1
Q
What are the five codes of conduct?
A
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and firms must provide good-quality and diligent service.
- Members and firms must treat others with respect and encourage diversity and inclusion.
- Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
2
Q
How do you uphold the 5 rules with the specified behaviours?
A
- Members and firms do not take unfair advantage of others.
- Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.
- Members and firms undertake their work in a timely manner; with due care, skill and diligence, and in accordance with RICS technical standards.
- Members and firms respect the rights of others and treat others with courtesy.
- Members and firms question practices and decisions that they suspect are not right.
3
Q
What are your obligations to RICS as a member?
A
- Members must comply with the CPD requirements set by RICS.
- Members must cooperate with RICS.
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
4
Q
Why is it important to maintain high standards according to RICS?
A
It underpins the credibility, trust and professionalism of the surveying profession.
5
Q
Tell me about the countering bribery and corruption, money laundering and terrorist financing professional standard.
A
-1st edition published in 2019.
- Currently being reviewed and updated. Picture of bank notes on the front.
- Set out in 3 parts: requirements, guidance, supplementary guidance (3 main appendices).
- Standard sets out good practice for anti-bribery, corruption and anti-money laundering.
6
Q
What is bribery?
A
- The offering, giving, receiving or soliciting of something of value to influence the actions of an individual in a position of power or responsibility.
- RICS definition: The offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust.
7
Q
What is corruption?
A
The abuse of entrusted power for personal or private gain.
8
Q
What do you need to do if setting up your own business?
A
Under the RICS rules of conduct there are 7 obligations, these are:
- Firms must publish a complaints handling procedure.
- Firms must put in place adequate PI cover that meets RICS standards.
- Firms with a sole principle must make arrangements for a locum.
- Firms must cooperate with RICS.
- Firms must promptly provide all information reasonably requested by the SRB or those exercising delighted authority on its behalf.
- Firms must display their business literature and denote they are regulated by RICS.
- Firms must report any matter they are required to under the rules of the registration of firms.
9
Q
How would you handle clients money?
A
- Must be kept in a client money account.
- Maintain a clear audit trail.
- Establish written terms and authority.
-Disclose any interest gained on the client’s money. - Timely payments.
- There must be financial protection in place ie PI insurance.
- Implement security and fraud control/protection.
10
Q
Would you accept a cash payment from the client?
A
No as cash cannot be traced, it could be the result of an attempt at money laundering.
11
Q
What is your company’s policy on accepting gifts?
A
If a gift is offered declare it internally and record in the gifts in hospitality register if the gift isn’t defined as prohibited ie cash or perceived as a conflict of interest.
12
Q
Why do we have ethical standards/ principals?
A
Ethical standards/ principals are the foundation of everything when setting up a professional body. If we do not live up to these standards then it doesn’t matter how competent we are it will bring the profession into disrepute.
13
Q
How would you define professionalism?
A
In summary, professionals have specialised skills and knowledge which is maintained through CPD. They tend to belong to a professional body that enforces a code of ethics. They have strong duties to clients and the public as well as significant power to impact clients and the public. And their effective working relationships with clients are dependent on client trust.
14
Q
What is the RICS rules of conduct?
A
The RICS Rules of Conduct promote and enforce the highest levels of ethical standards within the surveying profession
15
Q
Who does the rules of conduct apply to?
A
The Rules of Conduct apply to all members (as defined in Bye-Law 5.1) and firms regulated by RICS.
16
Q
What does the concept of integrity mean to you?
A
Integrity is the strength in which we stand by our moral principles and this is what the virtuous professional does.
17
Q
How does integrity relate to other moral values?
A
Integrity is the foundation of how honest a person remains and therefore how trustworthy they are perceived.
18
Q
What types of conflicts of interest are there?
A
RICS defines there to be 3 types: Party conflict, Own interest conflict, Confidential information conflict.
19
Q
What did you advise to your colleague presented with a gift from a contractor?
