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APC Rural Pathway 2025 > Ethics Rules and Professionalism > Flashcards

Ethics Rules and Professionalism Flashcards

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1
Q

What are the RICS Rules of Conduct?

A

Set of Rules which:
Support positive change in natural and built environments by promoting and enforcing highest ethical standards in:
*Valuation
*Development & management of land Real Estate, *construction & infrastructure.

Setting out the professional conduct and practice expected of members and firms.

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2
Q

When was code of conduct revised?

A

October 2021 effective from 2nd February 2022

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3
Q

What are the Key Elements of the Rules?

A
  1. Combined Codes
  2. Focus on Ethics
  3. Application to all members
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4
Q

What are RICS Rules of Conduct Based on?

A

Ethical principals of:

  1. Honesty
    2.Integrity
  2. Competence
  3. Service
  4. Respect
  5. Responsibility
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5
Q

What are the 5 Rules of Conduct?

A
  1. Members & Firms must be honest, act with integrity & comply with professional obligations inc. those to RICS.
  2. Members & Firms must main their Professional Competence & ensure services are provided by competent individuals with necessary expertise.
  3. Members and Firms must supply good quality diligent service.
  4. Members and Firms must treat others with respect, encourage diversity & inclusion.
  5. Members and Firms must act in the Public interest, take responsibility for their actions, prevent harm & maintain public confidence in the profession.
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6
Q

Why are Rules of Conduct Important?

A

Ensure:
Consistency
Integrity
High quality service
Highest level of professionalism are maintained
Build trust in the profession

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7
Q

Select one Standard what does it mean in your role why is it important?

A

Members and firms must supply a good quality diligent service.

*Proof reading all work before sending to the client
*Returning phone calls and answering queries promptly
*Providing regular updates
* Clear communication
*Taking a proactive approach to an instruction
* Understand each clients individual needs

Important:
Promotes trust
Professional reputation of myself/firm
Repeat business
Maintaining standards required of members of the RICS

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8
Q

What does RICS stand for?

A

The Royal Institution of Chartered Surveyors

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9
Q

What Legislation covers Anti-Money Laundering Policies?

A

The proceeds of Crime Act 2002

The Money Laundering Terrorist Financing and Transfer of Funds Regulations 2017 as amended by the Money Laundering and Terrorist Financing Regulations 2022.

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10
Q

What is RICS Guidance for Anti-Money Laundering?

A

RICS Professional Standard Countering Bribery, Corruption, Money Laundering and Terrorist Financing - Global Edn Feb 2019 effective from 1st September 2019.

Pt 1. Mandatory Requirements
Pt 2. Guidance
Pt 3. Supplementary Guide.

Cuurently being upadted tp include emerging issues driven by the rise of new technologies such as artificial intelligence (AI) and the increasing use of digital currency

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11
Q

Who do Anti- Money Laundering Policies Protect?

A

RICS members & firms from being used for financial crimes

Clients & the public - preventing property transactions from being used to launder illicit fund. Ensuring legitimate buyers & sellers are not unknowingly involved in illegal activities

Supports Regulatory & Law Enforcement Agencies by requiring professionals to report suspicious activities

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12
Q

Why are anti-money laundering policies important?

A

Ensure ethical practice, complying with regulations, and prevent financial crime within the profession.

Protect firms and clients from being used to launder illicit funds

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13
Q

Do you handle money in your firm?

A

Yes, cash up to the equivalent of 10,000e.
Payments from debit cards
Cheques from people known to the firm.
BACS Transfer

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14
Q

How does your firm maintain compliance with Anti-money laundering policy and legislation?

A

The firm uses smart search a software programme which conducts searches on individuals both nationally & internationally as recommended by Lloyds Bank, ensuring it was in accordance with AML regulations.

We do not accept cash payments of over the equivalent of 10,000e

Verify identity - request one form of ID and utility bill (in last 3 months) for property transactions request proof of funds.

Appoint a money laundering officer

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15
Q

What is the RICS Ethical Decision Tree?

