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Ethics Flashcards

(48 cards)

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1
Q

Define ethics

A

“The application of moral principles and values”

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2
Q

5 Rules of Conduct?

What is the full name of the professional Statement for this?

A

RICS Rules of Conduct Global - 2021

  • Honesty and integrity
  • Professional competence
  • Quality service
  • Respect
  • Responsibility
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3
Q

3 Rules for Members (rules of conduct)

A
  • CPD requirement
  • Comply with RICS
  • Provide info when requested from Standards and regulations board.
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4
Q

7 rules for Firms

A
  • Complaints handling procedure.
  • PII Cover
  • Locum Agreement
  • Comply with RICS
  • Provide info when requested from Standards and regulations board.
  • Display RICS on literature and website.
  • Report matters listed on Rules for registration of firms
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5
Q

What would you do if you had an ethical dilemma at work and were unsure on how to proceed?

A

Refer to the RICS Ethical Decision Tree:
1. Do I have sufficient Facts?
2. Is this legal?
3. Is this in line with Rules of Conduct?
4. Have I consulted with the appropriate people to make an informed decision?
5. Does my decision have clear reasoning?
6. Would I be happy if my actions were made public?
If “No” to any of these then DO NOT PROCEED.

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6
Q

Give an example of an ethical dilemma you have experienced at work and how you managed this?

A

Refer to RICS Ethical Dilemma tree
(Do I have all facts, is it legal, in line with Rules of Conduct etc.)

Example:
1. Client wanted me to offer low compensation to save money - advised against this despite being in clients interest (Honesty and Integrity)

  1. Landowner wants contact details of another landowner - Say “No” - (Data protection act 2018)
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7
Q

What is the Bichard (“Bish-ard”) review and Levitt report?

A

Bichard: A review of internal governance (management) and structure of RICS.

Levitt: Exposed culture and behaviours of RICS management.
Uncovered issues with RICS’s financial management and leadership. Poor handling of whistleblowing - Concerns were not handled well at senior level. Weak culture around ethical leadership.

Short form:
1. Bichard: Structure of RICS Management

  1. Levitt: Culture and behaviours of RICS management (following restructure)
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8
Q

If you were to set up a new RICS firm today, what things would you ensure you put in place/ did to ensure compliance?

A
  1. Register with RICS first
  2. Complaints handling procedure.
  3. PII Cover
  4. Locum Agreement
  5. Display RICS on literature and website.
  6. Adhere to Rules for registration of firms
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9
Q

What does PII Stand for and what are the bands for required cover?

A

Under £100k turnover = £250k cover needed.

£100k - £200k turnover = £500k cover needed.

Over £200k turnover = £1m cover needed.

FG HAS ABOUT £25m COVER ANNUALLY

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10
Q

What is Run off Cover?

What is the minimum requirement for runoff cover?

What is the RICS’s recommendation for run off cover?

A

PII cover for claims made after a firm ceases to trade/ operate.

Min: 6 years cover. £250k cover needed annually.

RICS advice: 15 years cover. £250k annually.

LARGER FIRMS LIKE FG REQUIRE MORE COVER

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11
Q

What is the definition of Bribery? And what legislation are you aware of for Bribery ?

A

the Bribery Act (2010)

The offering, promising or accepting of a benefit, that would facilitate an improper action or breach of trust.

(Does it affect a business decision?)

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12
Q

What is the first thing you would do if offered a gift from your client?

A

Check if the gift is “Proportionate” to the work done for the client.

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13
Q

Hypothetical: Your client offers you a £30 gift card, what would you do?

A

Decline this, as gift cards are considered the same a cash and I cannot accept cash gifts.

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14
Q

Hypothetical: Your client offers you an expensive looking bottle of wine, what would you do?

A
  • Is it over £50?
  • Is it proportional to the work done?
  • If yes, add to gift register and wait for it to be approved before accepting.
  • If no, then decline.
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15
Q

Hypothetical: If you were given a disproportionate gift and the giver ran away from you, what would you do?

A
  • Raise to line manager
  • Add to gift register
  • Donate to charity if not acceptable.
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16
Q

Hypothetical: Your client’s contractor offers you a small present at Christmas, what would you do?

A

Decline this, I cannot accept gifts from third party contractors.

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17
Q

Hypothetical: Your client organises a day at the races, but pulls out last minute, should you still attend the races?

A

No, this could be seen as a bribe.

If it is reasonable, I can only attend if the client is there - as this is hospitality.

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18
Q

What are the 4 offences under the Bribery act?

What would happen if someone is convicted of bribery ?

A
  • Offering
  • Accepting
  • Bribing a foreign public official
  • Failing to prevent a bribe.
  • Unlimited fines
  • Up to 10 years in prison
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19
Q

What recent changes are you aware of for CPD?

A
  • From January 2026 onwards
  • Hours are the same
  • New App for recording CPD with content and resources.
  • CPD on Ethics, sustainability, AI and Data technology to be done every 3 years.
  • More audits of CPD records.
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20
Q

What does CPD stand for and why is it important?

