Ethics, Rules of Conduct and Professionalism

Question 1

What are Lionheart and Matrics?

Answer 1

Lionheart is the independent charity for supporting RICS professionals

Matrics is the RICS’ early career community

Question 2

How many hours of CPD are APC candidates and qualified members required to do?

Answer 2

APC - 48 hours / year

Qualified - 20 hours / year. Ethics CPD must be done every 3 years

Both require at least half to be formal.

Question 3

When do members need to log their CPD?

Answer 3

By 31st January

Question 4

What is considered formal CPD?

Answer 4

Any form of structured learning that has clear learning objectives and outcomes, such as a professional course, structured online training, technical authorship, learning that includes an assessment measure.

Question 5

Why is CPD important?

Answer 5

CPD is important as RICS is a standards-based organisation and its members operate in a constantly changing environment

Question 6

How does your example of acting with integrity demonstrate so?

Answer 6

I was honest in that I provided all information on the cancellation of phase 2b as I had and could share. I was morally strong by directing people to factual and informative sources

Question 7

How does your example of being honest and professional demonstrate so?

Answer 7

I was transparent with my compensation recommendation, clearly justifying my recommendation to the agent. I was professional by taking the time to discuss with the agent

Question 8

How does your example of acting with integrity and promoting trust demonstrate so?

Answer 8

By not acting out of the scope of my capabilities, I ensure that the client is able to obtain professional advice. By being honest about my capabilities, I promote trust in the profession.

Question 9

What did you learn in the workplace ethics training?

Answer 9

the importance of workplace ethics, how to achieve an ethical environment, and examples of workplace ethics (anti-bullying / harassment, data and privacy, reporting etc.)

Question 10

What is the RICS ethics decision tree?

Answer 10

A tool to help members make decisions where ethics may be at stake

Question 11

Give an example of when you have used the ethics decision tree.

Question 12

What is the first question on the decision tree?

Answer 12

Do you have sufficient facts on the issue?

Question 13

What are some of the questions on the ethics decision tree?

Answer 13

Is it legal
Is it in line with the rules of conduct
Would you be happy for your decision to be made public?

Question 14

How can a fee quote be transparent?

Answer 14

Ensuring a total fee is quoted for / not having hidden or undisclosed fees

Question 15

Give an example behaviour of the first rule of conduct

Answer 15

Surveyors providing a transparent fee quote

Question 16

Why is providing a fee quote important?

Answer 16

It ensures the client is clear of the service you will provide and the total fee payable for that service

Question 17

What are some of the current developments in the industry?

Answer 17

Renters Reform Act
Leasehold Reform Act
Changes to inheritance tax
SFI applications closed
CS Higher tier invitations
Updated Red Book (Jan 25)

Question 18

How do you keep up to date with current developments in the industry?

Answer 18

I receive various publications such as Farmers Weekly, CAAV newsletters, RICS professional updates. I also attend networking and training events

Question 19

Why is it important to keep up to date with developments in the industry?

Answer 19

To ensure that I can provide a high level service to my clients and that I can act within current legislation and guidance

Question 20

What is a conflict of interest?

Answer 20

A situation where your duty to someone is potentially compromised by the fact that you have a material interest at stake in the matter.

Question 20

What RICS document relates to conflict of interest?

Answer 20

RICS Professional Statement ‘Conflicts of Interest, 1st Edition’, effective 1 January 2018

Question 21

What are the types of conflicts of interest?

Answer 21

o Party conflict
o Own interest conflict
o Confidential information conflict

Question 22

What is a party conflict?

Answer 22

A situation in which the duty of an RICS member or a regulated firm to act in the interests of a client or other party in a professional assignment conflict with a duty owed to another client or party in relation to the same or a related professional assignment.

Question 23

What is an own interest conflict?

Answer 23

A situation in which the duty of an RICS member or a regulated firm to act in the interests of a client in a professional assignment conflict with the interests of that same RICS member/firm (or in the case of a regulated firm, the interests of any of the individuals within that regulated firm who are involved directly or indirectly in that or any related professional assignment).

Question 24

Tell me about a conflict of interest check you have carried out

Answer 24

I carried out a conflict of interest check before issuing terms of engagement for a valuation. I sent an internal email to identify if an colleagues had previously acted for the client or in relation to the property

Question 25

What is a confidential information conflict?

Answer 25

A conflict between the duty of an RICS member under paragraph 2.2 to provide material information to one client, and the duty of that RICS member) or of a regulated firm under paragraph 2.1 to another client to keep that same information confidential

Question 26

What would you do if you identified a conflict of interest?

Answer 26

I would decline the instruction unless all impacted parties had provided their prior informed consent confirming they were happy for me to proceed with the instruction; it was in the interest of all parties involved for me to proceed and it was not prohibited by law.

Question 27

What responsibilities do staff have with respect to conflicts of interest?

Answer 27

o Conflicts of interest are considered and appropriate checks carried out for each and every instruction. o That the results of these checks are recorded on the client file. o Where a conflict, or potential conflict, is identified that the issue is appropriately addressed.

Question 28

What responsibilities do firms have to deal with conflicts of interest?

Answer 28

o There is a conflicts of interest procedure in place. o Staff receive appropriate training in this procedure. o Compliance with the procedure is monitored through an audit process. o Steps are taken to address failure to follow procedures.

Question 29

If a conflict of interest is identified, can you proceed with the job?

Answer 29

Yes providing a. The instruction is in the interest of all impacted parties; b. Is not prohibited by Law; and c. Does not present a direct conflict which would mean the Firm is unable to act for one or other party. d. all parties have given informed consent

Question 30

What is informed consent

Answer 30

when a party who might be adversely affected by a conflict of interest acknowledges the existence of that risk but still agrees to instruct an RICS regulated firm or RICS member to proceed with the assignment

Question 31

Can informed consent always be sought by RICS members to combat conflicts of interest?

Answer 31

No, only if the RICS member is confident that proceeding despite the conflict of interest is in the interest of all parties affected (or who may be affected) and is not prohibited by law.

Question 32

What is an information barrier?

Answer 32

The physical and/or electronic separations of individuals within the same firm that prevents confidential information passing between them.

Question 33

What measures can be used to manage a conflict of interest

Answer 33

Information barrier