A

Tool provided by the RICS to help them navigate complex situations by guiding them through a framework of questions to assess if a potential action/decision aligns with RICS Code of Conduct.

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16
Q

What is PII?

A

Professional Indemnity Insurance

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17
Q

Why is PII Important?

A

Mandatory requirement by the RICS.

Protects surveyor, firm and client against losses incurred as a result of claims inc. negligence, misconduct, omissions or errors

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18
Q

What Level of PII is required?

A

Minimum should be written on a full civil liability basis.

Based on firms turnover in previous year:

£100,000 or less - £250,000
£100,001 to £200,000 - £500,000
£200,001 & above £1,000,000

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19
Q

Where is PII Purchased from?

A

From a listed insurer as required by the RICS

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20
Q

What is runoff cover?

A

Retro active insurance required by the RICS

Ensures members, firms and clients are not exposed to financial detriment for a period after a member of the firms leaves or the firm ceases trading.

I would need to refer to RICS Regulation Professional Indemnity Insurance Requirements UK: V10 for the peroid

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21
Q

Does your firm have a complaints handling procedure (CHP)?

A

Yes, detailed on the terms of engagement.

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22
Q

Why is CHP important?

A

Mandatory requirement of RICS firms

*Ensure complaints are handled consistently, protect client rights and resolve disputes efficiently

*Where complaint is valid take step to prevent similar falling in the future

*upholds reputation & accountability of RICS members & firms

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23
Q

What is process of CHP in Rendells?

A
  1. Provide CHP & request complaint in writing
    (providing details & inform complainant matter been referred to CHO)
  2. 1 day to notify PII provider & RICS
  3. Complaint acknowledged by CHO within 7 days.
  4. Substantive response within 21 days from receipt of complaint. If the matter is complex may take longer and a full response may not be possible within this timeframe, complainant must be kept fully informed on progress.
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24
Q

What if Complainant still not satisfied?

