Ethics, rules of conduct and professionalism

Question 1

Why do you want to become a member of RICS?

Answer 1

Professional recognition: Becoming a member of RICS demonstrates to clients, employers, and colleagues that I have achieved a high level of professionalism and expertise in your field.

Membership in RICS can provide access to a wide range of resources, networking opportunities, and professional development programs that can help advance my career and achieve goals. I can take advantage of RICS’ Continuing Professional Development (CPD) scheme, which provides ongoing learning opportunities and recognition for your achievements.

RICS members are bound by a strict code of ethics and professional standards, which emphasizes the importance of integrity, objectivity, and accountability in all aspects of your work. By becoming a member, I demonstrate my commitment to these values and willingness to uphold them throughout my career.

Question 2

What are the key functions of RICS?

Answer 2

Setting and enforcing professional standards: RICS sets global standards for the property and construction industries, covering areas such as ethics, conduct, and competence. The organization also has a disciplinary process in place to investigate and take action against members who breach these standards.

Providing education and training;
Accrediting educational programs
Conducting research and publishing guidance
Promoting sustainability and social responsibility

Question 3

What is the role of RICS?

Answer 3

RICS, or the Royal Institution of Chartered Surveyors, is a professional body that represents and regulates property professionals worldwide. The organization was founded in 1868 in London, UK, and it currently has over 134,000 members operating in more than 148 countries.

The main role of RICS is to promote and enforce the highest standards of professionalism, ethical behavior, and competence in the property and construction sectors. RICS sets and maintains standards for property professionals, provides training and education, and accredits courses and qualifications.

Question 4

What is a Royal Charter?

Answer 4

In the UK, Royal Charters are granted by the monarch on the advice of the Privy Council, which is a body of advisors to the monarch. Royal Charters are typically granted to professional organizations, charities, and educational institutions that have a significant public or national role.

The granting of a Royal Charter is considered a mark of prestige and distinction, as it acknowledges the organization’s standing and contribution to society. Organizations that hold a Royal Charter are known as “chartered” organizations and are allowed to use the prefix “Royal” in their name.

Question 5

Who is the current RICS president?

Answer 5

Ann Gray 2023

Question 6

What do you understand by the term self-regulation?

Answer 6

Self-regulation is a process in which an industry or profession sets and enforces its own standards of conduct and practice, rather than relying on external regulators such as government agencies. Self-regulation typically involves the development and implementation of codes of conduct, standards, and guidelines by a professional body or industry association.

Question 7

Can you tell me what you understand by the principles of better regulation?

Answer 7

Transparency, consistency, evidence based, targeting , responsive to changes

Question 8

What is a Bye-Law?

Answer 8

bye-law is a rule or regulation made by RICS for the regulation of its members and the profession of surveying. RICS bye-laws set out the standards of professional conduct and ethical behavior expected of RICS members. RICS bye-laws cover a wide range of topics, including the qualifications required for membership, the professional obligations of members, the use of the RICS designation and logo, and the procedures for handling complaints and disciplinary proceedings. They are designed to ensure that RICS members adhere to high ethical and professional standards, and to protect the interests of clients, the public, and the profession as a whole.

Question 9

Explain to me the new RICS Rules of Conduct - what do they replace?

Answer 9

The Royal Institution of Chartered Surveyors (RICS) recently implemented a new set of Rules of Conduct, which replaced the previous RICS Rules of Conduct 2017.

The new RICS Rules of Conduct aim to strengthen professional ethics, transparency, and accountability for RICS members and firms, aligning with RICS’ core values and global standards. The new rules emphasize the importance of ethical behavior, integrity, and impartiality, ensuring that RICS professionals act in the public interest, avoid conflicts of interest, and maintain the highest standards of professionalism.

The key changes in the new RICS Rules of Conduct include:

A simplified, more transparent code of ethics that emphasizes the public interest, independence, and professionalism.

A clearer definition of conflicts of interest, with more guidance on how to identify and manage them.

Stronger provisions for whistleblowing, to encourage members and firms to report misconduct and unethical behavior.

Greater emphasis on the importance of training and professional development to maintain high standards of professionalism.

Question 10

When do the new Rules of conduct take into effect?

Answer 10

the new Rules of Conduct came into effect on 2 February 2022.

Question 11

Who do new ROC relate to?

Answer 11

The new RICS Rules of Conduct relate to all RICS members and firms, regardless of their location or area of practice.

