RICS ETHICS

Question 1

What is the meaning of the RICS Motto

Answer 1

There is measure in all things

Question 2

What is the mission statement of the RICS

Answer 2

1 - Maintain and ensure consistency and trust in the profession

2 - Provide professional support/development to members to offer high standards and services

3 - Promoting trust within the profession

Question 3

When was RICs founded

Answer 3

1868

Question 4

How is RICS Structured

Answer 4

Privy Council

Governing Council

Boards and Committees

Question 5

RICS 5 Principles of better regulation

Answer 5

Proportionality
Accountability
Consistency
Targeting
Transparency

Question 6

What is the difference between RICS ethics and rules

Answer 6

Ethics are a set of moral values

Rules of conduct are a framework we work to

Question 7

Is there a conflict of interest if the QS and EA are from the same company

Answer 7

The EAs role is often to review and approve the QS’s work they need to ensure fair and unbiased decision making.

The RICS does not prohibit a firm acting as both QS or EA on the same project

Question 8

What are the 3 types of conflict of interest

Answer 8

Party conflict - Where members or firms act for multiple parties eg representing the buyer and seller

Own interest conflict - Where members personal or financial interests could interfere such as having a stake in a property being valued

Confidential information conflict - When a member has access to sensitive information from one client which can benefit another client