RICS guidance material Flashcards
What are the 5 RICS Rules of Conduct?
- Be honest and act with integrity
- Be professionally competent
- Provide a good quality and diligent service
- Treat others with respect
- act in the public interest
Where would you reference for RICS guidance on conflicts of interest?
RICS Professional Standard, Conflicts of interest, 2017 (reissued in 2023 as a professional standard, previously a professional statement)
Where would you reference for RICS guidance on Complaints handling?
RICS Guidance note on Complaints Handling, 2016 *
Where would you reference for RICS guidance on professional indemnity insurance requirements? and what are they?
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
Where would you reference for RICS guidance on money handling
RICS Professional Statement ‘Client Money Handling’, 2019
What legislation would you reference in relation to money laundering
Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
What guidance would you reference when inspecting a site?
RICS Guidance Note ‘Surveying Safely’ – Health and safety principles for property professionals’, second edition, 2018
Health and Safety at Work, 1974*
what legislation do you follow if you identify an injury at work
RIDDOR: Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 1995 (RIDDOR)
What legislation would you reference if you were aware of asbestos in a building?
RICS Guidance note, “Asbestos: Legal Requirements and Best Practices for Property Professionals” 2021
What legislation do you adhere to when handing clients data?
UK General Data Protection Regulation and the Data Protection Act 2018*
What legislation do you adhere to when considering diversity and inclusion?
UK Equality Act
what sustainability legislation are you aware of? and what is its implications?
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.
when conducting inspections what RICS guidance do you follow?
RICS Professional Standard ‘Surveying Safely’, 2018
Which two RICS documents do you follow when you undertake measurements of a property? and what do they outline?
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
What guidance do you adhere to when undertaking a valuation?
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
Where would you reference for understanding what to include in valuation terms of engagement?
RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS1 (Valuation technical and performance standards)
Where would you reference for understanding what to include in valuation report?
RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS 3 (Valuation technical and performance standards)
Where would you reference for understanding definitions for valuations bases of value?
RICS Valuation – Global Standards, November 2021 ‘The Red Book’, effective from January 2022 VPS4 (Valuation technical and performance standards)
What guidance would you reference when conducting a development appraisal
RICS Guidance Note ‘Valuation of Development Property’ 2019
What guidance do you consider when conducting leasing and lettings?
RICS Professional Statement: Code for Leasing Business Premises, 2020 *
Estate Agents Act 1979
Misrepresentations Act 1967
What guidance do you undertake when undertaking property management work?
RICS Professional Statement - Real Estate Management 2016 *
What guidance do you consider when working on service charges?
RICS Professional Statement – Service Charges in Commercial Property, 2018
What legislation do you consider when dealing with a lease renewal?
Landlord and Tenant act 1954
Can you talk me through the different sections of the LTA 1954?
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
