Ethics, Professionalism and Rules of Conduct

Question 1

What are the RICS’s Principles of better regulations

Answer 1

Proportionality
Accountability
Consistency
Targeting
Transparency

Question 2

What is rule One

Answer 2

Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS

Question 3

Members and firms must be h???, act with i??? and comply with their
professional obligations, including obligations to RICS

Answer 3

Members and firms must be honest, act with integrity and comply with their
professional obligations, including obligations to RICS

Question 4

What is rule 2

Answer 4

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Question 5

Members and firms must maintain their professional c….. and ensure
that services are provided by competent i……. who have the necessary
e………

Answer 5

Members and firms must maintain their professional competence and ensure
that services are provided by competent individuals who have the necessary
expertise.

Question 6

What is rule 3

Answer 6

Members and firms must provide good-quality and diligent service.

Question 7

Members and firms must provide g…….. and d……… service.

Answer 7

Members and firms must provide good-quality and diligent service.

Question 8

What is rule 4

Answer 8

Members and firms must treat other with respect and encourage diversity and inclusion.

Question 9

Members and firms must treat others with r……. and encourage d…….. and
i……..

Answer 9

Members and firms must treat others with respect and encourage diversity and
inclusion.

Question 10

What is rule 5

Answer 10

Members and firms mist act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

Question 11

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.

Answer 11

Members and firms must act in the p………… , take responsibility for their a……. and act to prevent h…… and maintain public c……… in the profession.

Question 12

Why did the rules of conduct change?

Answer 12

Previous rules had been in place since 2007.

One single document to enable greater clarity

Question 13

What should chartered members need to do on a annual basis

Answer 13

20 Hours CPD (10 of which are formal)

Members must cooperate with RICS

Must provide all information requested by the Standards and Regulation Board.

Question 14

Why does the RICS have Rules of Conduct

Answer 14

To provide a framework

Important for the Institution and members.

Question 15

Your brother in law is a chartered surveyor, you find out he is working outside of the rules of conduct. What do you do?

Answer 15

Verity the facts and remind him of his duties.

Inform the RICS specifying my relationship to the person and any corrective action my brother has put in place.

Question 16

In the case of a breach of a rule of conduct, what is the procedure?

Answer 16

Not every shortcoming will rise to proceedings.

A formal investigation by the Head of Regulation of the RICS

RICS and request information or visit and inspect to investigate

Members must cooperate.

Question 17

How can disciplinary proceedings be triggered

Answer 17

Complaint to the RICS

An Allegation by a client or third Party

Information received or established by the RICS.

Question 18

What actions can be imposed after the end of the investigation stage

Answer 18

Fixed penalty

Consent order

Disciplinary panel.

Question 19

What are fixed penalties

Answer 19

A fine by the RICS

Question 20

What is a consent order

Answer 20

Written agreement by the RICS and a member or firm

Can require corrective actions or restrain them from taking certain actions for a period of time.

Question 21

When is a disciplinary panel applicable?

Answer 21

More serious breaches of conduct
panel will usually be held in public
Burden of proof is on the RICS
Balance of probabilities approach.

Question 22

What sort of breaches require a disciplinary panel?

Answer 22

Fraud, dishonesty, convection of a serious criminal offence, gross incompetence, misappropriation of a client money.

Question 23

What procedures must you follow when starting up a new practice?

Answer 23

Obtain RICS starter pack

Inform RICS

Appoint contact officer

Prepare a complaints handling procedure

Obtain PI cover

Set up specific bank account for clients money

Abide by the Rules of Conduct.

Question 24

What insurances would you need if you were starting up your own firm.

Answer 24

Professional Indemnity Insurance

Employers Liability

Public Liability

Buildings Insurance for an office or place of work.

Question 25

What do registered firms have to send to the RICS annually?

Answer 25

Perform an annual return. It states: type of business, staffing, nature of clients, training provisions, complaints handling and records, PI insurance and whether the firm holds clients money.

Question 26

What processes do regulated firms need to put in place when handling clients money?

Answer 26

"Preserve the security of clients' money which does not belong wholly to the company" Set procedures must be in place to handle clients money.

Question 27

What are the different types of clients money accounts

Answer 27

General accounts hold money for more than one client Discrete accounts reference a single named client.

Question 28

What is run off cover?

Answer 28

Insurance in place for when a surveyor or firm no longer exists. No run off cover is a form of negligence.

Question 29

What limitation periods are associated with underhand and deed forms of contract.

Answer 29

Executed as underhand = 6 years Executed as deed = 12 years

Question 31

What was the complaint handling procedure include? 

Answer 31

Processes must include a readiness mechanism It must be clear, transparent and impartial A record must be taken at the point of complaint A complaint must be investigated within 28 days PI must be informed Must be two stage 

Question 32

What do you do if you receive a letter of complaint? 

Answer 32

Except receipt of the letter and inform the complaint handling officer Provide any additional information and ensure professional indemnity insurers is notified 

Question 33

What is the clients money protection scheme

Answer 33

Money protection scheme operated by the RICS

Question 34

What can I use to categories CPD

Answer 34

Use the RICS decision tree

Question 35

What is the purpose of professional indemnity insurance

Answer 35

Provides financial cover in the event of a breach in professional duty (neglect, error or omission)

Question 36

What benefit does it provide for professionals and clients

Answer 36

Professional is protected from financial loss Client is able to recover financial loss

Question 37

What are the main elements of a fee proposals

Answer 37

Terms and conditions Scope of services Exclusions Assumptions