Ethics, rules of conduct and professionalism Flashcards
(98 cards)
1
Q
Why do you want to become a member of RICS?
Level 1
A
Becoming a member of RICS demonstrates to clients, employers, and colleagues that I have achieved a high level of professionalism and expertise in valuation field.
Membership in RICS can provide mw an access to educational resources, networking, and professional development programs that can help advance my career.
2
Q
What are the key functions of RICS?
Level 1
A
- Sets, eforces, and promotes global professional standards for the property industries, covering areas such as ethics, conduct, and competence.
- Investigates and takes action against members who breach the standards.
- Provides education and training
- Accredites education programs
- Research and publish guidance
3
Q
What is the role of RICS?
Level 1
A
Set, eforce, regulate and promote global professional standards for the real estate industries, covering aprofessional ethics, conduct, and competence.
4
Q
What is a Royal Charter?
Level 1
A
A grant to professional organizations, charities, and educational institutions that have a significant public role.
Organizations that hold a Royal Charter are known as ‘chartered’ and are allowed to use the prefix ‘Royal’ in their name.
5
Q
Who is the current RICS president?
Level 1
A
Justin Sullivan 2025
6
Q
What do you understand by the term self-regulation?
Level 1
A
Professional organization sets and enforces its own standards of practice, instead of relying on external regulators (ie government agencies).
Develops and implements:
codes of conduct
standards
professional guidelines
7
Q
Can you tell me what you understand by the principles of better regulation?
Level 1
A
PACTT
*Proportionality (appropriate)
* Accountability (responsibility, answer for decisions made)
* Consistency (clear rules)
* Targeting (focused on an issue)
* Transparency (accessible and understandable)
8
Q
What is a Bye-Law?
Level 1
A
A list of laws applied internally using powers granted by the Royal Charter (ie RICS constitution)
Examples:
* Qualifications required for membership Professional obligations of members
* The use of the RICS designation and logo
* Procedures for handling complaints
9
Q
Explain to me the new RICS Rules of Conduct - what do they replace?
Level 1
A
New set of Rules of Conduct, which replaced the previous Rules of Conduct (2017).
They had been in place since 2007, Members voted to create one single document, now a greater focus on evolving technology and tackling climate change.
10
Q
When do the new Rules of conduct take into effect?
Level 1
A
2 February 2022.
11
Q
Who do new Rules of Conduct relate to?
Level 1
A
All RICS members and firms, regardless of their location or area of practice.
12
Q
What are the 6 ethical principles that the Rules of Conduct are based on?
Level 1
A
- Integrity,
- objectivity
- professional competence
- confidentiality
- professional behaviour
- acting in public interest
13
Q
What are the 5 Rules?
Level 1
A
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- Members and firms must maintain their professional competence and ensure
that services are provided by competent individuals who have the necessary
expertise. - Members and firms must provide good-quality and diligent service.
- Members and firms must treat others with respect and encourage diversity and
inclusion. - Members and firms must act in the public interest, take responsibility for their
actions and act to prevent harm and maintain public confidence in the profession.
14
Q
Give an example behaviour for each rule.
Level 1
A
- ROC 1: Effectively identify conflicts of interest. Open and transparent about fees and services. Dont allow to be influenced improperly by others (as a result of giving or receiving work referrals, gifts, hospitality or payments) or by their own self- interest. Protect confidential information.
- ROC 2: Act within my own area of competence and expertise. Upkeep continuing professional development (CPD) activities.
- ROC 3. Understand client’s needs first. Provide the agreed scope of the service within the scheduled timeline. Communicate material information on which information is based clearly and understandbly. Keep records of work.
- ROC 4. Treat everyone fairly and do not discriminate against anyone (no matetr the age, disability, gender, marriage status, pregnancy or maternity, race, religion or belief, sexual orientation). Ensure supply chain does not involve modern slavery or workforce abuse.
- ROC 5. Respond to any complaints promptly, openly and professionally. Raise concerns when suspecting practices and decisions are not right. Raise concerns with colleagues, senior management, clients, RICS or any other appropriate person, body or organisation where I believe in good faith that it is necessary to do so.
15
Q
What are the core professional obligations of firms and members to RICS?