Question 12

What are the 6 ethical principles that the Rules of Conduct are based on?

Answer 12

Integrity, objectivity, professional competence, confidentiality, professional behaviour, respect for the public interest

Question 13

What are the 5 Rules?

Answer 13

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 14

Give an example behaviour for each rule.

Answer 14

1. effective processes to identify conflicts of interest, open and transparent about fees, client’s money safe, no corruption or bribery
2. only undertake work that they have the knowledge, skills and resources to
   carry out competently, identify development needs, plan and undertake continuing professional development (CPD) activities
   to address them and are able to demonstrate they have done so, stay up to date to changing legislations and codes of practice
3. agree with clients the scope of the service to be provided and its limitations, and timescales for the work; inform clients that they are regulated by RICS and that they may need to disclose records to RICS where required for regulatory purposes.
4. treat everyone fairly and do not discriminate against anyone on any
   improper grounds, including age, disability, gender reassignment, marriage or civil partnership, pregnancy or maternity, race, religion or belief, sex or sexual orientation.
5. respond to complaints made against them promptly, openly and professionally; question practices and decisions that they suspect are not right, and raise concerns

Question 15

What are the core professional obligations of firms and members to RICS?

Answer 15

Obligations for members; comply with CPD requirements, cooperate with RICS, promptly provide all information reasonably requested by the Standards and Regulation Board
Obligations for firms; publish complaints handling procedure, including ADR provider approved by RICS and maintain complaints log, all previous and current work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS; sole principal make appropriate arrangements for professional work to continue in the event of incapacity, death; cooperate with RICS; provide information to SRB; business literature to denote that they are regulated by RICS; report any matter required under the Rules for the Registration of Firms

Question 16

Who is a Responsible Principal?

Answer 16

a Responsible Principal is a person who has overall responsibility for the conduct of a registered firm’s business and compliance with RICS regulations. The Responsible Principal is typically a principal or director of the firm who is also a member of RICS.

The role of the Responsible Principal includes ensuring that the firm meets the eligibility criteria for registration with RICS, including having appropriate professional indemnity insurance and complying with RICS regulations and ethical standards. The Responsible Principal is also responsible for ensuring that the firm’s staff members and other principals or directors comply with RICS regulations and ethical standards.

Question 17

What is a phoenix firm?

Answer 17

A phoenix firm is a term used to describe a company that has been created to replace a previous company that has become insolvent or is experiencing financial difficulties.

Question 18

What happens if a firm cannot comply with the eligibility criteria?

Answer 18

If a firm cannot comply with the eligibility criteria for registration with RICS (Royal Institution of Chartered Surveyors), the firm may be unable to register with RICS or may have their registration revoked if they are already registered. non-compliance with RICS regulations and ethical standards can result in disciplinary action against individual members of the firm, including fines, suspension, or expulsion from RICS membership. This can further damage the reputation of the firm and its individual members.

Question 19

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?
When did these rules last change?

Answer 19

permitted use - only member or registered firm, not alter
02/02/2022

Question 20

What disciplinary procedures can the RICS impose?

Answer 20

Warning, fines, suspension, expulsion

Question 21

In what circumstances can the disciplinary procedures be imposed?

Answer 21

Breach of RICS rules and regulations, Professional misconduct, Non-payment of fees

Question 22

When did RICS last update their disciplinary panel rules?

Answer 22

the most recent update to the RICS Disciplinary Panel Rules was made in December 2020. The updated rules, known as the RICS Disciplinary, Registration and Appeal Panel Rules 2020, replaced the previous version which was published in 2019.

The 2020 update introduced some changes to the disciplinary process, including the creation of a new panel, the Registration Panel, which is responsible for considering applications for registration, re-registration and restoration to the RICS register. The update also clarified the procedures for managing complaints and conducting investigations, and made some changes to the composition and procedures of the disciplinary and appeal panels.

Question 23

What money laundering regulations or legislation are you aware of?

Answer 23

Federal Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law).

The AML Law establishes the legal framework for AML/CFT in the UAE and outlines the obligations of various entities, including financial institutions, designated non-financial businesses and professions and others, to prevent and detect money laundering and terrorist financing activities.

Question 24

What bribery legislation are you aware of?

Answer 24

Federal Law No. 3 of 1987 on Issuance of Penal Code: This law criminalizes bribery and corruption, and individuals found guilty can face imprisonment and/or fines.

Question 25

What is a bribe?

