RICS Ethics Flashcards
How does the RICS ensure firms abide by the rules of conduct?
RICS ensures firms comply by conducting audits
Firms have to provide information when registering with the RICS and in an annual return
What is the central purpose of the RICS?
- To maintain the highest standards of education and training
- To protect consumers through strict regulation of professional standards
- To be the leading source of information and independent advice on land, property, construction and associated environmental issues
What are the rules of conduct for members and firms? (February 2022)
members and firms must:
- act with integrity and honesty and comply with obligations of RICS
- must maintain competence
- must provide high quality service (due diligent)
- must treat each other with respect and encourage diversity and inclusion
- Must act in the public interest and take responsibility for actions
What are the professionals obligations of the RICS?
3 member obligations and 7 for firms:
Members must:
- complete CPD requirments
- co operate with RICS
- promptly provide RICS all infomation when required by the board.
Firms must:
- publish a complaints handling procedure
- must ensure that all previous and current work is covered by appropriate PI cover
- firms with sole principal must make appropriate arrangements for work to continue in event of death or all absences
- Firms must cooperate with RICS
- Firms must promptly provide information to the board when required by RICS
- firms must display RICS regulation on their literature
- firms must report to the RICS any matter which is required to report under the rules for registration of firms
What is a conflict of interest?
a situation when an individual involved in multiple interests finds themselves in a decision-making situation where serving one of those interests would harm another
What are the different types of conflict?
- Party Conflict- two opposing parties you work for.
- Own interests conflict- you are conflicted personally / firm is conflicted
- Confidential information conflict- When you have a duty to provide information to one client but to keep that same information from another client.
When can you proceed despite a conflict of interest?
When all parties are informed and you are given consent.
What is the Royal Charter mean- as in RICS?
The RICS has a seat on the privy council to the crown
Members promote the profession for public benefit
What is PII Cover?
professional indemnity insurance
it covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual
How much PII cover is needed?
Depends on turnover-
How much run off cover is needed?
6 years
How much cpd is needed for members?
20 hours min a year.
10 must be formal
Ethics must be done every 3 years
how should clients money be handled?
In a separate named account
what is a locum agreement?
An agreement in place where if a sole practiioner dies or is absent another chartered surveyor or professional (a locum).
may need to handle - CHP, client money, access files to ensure work continues
how must the RICS logo be used
specific size and colour