Level 1
A
- Obligations for members
- Comply with CPD requirements (20 hours, 10 to be formal)
- Must cooperate with RICS
- Must provide all information reasonably requested by the standards and regulation board.
- Obligations for firms
- Publish complaints handling procedure, including Alternative Dispute Resolution (ADR) provider approved by RICS
- Maintain complaints log
- All work is covered by adequate professional indemnity policy
- Firms with a sole principal must make arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work;
- Must cooperate with RICS
- Must provide all information reasonably requested by the standards and regulation board
- Must display they are regulated by the RICS in their business literature
- Must report any matter as required by the rules for the Registration of Firms
16
Q
Who is a Responsible Principal?
Level 1
A
MRICS/FRICS qualified, holds a senior position (director, principal, partner) of the RICS regulated firm. Is the main point of contact with RICS regarding regulatory compliance.
17
Q
What is a phoenix firm?
Level 1
A
A company created to replace a previous company that has become insolvent or is experiencing financial difficulties.
18
Q
What happens if a firm cannot comply with the eligibility criteria?
Level 1
A
Firm may be unable to register with RICS or may have their registration revoked if already registered.
Non-compliance with RICS regulations can result in fines, suspension, or expulsion from RICS membership.
This can damage the reputation of the firm and its individual members.
19
Q
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
When did these rules last change?
Level 1
A
Permitted use for member or registered firms only.
Effective 02/02/2022
20
Q
What disciplinary procedures can the RICS impose?
Level 1
A
- Warning
- Fines
- Suspension
- Expulsion
21
Q
In what circumstances can the disciplinary procedures be imposed?
Level 1
A
- Breach of RICS rules and regulations
- Professional misconduct
- Non-payment of fees
- Someone complaining to the RICS
- An allegation by a client or third party
22
Q
When did RICS last update their disciplinary panel rules?
Level 1
A
December 2020.
* Creation of the Registration Panel, which is responsible for applicant registration and reinstatement to the RICS register.
* Clarified the procedures for managing complaints and conducting investigations
23
Q
What money laundering regulations or legislation are you aware of?
Level 1
A
AML and CFT FEDERAL LAW NO. 20 of 2018
Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations
Obligations of business entities to prevent and detect money laundering and terrorist financing activities.
24
Q
What bribery legislation are you aware of?
Level 1
A
ISSUANCE OF PENAL CODE Federal Law No. 3 of 1987
Criminalizes bribery and corruption, and individuals found guilty can face imprisonment and/or fines.
25
What is a bribe?
## Footnote
Level 1
A bribe is a form of payment, gift, or favor given or promised to someone in a position of authority, with the intention of influencing their behavior or decision-making in favor of the briber.
26
What constitutes an offence under relevant money laundering regulations?
## Footnote
Level 1
* Knowingly carrying out a business transaction that involves proceeds of a crime.
* Knowingly providing advice to individuals involved in money laundering.
* Obstructing investigations into money laundering.
* Providing false or misleading information to authorities during an investigations
27
How long should you keep anti money laundering records for?
## Footnote
Level 1
A minimum period of five years.
Includes records of:
* customer identification
* transactions
* and suspicious activity reporting.
28
What is Professional Indemnity Insurance (PII)?
## Footnote
Level 1
An insurance that covers the costs of legal representation and compensation if a client suffers financial loss or damage as a result of the professional's negligence or error.
29
Can you tell me about the RICS requirements in relation to PII?
## Footnote
Level 1
Members must provide evidence of their PII cover on an annual basis to RICS.
30
What would you do if you received a notice of a PII claim from a client or their solicitor?
## Footnote
Level 2
1. Notify PII provider asap.
2. Provide a copy of the notice and any relevant documents.
3. Seek legal advice.
4. Gather evidence as requested.
31
Tell me what you understand about Complaints Handling Procedures (CHP).
## Footnote
Level 1
CHP - policies to effectively handle complaints from clients;
and ensure complaints are dealt with fairly, promptly, and efficiently, and appropriate actions are taken to resolve and prevent.
32
When and how can the RICS be involved in a complaint about a firm or member?
## Footnote
Level 1
If complaint relates to a breach of RICS professional standards or ethical codes.
