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RICS > Ethics, Rules Of Conduct And Professional Practice - Level 1 > Flashcards

Ethics, Rules Of Conduct And Professional Practice - Level 1 Flashcards

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1
Q

Why do you want to become a member of RICS?

A

I want become a member so I can feel empowered to help and mentor a younger generation of suveyors.

I would eventually like to set up my own consultancy and become RICS regulated.

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2
Q

What is the role of RICS?

A

RICS serves as a professional body for qualifications and standards in land, property, construction, and environmental sectors.

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3
Q

What are the key functions of RICS?

A

Key functions include setting standards, providing qualifications, and regulating members.

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4
Q

What is a Royal Charter?

A

A Royal Charter is a formal document issued by a monarch granting a right or power to an organization.

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5
Q

Who is the current RICS president?

A

The current President of the Royal Institution of Chartered Surveyors (RICS) is Justin Sullivan.

However, due to a matter involving his work as an expert witness, he has temporarily stepped aside and Nick Maclean has been appointed as Acting President.

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6
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.

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7
Q

What are the principles of better regulation?

A

Principles include transparency, accountability, proportionality, consistency, and targeting.

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8
Q

What is a Bye-Law?

A

A Bye-Law is a rule made by an organization for its internal governance.

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9
Q

Give an example of one of the RICS Bye-Laws.

A

Example of an RICS Bye-Law is Bye-Law 5.2.1 requires members to conduct themselves in a manner befitting RICS membership.

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10
Q

What do the new RICS Rules of Conduct replace?

A

They replace the previous conduct rules set by RICS, consolidating them into a more streamlined and unified framework.

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11
Q

When do the new RICS Rules of Conduct take effect?

A

The effective date of the new Rules of Conduct, took effect on February 2, 2022.

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12
Q

Who do the new RICS Rules of Conduct relate to?

A

They relate to all RICS members and firms.

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13
Q

What are the ethical principles that the Rules of Conduct are based on?

A

The ethical principles include integrity, transparency, and professionalism.

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14
Q

What are the 5 Rules?

A

The 5 Rules of Conduct are honesty & integrity, competence, service, respect, and responsibility.

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15
Q

Give an example behaviour for each of the 5 Rules.

A

Rule 1: Honesty, Integrity, and Compliance
Example: A member accurately and transparently discloses a conflict of interest to all parties involved, ensuring informed consent before proceeding with a commission.

Rule 2: Competence and Diligence
Example: A member thoroughly investigates a client’s needs, providing detailed reports and clear recommendations within the agreed scope of work and timeline.

Rule 3: Professionalism and Good Service
Example: A member proactively advises a client about alternative solutions that align with sustainability goals, even if it initially requires a greater upfront investment, demonstrating a commitment to client well-being.

Rule 4: Respect and Inclusion
Example: A member encourages diverse perspectives in a team, actively listening to different viewpoints and ensuring that all voices are heard during decision-making processes.

Rule 5: Acting in the Public Interest
Example: A member reports a potential safety hazard to the appropriate authorities, even if it means potentially jeopardizing the completion of a project within the agreed timeline, prioritizing public safety and well-being

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16
Q

What are the core professional obligations of firms and members to RICS?

A

Members must comply with CPD requirements, must cooperate with RICS, must provide all information reasonably requested by RICS SRB.

Firms must have CHP, must ensure PII coverage, must appoint locum, must cooperate with RICS, must display RICS regulation, must report on Rules for Registration of Firms.

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17
Q

What disciplinary procedures can the RICS impose?

A

Disciplinary procedures include warnings, fines, and expulsion from membership.

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18
Q

In what circumstances can disciplinary procedures be imposed?

A

Circumstances include breaches of conduct, ethical violations, or non-compliance with regulations.

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19
Q

When did RICS last update their disciplinary panel rules?

A

The last update to the disciplinary panel rules was October 1st, 2019.

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20
Q

What are the different levels of action within these procedures?

A

Levels include informal resolutions, formal investigations, and hearings.

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21
Q

What do you understand by the term professional practice?

A

Professional practice refers to the application of professional skills and ethics in a work setting.

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22
Q

What money laundering regulations or legislation are you aware of?