A

Refer the complainant to RICS ADR provider The centre for dispute resolution

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25
What Alternative Dispute Resolutions are available?
Mediation Advantages - Cost effective, quick, flexible. Disadvantages - relies on voluntary agreement, parties may not honour agreement. Not legally binding Arbitration - privacy, efficiency, cost effective. Disadvantages - limited discovery, finality of decisions. Legally Binding Expert Determination - expertise, quicker than arbitration, more cost effective than litigation. Disadvantages - finding the right expert. enforceable under contract law of parties sign legally binding agreement inline with experts finding and decisions
26
What is CPD?
Continued Professional Development
27
What CPD do you need to undertake as a member of the RICS?
Minimum of 20 hours 10 hours must be formal CPD Must be completed by 31st Dec Recorded online by 31st Jan Update Ethics certificate a min of every 3 years
28
What is Formal CPD?
Any form of structured learning which has clear learning objectives & outcomes ie professional courses, structured online learning
29
What is informal CPD?
Self managed learning which is relevant or related to your professional role ie private study, informal events
30
How is CPD recorded?
Online through the RICS members portal using the following details: Description of CPS activity Activity Status Start Date Hours & Minutes Formal/Informal Learning Outcome
31
What is a Gift?
Items, services or benefits that an RICS member/firm receives or offers in relation to their professional work
32
What is proportionate with regard to Gifts?
Value and nature of the gift is not disproportionate to the occasion
33
What Legislation covers gifts/acceptance of gifts?
Bribery Act 2010
34
What is a bribe?
The offer, promise, demanding or acceptance of an financial or other advantage as an inducement for performing a relevant function that is illegal, unethical or a breach of trust
35
How are rental monies held within the firm and why is this important?
Tenacy deposits put into a government approved tenancy deposit scheme within 30 days of recieving it Legal Requirement - Housing Act 2024. Held in a exclusivley controlled named client account. Rent is classed by the RICS as client money and as such is subject to the requirements of the RICS Professional Standard Client Money Handling Important as it is a mandatory requirement for RICS regulated firms when holding client money. Keeps client money safe Ensures it used for appropriate uses only Ensures the appropriate controls & procedures are in place to safeguard client money
36
How do firms register with the RICS & why is this important?
RICS Regulation - Rules for the Registration of Firms 2022, V7 At least 50% of firms principals are. RICS members - required 25% eliagble Firms must: 1.Inform & register with the RICS and HMRC (RICS Firms Detail Form) 2. Obtain PII 3. Set up complaints log & CHP (obtain RICS approval) 4. Client money handling procedures 5. Obtain Logo Kit 6. Log CPD - RICS Management System 7. Staff training plan 8. Arrangement to cover death/incapacity (if sole trader) 9. Abide by rules of conduct Important - 1.Professional credibility 2. Ethical conduct 3.Client protection 4. Market recognition 5. Access to resources
37
What is an RICS Professional Standard?
Documents which layout the ethical conduct & competence expected for members of the RICS
38
Is a Standard compulsory or advisory?
Both: - Mandatory - where the word 'must' is used Best practice - should follow but voluntary where the word 'should is used'
39
What is a locum?
A Chartered Surveyor appointed to stand in/cover for a surveyor if they are unable to work
40
What does a locum do?
*CHO for a sole trader *Handle client money in absence of Sole Practitioner *Ensure ongoing work can continue *Could be responsible for over seeing sale of firm if Sole Practitioner can't return to work.
41
Why are ToB important?
Written agreement between client & RICS Surveyor. Outline scope of work, responsibilities of each party & detail CHP
42
What are key points in ToB?
1. Client Details 2. Individual with over all responsibility for instruction 3. Conflict of Interest 4. Details of instruction & end purpose 5. Relevant Legislation, Standards & Regulations to be adhered to 6. Limitations in liability to client & 3rd parties 7. Fee Basis 8. Follow up work 9. CHP
43
Why is it important ToB are signed by the client?
Creates legal contract clearly outlining the terms of engagement, prevents misunderstandings & disputes between Surveyor & client. Ensures transparency & accountability in the professional relationship
44
Why is it important to ensure that you have sufficient knowledge & experience to undertake an instruction?
To ensure compliance with Rule 2 Code of Conduct - Members and Firms must maintain professional competence & ensure that services are provided by a competent individual with necessary experience Uphold trust in the profession, prevent unqualified individuals providing advice or services that could lead to harm or errors which may result in a claim being made.
45
What if you do not have sufficient experience to undertake an instruction?
Decline the instruction & refer the individual to a more suitably experienced surveyor
46
Why is it important to decline an instruction of you are not suitably experienced to carryout the instruction?
RICS Code of Conduct is based on integrity and ethics therefore: 1. Providing advice in this instance would undermine professional standing & clients trust in you. 2. If advice caused harm/loss could be legally liable and exposed to professional negligence claims as clients rely on your knowledge/expertise 3. Client Care & Protection. Offering advice beyond capabilities can mislead client, resulting in poor decisions potentially causing financial/legal issues for them 4. Cause damage to professional reputation
47
Can you give an example of when you have referred a client to a specialist for advice?
