Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RICS APC PM > Rules of Conduct > Flashcards

Rules of Conduct Flashcards

1
Q

New rules came into effect on?

A

2 February 2022

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Previous rules existed from?

A

2007

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Reason for the change?

A
  1. Simpler structure
  2. Clear working examples
  3. Emphasis on respect, diversity and inclusion.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Rule of Conduct 1

A

Members and firms should be HONEST act with INTEGRITY and comply with their PROFESSIONAL OBLIGATIONS including those to the RICS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Rule of Conduct 2

A

Members and firms should maintain PROFESSIONAL COMPETENCE and ensure that services are completed by COMPETENT INDIVIDUALS with the NESSECCARY EXPERTISE.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Rule of Conduct 3

A

Must provide a GOOD QUALITY DILLIGENT service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Rule of Conduct 4

A

Members and firms must treat others with RESPECT and ENCOURAGE DIVERSITY and INCLUSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Rule of Conduct 5

A

Must act in the PUBLIC INTEREST. TAKE RESPONSIBILITY for their actions and act to PREVENT HARM. Maintain PUBLIC TRUST in the profession.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Give an example of rule 1 and a level 3 example from your personal experience

A

Members should not allow themselves to be improperly influenced through the acceptance of hospitality, work referrals or gifts.

Level 3 example would be declining an offer of hospitality in relation to tenders still under competition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Give an example of rule 2

A

Members should ensure those completing tasks are adequately trained. i.e. a junior PM should not be completing a formal monthly report or attending contract meetings.

Members should only take on instructions within their professional remit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Give an example of rule 3

A

Scope of service should be agreed explicitly with client as well as agreed fee and deliverables prior to starting an instruction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Give an example of rule 4

A

Members should treat everyone with respect and work to root out bias and discrimination against age, race, disability, gender and sexual orientation

Level 3 example would be female colleague not getting respect from members of my consultant team. I made clear it is important the entire team are able to put across their points and views during meetings.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Give an example of rule 5

A

Members should not make statements or act in ways that would bring the profession into disrepute.

A good way of thinking of this is whether you would be happy for your actions / statements to be brought into the media / public sphere.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Tell me the obligations for members

A
  1. Members must complete a minimum of 20 hours CPD per year, 10 of which must be formal.
  2. Members must cooperate with the RICS.
  3. Members must promptly provide information when reasonably requested by the RICS or those acting on their delegated authority.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Tell me what the new rules of conduct replace?

A

Three documents. 1. The rules of conduct for members. 2. The rules of conduct for firms. 3. the global professional and ethical standards.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Obligations for firms?

A

Must have an adequate complaints handling procedure (RICS has model format).

Must include an alternative dispute resolution provider approved by RICS.

Must maintain a complaints log.

Sole practitioners / principals must make arrangements for their work to continue in the event of their absence, incapacity or death.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

RICS Motto is?

A

Est Modus in Rebus (There is measure in all things)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

RICS founded in?

A

1868

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

RICS royal charter granted in?

A

1881

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the RICS 5 principles of better regulation

A
  1. Proportionality
  2. Accountability.
  3. Consistency.
  4. Targeting.
  5. Transparency.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Bye Laws for Royal Charter? (there are ten of them)

A
  1. Application and definition
  2. Membership and registration.
  3. Designations.
  4. Contributions to funds.
  5. Conduct.
  6. Governing council, officers and staff.
  7. Subordinate boards, committees and groups.
  8. Procedure for general arrangements.
  9. Accounting and Auditing.
  10. General.
22
Q

Steps to setting up an RICS Practice. (Seven steps)

A
  1. Inform the RICS
  2. Appoint a contact officer.
  3. Register with RICS.
  4. Arrange PII cover.
  5. Set up client account for handling client money.
  6. Set up a complaints handling procedure.
  7. Set up staff training and CPD.
23
Q

Tell me how hospitality and gifts are viewed in the profession.

A

Generally accepted as part of business development.
Must be reasonable and proportionate.
Is linked to the Bribery act 2010.

24
Q

What are the steps for handling clients money (seven)

A
  1. Client must always have access to funds.
  2. Client money must be kept separate and clearly identifiable.
  3. Account must include ‘client’ in name.
  4. Any interest must be agreed with client upfront.
  5. Must maintain a ledger or running balance of transactions.
  6. Agree terms and advise client on bank details.
  7. Must never be overdrawn.
25
Q

Tell me about the complaints procedure.

