Ethics

Question 1

Why do you want to become a member of the RICS

Answer 1

• Network
• improved career options
• Recognition as somebody with high ethical and technical standards

Question 2

What is the role of the RICS

Answer 2

Provide best practice/knowledge
regulate the industry
Promote qualifications in the industry

Question 3

Royal Charter

Answer 3

Charter given by the monarchy. Royal Chartership. RICS must act in a way that promotes trust in the profession. Royal R

Question 4

RICS Top Staff

Answer 4

President: Ann Grey
President Elect: Tina Fellaite
CEO: Richard Collins

Question 5

What is self-regulation?

Answer 5

The ability and trust to manage your own governance and ensure that all parties are within your organisation are adequately fulfilling their duties

Question 6

RICS Bye-Laws

Answer 6

Rule made by a company to control actions of its members
Examples:
- Firms must comply with regulations
- Different classes (chartered members, honorary members, non-chartered members)

Question 7

RICS Rules of Conduct

Answer 7

Replaced rules for firms & members in 2022
Rule 1: Members & firms must act with integrity
Rule 2: Members and firms must maintain a high level of confidence
Rule 3: Members and firms must provide a diligent service
Rule 4: M&F must act with respect and encourage diversity and inclusion
Rule 5: M&F must act in the interest of the public

Question 8

Professional obligations for members

Answer 8

CPD requirements
Cooperate with RICS
Provide all information reasonably requested

Question 9

Professional obligations for firms

Answer 9

Complaints handling
PII
IF sole principal, plan in place
Cooperate
Provide information reasonably requested
Display rics designation
Report to RICS any matters wrt to rules of conduct

Question 10

Disciplinary Procedures

Answer 10

Compliance order - less serious, ensure future compliance with standards. Member must admit allegations
Serious cases will be referred to a panel, can range from fine to expulsion.

Question 11

Money Laundering Regs 2017

Answer 11

Key points:
- not be complicit in money laundering
- have systems in place to identify money laundering (written policy)
- reports suspicious activities
- continuously review risks associated with money laundering
- Records must be kept for 5 years

Penalties: up to 14 years in jail, or a fine (or both).

Offences:
not complying with officials
proceeding without confirmation that firm is clean
proceeding with knowledge that firm is clean

Question 12

Signs of money laundering

Answer 12

• client being secretive about who they are
• secrecy around source of funds
• unusual transactions
• sudden changes in instructions

Question 13

Bribery Act 2010

Answer 13

Bribe is the promise of a benefit (often financial) for a party to not perform their duty with integrity.
Penalties:
Individuals: fines (unlimited) or jail (10 years)
Org: fines (unlimited), return proceeds, implement new systems to prevent.

Offences:
Solicit or receive a bribe, offer or give a bribe, bribe a public official

Question 14

Professional Indemnity Insurance

Answer 14

Insurance taken out to protect the organisation from financial penalties they cannot cover through breaches of proffesional duty.

RICS Requirements:
- Minimum and maximum levels of cover
- Full civil liability
- claims made basis
- RICS accepted insurer
- Run off cover
- Fire safety cover