Very Short ethics Flashcards
1
Q
N20. What is the Governing Structure for the RICS?
A
- There is a 70 strong governing council chaired by the president.
- They meet two times a year.
- New president every year.
2
Q
N21. can you describe the RICS governing structure to me?
A
- At the top is the Governing Council.
- Below this is the Regulatory Board, (the Audit Committee, Leadership Nominations Committee, Nominations Committee and an Administrative Appeals Panel) and the Management Board.
- Below the Management board there is:
- Knowledge board
- World Regional Board.
- Finance Comittee.
- Renumerations Comittee
3
Q
N41. What are the Five Principles for Better Regulation?
A
- Accountability.
- Consistency.
- Proportionality.
- Targeting.
- Transparency.
4
Q
N42. Who determines the Five Principles for better regulation?
A
Regulatory Board
5
Q
N43. What is the difference between ethics and rules?
A
- Ethics are a moral principle and value.
- Rules are the framework we work to.
6
Q
N44. What are the Global Professional and Ethical Standards?
A
- Always act with integrity.
- Act in a way that promotes trust in the profession.
- Always provide a high standard of service.
- Take responsibility.
- Treat others with respect.
7
Q
N45. What does providing a high standard of service mean to you?
A
Ensuring that clients and those you have a responsibility over receive the best possible advice and support.
- Providing clarity on what the client wants, and what you are offering.
- Acting within your scope of confidence.
- Being transparent about fees.
8
Q
N46. What does promoting trust in the profession mean to you?
A
Acting in a manner, both in your professional life and private life, to promote you, the organisation you work for and the profession in a professional way.
- Promoting what the profession stands for.
- Understanding that this should be reflected within your personal life.
- Fulfilling obligations, doing what you say you will do.
- Meeting the spirit of the standards, not just the words.
9
Q
N47. What does acting with Integrity mean to you?
A
This means being honest and straightforward in all that you do.
- Being trustworthy.
- Being Open and transparent.
- Not taking advantage of those whom you have a duty of care.
- Not allowing bias or a conflict of interest to override business judgement.
- Not offering or accepting gifts.
- Acting consistently in the public interest.
10
Q
N48. What does taking responsibility mean to you?
A
Being accountable for your actions and not blaming others.
- Always act with skill, care and diligence.
- Where complaints are made against you, respond in an appropriate and professional manner to aim to resolve the issue.
- If you don’t think something is right be prepared to raise the matter with the appropriate person.
11
Q
N49. What does treating others with respect mean to you?
A
Being courteous, polite and considerate to others. Also being aware of culture sensitivities.
- Never discriminate.
- Encourage the firm to work in a fair and respectful manner.
12
Q
N50. Why does the RICS have rules of conduct?
A
• They provide a framework we can all work to, whilst ensuring a Client understands exactly the service they should be receiving.
13
Q
N51. How many Rules of Conduct are there from Members?
A
9
14
Q
N52. Can you list the Rules of conduct for members?
A
- Interpretation of member
- Communication.
- Ethical Behaviour.
- Competance
- Service
- CPD
- Solvency
- Information to RICS
- Cooporation
15
Q
N53. How many Rules of Conduct are there for Firms?
A
• 15
16
Q
N54. Can you list the Rules for firms?
A
- Interpretation of firm.
- Communication.
- Professional Behaviour.
- Competance
- Service
- CPD and training
- Solvancy
- Information to RICS
- Cooporation
- Handling clients money
- Complaints handling procedure
- Professional indemnity insurance
- Advertising
- Locum arrangements
- Use of Designations
17
Q
N67. What is a conflict of interest?
A
• When someone in a position of trust has competing personal or professional interests, making it difficult from them to fulfil their duties impartially.
18
Q
N77. What are regulated firms required to do?
A
• Put in place systems to stop money laundering.
19
Q
N80. What would you do if a Client offered to pay you in cash for your works?
A
• Ask them to pay the cash into an online bank account then transfer the money, as paying in cash could be seen as tax evasion.
20
Q
10.3 What is the difference between an Institute and an Institution?
A
An institute is an organisation to advance the study of a particular subject. An Institution is an organisation that exists to serve a public purpose.
21
Q
10.20 If you were to set up your own company what would you need to do to set this up?
A
RICS Requirements
- Comply with the RICS rules of conduct for firms.
- Notify the RICS – let them know by completing an RICS firm details form.
- PII – have in place adequate PII and send certificate to RICS. For new firms, PII is based on estimated turnover.
- Register with RICS.
- Be Regulated by the RICS – RICS will let you know if you need to be regulated by them once they receive your notification of a firm form.
- Client’s Money Obligations – i. Separate account. ii. With ‘client’ in title.
- Complaints Handling Procedure – have in place a CHP, record a complaints log, appoint a complaints handling officer, if sole practitioner this is a surveyor from another firm.
- Staff Training and Development – RICS CPD requirements, establish a training programme to ensure staff are trained and competent.
22
Q
What is the RICS Regulatory Board?
A
- RICS Regulation is administered by the RICS Regulatory Board, which is chaired by a non-member of RICS to demonstrate that our regulation of members is independent and at arm’s length from the interest of our members.
- The Regulatory Board meets regularly to decide policy on regulatory matters and oversee implementation of the regime. It is responsible to RICS Governing Council for its decisions.
- The Assigned Risk Pool and the Conduct and Appeals Committee also help in regulating the profession.
