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Tom APC 2023 > Ethics, Rules Of Conduct And Professionalism > Flashcards

Ethics, Rules Of Conduct And Professionalism Flashcards

1
Q

What 6 ethical principals are the RICS rules of conduct based on

A

Honesty
Integrity
Competence
Service
Respect
Responsibility

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2
Q

What is the 1st RICS rule of conduct

A

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

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3
Q

What is the 2nd RICS rule of conduct

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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4
Q

What is the 3rd RICS rule of conduct

A

Members and firms must provide good quality and diligent service

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5
Q

What’s the 4th rule of conduct

A

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

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6
Q

What’s the 5th rule of conduct

A

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

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7
Q

What does CPD stand for

A

Continuing professional development

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8
Q

How many hours of CPD do I need per year once chartered.

A

20 hours (50% formal)

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9
Q

What’s the purpose of the RICS

A

Regulate and promote the surveying profession

Maintain the highest educational and professional standards

Protect clients and consumers via a strict code of ethics and codes of practice

Provide expert impartial advice and guidance

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10
Q

What’s does RICS stand for

A

Royal institute of chartered surveyors

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11
Q

How many RICS regional boards are there in the Uk

A

9

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12
Q

What 3 professional groups are there within the RICS

A

Land

Property

Construction

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13
Q

What is lion heart

A

A charity funded through past and present RICS members

Provides support to members and their families, including financial support, health and well-being packages and work related support

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14
Q

What is BCIS and what’s it’s relationship with RICS

A

Building cost information service is published by the RICS

It provides independent cost and price info for key areas in the construction industry

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15
Q

Who is the current RICS president

A

Ann Gray

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16
Q

Who is the current senior vice president of the RICS

A

Justin Sullivan

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17
Q

What different types of professional guidance are published by RICS

A

Professional standards

Practice information

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18
Q

What determines when a firm has to register with the RICS

A

If it provides surveying services in the UK and at least 50% of its partners/ directors are RICS members

A firm can still register if it’s less than 50%

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19
Q

What are the benefits of RICS regulation

A

Quality assures competence through adherence to the rules of conduct

Enhances members professional status by providing confidence to consumers

Provides guidance, support and advise for members

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20
Q

Name some of the RICS obligations for starting a new surveying business

A

Appoint a responsible principal

Register for regulation with RICS

Ensure clients money handling procedures as per RICS guidance are in place

Obtain sufficient PI

Adopt a sufficient complaints handling procedure

Set up arrangements for CPD and staff training

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21
Q

What should a PI policy include

A

On a claims made basis

On an each and every claim basis

Wording written on a full civil liability basis

Underwritten by a listed insurer

Covers past and present employees

Run off cover

Minimum level of indemnity required by the RICS

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22
Q

Explain the term ‘claim made basis’

A

The policy at the time the claim is made will respond not the insurance in place at the time of the negligence

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23
Q

Explain the term ‘each and every claim basis’

A

The limit of indemnity covers each claim individually instead of accumulatively for that year

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24
Q

What does a full civil liability basis mean

A

If a claim isn’t specifically excluded, it’s included (as opposed to a negligence only policy where if a claim if not specifically included, it’s excluded)

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25
Q

What is run off cover

A

Provides ongoing protection for claims made against a company/ someone once they have ceased trading/ retired

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26
Q

What are the minimum levels of PI based on

A

The firms turnover in the previous year (estimated for a new firm)

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27
Q

What are the minimum levels of PI required

A

£100k or less - £250k PI

£101k - £200k - £500k PI

£201k and above - £1m PI

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28
Q

What is meant by the maximum level of uninsured excess

A

The part of each claim the firm must pay itself

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29
Q

What are the levels of maximum uninsured excess

A

Up to £10m turnover - the greater of 2.5% of the sum insured or £10k

Over £10m - no limit

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30
Q

What is the minimum period required by RICS for run off cover

A

6 years

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31
Q

What should you do in case of a potential claim on your PI

A

Must notify insurer in the event of

An actual claim

A written or verbal threat of a claim

Any circumstance that the firm has reason to believe may result in a claim

Any complaint notified via the CHP

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32
Q

What constitutes a complaint

A

Any expression of dissatisfaction

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33
Q

What’s the purpose of a client holding account

A

To preserve the security of clients money against:

Insolvency of the firm

Misappropriation by any party

Death of a sole practitioner

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34
Q

What’s the difference between a general and discrete client account

A

General - holds money belonging to more than one client

Discrete - holds money belonging to a single client

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35
Q

What is the maximum length of time you should keep a clients money before placing it in an appropriate account

