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Ethics > RICS Ethics Standards, Codes of Conduct > Flashcards

RICS Ethics Standards, Codes of Conduct Flashcards

1
Q

What are the RICS Rules of Conduct for members and firms?

A

They are made by the RICS Regulatory board
There are 9 rules for members (January 2013)
There are 15 rules for firms (January 2012)

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2
Q

How do you keep up to date with the current market?

And what are the types of documents the RICS publish?

A 
Professional Statement
RICS Code of Practice
RICS Guidance Note
RICS Information Paper
RICS Insight
Modus
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3
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

Roll out IPMS
More younger people
Greater global coverage
Data protection

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4
Q

What are the Rules of Conduct for Firms? (List of 15) 6 C’s PAPAS SIIU

A

SIX C’s

Communication
Competence
Cooperation
CPD
Client's money handling procedure
Complaints handling procedure
PAPAS
PI insurance
Advertising
Professional Behaviour
Arrangements to cover death of sole practitioner
Service
SIIU 
Solvency
Interpretation
Information to RICS
Use of designations
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5
Q

5 Principles of Better Regulation and what do they mean?

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
  4. Targeting - target the issue itself to minimize the problem directly
  5. Transparency - keep regulations clear, simple and user friendly
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6
Q

What are the CPD requirements per year?

A

Min 20 hrs

10 hrs min formal

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7
Q

What is CSR?

A

Corporate Social Responsibility - action taken that positively impacts on the environment, communities, the workplace and suppliers

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8
Q

What is the 9 rules for members? ICCCC HISE

A
  1. Interpretation – Member means anyone affiliated
  2. Communication – RICS will contact members in the following ways
  3. Ethical Behaviour – Act with integrity, avoid conflicts of interest
  4. Competence – Carry out their work with due skill, care and diligence
  5. High Standard of Service – Carry out work in a timely manner with regard of the expected standards
  6. CPD – Continuing Professional Development, minimum of 20 hours, at least half formal
  7. Solvency – Ensure that personal and professional finances are managed appropriately
  8. Information to RICS – Submit in a timely manner, any information to RICS
  9. Co-Operation – Fully comply with RICS staff
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9
Q

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

A
  1. Act with Integrity
  2. Always provide a high standard of service
  3. Act in a way that promotes trust
  4. Treat others with Respect
  5. Take responsibility
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10
Q

Why are the ethical standards important?

A

Create a clear and streamlined guide to members to ensure that clients and anyone else who deals with the RICS has confidence in the profession

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11
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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12
Q

How would you define ethical behaviour for a chartered surveyor?

A

Being open and honest
Promoting trust
Act within 5 global and ethical standards

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13
Q

What legislation has an impact on you operating as a chartered surveyor?

A
  • Anti Bribery Act 2010
  • Money Laundering Act 2017
  • GDPR.
  • CDM Regulations
  • HASAWA 1974
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14
Q

Can you name some guidance notes?

A

Codes of measuring practice
Contract Selection
Final account procedures
the-global-professional-and-ethical-standards
Surveying Safely
interim-valuations-and-payment-1st-edition-rics
Management of Risk

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15
Q

Name the RICS ethical standards? How do you apply them to your professional and personal life?

A

I continuously practice the ethical standards in my professional and personal life by providing the best level of service I can whilst maintaining my integrity, trust and honesty.

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16
Q

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

A

Property post-COVID-19: no recovery until 2025

RICS response to Covid-19

17
Q

Why do you want to be a member of the RICS?

A

I want to join the RICS because

  • stands at the forefront of the real estate market
  • it maintains and enhances the reputation of the profession
  • based upon fundamental principles of ethical behaviour, integrity, trust, transparency and a high standard of service.
18
Q

Name 5 other professional groups?

A

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

19
Q

What is meant by ‘professional behaviour’ as one of the 15 rules for firms?

A

Act with integrity and avoid conflicts of interest

20
Q

What is meant by ‘competence’ as one of the 15 rules for firms?

A

Carry out its professional work with due skill, care and diligence

21
Q

What is meant by ‘service’ as one of the 15 rules for firms?

A

Carry out its professional work to a standard expected of that firm

22
Q

What is meant by ‘CPD’ as one of the 15 rules for firms?

A

Have in place the necessary procedures to ensure that all its staff are properly trained

23
Q

What is meant by ‘complaints handling’ as one of the 15 rules for firms?

A 
Operate a complaints handling procedure and maintain a complaints log. 
Must include (ADR)
24
Q

What is meant by ‘client’s money’ as one of the 15 rules for firms?

A

Preserve the security of clients’ money entrusted to its care in the course of its practice or business.

25
Q

What is meant by ‘professional indemnity insurance’ as one of the 15 rules for firms?

A

All previous and current professional work is covered by adequate and appropriate professional indemnity insurance cover including run off cover

26
Q

What is meant by ‘advertising’ as one of the 15 rules for firms?

A

Promote its professional services only in a truthful and responsible manner.

27
Q

What is meant by ‘solvency’ as one of the 15 rules for firms?

A

Ensure that its finances are managed appropriately.

28
Q

What is meant by ‘arrangements to cover the incapacity or death of a sole practitioner:’ as one of the 15 rules for firms?

A

In place appropriate arrangements in the event of that sole principal’s death or incapacity or other extended absences.

29
Q

What is meant by ‘Use of designations’ as one of the 15 rules for firms?

A

Registered for regulation must display on its business literature, in accordance with the Regulatory Board’s published policy on designations, a designation to denote that it is regulated by RICS.

30
Q

What is meant by ‘Information to RICS:’ as one of the 15 rules for firms?

A

Submit in a timely manner such information about its activities, and in such form, as the Regulatory Board may reasonably require.

31
Q

What is meant by ‘Co-operation:’ as one of the 15 rules for firms?

A

Shall co-operate fully with RICS staff and any person appointed by the Regulatory Board.

32
Q

Can you provide me with an example where you have worked to the ethical standards? Example for all 5.

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

33
Q

If a client asked you to reduce your fee, what would you response be?

A

I would organise a meeting with my client that my fee could be reduced but we could assess and reduce the scope

34
Q

If your client asked you to provide advice above your area of knowledge what would you do?

A

Speak with Director or Senior if we can advise

If not, seek to understand if we are able to under our P.I and check scope of services

35
Q

Can you name some RICS Professional Statements?

A 
Ethics
Rules of Conduct
Client Money Handling 
Bribery
Countering bribery and corruption, money laundering
36
Q

What is a Professional Statement?

A

Document that members with mandatory
requirements under Rule 4 of the Rules for
Conduct for members

37
Q

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

A

Yearly

Financial status
Complaints policy
Money policy
P.I

38
Q

What are the benefits of firms being regulated?

A

Professional Indemnity in line with RICS Standards
Ethical Standards
CPD
High standards of service

Global network
Recognition

39
Q

What would you do if a friend asked for advice?

A

Decline and
Request to make a formal request via a call so I can establish the requirements and if I am able to assist in advising
If not, refer them to RICS find a surveyor

Ethics (8 decks)

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