A

Anti Money Laundering Act 2020 (AMLA)

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23
Q

What bribery legislation are you aware of?

A

Foreign Corruption Practices Act (FCPA).
It’s enforced by SEC and DOJ.

American Anti-Corruption Act (AACA).
Aimed at limiting the influence of money in politics.

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24
Q

What is a bribe?

A

A bribe is an offer, promise, or gift made to influence the actions of an official or other person.

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25
What are the penalties for accepting a bribe?
Penalties can include fines, imprisonment, and professional disqualification.
26
What are the penalties for being involved in money laundering?
Penalties can include imprisonment, fines, and confiscation of assets.
27
What constitutes an offence under relevant money laundering regulations?
Offences include failing to report suspicious activities and engaging in transactions with illicit funds.
28
How long should you keep anti money laundering records for?
Records should be kept for a minimum of five years.
29
What is Professional Indemnity Insurance (PII)?
PII is insurance that protects professionals against claims of negligence or inadequate work.
30
What are the RICS requirements in relation to PII?
RICS requires members to maintain adequate PII coverage and run-off cover.
31
What would you do if you received a notice of a PII claim from a client or their solicitor?
Notify your insurer and follow the claims process outlined in your policy.
32
What is an annual return?
An annual return is a report submitted to RICS detailing a firm's activities and compliance.
33
What do you understand about Complaints Handling Procedures (CHP)?
CHP outlines how complaints against members or firms are managed and resolved.
34
When and how can the RICS be involved in a complaint about a firm or member?
RICS can be involved when a complaint is escalated or involves serious misconduct.
35
What are the CPD requirements for members of RICS?
Members must complete a minimum of 20 CPD hours annually, 10 of which are required to be formal CPD.
36
Why is CPD important?
CPD is important for maintaining professional competence and staying updated with industry changes.
37
What changes are being made to RICS CPD policy?
The RICS is implementing a revised CPD framework with key changes including increasing the minimum CPD hours, introducing mandatory topics, and requiring a Professional Reflection Statement. Members will be required to complete 30 hours of CPD annually, with at least 20 hours being structured learning.
38
What is RICS’ guidance on dealing with Conflicts of Interest?
Guidance includes identifying, disclosing, and managing conflicts appropriately.
39
What is double dipping (dual agency)?
Double dipping refers to an agent representing both the buyer and seller in a transaction.
40
Why is double dipping (dual agency) an unacceptable practice?
It creates a conflict of interest and undermines trust in the agency relationship.
41
How would you close down a regulated firm?
Follow the regulatory procedures for dissolution and notify relevant authorities, such as state and federal tax agencies, as well as the Secretary of State. Additionally, you must notify creditors, employees, and other interested parties.
42
What RICS guidance relates to bribery, corruption or money laundering?
Guidance includes best practices for prevention and reporting of these issues.
43
What status does this guidance hold? (Related to Bribery, Corruption and AML)
The guidance is considered authoritative and must be followed by RICS members.
44
What are some of the key principles of this guidance? (Related to Bribery, Corruption and AML)
Key principles include integrity, transparency, and accountability.
45
What must/should firms/members do to comply with the guidance?
Firms and members must implement policies and training to adhere to the guidance.
46
What are the current RICS rules for registration of firms?
The 13 Rules outline eligibility, application process, and compliance requirements.
47
When did these RICS rules for registration of Firms last change?
Version 7 came into effect on February 2, 2022.
48
What were the key changes? (Related to Rules for Registering of Forms)
Data Management Standards, AI and Technology Integration, Competence and Public Interest, Rules Of Conduct.
49
Who is a ‘qualified member’ of RICS?
A qualified member is someone who has met the educational and professional requirements set by RICS.
50
When must a firm register for regulation?
A firm must register when it begins providing regulated services.
51
What are the registration eligibility criteria?
Criteria include professional qualifications, experience, and compliance with RICS standards.
52
Who is a Responsible Principal?
A Responsible Principal is an individual designated to oversee compliance within a firm.
53
What is a phoenix firm?
A phoenix firm is a business that is re-established after being closed due to insolvency.
54
What happens if a firm cannot comply with the eligibility criteria?
The firm may be denied registration and unable to operate as a regulated entity.
55
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
