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Jenny APC > The RICS / Ethics > Flashcards

The RICS / Ethics Flashcards

1
Q

What are the five Rules of Conduct?

A

Rule 1 - Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Rule 3 - Members and firms must provide good-quality and diligent service.

Rule 4 - Members and firms must treat others 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.

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2
Q

Why did the Rules of Conduct change?

A
  • Following research and consultation, the majority voted in favour of replacing the 2007 Rules of Conduct and separate Global Professional and Ethical Standards.
  • A single document to enable greater clarity for RICS members and firms.
  • Greater focus on clearer example behaviours, understanding evolving technology and tackling climate change.
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3
Q

Which previous documents were replaced by the 2022 Rules of Conduct?

A
  • Rules of Conduct for Members
  • Rules of Conduct for Firms
  • Global Professional and Ethical Standards
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4
Q

Name 5 key changes in the updated RICS Rules of Conduct

A
  1. A simpler structure
  2. Clear examples
  3. Focus on respect, diversity & inclusion
  4. Understanding evolving technology
  5. Tackling global challenges
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5
Q

Explain understanding of Rule 1

A

Honesty & Integrity
- Don’t accept gifts
- Identify & manage conflicts of interest
- Open & Honest to clients about services

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6
Q

Explain understanding of Rule 2

A

Professional Competence
- Firms only accept work they are qualified to do
- Firms ensure the ongoing supervision of junior team members to ensure compliance

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7
Q

Explain understanding of Rule 3

A

Good & Diligent Service
- Agree with clients the scope of the service to be provided and its limitations, and timescales for the work
- Promptly agree any changes to fees or service
- Have effective quality assurance processes for work

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8
Q

Explain understanding of Rule 4

A

Diversity & Inclusion
- Treat everyone fairly and do not discriminate against anyone
- Check that supply chains do not involve modern slavery
- Develop an inclusive culture in their workplaces and address unconscious bias

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9
Q

Explain understanding of Rule 5

A

Maintain public confidence in the profession
- Support directors, partners, employees, colleagues or clients who have acted in good faith to report concerns
- Respond to complaints made against them promptly, openly and professionally
- Do not dissuade complainants from approaching an alternative dispute resolution provider

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10
Q

Name 3 key roles of the RICS as an organisation

A
  1. Maintain professional standards
  2. Retain public confidence in the profession
  3. Provide information and advice
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11
Q

What is the RICS Governance Structure?

A
  • Governed under it’s Royal Charter by internal councils, boards, and associations
  • Governing council has 21 members and runs the RICS
  • Regulatory board, management board and other boards report to Governing Council
  • 17 specialist professional groups
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12
Q

What is the UK RICS Structure?

A
  • 4 Nationale Associations
  • 10 Regional Boards
  • Local Associations
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13
Q

Who are in the RICS Leadership Roles?

A

President – Tina Paillet
CEO – Justin Young
President Elect – Justin Sullivan

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14
Q

Name some key objectives set-out within the RICS business plan for 2021-22

A
  1. Support the profession as it recovers from Covid (financially etc)
  2. Use surplus cash to pay furlough money
  3. Work to ensure RICS qualification remains relevant and advantageous
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15
Q

When is the next RICS business plan due?

A

2023-2025

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16
Q

What year was the RICS founded?

A

1868
(Royal Charter in 1881)

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17
Q

What is the RICS motto?

A

Est modus in rebes - there is measure in all things

18
Q

Why do you want to become a member?

A

I want to be part of a prestigious organisation which allows me to progress in a career I am passionate about.
It will give me the status and recognition, which will enhance my work with clients by promoting trust in my work.
It will also allow me to continue to develop my knowledge and network.

19
Q

What is the RICS Ethical Decision Tree?

A

The decision tree provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner.
Ultimately, would you be happy if the information/act were to go public?

20
Q

Name three steps on the RICS Ethical Decision Tree

A
  1. Do you have sufficient facts on the issue?
  2. Is it legal?
  3. Would you be comfortable for your actions to be made public?
21
Q

What is the Bribery Act 2010?

A

The legislation that makes it illegal to be involved in bribery such as accepting or making a bribe.

22
Q

What is a Bribe?

