Rules of Conduct

Question 1

What 5 Rules apply to all?

Answer 1

1. Honesty, integrity
2. Competence
3. Quality Service
4. Diversity & Inclusion
5. Public Interest

Question 2

What 3 Professional Obligations must all RICS members comply with?

Answer 2

1. CPD
2. Cooperate with RICS
3. Must promptly provide all information requested by the standards and regulations board

Question 3

What are the 7 Professional Obligations that apply to RICS Firms?

Answer 3

1. Complaints handling procedure
2. Indemnity cover
3. Sole principle has alternative arrangements
4. Cooperate with RICS
5. Must promptly provide all information requested by the standards and regulations board
6. Display RICS logo in business literature
7. Report to RICS any matter required to report under Rules for Registered Firms

Question 4

What are the professional indemnity insurance requirements for firms?

Answer 4

< £100k £250k cover
< £100,001 - £200k £500k cover
> £200,001 £1 million cover

Question 5

What measures must a firm have in place for complaints handling?

Answer 5

• Complaints handling procedure
• Include a redress system
• Must have a complaints handling officer and complaints handling log
• Sole traders can’t deal with complaints themselves

Question 6

What are the time limits for a RICS compliant policy?

Answer 6

• Acknowledge within 7 days
• Substantive reply within 21 days (28 days total)
• 2nd stage redress if client unhappy

Question 7

Example Redress Scheme?

Answer 7

• The Property Redress scheme (used by agent’s)
• The Property Ombudsman