- Stephen Haddrill - Chair of the Global Regulatory Board
23
Q
What are the five principles of better reguation?
A
- Accountability.
- Consistency.
- Proportionality.
- Targeting.
- Transparency.
24
Q
What critical things do you need to put in place if setting up as a Sole Practitioner?
A
- Complaints handling procedure
- Clients money
- Professional Indemnity Insurance
25
Give an example of when you have acted with integrity?
* A contractor offered to buy me a coffee. i politly declined as i did not want it to affect my impartiality.
* Heating grant. I had to meet with them and discuss highly confidential information relating to their finances and personal health. Due to the sensitive nature of the work, I did not disclose any of the information to anyone other than the grant provider and destroyed all the information as soon as possible. I was open and transparent about the process and kept the tenant updated at all times.
* A resident was selling a house which used a septic tank owned by the estate, for which they were part liable for its repair or replacement. In order to secure the sale of their house, the seller wanted me to play down liability to the purchaser who had made direct contact with me. I politely advised that I was unable to do this and suggested that they offered to reduce the asking price accordingly to secure the sale.
26
Give an example of when you have provided a high standard of service?
* I was asked to conduct a rent review for a public house ECT owns. Whilst I would have been happy to accept the challenge, I recognised this was outside the scope of my competence and instructed an external agent, who specialises in public houses, to conduct the rent review.
* Letting land to extend a residents garden, involved removing from farm tenancy and required a boundary survey. in order to allow the resident to make an informed decission I obtained all the costs invlved, including a fair rent for the land.
27
Give an example of when you have acted in a way that promotes trust in the profession?
No one example, I consider myself ethical and obide by the global and professional standards in my personal life as well as work life.
28
Give an example of when you have treated others with respect?
* working with people from different backgrounds equally
* I like to think i fulfil this in my daily life.
29
Give an example of when you have taken responsibility?
* questioning unsafe working on site
* Delay in getting a grant application off, due to the fact i was waiting on quotes from another collegue who had failed to get 3 requored which meant i had to abtain them at the last minute. Whilst it was sent on time i did not have time to send it to my superior to proof read due to the deadline.
* As i was leading on the project i took responsibility for the poor time management and not have checked the collegue had obtained the quotes in good time.
30
What are the Global Professional and Ethical Standards?
* Act with Integrity
* Act in a way that promotes trust in the profession
* Always provide a high standard of service
* Treat others with respect
* Take responsibility
31
1. Are you aware of the 5 Principles of Better Regulation stated in the foreword of Members and Firms rules?
2. Can you pick one of the 5 principles and explain what you understand it to mean?
1. Yes
2. Consistency - This discusses that the Regulator(s) must be adopt a common sense approach and that rules and standards must be joined up and implemented fairly. Regulators should be consistent with each other, and work together in a joined-up way. New regulations should take account of other existing or proposed regulations, whether of domestic, EU or international origin. Regulation should be predictable in order to give stability and certainty to those being regulated. Enforcement agencies should apply regulations consistently across the country.
32
Give some examples of how you reflect the RICS ethical standards in your work.
1. Integrity - A contractor offered to buy me a coffee. i politly declined as i did not want it to affect my impartiality.
2. High standard of service - referring clients to specialists when scope is outside competence (pub)
3. Trust - Obiding by rules of ethics in private life as well as professional
4. Respect - working with people from different backgrounds equally
5. Responsibility - questioning unsafe working on site
33
What is the RICS Decision Tree?
Flowchart to help members decide how to act in difficult situations where their professional ethics may be at stake
34
What are the roles of RICS?
* Global leading professional body promoting the highest standards in the property industry
* Gold standard of professional regulation
35
In relation to Professional Indemnity Insurance, what is the minimum limit of indemnity for turnover under £100,000 (in the preceding year)?
Firm’s turnover in the preceding year Minimum limit of indemnity £100,000 or less - £250,000
£100,001 to £200,000 - £500,000
£200,001 and above - £1,000,000
36
How many years after an instruction has been completed can a Professional Indemnity Insurance claim be made?
15 years
37
What type of cover would you need to cover a claim brought after a firm or member ceases to trade?
Run-off cover
38
When did the Bribery Act 2010 come into force?
1 July 2011
39
What is the name of the new RICS guidance on bribery and money laundering and when is it effective from?
Professional Statement - Countering bribery and corruption, money laundering and terrorist financing, effective 1 September 2019
40
Where would you find the RICS' requirements for Professional Indemnity Cover?
Rule 9 Rules of Conduct for Firms
41
n relation to Professional Indemnity Insurance, what is the minimum limit of indemnity for turnover under £100,000 (in the preceding year)?
£250,000
42
n relation to Professional Indemnity Insurance, what is the minimum limit of indemnity for turnover between £100,001 to £200,000 (in the preceding year)?
£500,000
43
n relation to Professional Indemnity Insurance, what is the minimum limit of indemnity for turnover £200,001 and above (in the preceding year)?
£1,000,000
44
How many years after an instruction has been completed can a Professional Indemnity Insurance claim be made?
15 years
45
What type of cover would you need to cover a claim brought after a firm or member ceases to trade?
Run off cover
46
When did the Bribery Act 2010 come into force?
1st July 2011
47
What is the name of the new RICS guidance on bribery and money laundering and when is it effective from?
Professional Statement - Countering bribery and corruption, money laundering and terrorist financing, effective 1 September 2019
48
