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Mine RICS APC - Commercial Real Estate X > Copy - Ethics, Rules of Conduct and Professionalism > Flashcards

Copy - Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

Why do you want to become a member of RICS?

A

To be a member of the RICS shows a level of professionalism that is recognised worldwide.

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2
Q

What is the role of RICS?

A

To promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

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3
Q

What are the key functions of RICS?

A

RICS develops and enforces leading international standards to protect consumers and businesses, ensuring the highest level of professionalism

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4
Q

What is a Royal Charter?

A

A Royal Charter, granted by the sovereign on the advice by the privy council is given to bodies that work in the public interest.

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5
Q

What is the Royal Charter of RICS

A

The Royal Charter dated 26th August 1881 requires RICS to act in the public interest.

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6
Q

Who is the current RICS president?

A

The current president of the RICS is Ann Gray

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7
Q

What do you understand by the term self regulation?

A
  • RICS self-regulates, it operates within it’s own regulatory framework, rather than being legislated by Government.
  • The standards and regulation board oversees regulation for RICS Members and RICS regulated firms.
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8
Q

Who does the Standards and Regulation Board report to?

A

Governing Council

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9
Q

What is Governing Council

A

The executive body responsible for directing the affairs of RICS

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10
Q

Can you tell me what you understand by the principles of better
regulation?

A

Better regulation should include;

(PACTT)
Proportionality
Accountability
Consistency
Targeting
Transparency

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11
Q

What is a Bye-Law?

A

A regulation made by a local authority or corporation

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12
Q

What is a RICS Bye-Law

A

Bye-Laws of RICS, made from time to time pursuant to the Royal Charter and approved by the Members

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13
Q

What documents are RICS governed by?

A

The Royal Charter, Bye-Laws, Regulations and Standing Orders.

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14
Q

Can the Royal Charter or bye-laws be amended?

A

Only by a membership vote and approval by the Privy Council.

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15
Q

Who approves changes to Regulations and Standing Orders?

A

Governing Council

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16
Q

What are the 6 ethical principles that the Rules of Conduct are based on?

A

Ethical principles of honesty, integrity, competence, service, respect and responsibility.

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17
Q

Give an example of one of the RICS Bye-Laws.

A

Bye Law 5.1 - The rules of conduct apply to all members and firms regulated by RICS.

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18
Q

Explain to me the new RICS Rules of Conduct - what do they replace?

A

They replace the older versions which had been in place since 2007 for members and firms which were
Rules of conduct for members
Rules of conduct for firms
Global ethical principles

19
Q

What date were the new rules of conduct effective from

A

2nd February 2022

20
Q

What are the 5 Rules of Conduct

A

Rule 1 Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

Rule 2 Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Rule 3 Members and firms must provide good-quality and diligent service.

Rule 4 Members and firms must treat others with respect and encourage diversity and inclusion.

Rule 5 Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

Plus the appendix setting out the main professional obligations to RICS.

21
Q

Give an example behaviour for each Rule of Conduct

A

Rule 1 - Members and Firms not to allow themselves to be influenced by others for instance in receiving referrals, gifts, payments, hospitality or by their own self interest.

Rule 2 - Members and Firms only undertake work that they have the knowledge, skills and resources to carry out completely.

Rule 3 - Members and firms communicate to clients the material information on which their professional advice and opinion is based.

Rule 4 - Members and firms respect the rights of others and treat others with courtesy.

Rule 5 - Members and firms support directors, partners, employees, colleagues or clients who have
acted in good faith to report concerns.

22
Q

What type of document is the Rules of Conduct

A

Code of Practice

23
Q

Who do the rules of conduct relate to?

A

Members and Firms

24
Q

What are the core professional obligations of firms and members to RICS?

A

Members:
Comply with CPD Requirements
Cooperate with RICS
Provide all information requested by standards and regulation board

Firms:
-Publish complaints handling procedure including dispute resolution provider.
Maintain complaints log.
Have appropriate Professional Indemnity cover for previous and current work.
Sole principal must have arrangements for work to continue
Cooperate with RICS.
provide all information requested by standards and regulation board.
That they are regulated by RICS on their literature.
Report any matter that is required under the Rules for the Registration of Firms.

25
Q

What disciplinary procedures can the RICS impose?

A
  • Fixed penalty (fine by RICS)
  • Consent order (written agreement between RICS and member/firm, may require them to undertake certain corrective actions or restrain them from taking actions for specified period, and may require to pay a fine)
  • Disciplinary panel (more serious breaches, held in public. Burden of proof on RICS, balance of probabilities approach adopted)
26
Q

In what circumstances can these be imposed?

A

”- Complaint to the RICS
- Allegation by client or 3rd party
- Information received or established by RICS”

27
Q

Can you explain the steps of the RICS Ethics Decision Tree?

A

”- Sufficient facts?
- Legal?
- In line with RICS Rules of Conduct?
- Have you consulted with apt people, to make informed decision?
- Clear reasoning in reaching decision?
- Is your decision informed?
- Would you be content for actions to be made public?

If yes to all of above, decide what action to take, act and record decision and reasoning.
Otherwise, DO NOT PROCEED”

28
Q

How can a disciplinary proceeding be triggered?

A
  • Complaint to the RICS
  • Allegation by client or 3rd party
  • Information received or established by RICS
29
Q

When did RICS last update their disciplinary panel rules?

A

2nd February 2022 now called RICS Regulatory Tribunal Rules

30
Q

What are the different levels of action within these procedures?

A
31
Q

What do you understand by the term professional practice?

A
  • Professional practice - how to execute rules set out in code of practice
32
Q

What money laundering regulations or legislation are you aware of?

A

”- Countering Money Laundering, Bribery, Corruption and Terrorist Financing
- Conflicts of Interest
- Client Money
- RICS Property Measurement”

33
Q

What is a red flag of money laundering?

A

Common characteristics that either individually
or in combination might indicate potential
misuse of the real estate sector for money
laundering or terrorist financing purposes.

34
Q

What bribery legislation are you aware of?

A

The Bribery act 2010

35
Q

What is a bribe?

A

‘The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust’

36
Q

What are the penalties for accepting a bribe?

A

Under the Bribery Act 2010 maximum of 10 years imprisonment, an unlimited fine or both.

37
Q

What are the penalties for being involved in money laundering?

A

Offences under the Regulations are punishable with a maximum penalty of two years’ imprisonment (for individuals) and/or an unlimited fine. For a legal entity, the maximum penalty is an unlimited fine in relation to offences under POCA and the Regulations.
POCA - Proceeds of Crime Act

38
Q

What constitutes an offence under the Bribery Act 2010?

A
  • Bribing another person (offering, promising or giving a bribe)
  • Being bribed (requesting, agreeing to receive or accepting a bribe)
  • Bribing a foreign public official
  • Failure by a commercial organisation to prevent bribery
39
Q

What constitutes an offence under the current money laundering
regulations?

A

Facilitate or be complicit in money laundering or terrorist financing activities.

40
Q

How long should you keep anti money laundering records for?

A
41
Q

What is Professional Indemnity Insurance (PII)?

A
42
Q

What are the two new RICS document categories being looked at by the Standards and Regulation Board

A

Professional Standards and Practice Information

43
Q
A

Mine RICS APC - Commercial Real Estate X (25 decks)

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