Tilly Rees SoE > Ethics Level 1 > Flashcards

Ethics Level 1 Flashcards

(46 cards)

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1
Q

What is the importance of the RICS Rules of Conduct?

A

Promotes the highest ethical standards
- They are based on ethical principles of:
Honesty and Integrity
Competence
Service
Respect
Responsibility

Apply to both members and firms

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2
Q

What are the Rules of Conduct?

A

Rules that set out the standards of professional conduct and practice expected of members and firms registered for regulation by RICS.

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3
Q

Why were the Rules of Conduct updated?

A
  • To respond to new risks and challenges.
  • To provide one clear framework – simpler structure to provide confidence for clients and the public.
  • Clear examples alongside each rule.
  • Focus on respect, diversity and inclusion.
  • Evolving technology.
  • Tackling global challenges such as sustainable development.
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4
Q

What are the implications of contravening?

A

Caution
Fine
Expulsion (taking bribes)

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5
Q

What is the guidance on Rules of Conduct?

A

RICS Rules of Conduct 2021

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6
Q

Rule 1

A

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

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7
Q

Rule 2

A

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

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8
Q

Rule 3

A

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

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9
Q

Rule 4

A

Members and firms must treat others with respect and encourage diversity and inclusion.

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10
Q

Rule 5

A

Members and firms must:
- Act in the public interest
- Act to prevent harm and maintain public confidence in the profession.

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11
Q

Example of how you adhered to Rule 1?

A
  • Identifying conflicts of interest and managing it
  • Not allowing myself to be bribed or influenced by gifts
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12
Q

Example of how you adhered to Rule 2?

A
  • Keeping up with CPD
  • Undertaking work that I have the skills, understanding and knowledge to do
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13
Q

Example of how you adhered to Rule 3?

A
  • Agree scope of work through ToE and keeping to them
  • Working to timeframes
  • Clear communication with client
  • Measure client’s satisfaction through achieving KPIs, review against objectives and clear communication
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14
Q

How did adhering to the RICS Rules of Conduct help you to meet clients expectations?

A
  • I was competent to undertake the work
  • Agreed ToE with clear time frames
  • Work was completed on time
  • Clear communication
  • Complied with regulations
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15
Q

Example of how you adhered to Rule 4?

A

Working cooperatively with others
Attending DE and I initiatives – not discriminating

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16
Q

Example of how you adhered to Rule 5?

A

Risk assessment
Ensuring correct PPE
Complying with regulations
Responding to complaints in a timely manner

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17
Q

What is Professional Indemnity Insurance?

A

Protects against negligence claims when duty of care is breached
And claims for damages arise

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18
Q

What is the guidance on PII?

A

RICS Regulation ‘Professional Indemnity Insurance Requirements’ (Feb 2022)

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19
Q

What is Run off cover?

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A

Cover following the cessation of trading
Min. £1m of aggregate cover
Over 6 year (RICS run-off pool)

20
Q

What must a firm do when taking on a job in regard to PII?

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A
  • Ensure adequate level of insurance
  • Must be underwritten by RICS approved insurer.
  • Consider risk of negligence claims when deciding on the level of insurance needed.
  • Most firms cap their liability with clients for individual instructions.
21
Q

What is a ‘claims made’ basis?

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A
  • Policy should be retroactive.
  • Policies cover claims that are made during the period of insurance
  • Early notification to a firm’s insurers is required when a potential claim arises.
22
Q

PII Minimum Cover?

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A

Firms turnover the proceeding year: Min level for each and every claim
Less than £100,000 = £250,000
£100,001 - £200,000 = £500,000
More than £200,001 = £1m

23
Q

PII Max Cover?

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A

Firms turnover in the proceeding year: Max. uninsured excess
Up to £10m = the greater of 2.5% of sum insured or £10,000
Over £10m = no set limit

24
Q

What is adequate run off cover for consumer claims?

Study These Flashcards
A

A minimum of £1m of aggregate cover over a period of 6 years.