Answer 25

A bribe is a form of payment, gift, or favor given or promised to someone in a position of authority or trust, with the intention of influencing their behavior or decision-making in favor of the giver.

Question 26

What constitutes an offence under relevant money laundering regulations?

Answer 26

Knowingly carrying out a financial transaction that involves proceeds of a crime.
Knowingly providing assistance, counseling, or advice to individuals or entities involved in money laundering.
Obstructing, delaying, or preventing investigations into money laundering.
Providing false or misleading information to authorities during an investigation into money laundering.

Question 27

How long should you keep anti money laundering records for?

Answer 27

According to the law, businesses and institutions that are subject to AML regulations must retain records related to their AML activities for a minimum period of five years. This includes records related to customer identification, transactions, and suspicious activity reporting.

Question 28

What is Professional Indemnity Insurance (PII)?

Answer 28

A type of insurance that provides protection to professionals against legal claims and compensation costs arising from their professional services or advice.

Professional Indemnity Insurance is designed to cover the costs of legal representation and compensation if a client suffers financial loss or damage as a result of the professional’s negligence, error, or omission.

Question 29

Can you tell me about the RICS requirements in relation to PII?

Answer 29

Members must provide evidence of their PII cover on an annual basis to RICS to demonstrate compliance with RICS.

Question 30

What would you do if you received a notice of a PII claim from a client or their solicitor?

Answer 30

The first step is to notify PII provider as soon as possible. Provide the insurer with a copy of the notice and any relevant documents.
Seek legal advice.
Gather evidence.

Question 31

Tell me what you understand about Complaints Handling Procedures (CHP).

Answer 31

Complaints Handling Procedures (CHP) are the set of processes and policies that organizations put in place to effectively handle complaints from clients. The aim of a CHP is to ensure that complaints are dealt with fairly, promptly, and efficiently, and that appropriate action is taken to resolve the complaint and prevent similar issues from arising in the future.

Question 32

When and how can the RICS be involved in a complaint about a firm or member?

Answer 32

RICS can become involved in a complaint about a firm or member if the complaint relates to a breach of RICS professional standards or ethical codes.

Complaints can be made directly to RICS by anyone who has concerns about the professional conduct of a member or firm. Complaints can be made in writing or online, and should include details of the alleged breach

Question 33

Can you tell me about the CPD requirements for members of RICS?

Answer 33

a minimum of 20 hours, 10 of which is formal

Question 34

Why CPD is important?

Answer 34

Maintain and enhance professional knowledge, skills, and expertise throughout the careers. CPD is an important part of being a member of RICS, as it helps to promote high standards of professional practice and ensures that members are up-to-date with the latest developments in their field.

Question 35

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

Answer 35

RICS’ guidance on conflicts of interest is based on four main principles:

Disclosure: Surveyors must disclose any conflicts of interest to their clients as soon as possible. This includes any financial or other interests that could affect their objectivity or independence.

Informed Consent: Clients must be provided with enough information to make an informed decision about whether to proceed with the surveyor’s services despite the conflict of interest.

Avoidance: Surveyors should take steps to avoid conflicts of interest wherever possible, by ensuring that they have no financial or personal interests that could conflict with their duties to act in their clients’ best interests.

Mitigation: If a conflict of interest cannot be avoided, surveyors should take steps to mitigate the risks. This might include using an independent third party to oversee the work, limiting the scope of their services, or withdrawing from the engagement altogether.

Question 36

What is double dipping (dual agency)?

Answer 36

Double dipping, also known as dual agency, occurs when a real estate agent or broker represents both the buyer and the seller in a transaction

Question 37

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

Answer 37

RICS Professional Statement Countering bribery and corruption, money laundering
and terrorist financing
1st edition, February 2019

Risk assessment: Members are encouraged to carry out a risk assessment to identify the areas of their business that may be vulnerable to bribery, corruption, or money laundering.

Policies and procedures: Members are advised to implement robust policies and procedures to prevent and detect bribery, corruption, and money laundering. This may include procedures for due diligence on clients, employees, and business partners, as well as for monitoring and reporting suspicious activities.

Training and awareness: Members are encouraged to provide training and awareness programs to employees and business partners to ensure they are aware of their responsibilities and understand the risks of bribery, corruption, and money laundering.

Reporting: Members are required to report any suspicions of bribery, corruption, or money laundering to the relevant authorities and to RICS, as appropriate.

Due diligence: Members are expected to carry out due diligence on clients, employees, and business partners, to identify any potential risks of bribery, corruption, or money laundering.

