RICS, Rules Of Conduct, Professionalism

Question 1

What is rule 1 of the RICS Rules of Conduct?

Answer 1

Acting with honesty and integrity

Question 2

What is rule 2 of the RICS Rules of Conduct?

Answer 2

Acting competently. Know the market, the asset class, location and method of valuation before undertaking an instruction.

Question 3

What is rule 3 of the RICS Rules of Conduct?

Answer 3

Client care. Provide good client care applying appropriate due diligence.

Question 4

What is rule 4 of the RICS Rules of Conduct?

Answer 4

Treat people with respect and promote diversity and inclusion.

Question 5

What is rule 5 of the RICS Rules of Conduct?

Answer 5

Act within the public interest

Question 6

How many obligations are there for RICS members?

Answer 6

3. Must comply with CPD. Must cooperate with RICS. Must provide reasonably requested information to the SRB.

Question 7

How many obligations are there for RICS firms?

Answer 7

7. Must publish a CHP which includes ADR provider approved by RICS and maintain a complaints log. All previous and current professional work is covered by adequate PII. Sole principal must make appropriate arrangements in case of incapacity. Cooperate with RICS. Provide information to the SRB on request. Must display on business literature a designation to denote they are regulated by RICS. Must report to RICS any matter that they are required to report under the Registration of Firms.

Question 8

What is CPD? Any how much is required per year?

Answer 8

Continuing Professional Development. 20 hours a year. 50% formal with a formal learning outcome.

Question 9

What legislation governs fraud and bribery?

Answer 9

The Fraud Act 2006 and the Bribery Act 2010.

Question 10

What is fraud and give an example?

Answer 10

Reception for personal gain. E.g claiming expenses that were never incurred.

Question 11

What is a bribe and give an example?

Answer 11

An incentive offered to, promised to, given to or received by an individual or company to improperly influence their decision making. E.g free meal for a lower RV.

Question 12

What are the 5 principles of better regulation?

Answer 12

PACTT. Proportionality, accountability, consistency, targeting, transparency.

Question 13

What is a Locum?

Answer 13

Somebody who temporarily fulfils the duty of another in the case of incapacity, injury, death, etc.

Question 14

What is the full name of the RICS ‘Red Book’

Answer 14

RICS Valuation - Global Standards

Question 15

What are the 6 principles to prevent bribery?

Answer 15

PART CAMD. Proportionality, and risk assessment, top level commitment. Communication and monitoring, due diligence.

Question 16

What is your employers policy on fraud, bribery and corruption?

Answer 16

Zero tolerance.

Question 17

What is PII?

Answer 17

Professional indemnity Insurance.

Question 18

What is the minimum level of PII required?

Answer 18

<£100,000 - min £250,000
£100,000 to £200,000 - min £500,000
>£200,000 - min £1,000,000

TURNOVER

Question 19

What is PII?

Answer 19

Cover for claims of negligence and loss.

Question 20

Name one RICS approved PII provider?

Answer 20

Markel. On RICS website.

Question 21

Who do you calculate what minimum PII is required for a new firm?

Answer 21

Estimate turnover.

Question 22

What level of PII do you need?

Answer 22

Depends on turnover.

Question 23

What is an MLRO?

Answer 23

Money Laundering Reporting Officer.

Question 24

What are the 4 main types of bribe offence?

Answer 24

Offering the bribe. Receiving the bribe. Failing to prevent the bribe. Bribing a public official.

Question 25

What should you do if you receive a complaint?

Answer 25

Acknowledge receipt within timeframe specified within CHP. Notify PII provider. Record in complaints log.

Question 26

Why would you decline an instruction?

Answer 26

Not competent, client doesn’t sign ToE, conflict of interest, PII cannot be agreed.

Question 27

Who is the current president of RICS?

Answer 27

Tina Paillet

Question 28

What is the RICS futures report?

Answer 28

Futures Report 2020 - RICS report about the rapid change the profession is facing in terms of big data (artificial intelligence), urbanisation, drone technology, population growth, climate change, resilience, sustainability over the medium term. Change action agenda required such as building passports, new rules of conducts increasing focus on sustainability and money laundering professional standard.

RICS role : regulatesmr and standard setter

Question 29

What was the Levitt report?

Answer 29

An 2021 independent report into the governance of the RICS. 18 recommendations.

Question 30

What was the Bitchard review?

Answer 30

Following on from the Levitt report it looked into the purpose, governance and strategy of the RICS