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APC Revision > Ethics > Flashcards

Ethics Flashcards

1
Q

What are the 5 global ethical and professional standards?

A
  1. Act with Integrity
  2. Always provide a high level of service
  3. Act in a way that promotes trust in the profession
  4. Treat others with respect
  5. Take responsibility
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2
Q

What are the 10 international ethical standards?

A
  1. Accountability
  2. Confidentiality
  3. Conflict of interest
  4. Financial Responsibility
  5. Integrity
  6. Lawfulness
  7. Reflection
  8. Standard of service
  9. Transparency
  10. Trust
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3
Q

Why would you become a member?

A
  • Status
  • Professional recognition (provides confidence)
  • Market advantage (RICS Standard)
  • Network of knowledge and people
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4
Q

Name 5 of the RICS Faculties

A
  1. Building surveying
  2. Quantity Surveying & Construction
  3. Project Management
  4. Dispute resolution
  5. Valuation
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5
Q

What are the RICS Faculties?

A

They are the professional groups under the RICS

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6
Q

What are the 5 Principles to better regulation?

A
  1. Proportionality
  2. Accountability
  3. Consistency
  4. Targeting
  5. Transparency

(PACTT)

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7
Q

How did the 5 principle of regulation come about?

A

They were a result of the Carlsberg report published in 2005 which reviewed the RICS regulatory framework.

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8
Q

What is the role and purpose of the RICS?

A

To regulate, maintain, protect and promote.

  • Regulate the profession
  • Maintain high level of education and standards
  • Protect both clients and consumers through the ethical standards
  • Promote impartial advice, analysis and guidance.
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9
Q

Why does the RICS have the APC Process?

A

Helps to ensure candidates meet the technical standard and provide commitment to the ethical standards that underpin the RICS. Candidates must act with integrity and bring integrity into the profession.

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10
Q

What is the RICS Motto?

A

Est Modus in Rebus - which translates to mean there is a measure in everything

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11
Q

What are the rules of conduct for Members?

A 
Interpretation
Communication 
Ethical Behaviour 
Competence
Service 
CPD 
Solvency 
Information 
Co-operation

ICE - CSCS - IC

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12
Q

What are the rules of conduct for firms?

A 
Interpretation
Communication 
Professional Behaviour 
Competence
Service 
CPD 
Complaints handling behaviour 
Client Money 
Professional Indemnity Insurance 
Advertising 
Solvency 
Agreement to cover death of sole partner 
Use of designations 
Information 
Co-operation
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13
Q

Why does the RICS have rules of conduct?

A

The RICS rules of conduct helps to maintain high standards and also creates standardisation for all which provides consistency.

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14
Q

What are the RICS Rules of conduct for?

A

The RICS Rules of Conduct provide a foundation for RICS Members which help the public and the reputation of the profession. They cover what all member are responsible and accountable for and apply equally to all members. It is also important to note that they do not repeat the obligations already on members by law.

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15
Q

What are the considerations need to be made when setting up a new firm?

A
  • Fill in the RICS firm form of notification
  • Secure PI Insurance
  • Secure employers liability insurance
  • Adopt training programmes for employees
  • Must not misrepresent in logo’s
  • Submit Annual Accounts
  • Set up complaints handling procedure
  • Ensure H&S at work act is complied with
  • Adhere to the rules of conduct for firms set out by RICS
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16
Q

What should a complaints handling procedure be?

A
  • Fit for purpose
  • Available to all staff
  • Understood by all staff
  • Reviewed regularly by someone at a senior level
  • Agreed PI insurance broker
  • At least 2 stages; 1. consideration of complaint by a senior member or allocation of complain handler, 2. Referral to independent 3rd party ability to award redress mechanism
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17
Q

What is the royal charter?

A

It is a grant issued by a monarch. The RICS was granted to the RICS in 1881 by Queen Victoria. Its aim was for the RICS to maintain and promote usefulness of profession for public advice.

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18
Q

What is the RICS Black book?