Question 38

What are the current RICS rules for registration of firms?

Answer 38

Rules for the registration of firms with effect from 02 February 2022

Required - if 50% are RICS members and if provide surveying services to public

An application to register for regulation by RICS must:
-submit an application to RICS for registration, including information on the firm’s structure, management, financial standing, and professional indemnity insurance.
-agree that RICS may share relevant information about the Firm with government or other regulatory bodies as appropriate and
-agree that if RICS declines to register the Firm, RICS may publish its decision.

Question 39

What are the registration eligibility criteria?

Answer 39

the Firm provides surveying services to the public
at least 25% of the Firm’s Principals are RICS Members.

Question 40

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

Answer 40

The logo can only be used in accordance with the RICS brand guidelines, which stipulate the permitted colors, size, and placement of the logo. The “Regulated by RICS” designation can only be used if the individual or firm is regulated by RICS and has agreed to comply with the institution’s standards and codes of conduct.

Question 41

What RICS guidance relates to handling client money?

Answer 41

05 October 2022
RICS Professional Statement on Client Money Handling 1st edition: This professional statement sets out the requirements for RICS-regulated firms and RICS members when handling client money.

Question 42

What do the RICS Rules of Conduct say about client money?

Answer 42

The RICS Rules of Conduct require that firms and members:

Keep client money separate from the firm’s own money: Client money must be held in a separate designated client account and must not be mixed with the firm’s own money. The account must be operated in accordance with relevant regulations and the firm’s internal procedures.

Maintain accurate records of client money: Firms and members must maintain accurate records of all client money received, held, and disbursed, including the client’s name, the amount of money received, and the purpose for which the money was received.

Only use client money for the intended purpose: Firms and members must use client money only for the purpose for which it was intended and in accordance with the client’s instructions. Client money must not be used for any other purpose or mixed with the firm’s own money.

Provide regular reports to clients on the status of their funds: Firms and members must provide regular reports to clients on the status of their funds, including details of all transactions and the balance of the client account.

Ensure that client money is protected: Firms and members must take appropriate measures to protect client money from theft, fraud, and other misappropriation. This includes implementing appropriate security measures and ensuring that all staff involved in handling client money are appropriately trained.

Comply with relevant laws and regulations: Firms and members must comply with all relevant laws and regulations relating to the handling of client money, including anti-money laundering and financial services regulations.

Question 43

What does the annual regulatory review fee relate to?

Answer 43

The annual regulatory review fee is a fee that RICS-regulated firms are required to pay each year as part of their ongoing regulatory compliance obligations. The fee is designed to cover the costs of RICS’ regulatory activities, including:

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 help them meet their regulatory obligations.

Investigating and resolving complaints and disciplinary cases involving RICS-regulated firms.

Question 44

What is the new maxim of RICS in relation to compliance?

Answer 44

The new maxim of RICS in relation to compliance is “prevention is better than cure”. This reflects a shift in emphasis towards proactive measures to prevent breaches of ethical and professional standards, rather than reactive measures to deal with issues after they have arisen.

Question 45

What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?

Answer 45

In the RICS Regulation document on professional and ethical standards, published in June 2021, RICS sets out good practice guidelines for the use of social media by its members and regulated firms. These guidelines include:

Maintaining professional standards: Members and firms should maintain the same professional standards on social media as they would in other forms of communication. This includes being respectful and courteous, avoiding offensive or discriminatory language, and refraining from making derogatory comments about other individuals or organizations.

Being transparent: Members and firms should be transparent about their identity and their professional status when using social media. They should make it clear that any views expressed are their own and not necessarily those of their employer or RICS.

Protecting confidential information: Members and firms should take steps to protect confidential information when using social media. This includes avoiding discussing confidential information on social media platforms and ensuring that any information shared is appropriate for public dissemination.

Avoiding conflicts of interest: Members and firms should avoid using social media in a way that creates or appears to create a conflict of interest. This includes refraining from endorsing or promoting products or services that could be perceived as conflicting with their professional duties.

Complying with laws and regulations: Members and firms should comply with all applicable laws and regulations when using social media. This includes laws relating to privacy, data protection, and intellectual property.

By following these good practice guidelines, RICS members and regulated firms can help to maintain the integrity and reputation of the profession while also making effective use of social media platforms.

Question 46

Explain your understanding of the RICS Levitt review.

