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Ethics Flashcards

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1
Q

What is the RICS

A

The RICS is the world leading professional body specialising in land, property construction and represents 130k qualified professionals

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2
Q

What does RICS mean

A

Royal institute of chartered surveyors

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3
Q

When was the RICS founded

A

1868 and got the royal charter in 1881 awarded by queen Victoria

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4
Q

What is the role of RICS

A

-Advance ethical and technical standards in surveyors
-Provide advice to government, business and the public

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5
Q

What is the royal charter?

A

-RICS must promote the usefulness of the profession for the advantage of the UK public

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6
Q

Motto of RICS?

A

There is measure in all things

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7
Q

What is Lion Heart

A

Lion heart independent charity to support past and present RICS Professionals and families though any of liges challenges from start to retirement

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8
Q

What does Lion heart do?

A

APC support
Work Life balance & Stress management
Presentation practice
Workshops & webinars
Counselling
Coaching
APC Ambassadors

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9
Q

Where is the RICS head office

A

12 Great George Street, Parliament Square London

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10
Q

Why do you want to be chartered?

A

-Joining largest international property standards body
-Global recognition
-promote best practice

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11
Q

What is the RICS matrics

A

-supports new members

-working with RICS to share future of surveying

-grow size and respect

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12
Q

Who administers the rules and codes of conduct

A

RICS Standards and regulation board

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13
Q

What is the RICS governing structure

A
  1. Governing Council
    2.Management board
  2. Standard and regulation board
    4.Audit committee
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14
Q

What does the governing council do?

A

Sets overall strategy for RICS and provides high level assurance around standards and professionals

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15
Q

What does the Management board do?

A

Inform and oversee RICS affairs under delegated authority. Report directly to governing council and accountable for approving business plan

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16
Q

What does the Standard and regulation board do?

A

Responsible for overseeing/setting and upholding standards through global assurance, providing independent oversight and public-interest perspective across standards and entry to profession and regulation

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17
Q

What does the audit committee do?

A

Monitors integrity and effectiveness of financial reporting, internal control and risk management”

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18
Q

Who is the RICS CEO

A

Justin Young

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19
Q

Who is the president elect of the RICS

A

Maureen Ehrenberg

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20
Q

Who is the senior vice president

A

Susanne Eickermann

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21
Q

What are your 3 mandatory professional obligations as an individual?

A

As per Rules of conduct Appendix A:

  1. 20 hours of CPD each year (min 10 formal)
  2. Cooperate w RICS

3.Provide all info request by standards and reg board

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22
Q

What are your 7 mandatory professional obligations as a business?

A
  1. Complaints handling procedure
  2. Adequate PI insurance

3.Works cover as a result of absence ie death

  1. Cooperate w RICS

5.Provide all info request by standards and reg board

  1. Display they are regulated by RICS

7.Report to the RICS anything noted in “rules of registration of firms”

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23
Q

What are the rules of conduct

A
  1. Be honest, act with integrity and comply with professional obligations
  2. Maintain professional competence and ensure that services are provided by individuals with competence and expertise

3.Provide a good quality and diligent service

4.Treat other with respect and encourage diversity and inclusion

5.Act in the public interest, take responsibility and maintain public confidence”

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24
Q

When did the rules of conduct come into effect?

