Ethics

Question 1

What are the 4 levels of membership?

Answer 1

1. FRICS
2. MRICS
3. Assoc RICS
4. Student

Question 2

What is the RICS guidance on Ethics and professionalism?

Answer 2

Rules of Conduct 2021

Question 3

What is the purpose of the Rules of Conduct?

Answer 3

It ensures consistency and clarity.

Question 4

What are the changes to the RICS Rules of Conduct 2021?

Answer 4

Provides a simpler structure

gives clear examples

focus on respect, diversity and inclusion

Question 5

What are the 3 professional obligations to the RICS?

Answer 5

1. Members must comply with their CPD.
2. Members must cooperate with the RICS.
3. Members must promptly provide all information reasonably requested.

Question 6

What is PII?

Answer 6

Professional Indemnity Insurance

Question 7

What is the minimum level of cover for PII for RICS regulated firms?

Answer 7

Revenue of £0-£100,000 = £250,000

Revenue of £100,000 - £200,000 = £500,000

Revenue of £200,000+ = £1,000,000

Question 8

How long should you hold data for?

Answer 8

6 years

Question 9

How long should your run off cover be?

Answer 9

6 years

Question 10

When are you required to register a firm under the RICS?

Answer 10

If,
a. you are a surveying firm
b. 50% or more of the principals are RICS members

Question 11

What is your complaints handling procedure?

Answer 11

1. request complaint in writing to CHO
2. CHO acknowledges complaint within 7 days
3. CHO confirm resolution result within 21 days
4. Right to appeal

Question 12

What is the RICS Disciplinary Panel?

Answer 12

1. Conduct Committee - can serve a fixed penalty notice
2. Disciplinary panel - can issue caution against repetition of conduct / impose fine / expel
3. Registration panel
   Appeal Panel

Question 13

What is the required CPD for a member of the RICS?

Answer 13

20 hours

10 informal / 10 formal

Question 14

What piece of legislation is there for Bribery?

Answer 14

Bribery Act 2010

Question 15

What is the Bribery Act 2010?

Answer 15

It sets out the different types of bribers and the procedures and penalties in place.

Question 16

What are the penalties for non compliance with Bribery Act 2010?

Answer 16

Unlimited fine and up-to 10 years in prison.

Question 17

Who enforces the Bribery Act?

Answer 17

The serious fraud office.

Question 18

Who is the current RICS president?

Answer 18

Tina Pailet

Question 19

What do you understand by the term self-regulation?

Answer 19

The ability to enforce bye-laws on it’s members with the ability to issue penalties.

Question 20

What is a bye-law?

Answer 20

It is a rule made by an organisation.

Question 21

Give me an example of one of the RICS Bye-laws?

Answer 21

Members must comply with their CPD.

Question 22

What is PII aggregation clause?

Answer 22

It is a clause that allows or requires a numbers of claims to be treated as a single claim.

Question 23

In negligence claim, what would help to show you acted with consideration and due process?

Answer 23

Good record keeping, and intent to resolve the underlying issue.

Question 24

What is a red flag of money laundering?

Answer 24

• transactions involving companies in sanctioned jurisdictions
• large volumes of transactions
• large amounts of cash
• unusual transfers
• activity out of the ordinary

Question 25

How long should you keep anti-money laundering records for?

Answer 25

5 years

Question 26

What legislation is there for money laundering?

Answer 26

The money laundering, terrorist financing and transfer of funds 2017

Question 27

What is the role of the RICS?

Answer 27

1. Advancing the highest ethical and technical standards 2. Protecting & providing benefits to consumers by enforcing standards and codes of best practise 3. providing expert and impartial advice 4. Equipping members with advice & trainings

Question 28

What are the 5 benefits of RICS membership?

Answer 28

1. Status 2. Recognition 3. market advantage 4. knowledge 5. network

Question 29

What international standards are there?

Answer 29

RICS Valuation - Global Standards International Property Measurement Standards

Question 30

What is the difference between conflict avoidance and management?

Answer 30

Conflict avoidance is where you do not accept an instruction. Conflict management is where you accept the instruction but have steps in place to manage the conflict.

Question 31

What RICS Guidance is there for conflict of interest?

Answer 31

RICS Professional Standard Conflict on Interest 2017.

Question 32

What is the 3 step process of conflicts of interest?

Answer 32

1. Conflict Avoidance 2. Written advice to both parties 3. Conflict Management

Question 33

What RICS Guidance is there for Complaints Handling?

Answer 33

Guidance Note on Complaints Handling 2016

Question 34

What are the 4 requirements of continuing professional development?

Answer 34

1. Members must record a minimum 20 hours 2. Members must record 10 hours formal and 10 hours informal 3. Members must maintain relevant knowledge of Rules of Conduct in a rolling 3-year period. 4. Members must record their CPD on the RICS Management System.