A

A suite of guidance notes that define good technical standards for Quantity Surveyors. It contains essential development tools for younger professionals working through APC.

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19
Q

What name 6 documents are included within the black book?

A
  • Acceleration
  • conflict avoidance and dispute resolution
  • cost reporting
  • Final Account Procedures
  • Retention
  • Tendering Strategies
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20
Q

Define Bribery

A

The act of giving a firm or person financial or other advantage to encourage that person to perform their functions / activities improperly or reward that person.

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21
Q

What year was the bribery act published

A

2010

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22
Q

What does the bribery act do?

A

Aims to promote anti-bribery practices and made it a criminal offence to fail to prevent bribery. It also sets out 2 other offences specifically aimed at commercial bribery. It applies to all UK citizens, residents and companies established under UK Law and non-UK businesses operating in UK may also be liable.

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23
Q

What are the fines for individuals under bribery act?

A

Individual unlimited fine and up to 10 years in prison.

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24
Q

Regarding Anti-bribery RICS Regulated firms must?

A
  • Not accept / offer directly or indirectly anything that constitutes a bribe
  • Have plans to comply with all laws governing bribery and corruption
  • Report anything that breaches anti-bribery or corruption laws to authorities
  • Act with due diligence, perform periodic written evaluations of risk.
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25
Q

Regarding Anti-bribery RICS members must?

A
  • Not accept / offer directly or indirectly anything that constitutes a bribe
  • Ensure they have adequate knowledge of bribery / corruption be able to comply with requirements in professional statement
  • Report anything that breaches anti-bribery or corruption laws to authorities
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26
Q

What are the 4 areas that constitute as a bribe?

A
  1. Acting on or accepting a facilitation payment or bribe
  2. Offences of bribing another person
  3. Bribery of a foreign official
  4. Failure of commercial organisations to prevent bribery
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27
Q

What is the RICS Decision tree?

A

A flowchart to help members decide how to act in different situations

28
Q

What are the main steps of the decision tree?

A
  1. Do you have sufficient facts on the issue?
  2. Is it legal?
  3. Is it in line with RICS global professional and ethical standards?
  4. Have you consulted with appropriate people to make an informed decision?
  5. Do you have clear reasoning in reaching your decision?
  6. Would you be content if your decision was to be made public?
29
Q

What is a Locum Agreement?

A

When someone temporarily fulfils the duties of another

30
Q

Where would you find RICS requirements for PI

A

Rule 9 under the rules of conduct for firms

31
Q

Who is the current president of the RICS?

A

Kathleen Fontana

32
Q

Who is the current president elect of the RICS?

A

Clement Lau

33
Q

Who is the current senior vice president of the RICS?

A

Ann Gray

34
Q

Who is the current chief executive of the RICS?

A

Sean Tompkins

35
Q

Who is the founder of the RICS?

A

John Clutton

36
Q

What year was the RICS Founded?

A

1868

37
Q

What is is the address of the RICS Head office?

A

12 Great George Street, Westminster, London, SW1P 3AD

38
Q

What is Lionheart?

A

A charitable organisation that provides support and financial assistance to those in certain situations to both past and present members

39
Q

When was Lionheart founded?

A

1899

40
Q

Name the 10 types of insurances

A
  1. Contractors all risk
  2. PII
  3. Employers Liability
  4. Public Liability
  5. Project Liability
  6. Project insurance
  7. Litigation
  8. Joint names
  9. Non-negligent
  10. Latent defects
41
Q

What are the CPD Requirements for members?

A
  1. Must log at least 20 hours per year
  2. Of the 20 hours 50% must be formal
  3. Must formally record CPD on RICS website
  4. Must take ethics CPD every 3 years
42
Q

What are the 3 types of members?

A
  • Associate
  • Member
  • Fellow
43
Q

How many professional groups / Faculties are there under RICS?

A

18

44
Q

What is RICS Matrix?

A

Platform for new members of the profession to seek help and guidance.