Study These Flashcards
A

Continued Professional Development

Ongoing learning to develop skills and knowledge - Maintains high professional competence and quality advice to clients (Rules 2 and 3)

21
Q
  1. How much CPD is required each year for members?
  2. How often must you refresh knowledge of Ethics?
Study These Flashcards
A
  1. 20 Hours (10 must be formal)
  2. every 3 years
22
Q

What is the minimum CPD requirement for APC candidates?

Study These Flashcards
A

48 Hours per year for 2 years.
Minimum of 50% must be formal CPD

23
Q

What is the definition of Formal CPD?

Study These Flashcards
A

Structured, delivered training WITH A CLEAR SET OBJECTIVE.

Examples include workshops, lectures or seminars.

24
Q
  1. Where do you record your CPD?
  2. What is the deadline for CPD completion and submission?
Study These Flashcards
A
  1. RICS CPD management system (Now on the app)
  2. Completed by 31st Dec. Submitted by 31st Jan.
25
Money handling definition ?
Money received by other firms that does not belong to them. (Money received from clients that is not their payment)
26
Is there a Professional Standard for Handling Client Money?
Yes Client Money Handling (2019)
27
What are the 6 rules around handling client's money?
 Separate client account to office funds  Labelled “Client”  Detailed log of transactions  Client must have access to funds  Interest to be agreed with client  Account must never be overdrawn
28
Money laundering definition?
"The process of disguising illegally obtained money as legitimate."
29
Money laundering legislation?
2025 RICS Professional Standard - Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations. (2025) Proceeds of Crime Act (2002) Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs) SOON: Money Laundering and Terrorist Financing Regulations (2026)
30
In terms of Money Laundering what is a PEP and why are they relevant?
Politically exposed person At higher risk to corruption, bribery and money Laundering due to their high level position and influence. Eg: Government minister, Judge, Head of a bank or directors of international organisations.
31
What are the 3 steps of money laundering?
1. Placement (Placing illegal funds into financial system) 2. Layering (Complex web of transactions to disclose original source of funds) 3. Integration (Absorbed into economy -sometimes via real estate)
32
What are some red flags for money laundering?
- Cash payments - Foreign accounts - Whole numbers (£100,000) - Unexplained urgency - Secrecy
33
What legislation are you aware of for diversity and inclusion and what are the 9 protected characteristics?
The Equality Act (2010) - Age / Race / Religion. - Sex / Sexual Orientation / Gender reassignment. - Disability / Marriage / Maternity.
34
Define Whistleblowing?
"disclosing information about suspected wrongdoing or dangers within your firm"
35
What is the definition of Corruption?
An abuse of position of trust - to gain an unfair advantage. E.g CEO hiring their Son over better candidates.
36
What legislation are you aware of for Fraud?
The Economic Crime and Corporate Transparency Act (2023) The Fraud Act (2006)
37
In relation to Fraud, what is now a new corporate criminal offence? What types of firms can commit this offence?
"Failing to prevent Fraud" Firms that meet 2 of the 3 requirements: 1. Over 250 employees 2. Over £36m in Turnover 3. Balance Sheet total is more than £18m
38
What recent RICS publication are you aware of for AI? And when did/ does this take effect?
RICS Global Professional Standard: "Responsible use of Artificial Intelligence in Surveying Practice" Published - (Sept 2025) Effective from - (9th March 2026)
39
What is the difference between a Professional Standard and Practice Information?
Professional Standard - Mandatory Practice Information - Best Practice / Guidance
40
Give 3 examples of Practice information you are aware of
Stakeholder engagement (Guidance note) Insights into Compulsory Purchase (2021) Drones: Applications and Compliance for Surveyors (2019)
41
List 6 examples of Professional Standards that you are aware of :
Rules of Conduct (2021) Surveying Safely (2018) COI (2017) Surveyors advising in respect of Compulsory Purchase and Statutory Compensation (2024) Responsible use of AI in surveying practice (2025) Client Money Handling (2019)
42
Who runs and oversees professional standards?
RICS Standards and regulations board
43
When Negotiating fees with agents - what must you not do?
Undercut agents fees - (Honesty and Integrity) If I know an agent at same level is on higher fees, should I not undercut the other.
44
Define Conscious bias and unconscious bias. Give an example at work for both.
Conscious bias - is ignoring a known belief and allowing it to affect your judgement. Example: Believing a client over landowner despite knowing the situation should be assessed objectively. Unconscious bias - is not being aware of a belief that directly affects judgement. Example: - Assuming a less vocal landowner is less affected by my client's scheme, without testing this assumption. (Both undermine professional judgement, independence, and fairness - against rules of conduct)
45
What is your understanding of the Principles of better regulation?
(PACTT) Self-regulation that focusses on 5 core principles: Proportionality Accountability Consistency Targeting Transparency
46
What is a Bye Law ? Can you give some examples of bye laws?
You must follow Common law at all times but Bye laws are rules specifically for RICS members. (Examples: Rules of Conduct, CPD requirement, Disciplinary processes)
47
What do the RICS rules of conduct replace? When did the new Rules of Conduct take effect?
2007 version of the Rules of Conduct New - Focuses on Diversity and Inclusion and respect more. 02/02/2022
48
What guidance are you aware of for using social media?
RICS Regulation - Use of Social Media (Sept 2024)
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