A

Offering an advantage to influence a person unethically.

23
Q

What are the Bribery Act key offences?

A

Offering a bribe
Accepting a bribe
Bribing a foreign official
Failing to report a bribe

24
Q

What are the Bribery Act Principles?

A

1) Top-level commitment
2) Proportionality
3) Risk assessments
4) Due diligence
5) Monitoring and reporting
6) Communication

25
Q

What is the RICS Professional Statement regarding Bribery?

A

RICS Professional Statement Countering bribery and corruption, money laundering and terrorist financing, 2019

26
Q

What is your Firms gift policy?

A

Refuse any gift if you are in any doubt whether to accept, ie if morally wrong.
Anything above £75 from a client or supplier should be notified to your line manager and logged in the gift log book.

27
Q

What are the penalties of the Bribery Act 2010?

A

10 years in prison or unlimited fine
15 year ban from being a Director of a company (lack of top-level commitment)

28
Q

Under the Bribery Act 2010, who must consent, in order for the offence to proceed to court?

A
  1. the Director of Public Prosecutions
  2. the Director of the Serious Fraud Office
29
Q

What is a conflict of interest between two clients?

A

When a member or firm’s independence and impartiality is threatened due to the existence of a conflict between two clients.

30
Q

What are the 3 types of conflicts?

A
  1. ‘Party conflict’
  2. ‘Own Interest Conflict’
  3. ‘Confidential Information Conflict’
31
Q

Is there RICS Guidance on COI?

A

RICS Global Professional Statement on Conflicts of Interest, 2017

32
Q

What is the three step process for COI?

A
  1. Conflict avoidance
  2. Written advice to both parties
  3. Conflict management
33
Q

Name 5 benefits of RICS membership

A
  1. Status
  2. Recognition
  3. Market advantage
  4. Knowledge
  5. Network
34
Q

Name 3 benefits of regulation for firms (C-P-S)

A
  1. Confidence (for clients as regulated by RICS)
  2. Professionalism (provide clear, impartial expert advice)
  3. Security (ie complaints PI cover)
35
Q

What 9 steps must be taken to form an RICS Regulated firm?

A
  1. Inform the RICS
  2. Apply with the RICS Registration Board
  3. Nominate a responsible person / RICS contact
  4. Put in place adequate PI cover
  5. Create and provide a complaints handling procedure
  6. If a sole operator, put in place procedures in the event of incapacity or death
  7. Ensure correct use of the RICS logo kit
  8. Put in place a CPD management system
  9. Submit an annual return and end of year audit
36
Q

Name 5 pieces of legislation that must be adhered to when starting a new company

A
  1. Bribery Act
  2. Business Names Act
  3. H&S at Work Act
  4. Equality Act
  5. Financial Services Act
37
Q

Name 5 steps that must be taken when closing down an RICS Regulated practice

A
  1. Inform the RICS
  2. Return client money
  3. Inform the PI insurers
  4. Ensure adequate run off cover is in place (6-15 years @ £1m)
  5. Retain client files
38
Q

What information is required for an annual return?

A
  1. Type of business and staffing details
  2. Name of the Responsible Principle
  3. Statutory regulated activities
  4. Nature of clients
  5. Complaints handling procedure and records
  6. PI Insurance
  7. Whether the firm holds clients’ money
39
Q

What are the three levels of disciplinary action?

A
  1. Action by Head of Regulation
  2. Disciplinary Panel
  3. Appeal Panel
40
Q

What are the types of disciplinary action the Head of Regulation can action following an initial investigation?

A
  1. Serve a Fixed Penalty Notice
  2. Regulatory Compliance Order
  3. Refer to Regulatory Tribunal
  4. Refer to Disciplinary Panel
41
Q

How do you consider the role of Social Media in your role?

A
  • I would refer to: Use of social media: Guidance for RICS members, 2021
  • The RICS would investigate posts if they were discriminatory, dishonest, abusive, bullying
  • In posts I use respectful and professional language
42
Q

Before taking on any instruction what do you think about?

A
  • Competence – check professional competence
  • Interest – no conflicts of interest or personal interests
  • Terns of Engagement, confirm them in writing and get written client approval before starting instruction

Jenny APC (19 decks)

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