A

3 days

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36
Q

What is a locum agreement

A

An agreement for a person to temporarily fulfil the duties of another due to their incapacity or death

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37
Q

What’s the Clients Money Protection Scheme

A

An RICS service that allows clients to be reimbursed for any direct loss of funds (I.e clients money held by a regulated firm that has been misappropriated)

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38
Q

When does the Client Money Protection scheme come into operation

A

It’s a last resort, so only when a firm is unable to make payment

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39
Q

What are the current monetary limits on the Clients Money Protection Scheme

A

£50k per claim

£10.3m cap on liability of the scheme as a whole in respect of any financial year

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40
Q

What steps would you take if any surplus money was discovered in a clients account?

A

Ensure all efforts are made to trace the clients of the money

Hold the surplus in a suspense account

Hold surplus for at least 6 years

Donate to a registered charity if no owner has been found.

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41
Q

What’s money laundering

A

The process by which the proceed of crime are converted into assets that appear to have legitimate origin

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42
Q

What are some typical indicators of money laundering

A

Large payments made in cash

Unknown sources of funds

Party being secretive

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43
Q

A client gives you money to cover planning applications for a project. What should you do

A

Set up a clients holding account in accordance with the RICS requirements

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44
Q

Who should you report to if you have suspicions of money laundering

A

Report to the National Crime Agency

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45
Q

How are disciplinary matters dealt with by the RICS

A

Disciplinary rules are made by the regulatory board and implemented when a member/ firm beached the rules of conduct

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46
Q

What 3 sanctions can the RICS impose on members and firms

A
  1. Fixed penalty - caution or fine
  2. Consent order - formal written agreement to take action within a specified time or pay a fine
  3. Disciplinary panel hearing - for serious breaches in front of a disciplinary panel where penalties can be anything from a caution to expulsion
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47
Q

When might a fine be deemed necessary to discipline a member or firm

A

Insufficient CPD,

Failing to provide i for to the RICS

Insufficient registration fees

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48
Q

When might a consent order be deemed necessary to discipline a member or firm

A

Breaches not serious enough for hearing

The member or firm admits to the breach and is willing to co-operate with the RICS

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49
Q

When might a hearing be deemed necessary to discipline a member or firm

A

For serious breaches (e.g. mishandling clients money, accepting bribes etc)

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50
Q

Who reviews the decisions relating to the registration of firms/ members

A

The registration panel

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51
Q

Who hears cases and exercises the disciplinary powers of the RICS

A

The Disciplinary Panel

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52
Q

Who hears appeals from decisions of the disciplinary panel

A

The appeal panel

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53
Q

What’s the difference between formal and informal CPD

A

Formal has clear learning objectives and outcomes

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54
Q

How would you keep up to date in legislation

A

RICS website

Modus

CPD seminars

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55
Q

A client gives you a large sum of cash to pay for a builder whilst he’s out the country. What do you do

A

Question why cash is being used

If circumstance’s aren’t deemed suspicious, set up a client holding account in accordance with RICS obligations

If circumstances are suspicious report to the National crime agency

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56
Q

What can you and your firm do to prevent fraud

A

Set up a fraud response plan

Never hand out confidential information to any unsolicited phone calls, texts or emails.

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57
Q

What 6 procedures should be included in a fraud response plan

A

Detection

Investigation

Prevention of further loss

Securing evidence

Recovery

Reporting

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58
Q

Where can I find the rules of client money handling

A

Client money handling professional standard

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59
Q

What’s an RICS annual return

A

The RICS contacts all regulated firms on an annual basis to ensure info is correct and up to date

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60
Q

How does the RICS regulate firms

A

They employ a desk based review followed by a regulatory review if necessary

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61
Q

What’s a desk based review

A

Following completion of the annual return, RICS regulation may require a firm to undertake a DBR (electronic questionnaire) to determine what level of risk a firm or member possesses

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62
Q

Give an example of a high risk activity under a desk based review (DBR)

A

Holding clients money

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63
Q

What’s a regulatory review visit (RRV)

A

Where serious issues have been indentured in the DBR, an RICS staff member will visit the firm and review what actions need to be taken to address the finding of the DBR

64
Q

Is complying with Professional standards and Practice Information mandatory

A

Professional standards - yes

Practice information - no

65
Q

Who regulates members of the RICS and ensures they comply with the rules

A

The RICS as they are a self regulatory board (not regulated by government but are internally monitored and inspected)

66
Q

What are the rules of conduct

A

Set core expectations for professional practice by members and firms

67
Q

Who do the rules of conduct apply to

A

All members and firms regulated by the RICS

68
Q

Example of Rule 1

A

Offered expensive dinner by client to amend my programme assessment and declined it

69
Q

Example of rule 2

A

I was asked to review a collateral warranty and advise on legal wording. I advised them that I couldn’t do it as i wasn’t competent to do so

70
Q

Example of rule 3

A

I ensure my work is checked and peer reviewed. I’ll also agree and meet deadlines.

