RICS guidance material

Question 1

What are the 5 RICS Rules of Conduct?

Answer 1

1. Be honest and act with integrity
2. Be professionally competent
3. Provide a good quality and diligent service
4. Treat others with respect
5. act in the public interest

Question 2

Where would you reference for RICS guidance on conflicts of interest?

Answer 2

RICS Professional Standard, Conflicts of interest, 2017 (reissued in 2023 as a professional standard, previously a professional statement)

Question 3

Where would you reference for RICS guidance on Complaints handling?

Answer 3

RICS Guidance note on Complaints Handling, 2016 *

Question 4

Where would you reference for RICS guidance on professional indemnity insurance requirements? and what are they?

Answer 4

RICS: Professional Indemnity Insurance Requirements, May 2022
* £0-£100,000 turnover – minimum level of indemnity £250,000 per claim
* £100,000-£200,000 - £500,000 per claim
* £200,000 - £1m per claim

Question 5

Where would you reference for RICS guidance on money handling

Answer 5

RICS Professional Statement ‘Client Money Handling’, 2019

Question 6

What legislation would you reference in relation to money laundering

Answer 6

Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

Question 7

What guidance would you reference when inspecting a site?

Answer 7

RICS Guidance Note ‘Surveying Safely’ – Health and safety principles for property professionals’, second edition, 2018
Health and Safety at Work, 1974*

Question 8

what legislation do you follow if you identify an injury at work

Answer 8

RIDDOR: Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR)

Question 9

What legislation would you reference if you were aware of asbestos in a building?

Answer 9

RICS Guidance note, “Asbestos: Legal Requirements and Best Practices for Property Professionals” 2021

Question 10

What legislation do you adhere to when handing clients data?

Answer 10

UK General Data Protection Regulation and the Data Protection Act 2018*

Question 11

What legislation do you adhere to when considering diversity and inclusion?

Answer 11

UK Equality Act

Question 12

what sustainability legislation are you aware of? and what is its implications?

Answer 12

Minimum Energy Efficiency Standards, 2015 (MEES) *
illegal to let a property which isn’t above an E rating.
The UK Government has indicated that the minimum MEES threshold will rise from an E to a C by 2027, and a B from 2030.

Question 13

when conducting inspections what RICS guidance do you follow?

Answer 13

RICS Professional Standard ‘Surveying Safely’, 2018

Question 14

Which two RICS documents do you follow when you undertake measurements of a property? and what do they outline?

Answer 14

RICS Code of Measuring Practice 2015
- best practice document for all measurement exercises except for offices and residential properties
RICS Professional statement Property Measurement 2nd edition *
- Outlines IPMS definitions and applications
- Recommended to dual report IPMS and NIA

Question 15

What guidance do you adhere to when undertaking a valuation?

Answer 15

RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022

and

RICS Red Book UK Supplemental Update, October 2023 effective from May 2024

Question 16

Where would you reference for understanding what to include in valuation terms of engagement?

Answer 16

RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS1 (Valuation technical and performance standards)

Question 17

Where would you reference for understanding what to include in valuation report?

Answer 17

RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS 3 (Valuation technical and performance standards)

Question 18

Where would you reference for understanding definitions for valuations bases of value?

Answer 18

RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS4 (Valuation technical and performance standards)

Question 19

What guidance would you reference when conducting a development appraisal

Answer 19

RICS Guidance Note ‘Valuation of Development Property’ 2019

Question 20

What guidance do you consider when conducting leasing and lettings?

Answer 20

RICS Professional Statement: Code for Leasing Business Premises, 2020 *

Estate Agents Act 1979

Misrepresentations Act 1967

Question 21

What guidance do you undertake when undertaking property management work?

Answer 21

RICS Professional Statement - Real Estate Management 2016 *

Question 22

What guidance do you consider when working on service charges?

Answer 22

RICS Professional Statement – Service Charges in Commercial Property, 2018

Question 23

What legislation do you consider when dealing with a lease renewal?

Answer 23

Landlord and Tenant act 1954

Question 24

Can you talk me through the different sections of the LTA 1954?

Answer 24

Section 23 relates to what is required for a tenancy to be protected

Section 24: a tenancy only ends when one party serves a notice on the other

section 25, hostile or non hostile notice served by a landlord on a tenant

section 26 notice served by a tenant on a landlord requesting a new tenancy

section 27 notice is a tenant notice on a landlord stating they want to leave with a 3 month notice period