Mandatories & Ethics Flashcards
What do you need to do if you are starting a business?
Apply for regulation 25% of principles for be RICS members P.I Insurances Run off cover MHP CHP Act within the rules CPD & training
What is a net contribution cls?
Limits liability in the event more than one party has caused losses from errors or negligence
What needs to be issued to the RICS each year?
Profit & Loss Statement Balance Sheet Cashflow P.I MHP CHP
What is PACTT? And the meaning of each?
- Proportionately - to intervene only when necessary
- Accountability - take responsibility to justify decisions
- Consistency - adopt common and consistent approach to implement regulations fairly. Always treating people the same
- Targeting - target the issue itself to minimize the problem directly
- Transparency - keep regulations clear, simple and user friendly
What is the RICS Aim?
- Promote the profession
- Highest education and professional standards
- Strict code of ethics
- Provide impartial advice guidance and analysis
- Set standard for RICS professionals
- Research in each professional group
What are the 5 Professional and Ethical Standards for all members to demonstrate?
And an example for each?
Integrity - turning down an invitation from the client whilst bidding for consultancy services
High standard of service –carry out my own QA but also ensure all my work goes through the internal QA processes at Mace
Trust - Letting the contractor know that they have undervalued their work
Respect - Despite being in a disagreement over a variation, I spoke in a respectful manner
Responsibility - reporting dangerous hazards on site
What factors does the RICS Decision Tree consider?
Facts Legality Ethical standards Consultation of appropriate people Clear reasoning Impact if actions made public
Tell me about an article you have in read in MODUS recently?
Property post-COVID-19: no recovery until 2025 (retail to suffer the most)
The benefits of employing an apprentice
Working from Home
Name 5 other professional groups?
Project Management, Building Surveying, Building Control, Commercial Property, Dispute Resolution, Environmental, Facilities Management, Geomatics, Valuation, Rural
Can you name some RICS Professional Statements?
Ethics Rules of Conduct Client Money Handling Bribery Countering bribery and corruption, money laundering PII
What must regulated firms submit to the RICS and how often?
Yearly
Financial status
Complaints policy
Money policy
P.I
What is Kathleen F trying to achieve?
Driving 3 pillars of sustainability
Driving youth in the profession
Round table discussions with surveyors
What is the RICS Structure?
Privy Council - Royal Charter & Bye Laws
Governing Council - manage strategy of RICS
Regulatory Board -
Management Board - inform and oversee RICS surveyors and executive strategy set by Gov Council
Audit Commitee
Finance comittee
World regional boards
Remuneration comittee
Nominations comitee
Pres nom comittee
Why do some firms have to be regulated?
50% of principles are members
To provide clients with confidence and security by the RICS globally recognised standards
Can you tell me about recent publications you have read from the RICS?
Working from home RICS response to covid Home APC assessment Property market no recovery How the homeless have been helped during covid Mental health awareness Promotion of apprenticeships Changes to PII wording Low value adjudications (upto £50k) EWS Process
What is the RICS vision?
Increase presence in key international market
Recognised as industry leader
Champion the profression
Roll out IPMS
More younger people
Greater global coverage
Data protection
What are the regulations set by the RICS?
Set out by the Privy Council and the bye laws
REGULATION 1 – DEFINITIONS
REGULATION 2 – MEMBERSHIP AND REGISTRATION
REGULATION 3 – DESIGNATIONS
REGULATION 4 – CONTRIBUTION TO FUNDS
REGULATION 5 – CONDUCT
REGULATION 6 – GOVERNING COUNCIL, OFFICERS AND STAFF
REGULATION 7 - SUBORDINATE BOARDS, COMMITTEES AND GROUPS
REGULATION 8 - PROCEDURE FOR GENERAL MEETINGS AND VOTING
REGULATION 9 – ACCOUNTS AND AUDIT
REGULATION 10 – GENERAL
What is in the RICS Future Report?
RICS Key Markets
Data & Technology
Talent & Skills
Apprenticeships
What is in the RICS business plan?
2018 - 2021
Influtential Thought Leader Long term goals Increased trust and confidence in the RICS RICS chartership remains in demand Increasing sustainability
What is in the RICS COVID-19 Recovery Business Plan 2020-21?
Overlaps much with the RICS Business Plan but adds:
Newly qualified professionals @ 4,500
Retention of members
Increased services (Low Value Adjudication)
What is the RICS Defining Our Future?
An initiative driven by Kath Fontana
RICS Covid-19 Business Plan
Maintain public trust
How ambitions of the RICS mirrors that of members and firms
Loss of relevance of the RICS
How many sectors are there? What are they?
Building Surveying Construction Valuation Dispute resolution Land Real estate
Rules for firms categories?
GENERAL
Interpretation
Communication
CONDUCT OF BUSINESS
Rules for members categories?
GENERAL
Interpretation
Communication
PERSONAL AND PROFESSIONAL STDS
What is the bribery act, what does it cover?
UK Parliament
What is a bribe?
6 principles
What much a firm have in place for Bribery?
Written policies
Training
Gift register & policy
What is in a H&S file?
As built drawings
O&M Manual
H&S Record
Risks / Hazards
What is the latest guidance on P.I? What is in it?
Risk, Liability and Insurance Supplementary guidance on P.I Types Min Levels Run off cover
What is the Equality Act?
No discrimination based on gender, race, beliefs, religion, disability
Treating everyone equally
What are the principles of client care?
Service
Conflicts
Complaints
Insurance
How have the RICS responded to Covid-19?
APC to be held online Low Value Adjudication Working from Home support Valuations online RICS Covid Business Plan Free CPD
What is in the RICS consultation on the rules?
Provides 5 rules and examples of application of the rules into the International Ethical Standards
Rule 1 - aligned to integrity Rule 2 - competence Rule 3 - service Rule 4 - respect Rule 5 - responsibility
What is Net Zero Carbon?
Offset of embodied and operational carbon by introducing sustainable technologies and offset payments
Zero carbon by 2030 from construction and transport