71
Q

What is bye law

A

A by-law is a law established by an organisation to regulate itself and its members

72
Q

What’s self regulation

A

RICS self regulates meaning it operates within its own published regulatory framework rather than being legislated by the government

73
Q

What money laundering and bribery legislation are you aware of

A

Bribery act 2010

Proceeds of crime act 2002

The money laundering, terrorist financing and transfer of funds regulations 2017

74
Q

Why do RICS have rules of conduct

A

It’s a framework all can work to so clients know they are getting a set level of service

A tool for institution and professional guidance

Protect clients, members and the public

75
Q

What are the professional obligations of members

A

CPD requirements (20hrs)

Coorperate with RICS

Provide all info reasonable and requested by RICS

76
Q

What are the professional obligations for firms

A

Publish a complaints handling procedure

Work to be covered by adequate PI

Those with sole principal must have adequate arrangements for their work to continue in the event of incapacity

Cooperate with RICS

Display that they are regulated by RICS on literature

Report to RICS any matters that are required under the rules for the registration of firms

77
Q

What requirements for handling clients money are there

A

Clients must always have access to funds

Must be kept separately and clearly identifiable

Interest on account must be agreed with client

Maintain clear running balance of transactions

Agree terms and advise client on bank details

Must Never be overdrawn

78
Q

What are the 5 principals of RICS regulation for members and firms

A

Proportionality - making the penalty proportional to the breach

Accountability - to all members and the public

Consistency - treating all members the same

Targeting - serious breaches

Transparency - to all members clients and the public

79
Q

What info needs to be provided by registered firms to RICS annually

A

Annual return

Types of business and staffing

Nature of clients

Training provisions

Complaints procedure and log

PI details

Details on whether any client moneys are held

80
Q

What’s Dalbergias complaints handling procedure

A

It’s as per the RICS’ complaints handling professional standard

81
Q

What does the RICS’ royal charter require

A

The Royal Charter requires RICS to act in the public interest.

82
Q

What would you do if you were asked to do something unethical

A

I would speak to someone more senior, such as a supervisor or line manager.

I would whistleblow if required

83
Q

What has the RICS produced to help surveyors make ethical decisions

A

An ethics decision tree

84
Q

How would you approach a conflict of interest

A

Conflict avoidance - decide if the conflict is manageable and whether proceeding is in the best interest of all parties

Written advice to both parties - disclose the nature of the conflict, explain how you will manage it and request written confirmation of informed consent

85
Q

Why does Dalbergia have terms of engagement?

A

Creates a contract with the client

86
Q

How do you close down a practice

A

Inform the RICS

inform clients and arrange for them to be handed over to a new firm

Return clients money

Inform insurance and procure PI run off cover for a min of 6 years

Retain a copy of client files and records for a minimum of 6 years

87
Q

Why do you want to be a chartered surveyor?

A

Status and recognition

Market advantage

Knowledge via the professional standards and practice info

Network to all RICS members

88
Q

What forms of conflict of interest are there?

A

Party conflict - acting on both sides of a transaction

Own interest conflict - relating to personal interest

Confidential info conflict - relating to work between two parties which is confidential

89
Q

What would you do if you had a personal conflict of interest and how would you manage this

A

Ensure all parties were aware and provided informed consent.

I would refer the instruction internally and ensure the appropriate information barriers were set up

90
Q

What info barriers does your firm have in place for potential conflicts of interest

A

Restricted access to files

Clear desk policy

Private meeting rooms

Physical barriers (restricted floor access)

91
Q

What doc can you refer to if you were required to hold clients money

A

The professional standard on Client Money Handling 2019

92
Q

If a firm wants to be registered what % of staff need to be RICS members

A

25%

93
Q

Would you ever receive a gift from a client

A

Would be inappropriate if I was doing a job for that client

Would consult the ethics decision tree and my firms anti bribery procedure

Would consider RICS professional statement countering bribery, corruption, money laundering and terrorist financing 2019