A client had received planning for a new cattle shed and wanted advice regarding the costs of installing mains electricity. I advised that I wouldn't be able to advise them in this regard and referred them to contact National Grid who would be able to provide an estimate. Although I had an idea from discussions with previous clients I didn't have suitable knowledge or expertise to advise them. Relying on my advice could have caused financial harm .
48
If successful today what CPD will you need to undertake going forwards, Where is it logged?
A minimum of 20 hours with a least 20 being formal Logged on the RICS member portal, should be completed by 31st December and recorded by 31st Jan Must renew ethics certificate every 3 years
49
Difference between Formal & Informal CPD
Formal CPD - Any form of structured learning which has clear learning objective and outcomes ie professional courses, structured online learning. Informal CPD - Self managed learning which is relevant or related to your role ie private study, on the job training
50
You mention sale by private treaty where you have been pressured to reveal offers submitted. what did you do and why?
I stated that I could not disclose any other offers made, as I did not have the vendors permission to do so. I could only confirm that others offers had been submitted.
51
How did you advise the client regarding pressure to reveal offers?
I contacted the client via phone call to inform them that an interested party was considering making an offer and had pushed me to reveal other offers made. Asked how they wished me to proceed. They said they did not want offers revealed I confirmed this via email with the client
52
Who you report conversations to regarding pressure to reveal offers?
My boss & the client
53
Who is the RICS President Elect
Acting President Elect Nicholas Maclean - Based un UAE
54
Who is the CEO of the RICS?
Justin Young
55
How Many Companies does the RICS Operate in?
More than 140 countries Globally
56
What is the RICS motto?
Est modis in rebus - There is measure in all things
57
When was the RICS Founded?
1868 - Founded in London 1881 - Received Royal Charter from Queen Elizabeth.
58
When did RICS receive Royal Charter?
1881 - From Queen Victoria
59
What does Royal Charter mean for RICS?
R - Stands for Royal Charter from the Privy Council I - Important changes to our constitution ie bye-laws must be approved by UK Government through the Privy Council. P - Provides "gold standard" of excellence & integrity To maintain and promote the usefulness of the profession for the public advantage RICS bye-laws set out governance of the institution
60
What is an RICS Firm?
A firm registered with the RICS for regulation and therefore subject to the Rules of Conduct
61
Where are the RICS Headquarters located?
12 George Street Parliament Square London
62
What is the RICS Matrix?
Division of the RICS dedicated to student surveyors. Offers peer support groups, mentoring, free CPD Opportunities, networking & social events.
63
What are the benefits of becoming MRICS?
S.M.A.R.K.Q Status - Part of a world renowned, internationally recognised organisation Market advantage - competitive market advantage, quality assurance to clients Access to information and training resources
64
what are the 4 levels of membership within the RICS:
1. FRICS - 5+ Years as MRICS, Leadership Role, Professional/Technical Achievement, Academic Achievement. 2. MRICS 3. AssocRICS 4. Student Member Membership to the RICS requires appropriate education and years of relevant experiencef
65
What is top Governing body of the RICS?
Privy Council
66
What is the Structure of the RICS in the UK?
RICS has 4 National Associations: 1.England 2. Scotland 3. Wales 4. Northern Ireland
67
Whats is Modus?
RICS online & published magazine providing information & published monthly
68
What is the full name for the RICS Rules of Conduct?
RICS Rules of Conduct Global October 2021
69
How do you demonstrate good service in your work?
proof read all work before sending it out to clients Initial meetings with clients to fully understand their aims and objectives Follow up meetings with a email to confirm instruction Regular up dates pro active approach Check in with clients to ensure the instruction is alined with their aims and objectives
70
How do you promote respect and inclusion in your professional setting?
Ensure that all team members are included Be fully present in conversations Be aware of unconscious bias Support team members during livestock markets where they not be confident around livestock Actively listen Consider everyones point of view or ideas
71
What does Appendix A of the Rules of Conduct 2021 outline?
Sets out core professional obligations for members and firms e.g. CPD Requirements, cooperate with RICS
72
Why do we have Rule of Conduct
To ensure the ethical and competant conduct of its members & firms building and ensuring public confidence in the profession.
73
What happens if you fail to meet CPD requirements
Receive caution (fixed penalty caution) per disciplinary, Registration and Appeal Panel Rules 2009 Fixed Penalty caution remains on disciplinary record for 10 years
74
Who polices the Bribery Act 2010?
The serious Fraud Office
75
What constitutes improper behaviour?
Anything illegal, unethical or a breach of duty
76
Do you have an example of when you provided Ethical advice to a client?
With reference to my case study: Clients suggested erecting the agricultural building without planning permission I explained the consequences, advising I would strongly advise against this and would noway condone or assist with this as it would improper and unethical
77
What is a Method Statement?
Document detailing how a task or process is to completed and prior approved Should outline hazards involved and include step by step guide on how to carryout the job safely
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APC Rural Pathway 2025 (21 decks)

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