Can be made directly to RICS by anyone who has concerns about the professional conduct of a member or firm.
Can be made in writing or online, and should include details of the allegation.
33
Can you tell me about the CPD requirements for members of RICS?
## Footnote
Level 1
Minimum of 20 hours, 10 formal
34
Why CPD is important?
## Footnote
Level 1
Upkeep professional knowledge, skills, and expertise.
Stay informed with the latest updates.
35
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
## Footnote
Level 1
DIAM:
* Disclosure: must disclose any conflicts of interest to clients asap.
* Informed Consent: Clients must be provided with enough information to make an informed decision whether to proceed.
* Avoidance: avoid conflicts of interest wherever possible, ensure no financial or personal interests exists that could conflict with duties to act in their clients' best interests.
* Mitigation: if conflict cannot be avoided, mitigate the risks (eg. limiting scope of services/withdrawing from the engagement).
36
What is double dipping (dual agency)?
## Footnote
Level 1
A real estate broker represents both the buyer and the seller in one transaction.
37
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
## Footnote
Level 1
*RICS Professional Statement Countering bribery and corruption, money laundering
and terrorist financing
1st edition, February 2019*
* Members should carry out a risk assessment to identify the areas vulnerable to bribery, corruption, or money laundering.
* Members are advised to implement policies and procedures to prevent and detect bribery, corruption, and money laundering ( due diligence on clients, employees, and business partners; monitoring and reporting suspicious activities.)
* Members should provide training and awareness programs to employees to ensure they understand the risks of bribery, corruption, and money laundering and their responsibility.
* Members must report any suspicions of bribery, corruption, or money laundering to the relevant authorities and to RICS.
38
What are the current RICS rules for registration of firms?
## Footnote
Level 1
*Rules for the registration of firms with effective from 02 February 2022
*
**Required** if 50% are RICS members and if provide surveying services to public.
-submit an application to RICS for registration, including information on the firm's structure, management, financial standing, PI, CHP, turnover
-appoint responsible principal (primary regulatory contact)
-agree that RICS may share relevant information about the Firm with government/regulators
-agree that if RICS declines to register the Firm, RICS may publish its decision.
-comply with RICS Rules of Conduct
-Notify RICS of insolvency, or material changes within seven days
39
What are the registration eligibility criteria?
## Footnote
Level 1
Firm provides surveying services to the public
At least 25% of the Firm’s Principals are RICS Members.
40
What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
## Footnote
Level 1
RICS logo - RICS brand guidelines (permitted colors, size, and placement).
"Regulated by RICS" - only individual or firm regulated by RICS, and agreed to comply with the standards and codes of conduct.
41
What RICS guidance relates to handling client money?
## Footnote
Level 1
RICS Professional Statement on Client Money Handling 1st edition 2022
42
What do the RICS Rules of Conduct say about client money?
## Footnote
Level 1
Keep client money separate from the firm's own money.
Maintain accurate records of client money.
Only use client money for the intended purpose.
Provide regular reports to clients on the status of their funds.
Ensure that client money is protected
Comply with relevant laws and regulations (anti-money laundering and financial services regulations).
43
What does the annual regulatory review fee relate to?
## Footnote
Level 1
Annul fee paid by firms regulated by RICS to cover the costs:
Ongoing monitoring of firms' compliance with RICS' professional and ethical standards.
Conducting regulatory visits to firms to assess compliance and identify any areas of risk.
Providing guidance and support to firms to meet regulatory obligations.
Investigating and resolving complaints and disciplinary cases.
44
What is the new maxim of RICS in relation to compliance?
## Footnote
Level 1
Prevention is better than cure.
Proactive rather than reactive measures.
45
What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?
## Footnote
Level 1
* maintain the same professional standards on social media as in other forms of communication (respectful, avoiding offensive or discriminatory language)
* transparent about identity and professional status when using social media.
* protect confidential information when using social media.
* avoid using social media in a way that creates or appears to create a conflict of interest.
* comply withapplicable laws and regulations (privacy, data protection, and intellectual property).
46
Explain your understanding of the RICS Levitt review.
## Footnote
Level 1
Q4 2018 – RICS Management Board Meeting:
Meeting notes reveal a £3 million emergency funding need over 45 days, caused by poor cash flow forecasting.
