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RICS APC SESSION 1 2025 > Ethics, rules of conduct and professionalism > Flashcards

Ethics, rules of conduct and professionalism Flashcards

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1
Q

When was RICS founded?

A

1868

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2
Q

How many countries does RICS operate in?

A

146 countries

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3
Q

What are the Rules of Conduct?

RICS ROC

A

A set of ethical standards specified by RICS which aim to maintain the best level of service to the public.

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4
Q

Can you tell me the first Rule of Conduct?

RICS ROC

A

Members and firms must be honest, act with integrity and comply with their professional obligations.

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5
Q

Can you tell me the second Rule of Conduct?

RICS ROC

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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6
Q

Can you tell me the third Rule of Conduct?

RICS ROC

A

Members and firms must provide good quality and diligent service.

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7
Q

Can you tell me the fourth Rule of Conduct?

RICS ROC

A

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

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8
Q

Can you tell me the fifth Rule of Conduct?

RICS ROC

A

Members and firms must act in the public interest, take responsibility for their actions and prevent harm and maintain public confidence in the profession.

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9
Q

Who is the current RICS President?

A

Nicholas Maclean is acting President temporarily amid a regulatory review into current president Justin Sullivan’s involvement as an expert witness in a High Court case in February to March 2025.

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10
Q

What is the role of RICS?

A
  • Regulate and promote the profession
  • Set and maintain educational standards
  • Protect clients and public through a strict code of professional and ethical standards.
  • Provide impartial advice, analysis and guidance.
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11
Q

What is the RICS motto?

A

Est modus in rebus (There is measure in all things)

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12
Q

Can you name some of the different professional groups in RICS?

A
  • Quantity Surveying
  • Project Management
  • Building Surveying
  • Facilities Management
  • Dispute Resolution
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13
Q

Can you give me an example of when you have abided by the First Rule of Conduct?

Be honest, Act with Integrity, Comply with prof obligations.

20MSQ - Valuation.

A

20MSQ - Contractor claimed for less than 50% of the concrete frame in a valuation. I made sure they were paid what was rightfully due.

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14
Q

Can you give me an example of when you have abided by the Second Rule of Conduct?

Maintain prof competence. Competent indviduals with necessary expertise.

CPD, supervision of junior staff.

A
  • I complete my CPD hours.
  • I supervise junior colleagues - prepared a Stage 3 cost plan and indicated the correct way to measure partitions. Took them to the side and discussed privately.
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15
Q

Can you give me an example of when you have abided by the Third Rule of Conduct?

Good quality / diligent service

OMERS - interim commercial updates.

A

OMERS I send commercial updates at the end of every week noting progress made and ongoing items.
Shows that i am communicating regularly and meeting deadlines. Managing client expectations.

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16
Q

Give me an example of when you have acted in an inclusive and respectful way?

RICS ROC

A
  • Project dinner for 10 OBS – rearranged for when my colleague could break their fast.
  • I supervise junior colleagues - prepared a Stage 3 cost plan and indicated the correct way to measure partitions. Took them to the side and discussed privately.
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17
Q

Can you give me an example of when you have abided by the Fourth Rule of Conduct?

Treat others with respect. Encourage diversity & inclusion.

10OBS - Project dinner.

A

10 OBS - Inclusion – Rearranging a project dinner so that my colleague who was doing Ramadan could break their fast and join us.

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18
Q

Can you give me an example of when you have abided by the Fifth Rule of Conduct?

Act in public interest, take responsibility, prevent harm.

Being healthy and ready to work.

A

Considered the impact of any health conditions on my ability to work. Being unwell - not working that day so that I am working with a sound mind and body.

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19
Q

What is a bribe?

BRIBERY

A

A reward offered to gain an advantage.

Commercial, contractual, regulatory or personal advantage.

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20
Q

What Act is in place that relates to bribery?

BRIBERY

A

The Bribery Act 2010

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21
Q

What are the 4 offences under the Bribery Act?

BRIBERY

A

o Receiving a bribe
o Giving a bribe
o Bribing a public foreign official
o The failure from a company to prevent a bribe from occurring in their organisation

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22
Q

What are the 6 principles of the Bribery Act?

BRIBERY

A

o Proportionate procedures
o Top level commitment
o Risk assessment
o Due diligence
o Communication
o Monitoring and review

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23
Q

What does Proportion mean in the context of bribery prevention principles?

BRIBERY

A

Can I return the favour easily? E.g. a contractor buys me a coffee vs. a contractor taking me out to a michelin star restaurant.

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24
Q

What does Top Level Commitment mean in relation to bribery prevention principles?

BRIBERY

A

It requires the whole business to show integrity i.e., commitment from top down and leading by example.

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25
What does Risk Assessment mean in relation to bribery prevention principles? ## Footnote BRIBERY
Businesses should consider how to handle a situation in advance rather than a reactive response.
26
What does Due Diligence mean in relation to bribery prevention principles? ## Footnote BRIBERY
Ensuring I have a wider picture understanding to avoid corrupt processes.
27
What does Communication mean in relation to bribery prevention principles? ## Footnote BRIBERY
Ensuring that all staff understanding the pressure happening.
28
What does Monitor & Review mean in relation to bribery prevention principles? ## Footnote BRIBERY
Allows a reflection on the process and direction on how the business operates.
29
What are the penalties for a bribery offence? ## Footnote BRIBERY
Unlimited fines and up to 10 years imprisonment.
30
# PACTT What are the 5 principles of better regulation?
o Proportionality o Accountability o Consistency o Transparency o Targeting
31
What is your company’s gift register policy? ## Footnote BRIBERY
* Any gifts received or given up to the value of £250 need to be put on the gift register. * Never to accept cash or gift vouchers.
32
What must all RICS firms have?
o Appropriate PI insurance o Complaints handling procedure o Locum for a sole practitioner o Designation of RICS o Must cooperate with RICS o Must provide all info to the standards and regulatory board, upon request
33
Give me an example of when you have acted with honesty and integrity? ## Footnote RICS ROC
Doing the valuation for one of my projects, the contractor submitted a claim that was for less than what they were due. The concrete frame was 50% done. I adjusted the claim accordingly so that they received what was due.
34
Why can’t you review the contractor’s financial information?
This is not covered by my scope of service and not by my PI insurance.
35
What is PI insurance? ## Footnote INSURANCES
Insurance against claims of negligent service or advice.
36
What are the levels of PI insurance required? ## Footnote INSURANCES
Based on a company's turnover from last year being : £100k or less = £250k PI £100,001-£200k = £500k PI £200,001 or more = £1,000,000 PI
37
How do you know what level of PI insurance is required? ## Footnote INSURANCES
o Based on the turnover from the year before. o If a new firm, then estimated turnover for the year ahead.
38
What does negligence mean?
A breach of professional duty.
39
What is PI insurance? ## Footnote INSURANCES
Insurance against claims of negligent service or advice.
40
What is the purpose of PI insurance? ## Footnote INSURANCES
To provide financial cover in the event a client suffers financial loss due negligence. The professional is protected from financial losses.
41
What are the maximum levels of uninsured excess? ## Footnote INSURANCES
* £10,000,000 or less turnover last year = The greater of 2.5% of the sum insured, or £10,000 * £10,000,001 and above = No limit set
42
What does excess insurance mean? ## Footnote INSURANCES
Uninsured amount of a claim i.e., if a claim against a firm was successful, they would have to pay this amount.
43
How do you know what your required excess insurance is? ## Footnote INSURANCES
- Insurance at £500k or less = Excess of 2.5% or insured amount of £10k (whatever is more) - Insurance at £500k or more = Excess of 2.5%
44
What does each and every claim mean? ## Footnote INSURANCES
Indemnity limit is applicable for each claim in the policy period.
45
What does in the aggregate mean?
Indemnity limit is applicable only once in the policy period.
46
What is run-off cover? ## Footnote INSURANCES
PII policy that comes into effect when a business stops trading, so any claims made under it relate to work carried out before trading stopped.
47
What is the case law about run-off cover? ## Footnote INSURANCES
Merrett v Babb
48
What is the purpose of PI insurance? ## Footnote INSURANCES
* To provide financial cover in the event a client suffers financial loss due negligence. The professional is protected from financial losses.
49
How many CPD hours does a RICS member need a year?
RICS members need 20hrs/year with 10hrs formal.
50
How many CPD hours does a RICS APC candidate need a year?