Firms unable to obtain run-off cover from their incumbent insurer or the open market will be able to apply for coverage to the RICS Run-off Pool.

25
What is adequate run off cover for commercial claims?
For commercial claims, firms must consider what is adequate and appropriate for a minimum of 6 years
26
What is the guidance on liability caps?
RICS Guidance Note on ‘Risk, Liability and Insurance’ (April 2021)
27
Salient points of Risk, Liability and Insurance?
- Recommends the use of liability caps to manage risks associated with professional work. - Make it clear that advice can only be relied upon by the client named in the ToE.
28
What is the guidance on Complaints Handling?
RICS Professional Standard ‘Complaints Handling’ (2016)
29
Describe a Complaints Handling Procedure
1. Needs to be **approved** by RICS 2. **Notify PII** insurers if claim as it could lead to a claim for negligence 3. Must be **issued** at same time as **Terms of Business** 4. Tracked in a **complains log** (Details, Progress and Outcome) 5. Must include an approved Alternative Dispute Resolution **(ADR)** mechanism
30
What is Stage 1 of the process?
Stage One (in-House) 1. **Details of CHP** should be **issued** when the firm receives a complaint from a valid complainant to whom the firm owes a duty of care. 2. **Procedure** must be quick, clear, transparent and impartial. 3. Details of **Complaints Handling Officer** must be stated 4. Complaints must be made in **writing**. 5. **Timescales** of the complaint must be **recorded**
31
What is Stage 1 of CHP?
In house
32
What are CBRE's timescales?
Acknowledged within 5 days Investigated within 20 days
33
What is Stage 2 of CHP?
Alternative Dispute Resolution Service - If unresolved, an appropriate redress mechanism must be provided such as the Property Redress Scheme and the RICS Dispute Resolution Service.
34
What must a firm have with regard to CHP?
1. CHP in place 2. Redress system 3. Complaints Handling Officer 4. Complaints Handling Log
35
What is CBRE's CHP?
1. Receive the complaint 2. 5 days to acknowledge and respond with the case officer. 3. 20 days to investigate and respond with a final management decision letter. 4. If the client is unhappy the client may take the complaint to an external complaint handling. 5. **CBRE recommend Property Redress Scheme** or the **Centre for Effective Dispute Resolution**.
36
What is the ethics decision tree?
1. Providing a decision-making framework to deal with ethical dilemmas. 2. Framework of questions for members to ask themselves when facing a situation. 3. Encourages consistency with the Rules of Conduct.
37
What things does the ethics decision tree consider?
- Facts - Is it legal? - In line with Rules of Conduct? - Clear reasoning? - Informed Decision? - Content if actions made public? If all Yes = ACT If No = Decline
38
How did you meet clients expectations? Valuation Example Rule 1 & 2?
Rule 1 – Honesty - Ensure no conflicts before taking on an instruction Rule 2 – Competent - Ensure SUK - Thoroughly reviewed work by directors to ensure highest quality
39
How did you meet clients expectations? Valuation Example Rule 3?
Rule 3 – Service - I made my client aware that I was a trainee working alongside a RICS Registered Valuer who would oversee the valuation. - Met the scope of works within ToE - Kept to timeframes - Constant communication
40
How did you meet clients expectations? Valuation Example Rule 4&5?
Rule 4 – Respect - Respect the client’s expectations and I responded to their queries in a timely manner. Rule 5 – responsibility - Acted responsibly by undertaking a thorough due diligence process, as this could materially impact value. - I ensured that these were peer reviewed by my supervisor.
41
Have you ever signed an NDA?
No Company policy only E.D's can
42
Conflict check on client?
43
For loan security purposes who do you run a conflict of interest check on?
Lender and borrower
44
What is the RICS Complaints Handling pricedure?
Respond within 7 days Investigate within 28 days
45
What is your company's PII?
Confidential
46
What is the importance of subject to contract?
Protects clients as the outcome could be legally binding
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