Ethics, Rules of Conduct And Professional Practice - Level 3 Flashcards
(19 cards)
Give me an example of when you have acted with integrity?
When I acknowledged a mistake in a cost report and proactively offered to review it, even if it might mean a potential loss of revenue for the firm.
Tell me about when you have provided a high standard of service.
During the DC project, when the budget ran over, I understood the client’s needs and effectively explained the scope of work.
I ensured impartial assessments and avoided conflicts of interest.
I provided diligent and accurate work, with attention to detail.
I maintained consistent communication and adherence to deadlines and always prioritized client needs and interests.
Tell me about how you have promoted trust in the profession.
I reported on a conflict of interest with my client which promoted client trust.
Explain how you have taken responsibility in your current role.
I take responsibility in my current role by showing up on time, meeting my deadlines, and producing the best work possible at all times.
Tell me about how you treat clients with respect.
I treat them with respect by actively listening to their needs, communicating clearly and empathetically, and respecting their boundaries and time.
Tell me about how you treat other surveyors with respect.
I demonstrate respect to colleagues by maintaining professional boundaries, avoiding gossip or negativity, and valuing diverse perspectives. I actively participate in professional discussions, offer constructive feedback, and strive for collaboration over competition.
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
Registration with RICS. Ensure firms’ compliance with RICS Rules of Conduct.
PII Cover. All adequate insurances.
Protection of clients’ money through security measures.
A Complaint Handling Procedure. (CHP)
Staff training and CPD.
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this?
I would politely decline it as it could be construed as a bribe.
What would you do if you were asked by a client to reduce a fee proposal to win new work?
I would refuse, as fees should be market-based and shouldn’t undercut other firms. I would potentially look at the scope of services provided and look to reduce this down if the client wanted a lower overall fee.
What would you do if you became suspicious that a client was involved in money laundering?
If I suspected a client was involved in money laundering, I would immediately report my concerns to the appropriate authorities and follow my firm’s internal procedures. This typically involves filing a Suspicious Activity Report (SAR) with FinCEN (Financial Crimes Enforcement Network).
What would you do if you became suspicious that a client was involved in terrorist activities?
I would exercise confidentiality and report it using a Suspicious Activity Report (SAR) to the crime bureau. I would follow internal procedures and consult with counsel. I would cooperate with law enforcement.
If you were to set up in practice on your own, tell me about the types of insurance you would need.
Professional Indemnity Insurance (PII): This is mandatory for RICS-regulated firms.
Employers’ Liability Insurance.
Retail Project, SF - Why did the conflict of interest you identified meet the definition of a conflict of interest?
I was responsible for Cost Management and selecting the Contractor. This meets the definition of a COI because it interferes with my ability to advise the client impartially.
Retail Project, SF - What advice did you give to the client regarding the conflict of interest – what options did the client have?
I advised the client that I recommended exclusivity by a third party to ensure impartiality. The client had an option to proceed with me, however, I mentioned I would need an informed consent letter to be signed. They later proceeded with me after they signed the letter.
School Project, LA - Did the concerns raised by the client constitute a formal complaint? (Related to change control and risk reporting)
Yes, because if left unaddressed, the change reporting process would be compromised, and it would result in an inaccurate cost report.
School Project, LA - What were the clients concerns?
The potential change orders were calculated in our Forecast before being approved, resulting in an inaccurate Estimate At Completion (EAC).
School Project, LA - Did you firm have a complaint handling procedure?
Yes, my firm had a complaints Handling Procedure.
School Project, LA - Please talk me through the key steps of the procedure?
Receiving and acknowledging the complaint.
Investigating the complaint.
Resolving the complaint.
Follow up.
Reviewing and improving.
School Project, LA - If the client wasn’t happy with the outcome, what could they do?
If a client is unhappy with how their complaint is handled by an RICS-regulated firm, they can escalate the issue to a manager, then potentially to an independent redress mechanism. They can also contact RICS directly if they believe the firm’s handling of the complaint was inadequate.