Rules govern how and when the logo and designation can be used by firms.
56
When did these rules last change?
The last change was February 2, 2022
57
What changes were made?
Firms: Mandatory "Regulated by RICS" Designation: RICS-regulated firms are required to display this designation on all business literature, in accordance with RICS's published policy. Use of the RICS Logo: Firms must adhere to the RICS's Rules for the use of the RICS logo and designation, and only regulated firms can use the logo. Designation Usage: The use of the "Chartered Surveyors" designation by firms is restricted to the trading name only. Individuals: Designation Limits: Only RICS members who have attained MRICS, FRICS, or AssocRICS status can use those designations after their names. No RICS Designation for Candidates, Students, or Trainees: Assessment candidates, trainees, and students cannot use the letters RICS after their names. Correct Use of the RICS Logo: RICS-qualified professionals
58
What are the restrictions to the use of the designation ‘Chartered Surveyors’ by firms?
Restrictions include eligibility criteria and compliance with RICS standards.
59
What must be included in ToE relating to firm regulation?
ToE must include details of compliance, governance, and operational procedures.
60
What is a locum and who might need one?
A locum is a temporary professional who fills in for another; needed by firms during absences.
61
How could a sole trader set up their CHP using a locum?
A sole trader can appoint a locum to manage complaints in their absence.
62
What RICS guidance relates to handling client money?
Guidance includes best practices for safeguarding and accounting for client funds.
63
When was this last updated? (Related to Client Money Handling)
The date of the last update to the client money handling guidance was October 2022.
64
What do the RICS Rules of Conduct say about client money?
Rules require firms to protect client money and maintain accurate records.
65
Explain your understanding of the RICS Scheme Rules relating to client money protection.
Scheme Rules outline how client money must be handled and protected. RICS operates a Client Money Protection Scheme (CMPS) in the UK. This scheme provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client's money, up to the limits and exceptions set out in the scheme rules.
66
What are the main schemes available to firms?
Designated Professional Body Scheme (DPB) Client Money Protection (CMP) Scheme Firm Regulation Scheme
67
When were these schemes last updated?
The date of the last update to the schemes was June 2020.
68
What is the current compensation limit?
The compensation limit of the Client Money Protection (CMP) scheme is a maximum award of £50,000 per individual claim. RICS also has a £50,000 per claim limit.
69
What does the annual regulatory review fee relate to?
The fee relates to the cost of regulatory oversight and compliance checks.
70
What might client money include?
Client money may include deposits, advance fees, and retained funds.
71
How does this differ to office money?
Office money refers to funds used for operational expenses, not client-related funds.
72
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.
73
Explain the key themes from the RICS Futures 2020 Report.
Key themes include innovation, sustainability, and the future of the profession.
74
Explain the potential implications of the Hart v Large case.
Implications may affect liability and professional standards in surveying.
75
Explain your understanding of precedent set in Burgess v Lejonvarn.
The case established important principles regarding duty of care and professional liability.
76
What do RICS set out as good practice for the use of social media?
Good practice includes maintaining professionalism, transparency, and ethical conduct online.
77
Explain your understanding of the RICS Levitt review.
The Levitt review assessed RICS practices and made recommendations for improvement.
78
What is whistleblowing?
Whistleblowing is reporting unethical or illegal activities within an organization.
79
What does good governance mean to you?
Good governance means accountability, transparency, and ethical decision-making.
80
Explain what the Pandora Papers are and the ethical issues raised within them.
The Pandora Papers expose offshore financial practices and raise concerns about tax evasion and corruption.
81
Explain what you understand by the RICS Bichard Review.
The Bichard Review evaluated RICS practices and proposed reforms for better governance.
82
Explain some of the recommendations of the Bichard Review.
Recommendations include enhancing transparency, accountability, and member engagement.
83
How will these recommendations be implemented by RICS?
Implementation will involve policy changes, training, and member communication.
84
How do professional integrity and professional ethics differ?
Integrity refers to personal honesty, while ethics are the standards governing professional conduct.
85
What is modern slavery and how would you identify red flags of it?
Modern slavery involves exploitation; red flags include lack of freedom and poor working conditions.

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