Rules of Conduct for Firms

Question 1

What date and version number is the rules of conduct for firms?

Answer 1

Version 7 Effective 2 March 2020

Question 2

How many rules are there for the conduct of firms?

Answer 2

15

Question 3

What are the rules for the conduct of firms?

Answer 3

1) Interpretation
2) Communication
3) Professional Behaviour
4) Competence
5) Service
6) Training & CPD
7) Complaints Handling Procedure (CHP)
8) Clients Money
9) Professional Indemnity Insurance (PII)
10) Advertising
11) Solvency
12) Incapacity of death of a Sole Practitioner
13) Use of designations
14) Information to RICS
15) Co-Operation

Question 4

What is the RICS definition of a Firm?

Answer 4

A) The whole or part of any body corporate or
B) A Partnership or
C) A limited liability partnership or
D) An unincorporated practice of a sole practitioner concerned with the business of surveying providing other related services, which is regulated by RICS
E) An equivalent of any of the world regions to any of the above in A-D

Question 5

What is rule 1 - Interpretation

Answer 5

MRICS FRICS AssocRICS Honorary Member Attached classes Student Trainee MRICS or AssocRICS

Question 6

What is rule 2 - Communication

Answer 6

By Post Email Fax Telephone In person

Question 7

What is rule 3 - Professional Behaviour?

Answer 7

Act with integrity Avoid conflict of interest Avoid an unprofessional situation

Question 8

What is Rule 4 - Competence?

Answer 8

Make sure all staff are properly trained

Question 9

What is Rule 5 - Service?

Answer 9

Carry out professional work in a timely manner, having regard to standards of service. Good customer care expected.

Question 10

What is Rule 6 - Training and CPD?

Answer 10

Ensure staff are fully trained

Question 11

What is Rule 7 - Complaints Handling (CHP)?

Answer 11

RICS firm and regulated firm must have a CHP in place and maintain a complaints log. The procedure must include an (Alternative Dispute Resolution (ADR) mechanism

Question 12

What is Rule 8 - Clients Money?

Answer 12

As a firm handling client’s money you must have a separate bank account. Not allowed to go overdrawn for one day.

Question 13

What is Rule 9 - Professional Indemnity Insurance?

Answer 13

A Firm must have PII cover with run off cover and meets RICS minimum standards.

Question 14

What is rule 10 - Advertising?

Answer 14

A firm shall promote its services in a truthful manner.

Question 15

What is rule 11 - Solvency?

Answer 15

Personal and Professional finances are managed (IE Not become bankrupt)

Question 16

What is rule 12 - Incapacity/death - Sole Practitioner

Answer 16

Principle to have in place appropriate arrangements in the event that the sole practitioner dies or is away for an extended period of time.

Question 17

What is rule 13 - Use of Designations?

Answer 17

A registered/regulated firm must display its business literature in accordance with the regulatory boards published policy on designations.

Question 18

What is rule 14 - Information to RICS?

Answer 18

Submit information in a timely manner As standards and regulation board may reasonably require

Question 19

What is rule 15 - Co-operation?

Answer 19

Co-operate fully with RICS staff or persons appointed by the standards and regulation board.