Sams Ethics

Question 1

What are the rules of conduct

Answer 1

Rule 1 : Members & Firms must be honest & act with integrity and comply with their obligations and obligations to the RICS
Rule 2 : Members & Firms must maintain their professional competence and ensure that services carried out is done by a competent induvidual who have the necessay expertise.
Rule 3 : Members & Firms must provide a good quality and dilligent service
Rule 4 : Members and firms must treat other with respect and encourage diversity and inclusion
Rule 5: Members and firms must act in the public interest , take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

Question 2

Provide 3 examples of Rule 1

Answer 2

Do not mislead others by actions or ommisions
Do not take advantage of other people
Firms have effective processes to identify conflict of interest.

Question 3

Provide 3 examples of Rule 2

Answer 3

-Only undertaking work they have knowledge skill and resource to carry out
-Supervising employees carrying out work
-Maintaining and developing their knowledge and skill throughout their career

Question 4

3 Examples of Rule 3

Answer 4

-Understanding clients needs and objectives
-Communicating clearly with Clients and others
-Effective QA processes for work

Question 5

3 Examples of Rule 4

Answer 5

-Respecting the rights of others
-Do no bully or victimise people
- Working cooperatively.

Question 6

3 examples of Rule 5

Answer 6

-Responding to complaints made promptly & Professionally
-Managing finances effectively
-Support to people that raise concerns in good faith

Question 7

What are the core obligations for members

Answer 7

Comply with CPD requirements
Cooperate with the RICS
Provide all information to standard and regulation board.

Question 8

What are the core obligations for Firms

Answer 8

Publish a complaints handling procedure
Have adequate PI insurance in place for all previous and current work
Cooperate with the RICS
Provide information to the standards and regulation board
Display on business literature that they are regulated by the RICS
Report any matter they are required to report under the RICS.

Question 9

What have the professional standards been updated to

Answer 9

Professional statements - contain information which the member or firm should or must follow
Professional guidance - guidance and toolkit on specific events relating to the profession

Question 10

Who is the current RICS President

Answer 10

Tina Paillet , i think before it was anne grey.

Question 11

Who is the RICS Vice President

Answer 11

Nicolas Mclean

Question 12

Have you heard of the Birchard Review

Answer 12

Yes , this was a review to assess the effectiveness of the RICS
The aim of the review was to bring a renewed sense of purpose to the RICS after the Levitt review.

The birchard review had 36 recommendations that the RICS should adopt. This includes amending their chartership & keeping commercial activities separate from other activities.

Question 13

How do you act with integrity

Answer 13

Be trustworthy
Be open and transparent
Respect confidential information
Do not take advantage

Question 14

Why should you act within you professional capabilities / competence

Answer 14

If i advise incorrectly it could lead to a complaint or claim of negligence.

Question 15

How do you take responsibility for your actions

Answer 15

Be accountable for your actions
act with skill and care
respectfully challenge and raise matters if you believe something is not right.

Question 16

How do you ensure you provide a high level of service

Answer 16

-Act within my scope of competence
-Be transparent about fees
-Communicate with the client to make sure they can make informed decisions.

Question 17

Can you clarify what an individual should do to maintain high ethical standards in their profession

Answer 17

Keep actions under review
Maintain CPD appropriate in their area of work
Follow advice given by professional bodies

Question 18

When is a firm required to register for regulation

Answer 18

when it provides surveying services to the public
The firm operates in the uk
50% of the firms principles are RICS Members

Question 19

Can you accept a gift from a client or contractor

Answer 19

I would not accept gifts, hospitality or services which suggest an improper obligations.

Question 20

What is a conflict of interest

Answer 20

A conflict of interest arises in a situation where there may be an actual or perceived or potential risk that the proffesional judgement of an RICS regulated firm or member may be comprimised.

Question 21

Name 3 types of Conflict

Answer 21

Party Conflict - Where a duty to act in the interest of one client conflicts with the duty owed to another client.

Own Interest Conflict : Where the duty to act in the interest of one client conflicts with the interests of the same member or firm

Confidential Information Conflict : a conflict for a member or firm to provide information to one client and the duty to another client is to keep that same information confidential. l

Question 22

whats informed consent

Answer 22

When a party who may be affected by a conflict of interest acknowledges the existence of that risk but still agrees to instruct the firm or person to proceed with the assignment.

Question 23

What is a bribe

Answer 23

an inducement or reward promised to gain an advantage

Question 24

What is the Bribery Act 2010

Answer 24

Covers Criminal law relating to Bribery contains four main bribery offences
- bribing another person
- being bribed
-Bribing a foreign official
- Failure by a commercial organisation to prevent Bribery.

Question 25

What are the 6 principles of Bribery Act

Answer 25

Proportionality
Top Level Commitment
Risk Assessment
Due Dilligence
Communication
Monitoring and review

Question 26

How do you report suspicious Money Laundering activities

Answer 26

You submit a SAR ( Suspicious Activity Report ) to National Crime Agency

Question 27

What is Professional indeminty Insurance

Answer 27

Covers the policyholder for the costs of legal action made against them in respect of financial loss which occurs due to negligence , error or ommision.

Question 28

What is the purpose of Professional indemnity Insurance

Answer 28

Firm facing claim is protected from the financial loss
Protects the insured member or firm against consequences of its liabilitys to pay damages
Ensures firms clients do not suffer financial loss

Question 29

What are the minimum limits of indeminty

Answer 29

100K or less - 250k
100-200 - 500 K
200 + = 1 Mill