Answer 46

Q4 2018 - RICS Management Board Meeting
Meeting papers noted a £3m extension requirement over 45 days because of inaccurate cash flow forecasting.

Feb 2019 - Internal Treaury Audit
Concluded, “no assurance” of internal RICS Financial Controls.

Nov 2019 - Letter to President
4 Non-Executive Directors of Management Board document concerns of a lack of transparency.

Nov 2019 - Subsequent dismissal of said 4 Non-Executive Directors.

Levitt Report - Notes, an avoidable internal power struggle, rather than a cover-up. Recommendations:
1. More oversight from Governing Council and they should be briefed by management council rather than CEO
2. Whistleblowing procedure should be followed - Information should be given to RICS, not individuals.

https://www.property-elite.co.uk/post/hot-topic-highlight-rics-independent-review-by-alison-levitt-qc

Question 47

What is whistleblowing?

Answer 47

the act of reporting misconduct or illegal activity that is happening within an organization or workplace

Question 48

What does good governance mean to you?

Answer 48

Good governance includes transparency, accountability, and participation, and requires that the organization or community operates in a fair and ethical manner. It also involves having appropriate systems and controls in place to manage risk, ensure compliance with laws and regulations, and promote responsible behavior. Additionally, good governance requires that leadership and management of the organization are competent, responsible, and responsive to the needs of the organization.

Question 49

How do you ensure you comply with money laundering regulations?

Answer 49

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 (sector, equiv jurisdiction), understand the sources of funds in a transaction, identify PEPs. Keep records.

Question 50

How do you ensure you comply with your firm’s bribery and gifts policy?

Answer 50

Register any gifts received from client; if the gift is over the value of AED 550 do not accept. Prohibited are gifts of cash or cash equivalents such as shopping vouchers. In particular, 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; or
Of a nature that would cause embarrassment to CBRE
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.

Question 51

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.

Answer 51

Inform the client that the request is outside my limit of competence and I cannot fulfill the scope of work.

Question 52

How would you keep client’s money securely and safely held?

Answer 52

Keep client money separate from the firm’s own money
maintain accurate records of all client money received, held, and disbursed, including the client’s name, the amount of money received, and the purpose for which the money was received.
provide regular reports to clients on the status of their funds, including details of all transactions and the balance of the client account.
implementing appropriate security measures and ensuring that all staff involved in handling client money are appropriately trained.

Question 53

What do you understand by the term professional practice?

Answer 53

Professional practice includes a range of activities, such as maintaining a high level of expertise and knowledge in their field, providing quality service to clients, following ethical and legal standards, engaging in continuous learning and development, and contributing to the development and advancement of their profession. It is important for professionals to adhere to the standards of professional practice to ensure that they maintain the trust and confidence of their clients, colleagues, and the wider public.

Question 54

What might client money include?

Answer 54

Rent

Service charges

Interest credited to a client account

Arbitration fees

Client money held but due to be paid to contractors

Question 55

How do professional integrity and professional ethics differ?

Answer 55

Professional integrity refers to the adherence to a set of moral and ethical principles that are fundamental to a profession. It involves a commitment to honesty, transparency, and fairness, as well as a willingness to uphold ethical standards even in the face of adversity or personal gain.

Professional ethics, on the other hand, refer to the specific set of moral and ethical principles that govern the conduct and behavior of professionals within a particular field or industry. These principles may be formalized in a code of ethics or professional conduct, and they often cover 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.

Question 56

Tell me about how you would handle a client complaint.

Answer 56

If a complaint is not resolved with the relevant HOD, 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) for an individual client or
Arbitration procedure for Surveying Disputes operated by Independent Dispute Resolution Service in association with RICS

Question 57

Tell me about a conflict of interest check you have carried out.

Answer 57

Receive a request for valuation services
check previous involvement with the Project and Client
Issue an email to the entire firm with the details of the mandate and client
ask to confirm any previous/current or potential involvement and if there could be a potential conflict

Question 58

If you identified a potential or actual conflict of interest, how could you handle this?

Answer 58

-Recognize the conflict
-disclose it to all relevant parties, including your clients, colleagues, and employer
-Evaluate the impact of the conflict
-manage the conflict, such as removing yourself from the assignment
-Document the conflict and the actions taken

Question 59

Give me an example of when you have acted with integrity?
Explain how you have taken responsibility in your current role.

Answer 59

Valuation of office units in JLT - Accumed. Client has asked to increase the value, saying they need a higher figure for loan security. I explained that there are transactions that support reported value; asking prices in the market are negotiated down.

