Ethics, Rules Of conduct & Professionalism

Question 1

What are the 5 Rules of conduct?

Answer 1

1. Honesty, integrity and compliance with professional obligations
2. Professional competence
3. Diligent service
4. Respect and Diversity
5. Public interest and responsibility

Question 2

RICS Guidance?

Answer 2

• Countering bribery and corruption, money laundering and terrorist financing, 2019 (PS)
• Client money handling, 2019 (PS)
• Risk, liability and insurance, 2021 (GN)
• Conflicts of Interest, 2017 (PS)
• Complaints handling, 2016 (GN)

Question 3

Legislation?

Answer 3

• UK Money Laundering Regulations, 2017
• Proceeds of crime act, 2002
• Bribery Act 2010
• Sanctions and Anti-Money Laundering Act, 2018

Question 4

Negligence Case Law?

Answer 4

Hart v Large - Negligence in not finding damp and recommending a House Buyer’s Survey rather than Professional Consultant’s Certificate prior to purchase. Broader damages awarded than just difference in value.

Question 5

Duty of Care case law?

Answer 5

Burgess v Lejonvarn - Professionals providing free advice still owe a duty of care in tort even if no contract exists (though this claim failed due to lack of evidence)

Question 6

What are the 3 professional obligations of members?

Answer 6

• Comply with CPD requirements
• Cooperate with RICS
• Provide all information reasonably requested by the standards and regulation board

Question 7

What are the 7 professional obligations of firms?

Answer 7

• Must publish a complaints handling procedure
• Must have minimum PII
• Sole principal must have arrangements in place (login etc)
• Must cooperate with RICS
• Must provide all information reasonably requested by the Standards and Regulation Board
• Must denote on business literature that they are regulated by RICS
• Must report to RICS any matter as required under the rules for registration of firms