Ethics, Rules of Conduct and Professionalism Flashcards
(22 cards)
When did RICS receive it’s Royal Charter?
1881
What is RICS’ motto?
‘Est modus in rebus’
‘There is measure in all things’
What are the principles of better regulation?
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency
What was the Levitt review?
A review conducted in 2021 into Treasury management issues.
What was the Bichard Review?
A review of RICS’ purpose, governance and strategy which recommended:
- separating commercial from other activities
- re-invigorating MATRICS
- 5 yearly independent reviews
- Revised corporate structure
Who is the President of RICS?
Justin Sullivan
Who is the CEO of RICS?
Justin Young
What’s included in a RICS Regulated Firm’s annual return?
- Business Type
- Staffing
- Statutory regulated activities
- Nature of clients
- Complaints Handling Procedure
- Professional Indemnity Insurance
- Contact Office
How many hours CPD must RICS members undertake per year?
20
What is RICS’ first Rule of Conduct?
Honesty and acting with integrity, complying with both professional and RICS’ obligations.
Example: transparency with clients about fees and services
What is RICS’ second Rule of Conduct?
Maintaining professional competence, ensuring services are provided by competent individuals with necessary expertise
Example: undertaking sufficient CPD each year
What is RICS’ third Rule of Conduct?
Providing good quality service and diligent service
Example: understanding clients’ needs and ovbjectives before accepting work
What is RICS’ fourth Rule of Conduct?
Treat others respectfully and encourage diversity and inclusion
Example: developing an inclusive workplace culture
What is RICS’ fifth Rule of Conduct?
Acting in the public interest, taking responsibility for their actions and acting to prevent harm and maintaining public confidence in profession
Example: managing professional finances responsibly
What should be considered for a new Engagement?
- Skill level and competency of surveyor
- Appropriate level of PII?
- Any conflicts of interest?
- Due dilligence on client completed?
- Basis of fee clearly set out?
- Deadline for work achieveable?
- Payment terms
- Declaration of referral fees
Name the two stages of a Complaints Handling Procedure
- Internal consideration of the complaint
- Indepedent redress if firm cannot resolve complaint
What is Professional Indemnity Insurance?
Protects firms from negligence claims
made by clients unsatisfied with the professional services provided to them.
Minimum limits of indemnity based on last year’s turnover:
£100K or less: £250K minimum
£100K - £200K: £500K minimum
£200K and above: £1m minimum
What is run off PII cover?
Protects firms or members in the event of claims after they stop trading.
PII maximum levels of uninsured excess based on last year’s turnover:
£10m or less = 2.5% (or £10,000)
Above £10m = no limit
What would you do if a client paid in cash?
In my experience I haven’t had to deal with cash payments and wouldn’t ordinarily accept them.
They can be accepted as long as the following activities were undertaken:
- opening of a separate bank account showing a clear source of the monies
- a reciept on taking custody of the monies.
