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Mandatories > Mandatories & Ethics > Flashcards

Mandatories & Ethics Flashcards

1
Q

What do you need to do if you are starting a business?

A 
Apply for regulation
25% of principles for be RICS members
P.I
Insurances
Run off cover
MHP
CHP
Act within the rules
CPD & training
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2
Q

What is a net contribution cls?

A

Limits liability in the event more than one party has caused losses from errors or negligence

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3
Q

What needs to be issued to the RICS each year?

A 
Profit & Loss Statement
Balance Sheet
Cashflow
P.I
MHP
CHP
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4
Q

What is PACTT? And the meaning of each?

A
  1. Proportionately - to intervene only when necessary
  2. Accountability - take responsibility to justify decisions
  3. Consistency - adopt common and consistent approach to implement regulations fairly. Always treating people the same
  4. Targeting - target the issue itself to minimize the problem directly
  5. Transparency - keep regulations clear, simple and user friendly
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5
Q

What is the RICS Aim?

A
  1. Promote the profession
  2. Highest education and professional standards
  3. Strict code of ethics
  4. Provide impartial advice guidance and analysis
  5. Set standard for RICS professionals
  6. Research in each professional group
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6
Q

What are the 5 Professional and Ethical Standards for all members to demonstrate?

And an example for each?

A

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

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7
Q

What factors does the RICS Decision Tree consider?

A 
Facts
Legality
Ethical standards
Consultation of appropriate people
Clear reasoning
Impact if actions made public
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8
Q

Tell me about an article you have in read in MODUS recently?

A

Property post-COVID-19: no recovery until 2025 (retail to suffer the most)
The benefits of employing an apprentice
Working from Home

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9
Q

Name 5 other professional groups?

A

Project Management, Building Surveying, Building Control, Commercial Property, Dispute Resolution, Environmental, Facilities Management, Geomatics, Valuation, Rural

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10
Q

Can you name some RICS Professional Statements?

A 
Ethics
Rules of Conduct
Client Money Handling
Bribery
Countering bribery and corruption, money laundering
PII
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11
Q

What must regulated firms submit to the RICS and how often?

A

Yearly

Financial status
Complaints policy
Money policy
P.I

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12
Q

What is Kathleen F trying to achieve?

A

Driving 3 pillars of sustainability
Driving youth in the profession
Round table discussions with surveyors

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13
Q

What is the RICS Structure?

A

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

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14
Q

Why do some firms have to be regulated?

A

50% of principles are members

To provide clients with confidence and security by the RICS globally recognised standards

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15
Q

Can you tell me about recent publications you have read from the RICS?

A 
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
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16
Q

What is the RICS vision?

A

Increase presence in key international market
Recognised as industry leader
Champion the profression

Roll out IPMS
More younger people
Greater global coverage
Data protection

17
Q

What are the regulations set by the RICS?

A

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

18
Q

What is in the RICS Future Report?

A

RICS Key Markets
Data & Technology
Talent & Skills
Apprenticeships

19
Q

What is in the RICS business plan?

A

2018 - 2021

Influtential Thought Leader
Long term goals
Increased trust and confidence in the RICS
RICS chartership remains in demand
Increasing sustainability
20
Q

What is in the RICS COVID-19 Recovery Business Plan 2020-21?

A

Overlaps much with the RICS Business Plan but adds:

Newly qualified professionals @ 4,500
Retention of members
Increased services (Low Value Adjudication)

21
Q

What is the RICS Defining Our Future?

A

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

22
Q

How many sectors are there? What are they?

A 
Building Surveying
Construction
Valuation
Dispute resolution
Land
Real estate
23
Q

Rules for firms categories?

A

GENERAL
Interpretation
Communication

CONDUCT OF BUSINESS

24
Q

Rules for members categories?

A

GENERAL
Interpretation
Communication

PERSONAL AND PROFESSIONAL STDS

25
Q

What is the bribery act, what does it cover?

A

UK Parliament
What is a bribe?
6 principles

26
Q

What much a firm have in place for Bribery?

A

Written policies
Training
Gift register & policy

27
Q

What is in a H&S file?

A

As built drawings
O&M Manual
H&S Record
Risks / Hazards

28
Q

What is the latest guidance on P.I? What is in it?

A 
Risk, Liability and Insurance
Supplementary guidance on P.I
Types
Min Levels
Run off cover
29
Q

What is the Equality Act?

A

No discrimination based on gender, race, beliefs, religion, disability

Treating everyone equally

30
Q

What are the principles of client care?

A

Service
Conflicts
Complaints
Insurance

31
Q

How have the RICS responded to Covid-19?

A 
APC to be held online
Low Value Adjudication
Working from Home support
Valuations online
RICS Covid Business Plan 
Free CPD
32
Q

What is in the RICS consultation on the rules?

A

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
33
Q

What is Net Zero Carbon?

A

Offset of embodied and operational carbon by introducing sustainable technologies and offset payments

Zero carbon by 2030 from construction and transport

Mandatories (12 decks)

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