RICS’ global and professional ethical standards Flashcards Preview

Ethics, Rules of Conduct & Professionalism > RICS’ global and professional ethical standards > Flashcards

Flashcards in RICS’ global and professional ethical standards Deck (17)
Loading flashcards...
1

What are the five assumptions underpinning ethics?

Professional ethics is a process: constantly changing standards. What may be ethical today, may different at another time

Human behaviour = caused: there is a motive for all human behaviour, e.g. financial gain, power, compassion

Actions have consequences: equivalent of Newtons Third Law. Every force has an equal and opposite reaction.

What is ethical depends on individual’s point of view: influenced by a variety of factors including published codes and statements

Good ethical business practice rests on mutual vulnerability: the way we are treated depends on how we treat others

2

What are the RICS Ethical & Professional Principles?

(HINT: Remember, ethical behaviour is a key part of being a professional - STIRR)

SERVICE

TRUST

INTEGRITY

RESPECT

RESPONSIBILITY

3

What should you do to ensure SERVICE as part of the RICS Ethical & Professional Principles?

Always provide a high standard of service

Ensure your client / whom you have a professional responsibility to, receives best possible advice, support / performance of the terms of engagement agreed

Be clear about what service your client wants and the service you are providing

Act within your scope of competence. If you are unable to meet the service requirements, explain that you are not best placed to act for the client

Be transparent about fees and any other costs or payments such as referral fees / commissions

Communicate with your client in a way that will allow them to make informed decisions

4

What should you do to ensure TRUST as part of the RICS Ethical & Professional Principles?

Act in a way which promotes trust in the profession

Act in a manner, both in your professional life and private life, to promote you / your firm / organisation you
work for / the profession in a professional and positive way

Understanding how your actions affect others and the environment and if appropriate questioning or amending that behaviour

Fulfilling your obligations. Doing what you say you will.

Always trying to meet the spirit of your professional standards and not just the letter of the standards.

5

What should you do to ensure INTEGRITY as part of the RICS Ethical & Professional Principles?

Act with integrity

Means being honest, trustworthy and straightforward in all that you do

Respecting confidential information of clients and potential clients

Not taking advantage of a client, a colleague, a third party or anyone to whom you owe a duty of care

Not allowing bias, conflict of interest or the undue influence of others to override your professional or business judgements and obligations

Making clear to all interested parties where a COI or potential COI, arises between you or your employer and your client

Not offering or accepting gifts

6

What should you do to ensure RESPECT as part of the RICS Ethical & Professional Principles?

Treat others with respect

Means treating people with courtesy, politeness and
consideration, no matter their race, religion, size, age, country of origin, gender, sexual orientation or disability

Means being aware of cultural sensitivities and business
practices

7

What should you do to ensure RESPONSIBILITY as part of the RICS Ethical & Professional Principles?

Take responsibility

Means being accountable for all your actions - don't
blame others if things go wrong

If you suspect something isn't right, be prepared to do
something about it / question it

If someone complains about something that you have done, then respond in appropriate and professional manner and aim to resolve the matter to the satisfaction of the complainant as far as you can

8

What is meant by always providing a high standard of service?

Ensure that your client, or others to whom you have a professional responsibility, receive the best possible advice, support or performance of the terms of engagement you have agreed

9

Give me an example of when you have provided a high standard of service

Example of client would be commercial / residential tenant

Where a tenant has struggled to pay arrears during pandemic, we refer them in a professional manner to the appropriate clauses and obligations within their agreement to pay rent. However, we review on a case by case and are able to offer support via rent deferral payments and being lenient on lease forfeiture.

10

Give me an example of when you have promoted trust in the profession

Worked with individual commercial tenants during the pandemic, especially where they were a start-up / up-scaling business to ensure they can pay their rent and assist them where possible, where we believe in their business

In my private life, have promoted trust and professionalism through helping my mum with her party wall act issues

11

Give me an example of when you have acted with integrity in the profession

Being totally transparent about fees in commercial lettings, which include the project SC, insurance, rental deposit, rent frequency and make this clear in the HOTs prior to any paperwork being signed

12

Give me an example of when you have acted with responsibility in the profession

Where something confidential was accidentally sent out, I took responsibility and redacted the email and apologised and accepted blame

13

Give me an example of when you have treated others with respect

I always treat every person, client, contractor, tenant, coworker etc. with the same level of respect and treat them how I would like to be treated in everything I do

14

Are you aware of any other ethical standards?

The International Ethics Standards

Published by International Ethics Standards Coalition

10 global ethics principles for professionals operating in the natural and built environment sector

RICS was a founding member of the IESC, which was
established at the UN in 2014

15

What are the TEN International Ethical Standards?

1. Accountability

2. Confidentiality

3. Conflict of Interest

4. Financial Responsibility

5. Integrity

6. Lawfulness

7. Reflection

8. Standard of Service

9. Transparency

10. Trust

16

What is the RICS Decision Tree?

Flowchart to help members decide how to act in difficult situations where their professional ethics may be at stake

17

What does the RICS Decision Tree take into account?

Sufficient facts

Legality

Ethical standards

Consultation of appropriate people

Clear reasoning

Impact if actions made public