RICS, Rules Of Conduct, Professionalism Flashcards
What is rule 1 of the RICS Rules of Conduct?
Acting with honesty and integrity
What is rule 2 of the RICS Rules of Conduct?
Acting competently. Know the market, the asset class, location and method of valuation before undertaking an instruction.
What is rule 3 of the RICS Rules of Conduct?
Client care. Provide good client care applying appropriate due diligence.
What is rule 4 of the RICS Rules of Conduct?
Treat people with respect and promote diversity and inclusion.
What is rule 5 of the RICS Rules of Conduct?
Act within the public interest
How many obligations are there for RICS members?
- Must comply with CPD. Must cooperate with RICS. Must provide reasonably requested information to the SRB.
How many obligations are there for RICS firms?
- Must publish a CHP which includes ADR provider approved by RICS and maintain a complaints log. All previous and current professional work is covered by adequate PII. Sole principal must make appropriate arrangements in case of incapacity. Cooperate with RICS. Provide information to the SRB on request. Must display on business literature a designation to denote they are regulated by RICS. Must report to RICS any matter that they are required to report under the Registration of Firms.
What is CPD? Any how much is required per year?
Continuing Professional Development. 20 hours a year. 50% formal with a formal learning outcome.
What legislation governs fraud and bribery?
The Fraud Act 2006 and the Bribery Act 2010.
What is fraud and give an example?
Reception for personal gain. E.g claiming expenses that were never incurred.
What is a bribe and give an example?
An incentive offered to, promised to, given to or received by an individual or company to improperly influence their decision making. E.g free meal for a lower RV.
What are the 5 principles of better regulation?
PACTT. Proportionality, accountability, consistency, targeting, transparency.
What is a Locum?
Somebody who temporarily fulfils the duty of another in the case of incapacity, injury, death, etc.
What is the full name of the RICS ‘Red Book’
RICS Valuation - Global Standards
What are the 6 principles to prevent bribery?
PART CAMD. Proportionality, and risk assessment, top level commitment. Communication and monitoring, due diligence.
What is your employers policy on fraud, bribery and corruption?
Zero tolerance.
What is PII?
Professional indemnity Insurance.
What is the minimum level of PII required?
<£100,000 - min £250,000
£100,000 to £200,000 - min £500,000
>£200,000 - min £1,000,000
TURNOVER
What is PII?
Cover for claims of negligence and loss.
Name one RICS approved PII provider?
Markel. On RICS website.
Who do you calculate what minimum PII is required for a new firm?
Estimate turnover.
What level of PII do you need?
Depends on turnover.
What is an MLRO?
Money Laundering Reporting Officer.
What are the 4 main types of bribe offence?
Offering the bribe. Receiving the bribe. Failing to prevent the bribe. Bribing a public official.
What should you do if you receive a complaint?
Acknowledge receipt within timeframe specified within CHP. Notify PII provider. Record in complaints log.
Why would you decline an instruction?
Not competent, client doesn’t sign ToE, conflict of interest, PII cannot be agreed.
Who is the current president of RICS?
Tina Paillet
What is the RICS futures report?
Futures Report 2020 - RICS report about the rapid change the profession is facing in terms of big data (artificial intelligence), urbanisation, drone technology, population growth, climate change, resilience, sustainability over the medium term. Change action agenda required such as building passports, new rules of conducts increasing focus on sustainability and money laundering professional standard.
RICS role : regulatesmr and standard setter
What was the Levitt report?
An 2021 independent report into the governance of the RICS. 18 recommendations.
What was the Bitchard review?
Following on from the Levitt report it looked into the purpose, governance and strategy of the RICS
