Ethics, Rules of Conduct and Professionalism Flashcards
(44 cards)
What are the rules of conduct that RICS members and firms must adhere too?
a. Be honest, act with integrity and comply with professional obligations
b. Maintain professional competence and ensure services are provided by competent individuals
c. Provide good-quality and diligent service
d. Treat others with respect and encourage diversity and inclusion
e. Act in the public interest, take responsibility, prevent harm and maintain public confidence in the profession
What were the recent changes to the Rules of Conduct?
a. Rules of Conduct 2021 came into force in February 2022
b. Simplified three previous documents which were the Rules of Conducts for Firms, Members and the Global Ethical Standards.
How to adhere to Rules of Conduct?
a. Maintain professional competence by regularly completing CPD
b. Ensure that services are provided by competent individuals by asking for advice from someone who is competent in that field I am not competent
What is professionalism?
Skill, judgement and type of behaviour that is expected of a person who is trained to do a job.
What are professional obligations which are required of members?
a. Comply with CPD requirements set by RICS
b. Co-operate with RICS
c. Promptly provide all information reasonably requested by the standards and regulations board
d. Firms must publish a complaints-handling procedure and maintain a complaints log
e. Firms must ensure all previous and current professional work is covered by adequate PI cover
What is motto of RICS?
Est Modus in Rebus - There is measure in all things
What is difference between RICS guidance note and a professional statement?
a. RICS guidance note: document that provides users with guidance on how to remain professional and competent within their roles
b. RICS professional statement: Mandatory requirements for RICS M+F
What are RICS’ 5 principles to better regulation? (PACTT)
a. Proportionality
b. Accountability
c. Consistency
d. Targeting
e. Transparency
What is the purpose of RICS?
To maintain high standards, regulate and promote the profession, protects clients and provide impartial advice
Why are guidance documents important to follow?
a. Provides guidance on how to remain professional within role
b. Can be used in RICS disciplinary hearings and/or legal proceedings
What is the structure of RICS?
Self-regulated, internally monitored and inspected
What is Matrics?
Body within RICS that provides a network and voice for its members
What is lionheart?
Independent charity to support RICS professionals through life’s challenges
Who is the president of RICS?
Tina Paillet
Who is CEO of RICS?
Justin Young
What is the purpose of professional indemnity (PI)?
To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty
What are the minimum requirements of PI?
100k or less = 250k PI
100k-200k = 500k PI
Over 200k = 1 million PI
What are the 3 types of conflict of interest?
a. Confidential information conflict
b. Own interest conflict
c. Party conflict
What is own interest conflict?
a. Undertake professional assignment that conflicts with own interests
b. Example: asked survey an area that has sentimental value to you
What is confidential information conflict?
Obligation to reveal critical information to one client and their obligation to another client to keep that same information confidential
What is party conflict?
Act on behalf of a client to undertake an assignment, however already owe a duty to another client in relation to the same or related assignment
What is informed consent?
When consent is given willingly by a party who may be affected by conflict of interest
What is an information barrier (Chinese Wall)?
The physical and/or electronic separation of individuals within the same firm that prevents confidential information passing between them
What are CPD requirements:
a. RICS member:
i. Minimum of 20 hours each calendar year with 10 hours formal CPD
b. APC candidate:
i. 48 hours CPD every 12 months, 24 hours formal