94
Q

If you thought it was appropriate to accept a gift how would you proceed

A

Record it on my firms gifts and hospitality register

95
Q

What is the law associated with gift giving and receiving

A

Bribery act 2010

Proceeds of crime act 2002

96
Q

What are the six principles of the bribery act 2010

A

Proportionality

Top level commitment

Risk assessment

Due dillegence

Communication

Monitoring and review

97
Q

What are the 4 offences under the bribery act 2010

A

Bribing

Receiving a bribe

Bribing a foreign public official

Failing by a commercial organisation to prevent bribery

98
Q

What would you do if you were suspicious of a client

A

I wouldn’t make them aware as that could be tipping off which is an offence

I would report and escalate internally

99
Q

What’s the background of the RICS

A

Founded in 1868

RICS has a royal charter, granted by the privy council in 1881

RICS regulations and bye laws set out the governance of the institution

100
Q

What are the four levels of membership for the RICS

A

FRICS

MRICS

AssocRICS

Trainee/ student

101
Q

Whose the CEO of RICS

A

Justin Young

102
Q

What are the International ethics standards 2016

A

Ethical framework for the global property market

103
Q

What’s an RICS practice statement

A

A document that provides members with mandatory requirements

104
Q

What’s an RICS guidance note

A

A document provided to promote good practice.

recommended good practice

105
Q

What’s an RICS code of practice

A

A document produced with other professional bodies and stakeholders to provide up to date research and advice.

Either mandatory or recommended good practice (will say in doc)

106
Q

What should you consider during fee negotiations

A

Avoid price fixing, aggressive fee cutting or collusion with competitors

Fee must be market based and agreed on an ad hoc basis with clients

107
Q

What steps should you follow when receiving instructions from clients

A

Competence

Conflicts of interest check

Terms of engagement

108
Q

What would you do if a family member or friend asked you for some advice on a pro bono basis

A

I would be unable to give them advice as my firms PI would cover work carried out on a personal basis.

I would refer them to another surveyor who would be able to advise them appropriately

109
Q

What should you do if a personal conflict of interest arises

A

Must not let it interfere with or influence you personal judgment

Full transparency is required

Facts must be declared in writing before the instruction is accepted

110
Q

What’s a personal conflicts of interest

A

Arises when acting for a family member, friend or close business associate

111
Q

Is hospitality permitted under the bribery act 2010

A

It does not constitute as an offence as long as they are recorded in a gift/ hospitality register

112
Q

What are the details of your firms anti bribery procedure

A

Gifts, hospitality and entertainment must be recorded in the gifts register

Receiving gifts over £50 should be declined. Require approval for meals and hospitality over £150 per head

Giving gifts requires approval for more than £50 and hospitality/ entertainment over £150 per head

113
Q

Is your firm able to accept cash payments

A

My firms policy is not to accept cash payments

but I know that the money laundering, terrorist financing and transfer of funds regulations 2017 allows for a maximum of €10,000 to be accepted in cash

114
Q

What’s the RICS guidance on bribery and corruption called

A

RICS countering bribery, corruption, money laundering and terrorist financing 2019

115
Q

What’s the regulatory document issued by the RICS on PI called

A

RICS professional indemnity insurance requirements version 9 2022

116
Q

What scheme for the RICS is run for instances where an RICS registered firm is unable to repay clients money

A

Clients money protection scheme

117
Q

What are some of the greatest challenges facing RICS

A

Lack of diversity in the industry

Keeping up with an ever evolving industry

118
Q

What key items should be included in terms of engagement

A

Party details

Fee

Scope of works

Limit of indemnity

Declaration of actual/ potential conflict of interest

Confirmation that we have a RICS complaints handling procedure

List of info provided and Assumptions

119
Q

Name some of the black books

A

Cost reporting

E- tendering

Final account procedures

Fluctuations

Interim valuations and payment

Lenders independent monitoring surveyor

Tendering strategies

Valuing change

Value management and engineering

120
Q

What’s the black book

A

The ‘Black Book’ is a collection of guidance notes that define good technical practice

121
Q

What’s the red book

A

A publication which details mandatory practices for RICS members undertaking valuation services.

122
Q

What does WLCA stand for

A

Whole life carbon assessment

123
Q

What’s the whole life carbon assessment

A

A standard published by the RICS for consistent and accurate carbon measurement in the built environment.

124
Q

The RICS are in the process of converting their document categories to professional standards and practice information. What were the previously

A

Professional standards/ statement

Codes of practice

Guidance Notes

Information papers

125
Q

Define a professional standard

A

These are the documents which set requirements for competent and ethical practice

126
Q

Define Practice Information Papers

A

These documents provide advice or practice support

127
Q

Professional standards must be complied with. What levels of compliance may they include?