I acted honestly, transparently and ethically.

Question 60

Tell me about when you have provided a high standard of service.

Answer 60

Received a request, called a client, suggested the basis of valuation to report - Market Rent; checked for conflict of interest, requested for filled client registration form, copy of passport, trade license, VAT certificate, sent tailored ToE, scheduled inspection in due course, raised invoice, prepared a detailed report that meets scope of services, received a positive feedback.

Question 61

Tell me about how you have promoted trust in the profession.

Answer 61

Maintain professional integrity and comply with professional ethics
Always act honestly and transparently

Question 62

Tell me about how you treat clients with respect.

Answer 62

Answer to questions and requests promptly, ensure that clients comprehends the information, show empathy

Question 63

Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.

Answer 63

Register with RICS
Register with DED
Obtain permits and approvals
get PII,
Set up a business account in line with legislation
Make arrangement in the event of incapacity, death, absence from work (locum agreement)

Question 64

If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.

Answer 64

That would be considered a form of bribery and I would decline the offer. Inform my manager and legal department

Question 65

What would you do if you were asked by a client to reduce a fee proposal to win new work?

Answer 65

I would not reduce the fee and I would be transparent about the fee structure (hourly rate). If the client persists, I would suggest reducing the scope of work.

Question 66

What would you do if you became suspicious that a client was involved in money laundering?
What would you do if you became suspicious that a client was involved in terrorist activities?

Answer 66

Stop the transaction and any communication with the client, report suspicions to relevant parties such as HOD, Managing director and Legal and seek their advice, document any suspicions and communication with the client, report and cooperate with authorities (Ministry of Economy, police)

Question 67

If you were to set up in practice on your own, tell me about the types of insurance you would need.

Answer 67

PII, public liability insurance, property insurance, employer liability cover, directors and officers cover, contents insurance, business interruption insurance.

Question 68

Dubai – how did you carry out your conflict of interest (CoI) check?

Answer 68

received a request, checked for any previous involvement with the project and client, 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

Question 69

Dubai – 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?

Answer 69

received a request, checked for any previous involvement with the project and the client; COI procedure by sending an email with mandate and client name, asking to confirm any potential conflict ; identified that a colleague of mine valued the same office on behalf of the owner in a separate assignment for a different purpose (financial reporting);
I immediately informed the client about previous involvement and wrote email letters to both parties explaining the situation and asking if there are any objections to proceed. I received informed consent from both sides and saved the copies of emails in the file system. In the report I caveated about previous involvement with the project and that informed consent from both sides was received, and noted that this does not preclude myself from acting objectively, transparently, honestly and impartially

Question 70

If you are aware that another RICS member provide high valuations, how would you go about reporting him to the RICS?

Answer 70

The RICS has a professional standards and ethics team that is responsible for upholding the standards of the organization. To report a member, one can contact the RICS professional standards and ethics team and provide them with the relevant details and evidence of the alleged misconduct. The team will review the information and investigate the matter to determine whether there has been any breach of the RICS standards.

Members have a professional duty to promptly disclose the details of any other member that you reasonably believe may have breached RICS standards. The duty to speak up protects the reputation of the profession and helps RICS to uphold the public interest.

Question 71

How would you register for Valuer Registration scheme?

Answer 71

Apply online on RICS portal
Provide information about nature of valuations I undertake
Pay the fee and renew scheme registration every 12 months
Register with Taqyeem at the Land Department. Taqyeem will ensure that each valuer has the correct professional valuation experience and education. Before being legally allowed to conduct valuation services, all individuals must attend and pass an intensive course that familiarises future valuers in Dubai with the laws and ensures that they are well versed on best practices and regulations

Question 72

How would you register your firm with RICS for regulation?

Answer 72

In accordance with the RICS Rules for the Registration of Firms effective from 02 February 2021 I would contact the RICS and fill out the registration form.
Appoint a responsible principal.
Appoint a complaints handling officer, publish a complaints handling policy and keep a complaints log.
Appoint a money laundering officer.
Register with RICS Valuer Registration Scheme if carrying out Red Book valuations.
Obtain PII and send details to the RICS
Comply with accounts regulations
Staff training plan
Ensure that CPD was logged on the RICS CPD Management System
Logo kit, comply with Regulated by RICS
Sole practitioner arrangement (i.e, death, incapacity & complaints)

Question 73

Conflict of Interest types

Question 74

Information Barrier