A

2nd Feb 2022

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25
Why were the codes of conduct updated?
-Simpler structure -Clear examples -Focus on respect, diversity and inclusion -Understand evolving technology -Tackling global challenges
26
Provide 3 exams of Rule 1?
-Do not miss lead others by their actions or omissions -Open and transparent with clients about fees -No financial crimes like tax evasion
27
Provide 3 exams of Rule 2?
-Only undertake work in which we have appropriate skill for - LOI -Supervise employees who are a lower level learning -Maintain and develop knowledge via CPD
28
Provide 3 exams of Rule 3?
-Understand clients needs and objectives before doing work -Agree clear scope of service with client -Clear communication with client
29
Provide 3 exams of Rule 4?
-Respect the right of others -Check supply chain for modern slavery -Inclusive work culture
30
Provide 3 exams of Rule 5?
-Respond to complaints -Appropriate action when rules have been breached -Manage professional finance responsibility
31
How do you become FRICS
- You have to demonstrate four out of the twelve characteristics. There are 3 core principles; -Demonstrate intent to further RICS and the profession. -Act for the benefit of a third party to reflect RICS’ public interest mandate. -Promote RICS objectives and the profession. -submit application for assessment which is reviewed and decided by RICS
32
What is a conflict of interest
A COI is when a person or company become unreliable due to a clash of interests.
33
How would you deal with a conflict of interest
1. Decide if you will proceed and layout concerns in writing 2.Advise of the circumstances and how you will deal with conflict 3.Advise to obtain independent advice get written confirmation ok to proceed 4.If withdrawing provide written notification
34
What is the RICS advice on conflict of interest
Avoid where possible RICS Conflict of Interest Professional Statement
35
Do the RICS provide any guidance on conflicts of interest
COI RICS Professional statement
36
What is the ethics decision tree
A tool used by the RICS to provide surveyors with several ethical questions to answer to ensure that they meet ethical standards
37
Why would the gift affect your impartiality
It would present an ethical decision by accepting it could be seen as swaying my impartiality to the contractor and it could affect my ability to make clear decisions
38
How do you deal with a complaint
I advise them of our complaints handling procedure and notify the complaints handler (director)
39
What is your companies complaints handling procedure
-Acknowledge within 24hr -Respond within 5 working days -Face to face meeting within 15days -Give client 15days to respond -If client not satisfied refer to independent redress e.g. property ombudsman or financial ombudsman's service
40
What must you have to be a regulated company
-Have insurance -complaints handling procedure -client money handling procedure -QA/QC -Bank
41
What must your firm do if you want to register with the RICS
-Offer services in surveying -25% of directors RICS qualified -Observe rules of conduct
42
What insurance would you need to take out to if you started your own firm
-PI Professional Indemnity Insurance, -Employers liability -Public liability
43
What is PII
Professional Indemnity Insurance
44
What is negligence
When the delivery of your service falls below the recognised standards to prevent risk or harm
45
What levels of PII do the RICS require
-Depends on last years turnover £0-£100k - £250k £100-£200k - £500k £200k+ - £1m
46
If you were winding up a company what would you need to do
Notify the RICS and take out run off cover
47
What is run off cover
-Insurance to protect against claims after stopping trading Minimum runoff of 6 years
48
RICS social media regulation?
Version 2 - Sept 2024 -Act as you would in person do not change
49
Why does RICS publish guidance notes?
-Allows surveyors to act with reasonable competence -Avoid negligence claim
50
What is the black book?
-Collection of technical practice documents -Guidance throughout the construction cycle
51
RICS have introduced 2 new types of professional guidance, what are they?
-Professional standards -Practice Info
52
What is a professional standard?
-Mandatory requirement for how to provide services or outcomes
53
What is a Practice Info?
-Supplementary Guidance
54
How do you act with integrity?
-Trustworthy -Open and transparent -No bias -No accepting gifts
55
How do you take responsibility?
-Be accountable for my actions -Always act with skill, care and diligence -Complaints handling
56
How do you provide a high standard of service?
-Act within scope of competence -Use RICS guidance notes, professional standards and practice info
57
How do you promote trust?
-Fulfill my obligations -Act trustworthy manner - Open and transparent
58
What should an individual do to maintain a high ethical standard?
-Keep own records -CPD -Follow advice by RICS
59
How can employers create and ethical environment?
-Whistle blowing procedure -Ethical evaluations -CPD -Encourage APC
60
Difference between ethics and integrity?
-Integrity - Internal and acting honest and correct -Ethics - External - rules and regulations for employees to work morally
61
Rules associated with registering a firm?
Rules for registration of firms - version 8 02/02/22
62
What is a Locum?
-Another professional who supplies run off cover when someone cannot work
63
Things to consider when accepting a gift?
-Value -Timing -Proportionate to relationship? -In line with rules of conduct
64
CPD?
Continuous professional development
65
CPD requirements for members?
20 hours a year min 10hrs formal
66
What is formal CPD
Structured learning with an objective
67
What is informal CPD
Self learning no LO
68
What tool is available to work out the type of CPD?
CPD decision tree
69
RICS published document on COI?
COI - 1st edition March 2017 Professional standard
70
3 Types of COI
-Party -Own -Confidential info
71
Informed consent?
- Client is aware of COI and instructs the surveyor to carry on anyway
72
What is a bribe?
A reward to gain some sort of advantage
73
Bribery act 2010?
-Law relating to: -Bribing another person -Being Bribed -Bribing a Foreign public official -Failure to report a bribe
74
6 Principles in Bribery act
1. Proportionality 2.Top Level Commitment 3.Risk Assessment 4. Due Diligence 5.Communication 6.Monitoring
75
Who does the Bribery Act apply to?
-Any British Citizen -UK Incorporated businesses -Any business operating in the UK
76
How does you business comply with the Bribery act?
-Policy -Yearly code of conduct training
77
Consequences of breaking Bribery act?
-Fine or jail time
78
Money Laundering?
-Disguise illegal funds as legal funds
79
How to report Money Laundering?
Submit a SAR under money laundering Regs
80
Corruption?
Abuse of entrusted power for personal gain
81
Price fixing cartel?
Businesses banding together to fix prices of a product or service without competition
82
Facilitation payment?
Payment to gov official that acts as an incentive to do an action
83
Modern Slavery and what act?
-Illegal exploitation of individuals for personal gain -Modern slavery act 2015
84
Examples of modern slavery?
-Forced Labour -Debt Bonded Labour -Child Slavery
85
How to report Modern Slavery?
-Modern Slavery helpline -Police
86
Why do we have PI insurance?
Covers the cost of legal action due to negligence, error or omission
87
2 types of PI?
-Each and every -Aggregate
88
Aggregate PI?
- Covers full limits for all claims -2 claims at 75k each -insurance will cover up to 100k -50k has to be covered by individual
89
Each and every PI?
- Covers full limit for each claim -2 claims at 75k each -insurance will cover up to 100k -Will cover both as each claim within 100k limit
90
Retroactive PI?
- Covers claims arising from work you did before the policy started
91
PI case law?
Merrett V Babb (2001) Negligence - pursued individual losses
92
What is a consent order
A compliance order is an agreement between the RICS and a regulated member that the member has fallen short of the standards.
93
What is your RICS Membership number
6868233
94
How many countries do the RICS cover
146
95
What is the Carsberg report?
A third party review of how the RICS regulates itself. Recommended greater separation of regulatory and representational functions.
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