Feb 2019 – Internal Treasury Audit
Audit concludes there is "no assurance" over RICS's internal financial controls.
Nov 2019 – Letter to RICS President:
Four Non-Executive Directors formally raise concerns about a lack of transparency and governance failings.
Later in Nov 2019 – Their Dismissal:
All four directors are removed from the board after raising concerns.
Levitt Review Findings (Published Sept 2021):
There was no criminal cover-up, but a serious internal power struggle and breakdown in governance.
Leadership failed to be transparent.
Recommendation:
The Governing Council should have direct oversight and be regularly briefed by the Management Board, not filtered by the CEO.
Staff and directors should report concerns through formal RICS channels, not to individual leaders, to ensure accountability and protection.
47
What is whistleblowing?
## Footnote
Level 1
Reporting misconduct or illegal activity within a workplace.
48
What does good governance mean to you?
## Footnote
Level 1
* Transparency
* accountability
* fair and ethical
* appropriate systems to manage risk
* complies with laws and regulations
* leadership is competent, responsible, and responsive.
49
How do you ensure you comply with money laundering regulations?
## Footnote
Level 2
* Customer due diligence - gathering information on the company including trade license, VAT certificate as well as identification documents such as passport copy.
* Research the company.
* Identify if the client is a PEP or linked to one.
* Understand the source of wealth and source of funds.
* Monitor the business relationship more closely.
* Keep records.
50
How do you ensure you comply with your firm’s bribery and gifts policy?
## Footnote
Level 2
* Register any gifts received from client;
* if the gift is over the value of AED 200 do not accept.
* Prohibited are gifts of cash or cash equivalents such as shopping vouchers.
* Gifts or entertainment (of any amount) offered and/or received must not be:
- Excessive in value;
- Given to influence a decision;
- In violation of any law or regulation;
- Of a nature that would cause embarrassment to my firm.
* Attempts to sending gifts to contact's home rather than office or giving gifts to their family
* Small or token gifts exchanged during Ramadan or Eid as part of a cultural tradition in the Middle East are acceptable, as long as they fall under the threshold value, and are not given to influence any decision or action by an employee.
51
Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.
## Footnote
Level 2
Inform the client that the request is outside my limit of competence and I cannot fulfill the scope of work.
52
How would you keep client’s money securely and safely held?
## Footnote
Level 2
* Keep client money separate from the firm's own money
* Maintain accurate records of all client money received, held, and distributed, (e.g, client's name, the amount of money received, and the purpose)
* Provide regular reports to clients on the status of their funds (details of all transactions and the balance of the client account.)
* Implement security measures and ensure that all staff involved in handling client money are trained.
53
What do you understand by the term professional practice?
## Footnote
Level 2
* Maintaining a high level of expertise and knowledge in the field.
* Providing quality service to clients. following ethical and legal standards.
* Continuous learning and development.
* Contributing to the trust and confidence in the profession.
54
What might client money include?
## Footnote
Level 2
* Rent
* Service charges
* Interest credited to a client account
* Client money held but due to be paid to contractors
55
How do professional integrity and professional ethics differ?
## Footnote
Level 2
Professional integrity - adhere to a set of moral principles that are fundamental to a profession. Commitment to honesty, transparency, and fairness, as well as a willingness to uphold ethical standards even in the face of difficult situation or personal gain.
Professional ethics - set of ethical principles that govern the conduct and behavior of professionals within a particular industry. May be formalised in a code of ethics, covering issues such as confidentiality, conflicts of interest, and respect for the rights and dignity of others.
**Professional ethics provide a framework for making ethical decisions and for holding professionals accountable for their actions.**
56
Tell me about how you would handle a client complaint.
## Footnote
Level 2
If a complaint is not resolved with the relevant Head of Dept, provide a contact person details (MD, Legal HOD, Head of HR) and ask for a written summary of a complaint. If client is dissatisfied, contact EMEA Regional compliance officer or refer to ombudsman services (an independent organization that provides an impartial and confidential dispute resolution process for individuals or businesses that have a complaint against a public or private sector organization)
57
Tell me about a conflict of interest check you have carried out.
## Footnote
Level 2
Received a request, checked for any previous involvement with the project and client through the internal project register, followed COI procedure by sending an email with mandate and client name, asking to confirm any potential conflict - nil response suggested that no conflict is present.
If conflict existed, assessed the conflict, ask would it influence my advice? if believe it wouldnt, seek informed consent from affected parties, adopt information barriers if needed, and document everything. Otherwise, reject assignment.
58
If you identified a potential or actual conflict of interest, how could you handle this?
## Footnote
Level 2
* Understand the conflict
* Disclose to all relevant parties, including my clients, colleagues, and employer
* Evaluate the impact of the conflict - can I and my firm provide an objective impartial advise?
* If I am affected, mitigate the conflict by removing myself from the assignment
* Implement information barriers if necessary
* Document the conflict and the actions taken
59
Give me an example of when you have acted with integrity?
## Footnote
Level 3
**Valuation of office units in JLT - Accumed. **
Client has asked to increase the value, saying they need a higher figure for loan security. I set up a call to provide the evidence of transactions that supported the reported value, also showed asking prices in the market and explained they are subejct to negotiations.
60
Tell me about when you have provided a high standard of service.
## Footnote
Level 3
* Received a request to value an office building;
* Responded to client promptly to request more details: location, size, ownership, and the purpose of valuation
* Offered the fee and timeline based on the building details and purpose.
* Once agreed, I conducted:
- conflict of interest checks,
- requested to fill client registration form, and provide trade license, VAT certificate,
- sent tailored ToE
- scheduled inspection in due course
- raised invoice
- prepared a detailed report that meets scope of services
- received overall positive feedback
61
Tell me about how you have promoted trust in the profession.
## Footnote
Level 3
I maintain professional integrity
Comply with professional ethics
Comply with RICS standards (e.g. Red Book)
I communicate honestly and transparently
62
Tell me about how you treat clients with respect.
## Footnote
Level 3
* Clear Communication - timely, transparent, and free of jargon, tailored to the client’s understanding, honest and open.
* Actively listen to understand client's objectives and concerns so I can tailor advice and scope appropriately.
* Meet deadlines, provide updates, and respond to queries promptly.
* Maintain independence and objectivity, even if the advice is unexpected. Provide facts, evidence and data.
* Protect client information.
* Avoid conflicts of interest, and uphold fairness.
63
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
## Footnote
Level 3
* Register with DED
* Apply for RICS Regulated Firm Status appointing myself as a Responsible Principal
* Obtain business permit
* Get PII
* Open a business bank account iand appoint qualified accountant
* Make arrangement in the event of incapacity, death, absence from work (locum agreement)
* Create a Complaints Handling Procedure (CHP) with access to Alternative Dispute Resolution (ADR) and register with approved redress scheme
* Develop Client Data Handling and other Supporting Policies (conflicts of interest, record keeping, file retention, and confidentiality.)
* Build and secure infrastructure (external platforms subscriptions, valuation softwares, professional templates (reports, ToEs, letters)
Office space (if needed) and IT systems
* Launch website and branding (including RICS logo if approved as a regulated firm).
* Network with potential clients and professional contacts.
64
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
## Footnote
Level 3
This is a form of **bribery.**
I would decline the offer.
Inform my manager and legal department.
65
What would you do if you were asked by a client to reduce a fee proposal to win new work?
## Footnote
Level 3
1. Engage in open dialogue to understand why the fee is being questioned, budget constraints, comparison with competitors, or differing scope expectations?
2. Reaffirm the basis of fee: scope, complexity, required time, compliance with RICS standards, expertise and quality.
3. If the client persists, I would avoid arbitrary fee reductions and instead:
- Suggest a reduction in scope (e.g., level of reporting details and or number of properties)
Offer an extended delivery timeline to manage internal resources.
I would not accept a fee that would:
* Compromise the quality of work
* Lead to non-compliance with the RICS
* Jeopardise my professional liability (risks of errors and omissions)
Ask : Can the standard of care be met?
66
1. What would you do if you became suspicious that a client was involved in money laundering?
2. What would you do if you became suspicious that a client was involved in terrorist activities?
## Footnote
Level 3
For both cases:
Stop the transaction and any communication with the client
Report suspicions to relevant parties (Head of Dept, Managing director and Legal and seek their advice)
Document suspicions details and communication with this client
Report and cooperate with authorities (Ministry of Economy, police)
67
If you were to set up in practice on your own, tell me about the types of insurance you would need.
## Footnote
Level 3
**Professional Indemnity Insurance (PII)**
* Mandatory by RICS
* Covers claims of negligence or professional error
* Must meet minimum levels:
Revenue up to £100k - £250k minimum
£100k to £200k- £500k minimum limit
£200k+ minimum limit of £1 million
* Includes run-off cover when ending practice (must be in place for at least 6 years)
**Public Liability Insurance**
* Covers injury or property damage to third parties during site visits
**Employers’ Liability Insurance**
* Mandatory if hiring staff
* Covers employee injury or illness due to work
** Cyber Liability Insurance**
* Covers data breaches, hacking, and cyberattacks
**Office/Business Interruption Insurance**
Covers income loss due to office damage or operational disruptions
**Property Insurance **
if owned - building and contents
if leased - contents
68
How did you carry out your conflict of interest (CoI) check?
## Footnote
Level 3
Received a request, checked for any previous involvement with the project and client through the internal project register, followed COI procedure by sending an email with mandate and client name, asking to confirm any potential conflict - nil response suggested that no conflict is present.
If conflict existed, assessed the conflict, ask would it influence my advice? if believe it wouldnt, seek informed consent from affected parties, adopt information barriers if needed, and document everything. Otherwise, reject assignment.
69
How did you carry out your conflict of interest (CoI) check?
Who did you seek informed consent from, and why?
Where did you record the client’s agreement to the CoI being managed?
Why did you feel the CoI could be managed?
## Footnote
Level 3
Received a request to value an office for a potential acquisition.
Checked for previous involvement with the project and the client.
Followed COI procedure by sending an email with mandate and client name, asking to confirm any potential conflict. Identified that my colleague valued the same office for the owner in a separate assignment for financial reporting.
Immediately informed the new client about this previous involvement.
I believed I could provide objective and unbiased advise to the new client and it would not impact my impartiality.
Sent emails to both clients explaining the matter and asked if they had any objections to proceed. I received informed consent from both sides and saved the copies of emails in the relevant folder of the project file system.
In the report I added a disclosure about this previous involvement and that informed consent from both sides was received and it does not preclude myself and my firm from acting objectively, transparently, honestly and impartially.
I believed conflict was managed because there was no confidential info conflict and no personal conflict.
For potential party conflict consideration, I considered that my firm did not provide the advise to the owner for disposal purposes for the same transaction.
The instruction was accepted with transparency and documentation, and no conflict breached RICS standards.
70
If you are aware that another RICS member provide high valuations, how would you go about reporting him to the RICS?
## Footnote
Level 3
If I reasonably believed another member breached RICS standards I can contact RICS professional standards and ethics team and provide with the evidence of the alleged misconduct.
RICS team reviews the information and investigate the matter.
I have a duty to protect the reputation of the profession.
71
How would you register for Valuer Registration scheme?
| Level 3
* Apply online on RICS portal
* Provide information about nature of valuation work I carry out
* Pay the fee and renew registration every 12 months
* Register with Dubai Land Department.
* Completion and passing of the Dubai Real Estate Institute's Valuer Orientation Course
72
How would you register your firm with RICS for regulation?
| Level 3
RICS Rules for the Registration of Firms (effective 02 February 2021)
* Contact the RICS
* Fill out the registration form.
* Appoint a responsible principal.
* Appoint a complaints handling officer. Publish a complaints handling policy. Keep a complaints log.
* Appoint a money laundering officer.
* Register with RICS Valuer Registration Scheme.
* Obtain PII, send details to the RICS.
* Comply with accounts regulations.
* Staff training plan.
* Log CPD.
* Include Logo 'Regulated by RICS'
* Sole principal arrangement (i.e, death, incapacity & complaints)
73
What are conflict of interest types?
## Footnote
Level 1
* Party Conflict (you owe separate duties to two or more clients whose interests are directly opposed)
* Own Interest Conflict (personal, financial, or business interest interferes with your duty to the client.)
