Rules of Conduct Flashcards
What are the rules for members?
- Interpretation of a member
- Communication
- Ethical
- Competence
- Service
- CPD
- Solvency
- Information to the RICS
- Cooperation
What are the rules for firms?
- Definition of a firm
- Communication
- Professional behaviour
- Competence
- Service
- CPD
- Complaints handling procedure
- Clients money
- PII
- Adverstising (truthful)
- Maintain solvency
- Death in service
- Use of designations
- Information to the RICS
- Cooperation
How do you demonstrate rule 4 (competence)?
Undertake instructions within my scope of competence and follow the RICS Professional Statements.
What are the PII rules?
Linked to turnover
Up to £100k - £250k PII
£100,001k - £200,000k - £500k PII
£200k + - £1m PII
What PII does your employer carry?
PII up to £5m
What is the purpose of PII?
Primarily to protect clients from financial loss as a result of negligence.
How many hours CPD are you required to do?
20 hours per year (10 formal, 10 informal)
How often should you do ethics training?
Every 3 years
What is the difference between formal and informal CPD?
Formal CPD has a defined learning outcome.
What must you do for Client’s money under rule 8?
- Separate named account
2. Must be able to identify client
Can you allow a clients account to be overdrawn?
No
What is the specification for use of the RICS Logo?
Must be of the size and colour in the RICS Logo and Designations by RICS Qualified Professionals Guidelines.
Tell me about a time where you refused to step outside your scope of competence?
I was asked to produce an Auto Cad plan which was something I did not have experience of (other than at uni), therefore I requested training and asked a colleague to assist me on my physical survey of the property.
When are you required to register with the RICS when setting up a firm.
- If providing surveying services to the public and operating in the UK.
- Must register if at least 50% of directors are RICS members
- May register if at least 25% are RICS members.
What are the requirements for setting up a firm with the RICS?
- Notify and register with the RICS
- Have adequate PII
- Separate account for clients money
- Complaints handling procedure
- Terms of engagement for services being offered and fee basis.
- Comply with employment legislation
What are the RICS requirements for a complaints handling procedure?
- Acknowledge complaint within 7 days
- Give substantive response within a further 21 days
- If claimant is still not happy, refer to external redress system. i.e. property redress
What is your employers complaints handling procedure?
- Submit complaint online which will go to democratic services team.
- Passed to relevant department who will acknowledge within 7 days. A substantive response will be issued within 21 days.
- If they are not happy, it will then be referred to the assistant director. If they are still not happy, it will be referred to the chief executive.
What happens to interest gained on a clients account?
Accredited back to clients account.
Can you have fire safety exclusions within your PII?
No
What is minimum run off cover do you need as a firm?
A minimum of 6 years with £1m of cover.
