Hot topics / Essential Information

Question 1

What insurances are required for setting up a practice?

Question 2

What are the rules of conduct?

Question 3

Why did the global professional and ethical standards change?

Question 4

What are the RICS obligations of firms?

Answer 4

1. Publish their complaints handling procedure, which includes an ADR provider, and maintain a complaints log.
2. Firms must ensure all previous and current work is covered by adequate PI that meets RICS standards
3. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work
4. Firms must cooperate with RICS
5. Provide all information reasonably requested by the Standards and Regulations board
6. Firms must display on their business literature, in accordance with the RICS’ published policy on designation, a designation to denote that they are regulated by RICS.
7. Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms

Question 5

What are the professional obligations of members?

Answer 5

1. Members must carry out adequate CPD - 20 hours per year incl. 10 hours formal
2. Members must cooperate with RICS.
3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board.

Question 6

What are the procedures for handling clients money?

Question 7

What is the client money protection scheme?

Question 8

Explain your company’s complaints handling procedure

Question 9

What are the PII requirements?

Question 10

What are the minimum levels of indemnity?

Question 11

What is maximum uninsured excess and what are the requirements?

Question 12

What is Merrit V babb?

Question 13

What are the limitation periods for PII?

Question 14

What is PII and what is the purpose of it?

Question 16

What are the procedures for setting up in practice?

Answer 16

1. Contact RICS for guidance and obtain a company start up pack
2. Inform RICS and register for regulation
3. Appoint a contact officer for all RICS communication
4. Prepare a complaints handling procedure
5. Obtain professional indemnity insurance cover
6. Abide by the Rules of Conduct for Firms
7. Use the designation ‘regulated by RICS’ on all practice material

Question 17

What insurances are required for setting up a practice?

Answer 17

1. Professional Indemnity Insurance
2. Employers Liability
3. Public Liability
4. Buildings insurance of an office premises

Question 18

What is employer’s liability insurance?

Question 19

What is Public Liability Insurance?

Question 20

What is buildings insurance?

Question 21

What are the Annual Returns required by RICS regulated firms

Answer 21

Annual returns are required to be submitted to RICS. this can be carried out online. Failure to do so leads to a fixed pentaly.

These include:

1. Type of business and staffing
2. Nature of clients
3. Training provision
4. Complaints handling procedures details and records
5. PI insurance details
6. Confirmation whether the firm holds the client’s money.