RICS APC Ethics flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Five ethical standards

RICS requires members to act with integrity, provide a high standard of service, promote trust in the profession, treat others with respect, and take responsibility.

Acting with integrity

Being honest and straightforward in all dealings, including never misrepresenting qualifications, experience, or the nature of advice given to a client.

Promoting trust in the profession

Behaving professionally and in the public interest, so that clients and the public can rely on members and the profession as a whole.

Treating others with respect

Valuing diversity and inclusion, avoiding discrimination, and treating colleagues, clients and third parties courteously and fairly in all professional dealings.

Taking responsibility

Being accountable for your own actions and decisions, including admitting and correcting errors promptly rather than concealing or shifting blame.

Conflict of interest disclosure

Identify any actual or potential conflict, disclose it in writing to affected parties, and proceed only with informed consent or decline the instruction.

Confidentiality duration

The duty of confidentiality continues after an instruction ends and may be breached only with client consent or where required by law or court order.

Bribery Act 2010 offences

Four offences: offering or giving a bribe, requesting or accepting a bribe, bribing a foreign public official, and a firm failing to prevent bribery.

Gifts and hospitality register

A record of gifts and hospitality received or offered, used with approval thresholds to show they were not intended to improperly influence professional judgement.

Public Interest Disclosure Act

Legislation protecting workers who make qualifying disclosures of wrongdoing from detriment or dismissal, provided the disclosure is made to an appropriate recipient.

Equality Act 2010

UK law prohibiting discrimination based on protected characteristics such as age, disability, sex and race, and requiring reasonable adjustments in employment and services.

Professional scepticism

An attitude of questioning assumptions and verifying information rather than accepting statements at face value, particularly where figures or instructions appear unusual or unsupported.

Advising outside competence

A member must decline or refer work that falls outside their knowledge or experience, and must not present unqualified advice as expert opinion.

Independence in valuation

The state of being free from relationships or interests that could compromise objectivity, including contingent fees or significant financial interests in the subject property.

Client account handling

Client money must be held in a separate designated account, kept distinct from firm funds, and recorded so that each client's balance is identifiable.

RICS disciplinary outcomes

Sanctions range from an action plan or caution through conditions and suspension to expulsion, and may include fines; regulatory decisions are published.

CPD annual requirement

At least 20 hours of continuing professional development per calendar year, of which at least 10 hours must be formal, recorded and open to audit.

Formal CPD

Structured learning with a stated objective, such as courses, conferences or structured online modules, that can be evidenced and recorded for audit.

Rules of Conduct

The RICS rules binding members and regulated firms, covering ethics, competence, complaints, client money, insurance and cooperation with RICS regulation.

Professional indemnity insurance

Cover a firm must maintain at an adequate level to meet claims, with run-off cover typically kept for at least six years after the firm ceases.

Run-off cover

Insurance maintained after a firm stops trading to respond to claims arising from work carried out before cessation, usually for at least six years.

Terms of engagement

The written agreement setting out scope, fees, limitations, assumptions and the complaints procedure, agreed with the client before work begins.

Complaints procedure

A documented internal process with defined timescales for handling client complaints, including signposting to an independent redress mechanism if unresolved.

RICS Dispute Resolution Service

An independent RICS body offering alternative dispute resolution, including mediation, arbitration and expert determination, for property and construction disputes.

Customer due diligence

Identifying and verifying clients and beneficial owners, understanding the purpose of the relationship, and monitoring it under the Money Laundering Regulations 2017.

Suspicious activity report

A report made to the National Crime Agency where there is knowledge or suspicion of money laundering, enabling consent to be sought before proceeding.

Regulated firm status

Firms using a protected RICS designation must comply with the Rules for Firms, including nominated responsible principals and compliance arrangements.

Nominated officer

A person within a firm responsible for receiving and considering internal suspicious activity reports and deciding whether to report onward to the NCA.

Scope of instruction

The defined boundaries of work agreed with a client, including what is included and excluded, which limits liability and prevents misunderstanding.

Record keeping duty

Members must keep clear, accurate and retrievable records of instructions, advice and decisions for a reasonable period to evidence compliance and support disputes.

Continuing professional development audit

RICS may request CPD records from a sample of members; failure to demonstrate the required hours and reflection can trigger regulatory action.

Cooperation with RICS

Members and firms must respond promptly and honestly to RICS enquiries and investigations, providing information requested as part of the regulatory process.