A

Mandatory requirements which use the word ‘must’

Recommend best practice which use the word ‘should’

128
Q

Name the professional standards

A

Conflicts of interest

Countering bribery, corruption, money laundering and terrorist financing

Client money handling

Whole life carbon assessment for the built environment

Complaints handling

129
Q

List some Guidance Notes

A

Surveying safely

International BIM implementation guide

Management of Risk

Termination of contract, corporate recovery and insolvency

Cladding for surveyors

130
Q

Outline some RICS regulation docs

A

Rules for the registration of firms

UK professional indemnity insurance requirements

131
Q

Whose the chair of the RICS

A

Martin Samworth

132
Q

What’s your understanding of rule 1

A

Members and firms shouldn’t allow themselves to be influenced improperly through acceptance of work referrals, gifts or hospitality

Members and firms should be sure to identify conflicts of interest

133
Q

What’s your understanding of rule 2

A

Only act for clients where I have necessary knowledge, skills and resources to carry out the work competently

134
Q

What’s your understanding of rule 3

A

I must be able to understand a clients specific requirement before acting on their behalf

The clients scope of services should be agreed along with timescales before signing terms of engagement

135
Q

What’s your understanding of rule 4

A

RICS expects its members to respect the rights of others and treat them with courtesy

We need to ensure everyone is treated fairly and eliminate discrimination

Zero tolerance towards bullying or harassment

136
Q

What’s your understanding of rule 5

A

Question practices and decision I suspect aren’t right

Ensure we don’t undermine the profession when making public statements

When dealing with complaints it’s needs to be done promptly, Openly and professionaly

137
Q

What were the Levitt report recommendations

A

Governing council are to be briefed by the management board as opposed to a single CEO

Governing council are to oversee executive management bonuses

138
Q

What is the motto of the RICS

A

Est modus in rebus

There is measure in all things

139
Q

What’s the Bichard Review

A

Bichard review was commissioned by the RICS to review the institutions purpose, governance and strategy

140
Q

Example of a bribe

A

Money
Gifts
Promotions

141
Q

On what grounds would you ask a client for additional fees

A

Programme duration is extended

The scope of services has changed

The value/ scope of project has changed

Increased attendance at meetings is requested

142
Q

How would you approach asking clients for additional fees

A

Arrange a meeting

Explain the reason for additional fee

Discuss the benefits the additional services will provide the client

Be sympathetic, understanding and prepared to compromise

143
Q

If a client advises that by reducing my fee, I will win a tender how would I advise the client

A

It would be unfair competition

Not treating others with respect or acting with integrity

144
Q

What measures should be undertaken to avoid PI claims

A

Keep detailed records of meeting and convos

Provide a good quality and diligent service

Don’t advise outside your experience

Use RICS guidelines

145
Q

Why is client care so important

A

Retain existing clients

Develop new clients from referrals

Poor client care can lead to complaints and potential PI claims

146
Q

Name some components of a fee proposal

A

Scope of service

Terms of engagement

Fees and fee schedule

Project particulars

Insurances

Excluded items and assumptions

147
Q

What’s a soft landing

A

A strategy designed to make an easy transition from construction to occupational

148
Q

What would you do following a meeting where a verbal agreement was made

A

Seek to formalise in writing ASAP

149
Q

What are the RICS sectors

A

Land

Construction

Property

150
Q

Whose name would be on the bank account when handling client money

A

The client

151
Q

What does modern slavery encompass?

A

Slavery

Servitude

Human trafficking

Forced labour

152
Q

What policies for the RICS operate with regards to the Modern Slavery Act 2015

A

Anti slavery policy - how to identify and where to go for help

Recruitment policy - conducting eligibility to work in the Uk checks to safeguard human trafficking

Raising concerns policy - whistle blowing policy to raise concerns

Procurement policy - maintains preferred suppliers lists and ensures appropriate due diligence is undertaking on proposed ones

153
Q

What act deals with slavery, servitude, human trafficking and forced labour

A

Modern Slavery Act 2015

154
Q

What insurances does an RICS firm need

A

PI

Buildings insurance

Contents insurance

Employers liability

155
Q

How long does run off cover need to be in place under hand and as a deed

A

Under hand - 6 years

Deed - 12 years

156
Q

What if the loss exceeds the cover provided by the PI insurance

A

The professional/ firm is liable for the difference

157
Q

A firm is required to register for regulation by RICS if:

A

A firm provides surveying services to the public in the UK

at least 50% of the firms directors are RICS members

Tom APC 2023 (17 decks)

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