Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RICS > Ethics > Flashcards

Ethics Flashcards

1
Q

RICS

A

Royal Institution of Chartered Surveyors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Date founded

A

1868

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Current President

A

Kath Fontana FRICS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

CEO

A

Sean Thompkins

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

President Elect

A

Clement Lau FRICS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

RICS Global Professional and Ethical Standards

A

Act with integrity
Always provide a high standard of service
Act in a way that promotes trust in the profession
Treat others with respect
Take responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Example of Act with Integrity

A
  1. Disclosed all cost info to client prior to commencing marketing and disclosed all info on brochure
  2. Informed client that report going to be delayed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Example of high standard of service

A
  1. Report provided in timely manner

2. Undertook high level of due diligence for valuation report

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Example act in a way that promotes trust in profession

A
  1. Arranging key organisation for viewings

2. Used ethical decision tree to ensure making correct decision - illustrates trustworthiness as based on own judgement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Example treat others with respect

A
  1. Informing tenant of inspection and being respectful of their operations
  2. Contacting all parties who were not successful in bid process
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Example take responsibility

A
  1. Submit report in timely manner

2. Organising inspections and covid 19 protocols

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Royal charter

A

Granted 1881

Obliges RICS to act for the public advantage in surveying services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

5 benefits of becoming an RICS member

A
  1. Status of organisation internationally, providing client confidence
  2. Recognition that you’re promoting professional excellence
  3. Market advantage as status provides competitive advantage
  4. Better knowledge and professionalism due to adherence to standards and guidance
  5. Access to strong network of professionals
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Role of RICS

A
  1. Maintain Highest standards of education and training
  2. protect consumers to strict regulation of professional standards
  3. Leading source of information and professional advice in surveying
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Benefits of regulation for firms

A
  1. Confidence (as firms monitored by RICS)
  2. Professionalism
  3. Security (as need to have PII cover/ CHP etc)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Why new Ethical Standards and Rules of Conduct?

A

Simplify existing rules into 5 new rules for all and deal with modern day societal issues (eg sustainability/ D&I)

17
Q

What else will new rules include?

A

Professional Obligations for Member and Firms

Eg comply with CPD/ have appropriate PII cover and CHP

18
Q

What is ethical decision tree?

A

Framework used to determine whether member should act in a situation that they think is unethical

19
Q

Steps on ethical decision tree

A

Do you have sufficient facts?

Are you acting in line with RICS Rules of Conduct and ethical standards?

Would you be happy for your actions to be published in the press?

20
Q

Requirements to register as an RICS regulated firm

A
  1. Providing surveying services to public
  2. Firm operating in the UK
  3. At least 50% of principals are RICS members
21
Q

Responsible person

A

Someone elected within a firm Who is responsible for ensuring the firm complies with its regulatory and statutory obligations of the RICS

New rule from 1 April 2020

22
Q

Information required for registration

A
  1. Type of business and staffing details
  2. Statutory related activities
  3. Nature of clients
  4. Complaints handling procedure and records
  5. PII details
  6. Whether the firm holds client money

ALSO INCLUDED AS PART OF ANNUAL RETURN

23
Q

Process for setting up and RICS regulated firm

A

RICS COMPLIANCE
Complete RICS firm details form
Setting up CHP/ PII Cover
Register for RICS Registered Valuers scheme
Obtain logo kit (Use of Designations rule)
Log CPD
Appoint responsible person/ locus (if sole trader)

STATUTORY COMPLIANCE
Adhering to legislation eg Equality Act/ Estate Agents Act/ Bribery Act/ appointment of money laundering officer

24
Q

Closing a practice

A

Transfer all money back to clients and transfer clients to another firm
Ensure still keep client folders for 6 years and have 6 years PII cover to cover any complaints (still need cover following cease of trading)

25
Q

Disciplinary procedure

A

Self regulated by RICS

3 x levels

  1. Action by Head of Regulation
  2. Regulatory tribunal
  3. Appeal panel
26
Q

Professional Indemnity Insurance

A

PII Cover

Minimum required PII based on turnover of firm

£100,000 or less = £250,000 minimum cover
£100,000 to £200,000 = £500,000
£200,000+ = £1 mill

27
Q

Run off cover

A

Need 6 years PII cover following cease of trading

28
Q

Assign risk pool

A

Scheme by RICS for firms who are unable to arrange cover

Eg if firm needs to renew cover and still had claims to sort so obtain temp cover from RICS whilst dealing with claims

29
Q

PII policies made on a…

A

… claim by claim basis

Ie doesn’t matter when negligence occurs, use current insurer when claim is made

30
Q

Rules for holding clients money

A

Client accounts must be kept separately
‘Client’ must be name on account
Client must be able to have access to their money on demand
Annual audit by certified accountant

31
Q

types of bribe offences

Act?

A

Bribery Act 2010

Aim- reduce bribery in UK and abroad

4 offences:
1 bribing
2 receiving a bribe
3 bribing a foreign official 
4 failing to prevent a bribe
32
Q

Money Laundering

A

Money Laundering Regulations 2007

Concealing origins of illegally obtained money and using for legitimate business

33
Q

Types of DD for money laundering

A
  1. Customer Due Diligence
    Identify client and verify identity
    (Ie usual AML checks)
  2. Enhanced Due Diligence
    Additional procedures needed when dealing with politically exposed person or person from a high risk third country
  3. Simplified Due Diligence
34
Q

Politically Exposed Person

A

Someone who has been entrusted with a prominent public function and therefore is at higher risk of bribery due to their influence

35
Q

RICS doc concerning bribery and ML

A

RICS Countering Corruption, Bribery, Money Laundering and Terrorist Financing Professional Statement

36
Q

Defining our future

A

Consultation to review RICS strategic direction

37
Q

Defining our future issues being addressed

A

8

  1. purpose of RICS as a professional body
  2. Qualification and entry to the profession
  3. Membership engagement and involvement

RICS (19 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions