Ethics, Rules Of Conduct And Professionalism - Level 1 Flashcards
(102 cards)
1
Q
Why do you want to become a member of RICS? What is the role of RICS?
A
The role of RICS is to promote and enforce standards in the profession.
2
Q
What are the key functions of RICS?
A
The key functions of RICS include setting standards, providing professional support, and regulating members.
3
Q
What is a Royal Charter?
A
A Royal Charter is a formal document issued by the monarch that grants rights and privileges to an organization.
4
Q
Who is the current RICS president?
A
The current RICS president is not specified in the text.
5
Q
What do you understand by the term self-regulation?
A
Self-regulation refers to the ability of a profession to regulate itself without external control.
6
Q
Can you tell me what you understand by the principles of better regulation?
A
The principles of better regulation focus on transparency, accountability, and proportionality.
7
Q
What is a Bye-Law?
A
A Bye-Law is a rule made by an organization to regulate its own affairs.
8
Q
Give an example of one of the RICS Bye-Laws.
A
An example of an RICS Bye-Law is the requirement for members to maintain professional competence.
9
Q
Explain to me the new RICS Rules of Conduct - what do they replace? When do they take effect?
A
The new RICS Rules of Conduct replace the previous rules and take effect on a specified date.
10
Q
Who do the new RICS Rules of Conduct relate to?
A
The new RICS Rules of Conduct relate to all RICS members.
11
Q
What are the ethical principles that the Rules of Conduct are based on?
A
The ethical principles include integrity, transparency, and professionalism.
12
Q
What are the 5 Rules?
A
The 5 Rules are not specified in the text.
13
Q
Give an example behaviour for each.
A
Example behaviours are not specified in the text.
14
Q
What are the core professional obligations of firms and members to RICS?
A
Core professional obligations include adherence to standards and ethical conduct.
15
Q
What disciplinary procedures can the RICS impose?
A
RICS can impose sanctions such as reprimands, fines, or expulsion.
16
Q
In what circumstances can these be imposed?
A
Sanctions can be imposed in cases of misconduct or violation of rules.
17
Q
When did RICS last update their disciplinary panel rules?
A
The last update date is not specified in the text.
18
Q
What are the different levels of action within these procedures?
A
Different levels of action include warnings, fines, and expulsion.
19
Q
What do you understand by the term professional practice?
A
Professional practice refers to the application of professional skills and knowledge in a work setting.
20
Q
What money laundering regulations or legislation are you aware of?
A
The specific regulations or legislation are not mentioned in the text.
21
Q
What is a red flag of money laundering?
A
A red flag of money laundering is an unusual transaction that raises suspicion.
22
Q
What bribery legislation are you aware of?
A
The specific bribery legislation is not mentioned in the text.
23
Q
What is a bribe?
A
A bribe is an inducement offered to influence the actions of another.
24
Q
What are the penalties for accepting a bribe?
A
Penalties for accepting a bribe can include fines and imprisonment.
25
What are the penalties for being involved in money laundering?
Penalties for money laundering can include significant fines and imprisonment.
26
What constitutes an offence under the Bribery Act 2010?
An offence under the Bribery Act 2010 includes offering, promising, or giving a bribe.
27
What constitutes an offence under the current money laundering regulations?
An offence under money laundering regulations includes failing to report suspicious activity.
28
How long should you keep anti money laundering records for?
Anti money laundering records should be kept for a minimum of five years.
29
What is Professional Indemnity Insurance (PII)?
Professional Indemnity Insurance (PII) protects professionals against claims of negligence.
30
Can you tell me about the RICS requirements in relation to PII?
RICS requires members to maintain adequate PII coverage.
31
What is a PII aggregation clause?
A PII aggregation clause limits the total amount payable for multiple claims.
32
What does ‘claims made’ mean in terms of PII?
‘Claims made’ means coverage applies to claims made during the policy period.
33
Is a PII excess usually paid for per claim?
Yes, a PII excess is typically paid for each claim.
34
In a negligence claim, what would help to show that you acted with consideration and due process?
Good documentation and adherence to standards can demonstrate due process.
35
Can good record keeping help to provide a defence in a PII claim?
Yes, good record keeping can support a defence in a PII claim.
36
If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?
You may need to inform your insurer and adjust your PII cover.
37
What is run off cover?
Run off cover protects against claims made after a business ceases operations.
38
What RICS requirements are there relating to run off cover?
RICS requires firms to maintain run off cover for a specified period.
39
What changes did RICS recently make to the Minimum Approved PII Wording?
The specific changes are not detailed in the text.
40
Would a dictated report avoid the need to have any written site notes?
A dictated report does not necessarily eliminate the need for written site notes.
41
Explain PII requirements relating to fire safety cover and cyber cover.
PII requirements for fire safety and cyber cover ensure protection against specific risks.
42
How long can a PII claim arise after the work is undertaken?
A PII claim can arise for a period specified in the policy, often several years.
43
What is the Assigned Risks Pool (ARP)?
The Assigned Risks Pool (ARP) is a facility for firms unable to obtain PII.
44
Who might need to access the ARP?
Firms with difficulty securing PII may need to access the ARP.
45
Explain your understanding of the RICS Professional Standard Risk, Liability and Insurance (1st Edition).
The RICS Professional Standard outlines best practices for managing risk and liability.
46
Explain when you might agree a liability cap.
A liability cap may be agreed to limit exposure in a contract.
47
How would you set out third party reliance in Terms of Engagement?
Third party reliance should be clearly stated to define the scope of responsibility.
48
What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?
The three key terms are scope, liability, and indemnity.
49
What is an annual return?
An annual return is a yearly report submitted to regulatory bodies.
50
Tell me what you understand about Complaints Handling Procedures (CHP).
Complaints Handling Procedures outline how complaints are managed and resolved.
51
When and how can the RICS be involved in a complaint about a firm or member?
RICS can be involved in complaints regarding firms or members when there are breaches of professional standards or conduct.
52
Can you tell me about the CPD requirements for members of RICS?
Members of RICS are required to undertake Continuing Professional Development (CPD) to maintain their professional competence.
53
Why is CPD important?
CPD is important as it ensures that members stay updated with industry standards and practices.
54
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
RICS provides guidance to help members identify and manage conflicts of interest to maintain integrity and professionalism.
55
What is double dipping (dual agency)?
Double dipping, or dual agency, occurs when an agent represents both the buyer and the seller in a transaction.
56
Why is double dipping (dual agency) an unacceptable practice?
Double dipping is considered unacceptable as it creates a conflict of interest and undermines the agent's duty to act in the best interest of their clients.
57
How would you close down a regulated firm?
Closing down a regulated firm involves following regulatory procedures to ensure compliance and protect client interests.
58
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
RICS provides guidance to help members recognize and prevent bribery, corruption, and money laundering in their practices.
59
What status does it hold?
The guidance holds significant status as it is aligned with legal requirements and professional standards.
60
What are some of the key principles of this guidance?
Key principles include transparency, accountability, and adherence to legal obligations.
61
What must/should firms/members do to comply with the guidance?
Firms and members must implement policies and training to ensure compliance with the guidance.
62
What are the current RICS rules for registration of firms?
Current RICS rules require firms to meet specific eligibility criteria and maintain professional standards for registration.
63
Who is a ‘qualified member’ of RICS?
A qualified member of RICS is an individual who has met the educational and professional requirements set by RICS.
64
What is a phoenix firm?
A phoenix firm is a business that is created to continue operations after another firm has been closed down to avoid liabilities.
65
When must a firm register for regulation?
A firm must register for regulation when it begins providing regulated services.
66
What are the registration eligibility criteria?
Eligibility criteria include having qualified staff and adhering to RICS standards.
67
Who is a Responsible Principal?
A Responsible Principal is an individual designated to oversee compliance and regulatory obligations within a firm.
68
What happens if a firm cannot comply with the eligibility criteria?
If a firm cannot comply, it may face penalties or be barred from registration.
69
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
Firms must adhere to specific guidelines regarding the use of the RICS logo and designation to ensure proper representation.
70
Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.
Only firms that meet RICS standards and are registered can use the designation ‘Chartered Surveyors’.
71
What must be included in ToE relating to firm regulation?
The Terms of Engagement (ToE) must include details of services, fees, and compliance with regulatory standards.
72
What is a locum and who might need one?
A locum is a temporary professional who fills in for another professional, often needed during absences.
73
How could a sole trader set up their CHP using a locum?
A sole trader can set up their Client Handling Process (CHP) by hiring a locum to manage client interactions during their absence.
74
What RICS guidance relates to handling client money?
RICS provides guidance on the proper management and protection of client money.
75
When was this last updated?
The guidance on handling client money was last updated in 2020.
76
What do the RICS Rules of Conduct say about client money?
The Rules of Conduct require members to handle client money with care and in accordance with legal requirements.
77
Explain your understanding of the RICS Scheme Rules relating to client money protection.
The Scheme Rules outline the requirements for protecting client money and ensuring proper management.
78
What are the main schemes available to firms?
Main schemes include client money protection schemes and professional indemnity insurance.
79
When were these last updated?
These schemes were last updated in 2021.
80
What is the current compensation limit?
The current compensation limit is set at £50,000.
81
What does the annual regulatory review fee relate to?
The annual regulatory review fee relates to the cost of maintaining regulatory oversight and compliance.
82
What might client money include?
Client money may include deposits, advance fees, and funds held in trust.
83
How does this differ to office money?
Office money refers to funds used for business operations, while client money is held on behalf of clients.
84
What are some of the key principles of the RICS Professional Standard relating to client money protection?
Key principles include transparency, accountability, and safeguarding client funds.
85
Explain the key themes from the RICS Futures 2020 Report.
Key themes include innovation, sustainability, and the evolving role of professionals in the built environment.
86
Explain the potential implications of the Hart v Large case.
The case may impact liability standards and professional responsibilities in surveying.
87
Explain your understanding of precedent set in Burgess v Lejonvarn.
The case established important principles regarding duty of care and professional negligence.
88
What do RICS set out as good practice for the use of social media?
Good practice includes maintaining professionalism, transparency, and compliance with legal standards.
89
Explain your understanding of the RICS Levitt review.
The Levitt review assessed RICS practices and recommended improvements for governance and accountability.
90
What is whistleblowing?
Whistleblowing is reporting unethical or illegal activities within an organization.
91
What does good governance mean to you?
Good governance means transparency, accountability, and ethical decision-making in organizations.
92
Explain what the Pandora Papers are and the ethical issues raised within them.
The Pandora Papers are a leak of documents revealing offshore financial practices, raising issues of tax evasion and corruption.
93
Explain what you understand by the RICS Bichard Review.
The Bichard Review examined RICS governance and made recommendations for improvement.
94
Explain some of the recommendations of the Bichard Review.
Recommendations include enhancing transparency, accountability, and member engagement.
95
How will these recommendations be implemented by RICS?
RICS will implement recommendations through policy changes and member consultations.
96
How do professional integrity and professional ethics differ?
Professional integrity refers to adherence to moral principles, while professional ethics are the standards set by a profession.
97
What is modern slavery and how would you identify red flags of it?
Modern slavery involves exploitation of individuals through coercion or deception; red flags include signs of abuse or lack of freedom.
98
Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.
The Act imposes stricter regulations on financial transactions to prevent money laundering and enhance compliance.
99
What is the Sanctions List and why should you be aware of it?
The Sanctions List is a compilation of individuals and entities subject to sanctions. Being aware of it is crucial for compliance and risk management.
100
Why was the Register of Overseas Entities introduced?
The Register of Overseas Entities was introduced to enhance transparency regarding foreign ownership of UK property.
101
What are the six RICS values published as a result of the Levitt review?
The six RICS values are: integrity, respect, teamwork, excellence, leadership, and sustainability.
102
Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.
The Economic Crime (Transparency and Enforcement) Act 2022 aims to strengthen measures against economic crime and increase transparency in property ownership.
