RICS Ethical Standards Flashcards
What are the RICS Global Professional and Ethical Standards? / Core Values
Always provide a high standard of Service
Act in a way that promotes Trust in the profession
Act with Integrity
Treat others with Respect
Take Responsibility
What is meant by always providing a high standard of service?
Ensure that your client, or others to whom you have a professional responsibility, receive the best possible advice, support or performance of the terms of engagement you have agreed.
Give me an example of when you have provided a high standard of service.
When I was concerned about a tenant’s covenant strength, I sought advice from an accountant prior to advising my client.
I regularly request feedback from both my manager and my client so I know whether my work is of a high standard and what could be improved for example I asked for feedback on an investment recommendation for a new client (CDC presentation) to ensure that next time it included all the information they require.
What is meant by acting in a way which promotes trust in the profession?
Both in your professional life and private life, act in a manner that promotes you, your firm, and the profession in a professional and positive way.
Give me an example of when you have promoted trust in the profession.
I always do what I say I will do for example I stayed late in the office to ensure an IC Recommendation was sent to my manager for approval, prior to the deadline.
I always ensure conflict of interest checks are carried out before accepting an instruction for example when undertaking a loan security valuation, I ensured there were no professional, personal or confidential information conflicts with the property, the bank and the borrower.
What is meant by acting with integrity?
Be honest and straightforward in everything you do.
Give me an example of when you have acted with integrity.
Example 1 - When making IC recommendations I always ensure I include all relevant information to allow the client to make a well-informed decision as to whether to approve a purchase or sale. I ensure the information I provide is not misleading and I do not withhold any information.
Example 2 - I received an email with a property introduction which was not meant for my firm, instead of circulating this and using it to our advantage, I notified the sender of the mistake and deleted the email.
What is meant by taking responsibility?
Be accountable for all your actions – don’t blame others if things go wrong, and if you suspect something is not right, be prepared to take action.
Give me an example of when you have taken responsibility.
When asked whether I had finalised a presentation that myself and my colleague were due to complete, I told my manager that my colleague had finalised their section and took responsibility for that fact that I hadn’t completed my part yet. However, this conversation did happen before the deadline and I ensured my part was completed by then.
What is meant my treating others with respect?
Treat everyone with courtesy, politeness and respect and consider cultural sensitivities and business practices.
Give me an example of when you have treated others with respect.
Example 1 – I always ensure I am polite and considerate to my client, taking into consideration that they are not property professionals and therefore I listen to their questions, however simple they may seem, and provide responses in laymans terms.
Example 2 – When compiling a presentation with other colleagues I ensured I listened to and respected other people’s ideas prior to conveying my own.
Are you aware of any other ethical standards?
Yes the International Ethical Standards
How many International Ethical Standards are there?
10
Are the International Ethical Standards RICS?
No - they do not originate from the RICS but they are promoted by the RICS
Who were the International Ethical Standards published by?
The International Ethics Standards Coalition
