Ethics, Rules of Conduct & Professional - Level 1

Question 1

Why do you want to become a member of RICS?

Question 2

What is the role of RICS?

Question 3

What are the key functions of RICS?

Question 4

What is a Royal Charter?

Question 5

Who is the current RICS president?

Question 6

What do you understand by the term self-regulation?

Question 7

What is a Bye-Law?

Question 8

Give an example of one of the RICS Bye-Laws.

Question 9

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

Question 10

When do they take effect?

Question 11

Who do they relate to?

Question 12

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

Question 13

What are the 5 Rules?

Question 14

Give an example behaviour for each.

Question 15

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

Question 16

What disciplinary procedures can the RICS impose?

Question 17

In what circumstances can these be imposed?

Question 18

When did RICS last update their disciplinary panel rules?

Question 19

What are the different levels of action within these procedures?

Question 20

What do you understand by the term professional practice?

Question 21

What money laundering regulations or legislation are you aware of?

Question 22

What is a red flag of money laundering?

Question 23

What bribery legislation are you aware of?

Question 24

What is a bribe?

Question 25

What are the penalties for accepting a bribe?

Question 26

What are the penalties for being involved in money laundering?

Question 27

What constitutes an offence under the Bribery Act 2010?

Question 28

What constitutes an offence under the current money laundering regulations?

Question 29

How long should you keep anti money laundering records for?

Question 30

What is Professional Indemnity Insurance (PII)?

Question 31

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

Question 32

What is a PII aggregation clause?

Question 33

What does ‘claims made’ mean in terms of PII?

Question 34

Is a PII excess usually paid for per claim?

Question 35

In a negligence claim, what would help to show that you acted with consideration and due process?

Question 36

Can good record keeping help to provide a defence in a PII claim?

Question 37

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

Question 38

What is run off cover?

Question 39

What RICS requirements are there relating to run off cover?

Question 40

What changes did RICS recently make to the Minimum Approved PII Wording?

Question 41

What precedent has caselaw set in terms of keeping adequate site notes (and therefore providing a defence in a PII claim)?

Question 42

Would a dictated report avoid the need to have any written site notes?

Question 43

Explain PII requirements relating to fire safety cover and cyber cover.

Question 44

How long can a PII claim arise after the work is undertaken?

Question 45

What is the Assigned Risks Pool (ARP)?

Question 46

Who might need to access the Assigned Risk Pool?

Question 47

Explain your understanding of the RICS Guidance Note Risk, Liability and Insurance (1st Edition).

Question 48

Explain when you might agree a liability cap.

Question 49

How would set out third party reliance in Terms of Engagement?

Question 50

What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

Question 51

What is an annual return?

Question 52

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

Question 53

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

Question 54

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

Question 55

Why is CPD important?

Question 56

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

Question 57

What is double dipping (dual agency)?

Question 58

Why is double dipping (dual agency) an unacceptable practice?

Question 59

How would you close down a regulated firm?

Question 60

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

Question 61

What status does RICS guidance relating to bribery, corruption or money laundering hold?

Question 62

What are some of the key principles of this guidance?

Question 63

What must/should firms/members do to comply with the guidance?

Question 64

What are the current RICS rules for registration of firms?

Question 65

When did the current RICS rules for registration of firms last change?

Question 66

What were the current RICS rules for registration of firms key changes?

Question 67

Who is a ‘qualified member’ of RICS?

Question 68

What is a phoenix firm?

Question 69

When must a firm register for regulation?

Question 70

What are the registration eligibility criteria?

Question 71

Who is a Responsible Principal?

Question 72

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

Question 73

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

Question 74

When did ‘Regulated by RICS’ designation’ rules last change?

Question 75

What changes were made?

Question 76

Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.

Question 77

What must be included in ToE relating to firm regulation?

Question 78

What is a locum and who might need one?

Question 79

How could a sole trader set up their CHP using a locum?

Question 80

What RICS guidance relates to handling client money?

Question 81

When was this last updated?

Question 82

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

Question 83

Explain your understanding of the RICS Scheme Rules relating to client money protection.

Question 84

What are the main schemes available to firms?

Question 85

When were these last updated?

Question 86

What is the current compensation limit?

Question 87

What does the annual regulatory review fee relate to?

Question 88

What might client money include?

Question 89

How does this differ to office money?

Question 90

What are some of the key principles of the RICS Professional Statement relating to client money protection?

Question 91

Explain the key themes from the RICS Futures 2020 Report.

Question 92

Explain the potential implications of the Hart v Large case.

Question 93

Explain your understanding of precedent set in Burgess v Lejonvarn.

Question 94

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

Question 95

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

Question 96

Explain your understanding of the RICS Levitt review.

Question 97

What is whistleblowing?

Question 98

What does good governance mean to you?

Question 99

What are the key values of the interim Governing Council statement relating to ethics, behaviour and culture?

Question 100

Explain what the Pandora Papers are and the ethical issues raised within them.

Question 101

Explain what you understand by the RICS Bichard Review.

Question 102

Explain some of the recommendations of the Bichard Review.

Question 103

How will these recommendations be implemented by RICS?

Question 104

How do professional integrity and professional ethics differ?

Question 105

What is modern slavery and how would you identify red flags of it?

Question 106

Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.

Question 107

What is the Sanctions List and why should you be aware of it?

Question 108

Why was the Register of Overseas Entities introduced?

Question 109

What are the six RICS values published as a result of the Levitt review?

Question 110

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.