CONDUCT RULES, ETHICS AND PROFESSIONAL PRACTICE

Question 1

What are the 5 rules of conduct for members and firms?

Answer 1

1. Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3. Members and firms must provide good-quality and diligent service
4. Members and firms must treat others with respect and encourage diversity and inclusion
5. 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.

Question 2

Why are the rules of conduct important?

Answer 2

 Ensures professionalism
 Upholds reputation of myself, firm and RICS
 Client/ customer confidence
 Distinguishes RICS members

Question 3

What are the professional obligations to RICS for members?

Answer 3

 Members must comply with the CPD requirements set by RICS.
 Members must cooperate with RICS.
 Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

Question 4

What are professional obligations to RICS for firms?

Answer 4

 Firms must publish a complaints-handling procedure

 Firms must ensure adequate and appropriate professional indemnity cover that meets the standards approved by RICS.

 Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.

 Firms must cooperate with RICS.

 Firms must promptly provide all information reasonably requested by the Standards and Regulation Board,

 Firms must display on their business literature

 Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

Question 5

What level of PII cover is required?

Answer 5

RICS professional indemnity insurance requirements version 8 effective 1 April 2021 states:

Up to £100k 250k cover
£100-200k 500k cover
200k+ 1 million cover

Question 6

What is required to renew PII?

Answer 6

Name and details of the firm
Details of those insured i.e. partners, consultants and employees
Type of professional work insured
Turnover
Location of work
Details of previous and ongoing claims
Commencement date
Policy period
The uninsured
excess
Indemnity limit
Premium
Person of Contact

Question 7

What is Fisher German’s level of PII cover?

Answer 7

£35 million – £25 million in any one claim

Question 8

Give me an example of when you have acted with integrity

Answer 8

When undertaking a valuation in Leicestershire, I ensured that I undertook sufficient due diligence and verified the quality of the comparable with the selling agent.

Question 9

Give me an example of when you have provided a high standard of service.

Answer 9

When undertaking a valuation in Leicestershire, I spoke to the agents to verify information when collating comparables, to ensure that I provided the most accurate opinion of value

Question 10

Give me an example of when you have acted in a way that promotes trust in the profession.

Answer 10

When undertaking a valuation in Leicestershire, I undertook a conflict of interest check to ensure that I was acting in the best interest of all clients.

Question 11

Give me an example of when you have taken responsibility

Answer 11

When undertaking a valuation in Leicestershire, I took responsibility by ensuring that the client received the report within the agreed time scale.

Question 12

What would you do if you were asked to do something unethical?

Answer 12

Refer to the ethics decision tree speak to someone more senior.

I would whistleblow if required e.g. I would report suspected Money Laundering to the MLRO who would take the matter

Question 13

What has the RICS produced to help surveyors make ethical decisions?

Answer 13

Ethics Decision Tree

Question 14

What is in a ToE?

Answer 14

Client
Service
Fee Basis
Timescale
Client Money Handling
Complaints Procedure
Conflict of Interest
Data Protection
Limitation of Liability
Declaration by Client (signature and date)

Question 15

Why is it important to clearly identify your terms and scope of service?

Answer 15

So that if the job evolves, it allows you to terminate or revise your fee and terms.

Question 16

When did the Rules of Conduct come into effect?

Answer 16

February 2022

Question 17

Why must a Chartered Surveyor remain solvent?

Answer 17

 May impair decision making
 May not act in the best interest of the client
 More susceptible to take bribes
 Does not reflect well on ability to manage client’s finances

Question 18

What are the CDP requirements for a chartered surveyor?

Answer 18

20 hrs a year, 50% formal
Cut off 31 December
Every 3 years must review ethics CPD

Question 19

What are CPD requirements for APC?

Answer 19

48 hours, 24 of which must be formal

Question 20

What are the repercussions of not meeting CPD?

Answer 20

Caution
Caution and fine
Disciplinary Panel
Name Published

Question 21

What are the Appendices of the Rules of Conduct?

Answer 21

Rules of Obligations for Members and Firms