45
Q

What is ISURV?

A

Information database run by RICS

46
Q

What does BCIS Stand for?

A

Building Cost Information Services

47
Q

What is the structure of the RICS

A

Privvy Council - Grants awards / royal charter
Governing Council - Management of Royal charter duties
Management boards - Manges RICS Day to day
Standard and regulation board - Reports to governing council
Committees - Audit / Nominations / Admin approvals

48
Q

How would you handle client money?

A
  1. Allocate account principle - partner or director
  2. Accounts must be completely separate from company accounts
  3. Account must be clearly labelled client account
  4. Confirm to client account details
  5. Confirm to client conditions of account
  6. All interest is paid to client
  7. Regular Reconciliations required.
49
Q

What is RICS Client money protection scheme?

A
  • Run by RICS
  • Paid for by RICS insurers
  • Provides any member of public to be reimbursed.
  • Claim to be made within 12 Months of loss
  • Maximum cover of £50,000 per single claim
  • Maximum cover of £10.3m payout per year
  • Make sure complaints handling procedure is available at any time
50
Q

What would you do if you come across a conflict of interest?

A
  1. Notify the client that there is a conflict of interest
  2. Advise the client to seek independent advise
  3. Inform the client in writing you can carry on Or choose not to
  4. If duties are conflicted between different clients you can opt to put in information barrier
51
Q

What are the terms of an information barrier?

A
  • Must be separate teams
  • Cannot share information / Data
  • Cannot share an admin team
  • Separate locations
  • Independent compliance officer required.
52
Q

When must a new company be regulated by RICS?

A

When 25% of the directors are chartered.

53
Q

What is the minimum level of PII indemnity based on company turnover?

A
  • 0 to 100,000 TURNOVER = £250K
  • 100,001 to 200K TURNOVER = 500K
  • 200,001 upwards TURNOVER = £1M +
54
Q

What is run off cover?

A

Provides individuals / firms cover for previous works once they stop practicing

55
Q

What case is relevant to run off cover?

A

Merritt Vs Babb 2001

56
Q

What is the aim of the money laundering regulations 2017?

A

To stop criminals using professional services to launder money by requiring professionals to take a risk based approach.

57
Q

Explain the money laundering regulations 2017`

A
  • Don’t accept cash payments over 10,000 euros
  • Be suspicious if client is being secretive, making unusual requests, asking for or producing false documentation ]
  • Seeking to prevent new means of terrorist funds
  • Improves transparency on ownership of companies and trusts.
58
Q

What year was data protection act issued?

A

2018

59
Q

What is the data protection act 2018 the UK implementation of?

A

General data protection regulation

60
Q

Under data protection act all personal information must be….

A
  • Used fairly, lawfully and transparently
  • used for specified, explicit purposes
  • Used om a way that is adequate, relevant and limited to only what is necessary
  • accurate and where ever possible kept up to date
  • Kept no longer that necessary
  • Handled in a way that ensures appropriate security
61
Q

Under data protection act there is greater legal protection for sensitive information, name 5 of the examples of the type of information this may be.

A
  • Race
  • Gender
  • Sexuality or sexual orientation
  • Ethnic background
  • Trade union membership
62
Q

How many countries are RICS in?

A

146

63
Q

What is the RICS?

A

One of the most respected and high profile international institutions that offers advice on property, construction, project management, dispute resolution and environmental issues to various clients and the public.
“the mark of property professionals worldwide”

64
Q

What do you think about the RICS?

A
  • RICS plays an essential role in promoting the profession and ensuring that its members provide the highest professional and ethical standards
  • invaluable source of advice and information for both professionals and clients
65
Q

Name some topics on which the RICS publish help sheets and policy documents?

A
  • CPD
  • Handling clients money
  • PI Insurance requirements
  • Complaints handling procedures
  • Maintaining professional and ethical standards.
66
Q

What does APC Stand for?

A

Assessment of professional Competence

APC Revision (9 decks)

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