Ethics, Rules of Conduct and Professionalism

Question 1

When did RICS receive it’s Royal Charter?

Answer 1

1881

Question 2

What is RICS’ motto?

Answer 2

‘Est modus in rebus’
‘There is measure in all things’

Question 3

What are the principles of better regulation?

Answer 3

• Proportionality
• Accountability
• Consistency
• Targeting
• Transparency

Question 4

What was the Levitt review?

Answer 4

A review conducted in 2021 into Treasury management issues.

Question 5

What was the Bichard Review?

Answer 5

A review of RICS’ purpose, governance and strategy which recommended:
- separating commercial from other activities
- re-invigorating MATRICS
- 5 yearly independent reviews
- Revised corporate structure

Question 6

Who is the President of RICS?

Answer 6

Ann Gray

Question 7

Who is the CEO of RICS?

Answer 7

Justin Young

Question 8

What’s included in a RICS Regulated Firm’s annual return?

Answer 8

• Business Type
• Staffing
• Statutory regulated activities
• Nature of clients
• Complaints Handling Procedure
• Professional Indemnity Insurance
• Contact Office

Question 9

How many hours CPD must RICS members undertake per year?

Answer 9

20

Question 10

What is RICS’ first Rule of Conduct?

Answer 10

Honesty and acting with integrity, complying with both professional and RICS’ obligations.
Example: transparency with clients about fees and services

Question 11

What is RICS’ second Rule of Conduct?

Answer 11

Maintaining professional competence, ensuring services are provided by competent individuals with necessary expertise
Example: undertaking sufficient CPD each year

Question 12

What is RICS’ third Rule of Conduct?

Answer 12

Providing good quality service and diligent service
Example: understanding clients’ needs and ovbjectives before accepting work

Question 13

What is RICS’ fourth Rule of Conduct?

Answer 13

Treat others respectfully and encourage diversity and inclusion
Example: developing an inclusive workplace culture

Question 14

What is RICS’ fifth Rule of Conduct?

Answer 14

Acting in the public interest, taking responsibility for their actions and acting to prevent harm and maintaining public confidence in profession
Example: managing professional finances responsibly

Question 15

What should be considered for a new Engagement?

Answer 15

• Skill level and competency of surveyor
• Appropriate level of PII?
• Any conflicts of interest?
• Due dilligence on client completed?
• Basis of fee clearly set out?
• Deadline for work achieveable?
• Payment terms
• Declaration of referral fees

Question 16

Bame the two stages of a Complaints Handling Procedure

Answer 16

1. Internal consideration of the complaint
2. Indepedent redress if firm cannot resolve complaint

Question 17

What is Professional Indemnity Insurance?

Answer 17

Protects firms from negligence claims
made by clients unsatisfied with the professional services provided to them.

Question 18

Minimum limits of indemnity based on last year’s turnover:

Answer 18

£100K or less: £250K minimum
£100K - £200K: £500K minimum
£200K and above: £1m minimum

Question 19

What is run off PII cover?

Answer 19

Protects firms or members in the event of claims after they stop trading.

Question 20

PII maximum levels of uninsured excess based on last year’s turnover:

Answer 20

£10m or less = 2.5% (or £10,000)
Above £10m = no limit