Charter obligations are fulfilled. Chair = Chris Brooke.

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12
Q

What does the Management Board do?

A

Oversees RICS affairs under delegated authority from the Governing Council - chair Paul Marcuse

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13
Q

Who is the CEO?

A

Sean Tompkins - responsible for performance of the RICS against the business plan

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14
Q

What does the Standards & Regulation Board do?

A

Oversight of the standards, admission to the RICS and regulatory functions of the RICS.

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15
Q

What does the Audit Committee do?

A

Monitors the company to ensure compliance

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16
Q

What does the RICS presidential team do?

A

Ambassadors for the RICS and shape the strategy

17
Q

What does the RICS executive team do?

A

Responsible for delivery of the business plan.

18
Q

What is a Fixed Penalty and why might it be used?

A

An administrative fine issued when a member fails to provide requested information.

19
Q

What is the sanction for failing CPD requirements?

A

1st offence is a fixed penalty; 2nd offence is a fixed penalty and details published on RICS website; 3rd offence is referral to disciplinary panel

20
Q

What is a regulatory compliance order?

A

It is an agreement between the RICS and the member that they are liable for a disciplinary action. It will include one or more of: caution; reprimarn; requirement for actions; conditions on the membership; fines

21
Q

How do you become FRICS?

A

MRICS with at least 5 years experience, managerial responsibilty and have made a significant contribution to the profession

22
Q

What are the requirements for a firm to be RICS registered?

A

50% of partners must be RICS; submit and application form and have required protocols in place.

23
Q

What is professional indemnity insurance?

A

It covers a firm against the cost of defending professional negligence claims

24
Q

What are the RICS PII requirements?

A

Turnover less than £100k then minimum cover of £250k. Turnover £100-£200k then minimum cover of £500k. Turnover of more than £200k then minimum cover of £1m.
Insurance must be on ‘each and every claim’ basis, not ‘in the aggregate’. Must be fully retroactive (covers past work) and on a ‘claims made’ basis (insurer in place now is responsible for retroactive work).

25
Q

What is excess in terms of insurance?

A

The uninsured amount of a claim.

26
Q

What are the RICS limits on PII excess?

A

If the PII limit is less than £500k then the greater of 2.5% or £10k. If limit is more than £500k then 2.5%.

27
Q

What is run-off cover?

A

Ensures that members are not exposed to claims in the years following a firm ceasing trading.

28
Q

How long should run-off cover be taken out for?

A

15 years - due to negligence claims Latent Damages Act 1986 under law of tort. (Contrast to 12 years under breach of contract)

29
Q

What is the case law surrounding run-off cover?

A

Merrett vs. Babb (2001) surveyor sued for negligent valuation.

AF - APC (17 decks)

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