A
  1. It must be clear, quick, transparent and free.
  2. RICS provides a model form and it must include a redress mechanism.
  3. Details of the procedure must be included in the terms of engagement.
26
Q

What if a friend asked you for advice following MRICS status.

A

I could not offer advice without PII being in place.

If scope was outside of my expertise or if I did not feel comfortable, I would show them how to find an appropriate surveyor through the RICS ‘Find a Surveyor scheme’

27
Q

Purpose of professional indemnity insurance? (PII)

A

To cover the client against financial loss arising from a breach of professional duty i.e. an omission, error or negligence.

28
Q

Benefit of PII for the professional?

A

Cover will indemnify client without the use of the professionals personal assets or resources.

29
Q

Basis for underwriting?

A

On a claims made basis. I.e. it is when the claim for the breach is discovered and not when it was made.

30
Q

Relevant case law for PII?

A

MERRETT VS. BABB 2001

BABB valuation found to be negligent.
Company no longer existed.
Court ruled that Merrett could pursue Babb as individual.
Highlighted importance of run off cover.

31
Q

Importance of MERRETT AND BABB

A

Highlighted importance of run off cover. must be in place if individual leaves company or if the business ceases trading.

32
Q

How long should run off cover be in place?

A

Depends on the agreement used. 6 years for underhand. 12 years for under deed.

33
Q

Tell me about the RICS PII requirements.

A

PII must be on an each and every basis and in place for a minimum of six years.

34
Q

Level of PII applicable for RICS firms

A

Depends on turnover
<£100k it is £250k
£1-200k it is £500k
>£200k it is £1m.

35
Q

Maximum levels of insured excess

A

Depends on level of indemnity:

Up to £500k it is 2.5% of insured sum or £10k.

Over £500k it is 2.5% of insured sum.

36
Q

How can one avoid PII claims?

A

Keep meticulous records of meetings and conversations.

Record recommendations and advice given to clients.

Use proper scope of services and terms of engagement.

Do not advise on areas outside knowledge remit.

Use RICS guidelines.

37
Q

Who is the current president elect of the RICS

A

Ann Gray - Based in LA as broker and licensed Architect

38
Q

Who is the current president of the RICS

A

Clement Lau - Head of development for hong kong land

39
Q

When were the RICS president and president elect, elected?

A

September 2021

40
Q

Tell me about clement lau’s objectives whilst president

A

He aims to tend the reach and influence of RICS
Also to develop the technological capacity of the RICS

41
Q

Who is the RICS Senior Vice President

A

Tina Paillet FRICS.
served as the Chair of the Europe Board from 2017 to 2021
Committed to driving responses to climate change.

42
Q

Tell me about formal CPD

A

Can be: online learning or seminar with a structured outcome. Formal seminars.

43
Q

Tell me about informal CPD

A

Private reading. Internal CPD. Shadowing. mentoring a trainee.

44
Q

Tell me about the Levitt report.

A

Levitt report was commissioned in 2018 following a treasury audit.

Audit found the RICS had extended overdraft by £3m.

Audit concluded the financial control of RICS offered ‘No assurance verdict’.

Levitt report commissioned as a result.

45
Q

What were the findings are recommendations of the Levitt report?

A

RICS accepted all recommendations. These included:

Ensuring the management board reports to the governing body instead of a single CEO.

Ensuring the governing body presides over executive management bonuses.

Governing body to have more oversight of internal dealings of RICS.

46
Q

Legislation relevant to finance and gifts

A

Bribery act 2010.

47
Q

Tell me the offences of the Bribery act 2010?

A

Making a bribe
Receiving a bribe
Bribing a foreign official
A corporate entity failing to prevent a bribe being made on their behalf.

48
Q

Who does the Bribery Act 2010 apply to?

A

It applies to all UK entities and includes all associated persons including subconsultants and external advisors.

49
Q

Tell me some prevention procedures to the Bribery Act?

A

Risk assessments.
Communication.
Top level commitment.
Due diligence.

50
Q

Tell me when facilitated payment is accepted under the Bribery Act 2010?

A

Only under duress. Though it must be reported immediately after the event.

51
Q

First president of the RICS?

A

John Clutton was elected the first president of the Institution of Surveyors.

RICS APC PM (25 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions