Ethics And Rules Of Conduct

Question 1

Can you tell me the 5 Global Progessional and Ethical standards

Answer 1

To act with integrity
Provide high standard of service
Act in a way which promotes trust in the profession
Treat others with respect
Take responsibility

Question 2

Tell me which two of the 5 global professional and ethical standards resonate with you the most

Answer 2

Provide high standard of service- best possible service to my client Lidl

Act with integrity - honest, open and transparent in dealings

Question 3

What steps would you need to take if you were to set up your own practice?

Answer 3

Inform RICS
Appoint contact officer
Register for regulation
Arrange PII
Set up client account for handling clients money
Set up complains handling procedure
Set up staff training and CPD

Question 4

Would you a accept a gift?

Answer 4

Yes, if reasonable and proportionate e.g coffee meal.
Infrequent
Nominal value
Deemed as acceptable in bribery act 2010

I would need to be open and transparent and keep records on gifts register (in excess of £100)

Question 5

What steps must you take for handling clients money

Answer 5

Agree terms and advise client on bank details
The clients who’ve sent the money must have access to the funds
Money must be kept separate
Interest on the account must be agreed with client
Must keep a Running balance of transaction
Account must never be overdrawn

Question 6

What are the RICS 5 principles for better regulation

Answer 6

Principles about how RICS is a self regulating body
Proportionality- any remedies imposed should be proportionate e.g late fee subscription payment. Verbal warning.
Accountability- explain why certain decisions have been taken
Consistency- treat all the same
Targeting- focusing on problem
Transparency- open and honest

Question 7

Why does the RICS have Rules of Conduct

Answer 7

To provide a framework that we can all work to
So the client knows they are getting a set level of service

Question 8

How many rules of conduct are there

Answer 8

9

Question 9

Can you name the rules of conduct for members

Answer 9

Communication
Competence
Service
CPD

Question 10

How many rules of conduct for firms

Answer 10

15

Question 11

What can you name some of the rules of conduct for firms

Answer 11

Communication
CPD
Complaints handling procedure
PII
Holding clients money

Question 12

What information to registered firms have to send to RICS annually

Answer 12

Issue annual return which consists of
Type of business and staffing
Nature of clients
Training provision
PI insurance
Complaints handling
Whether firm holds clients money