APC candidates need 48hrs/year with 24hrs formal.
51
What does CPD stand for?
Continued Professional Development.
52
What is a conflict of interest? ## Footnote CONFLICT OF INTEREST
Anything that impedes an individual or firm’s ability to act impartially and in the best interest of a client.
53
What are the 3 types of conflict of interest? ## Footnote CONFLICT OF INTEREST
1. Party Conflict 2. Confidential Information 3. Own Interest
54
What is a Party Conflict? ## Footnote CONFLICT OF INTEREST
Your duty is owed to two parties in relation to the same professional assignment.
55
What is a Confidential Information conflict? ## Footnote CONFLICT OF INTEREST
Where i am provided with confidential information but are not able to share between clients / colleagues
56
What is a Own Interest conflict? ## Footnote CONFLICT OF INTEREST
A personal conflict e.g. relative on the tender list.
57
If you had a Party conflict or a Confidential Information conflict, how can you ensure information is not past between parties? ## Footnote CONFLICT OF INTEREST
I can use an information barrier which is a physical / electronic separation of individuals within the same firm that prevents confidential info passing between them.
58
A conflict arises between a RICS member and a client. What are the next steps? ## Footnote CONFLICT OF INTEREST
1. Evaluate whether a conflict exists 1. Determine if I can act in my role. 1. Write to the client, explain the conflict, make it clear I’m unable to accept the appointment. 1. If client insists, need to put mutually acceptable conditions in place.
59
A conflict arises where you begin representing a direct competitor to one of your clients. What are the next steps? ## Footnote CONFLICT OF INTEREST
1. Need written approval from the clients that I can work with them both. 1. Put an info barrier in place.
60
Are International Standards mandatory or recommended? ## Footnote GUIDANCE NOTES
Mandatory.
61
Is a Professional Statement mandatory or recommended? ## Footnote GUIDANCE NOTES
Mandatory.
62
Is a RICS Guidance Note mandatory or recommended? ## Footnote GUIDANCE NOTES
Recommended best practice.
63
Is a RICS Information Paper mandatory or recommended? ## Footnote GUIDANCE NOTES
Recommended best practice.
64
Is a RICS Code of Practice mandatory or recommended practice? ## Footnote GUIDANCE NOTES
65
Define money laundering. ## Footnote MONEY LAUNDERING
Concealment of the origins of illegally obtained money
66
Name 2 warning signs that your client may be partaking in money laundering. ## Footnote MONEY LAUNDERING
1. Client is secretive about the source of their funds. 1. Client’s rep resides in a high-risk country. 1. Transactions have unusual features (size, nature, frequency). 1. Paying large sums in cash.
67
Name 3 ways that you can prevent money laundering from happening. ## Footnote MONEY LAUNDERING
1. Don’t take cash (not auditable) 1. Conduct a risk assessment 1. Implement systems / policies
68
What is the RICS Guidance Note on Bribery called? ## Footnote MONEY LAUNDERING
Countering Bribery and Corruption, Money Laundering and Terrorist Financing
69
What is the legislation that relates to Money Laundering? ## Footnote MONEY LAUNDERING
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
70
What is a fee proposal? ## Footnote FEE PROPOSALS
It illustrates the cost of appointment relating to the provision of a service for a period of time.
71
What is included in a fee proposal? ## Footnote FEE PROPOSALS
Deliverables, Scope of Services, Relevant experience, Proposed team CVs, the Fee considering the duration, T&Cs, Exclusions, Assumptions.
72
How do you calculate a fee? ## Footnote FEE PROPOSALS
1. Understand the scope and duration of the project. 1. Identify the resource and seniority of staff that will be required. 1. Apply a daily or hourly rate to each staff member across the duration of the project. 1. Total the fee for the duration.
73
What is modern slavery? ## Footnote MODERN SLAVERY
Illegal exploitation of people for personal or commercial gain.
74
Which matters are included under modern slavery? ## Footnote MODERN SLAVERY
Forced labour, child slavery, human trafficking, debt bondage or bonded labour, forced and early marriage.
75
What is the leglisation that concerns modern slavery? ## Footnote MODERN SLAVERY
Modern Slavery Act 2015. To combat slavery in the UK and consolidates previous offences relating to trafficking. Protects migrant workers.
76
How would you report modern slavery if you were aware of it happening?
Helpline or report to the police.

RICS APC SESSION 1 2025 (16 decks)

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