* Confidential Information Conflict (holding confidential information for one client that would be material and relevant to another, but you are bound to keep it confidential)
74
What is information barrier?
| Chinese Wall
## Footnote
Level 1
The physical and/or electronic separation of individuals (or groups of individuals) within the same firm that prevents confidential information passing between them.
75
What is rule 1 of the New rules of conduct?
## Footnote
Level 1
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
76
What is rule 2 of the New rules of conduct?
## Footnote
Level 1
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
77
What is rule 3 of the New rules of conduct?
## Footnote
Level 1
Members and firms must provide good-quality and diligent service.
78
What is rule 4 of the New rules of conduct?
## Footnote
Level 1
Members and firms must treat others with respect and encourage diversity and inclusion.
79
What is rule 5 of the New rules of conduct?
## Footnote
Level 1
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
80
Explain how you have taken responsibility in your current role.
## Footnote
Level 3
Provide valuation advise and prepare the valuation reports in compliance with Red Book
Address queries and manage expectations professionally.
81
RICS motto
## Footnote
Level 1
‘Est Modus in rebus’ which means ‘There is measure in all things
82
How is the RICS structured?
## Footnote
Level 1
Privy council -awards grants & royal charter
Governing council - manage the strategy for the rics
Regulatory board, management board & audit commitee- execute strategy
83
What are the steps of the ethics decision tree?
## Footnote
Level 1
* Do you have sufficient facts
* Is it legal
* Does it comply with the rules of conduct?
* Have you condulted the appropriate people?
* Do you have clear reasoning?
* Would you be content for your actions to be made public?
84
How many rics members are there?
## Footnote
Level 1
134,000 +
85
Are you aware of any new RICS guidance on insurance?
## Footnote
Level 1
RICS Guidance Note: Risk, Liability and Insurance 2021
From May 2021, insurers must provide cover for fire safety claims on a property 4+ storeys
86
What are the RICS minimum procedures for Complaints handling procedure?
## Footnote
Level 1
Acknowledge a written complaint within 7 days
Respond within 28 days
Refer to independent redress provider if unresolved
Log in a complaints log
87
What is the Governance Structure of the RICS?
## Footnote
L1
Privy Council
Governing Council
Standards & Regulatory Board / Management Board / Audit Committee
Management Board comprises 17 professional groups
88
How do you become a fellow?
## Footnote
L1
5+ years as MRICS
Leadership role
Professional/technical achievement
Raised the profile of the RICS
89
When did the RICS recieve royal charter?
## Footnote
L1
1881
90
How many years after an instruction can a PI claim be made?
## Footnote
L1
15
91
What are the different RICS documents?
## Footnote
L1
Rules of conduct
Professional statements
Guidance notes
Code of practice
Jurisdiction guides
92
Under the bribery act, under what circumstance is a facilitation payment permitted?
## Footnote
L1
When there is a risk or danger to life- make the payment and then report the matter imediately
93
How could the conflict of interest be managed internally if two departments were working for the same client?
## Footnote
L1
Seperate communication lines, secure data storage, sign up to non disclosure agreements
94
What is your CPD strategy?
Continue with my diary entries, as I did for preparation for APC
Quarterly reviews with my line manager to discuss progress & objectives
Offer support and training to team members
Continue with personal research to develop my competence and knowledge
Continue education (courses, degree)
95
How do you keep up to date with topical issues?
## Footnote
L1
Conversation within the workplace with colleagues,
Undertake research on topics of interest or directly impact my work
96
What articles do you read?
## Footnote
L1
RICS published documents
Modus
Quarterly and yearly RE reviews by KF and JLL
RICS website
Jen lemen property elite
97
What are the requirement for professional indemnity set by the RICS?
## Footnote
L1
The policy cover must be made on an 'each and every' claim basis
The RICS sets out the minimum levels of indemnity
The rics sets out the maximum levels of uninsured exess
Run off cover must be in place for at least 6 years
The policy should include cover for past and rpesent employees, director and partners
98
What are the RICS new levels of maximum level of uninsured excess?
## Footnote
L1
Cover of £10 million or less- greater of 2.5% of insured sum or 10k-
£10 million and above - no limit set