A
I advised to follow the company’s policy on gifts. As there was a conflict of interest at the time my colleague refused the gift.
20
Q
What are the RICS core values?
A
- The RICS core values, as stated in their Rules of Conduct, are honesty, integrity, competence, service, respect, and responsibility.
21
Q
What are the RICS global professional and ethical standards?
A
- These are the five codes of conduct.
22
Q
Can you give an example of when you acted under rule 1,2,3,4,5?
A
- Rule 1: One time a contractor submitted a variation and they had made a mistake. I advised that I didn’t think their numbers were correct and gave them the opportunity to revise.
- Rule 2: I work within my MEP competence, ask for guidance from my CSA colleagues when required and offer my services to my colleagues.
- Rule 3: I ensure all work is signed off by an AD or above. I ensure that all information provided is clear and in a way the client understands.
- Rule 4: The BCS community is very diverse with people of different ages, gender, race, beliefs etc. I always take into consideration that with this wide range everyone thinks and works differently.
- Rule 5: When tendering contractors or sub-contractors I have made sure they are certified under the considerate constructors scheme.
23
Q
What are the RICS ethical principles?
A
- They are embedded within the RICS code of conduct and reflect the core values of honesty, integrity, competence, service, respect, and responsibility.
24
Q
What are byelaws?
A
- Rules made by an organisation to regulate itself and are enforced by the SRB.
25
What are the RICS byelaws?
- Bye-Law 1 : Application and Definitions
- Bye-Law 2 : Membership and Registration
- Bye-Law 3 : Designations
- Bye-Law 4 : Contributions to Funds
- Bye-Law 5 : Conduct
- Bye-Law 6 : Governing Council, Officers and Staff
- Bye-Law 7 : Subordinate Boards, Committees and Groups
- Bye-Law 8 : Procedure for General Meetings
- Bye-Law 9 : Accounts and Audit
- Bye-Law 10 : General
26
What's the difference between ethics and integrity?
- Ethics are morals principles.
- Integrity is the strength and quality of your morals
27
What does RICS have in place to help with making ethical decisions?
- The RICS ethics decision tree
28
What is money laundering?
- When the ownership of money obtained is disguised illegally through a legal source.
29
Who do you report suspected bribery or money laundering to?
- National Crime Agency
30
What punishments are there for members or firms for money laundering or bribery?
- Firms: unlimited fine
- Individuals: unlimited fine and/or max 10 years in prison.
31
What is modern slavery?
- The illegal exploitation of people for personal or commercial gain.
32
Can you think of examples of when you acted with integrity?
When I was on the contractor side I received a tender return that had a calculation error that meant the sum was lower than it should be. I advised the subcontractor I believed they had some calculation errors and gave them the opportunity to amend these.
33
When have you acted ethically?
- When receiving variations in the past, there have been some situations where the contractor has included a calculation error within a variation, this meant they should have applied for more money. I highlighted this and provided them a chance to correct this error before making my assessment.
34
What is the difference between a professional standard and a guidance note?
- Professional standards are ‘musts’ and mandatory requirements.
- Guidance notes are ‘shoulds’ and are recommendations of best practice rather than mandatory.
35
What is run off cover?
- Covers historical liabilities of a person or company after they have left the industry or stopped trading.
36
How long is run off cover recommended for?
RICS expects minimum of 6 years after stopping practice.
37
What is net contribution clause?
- A net contribution clause is a contractual provision, common in construction and design, that limits a party's liability to their proportionate share of the total loss or damage, rather than the full amount.
38
What are the RICS CPD requirements?
- Minimum of 20 hours of CPD per year with at least 10 hours being formal.
- Must maintain an understanding of the RICS professional and ethical standards during a rolling three-year period.
39
What does CPD stand for?
- Continuing professional development
40
How do you determine if CPD is formal or informal?
- Formal = professional training course, structured training etc
- Informal = private study, on the job training etc.
41
When is a firm eligible to register as RICS regulated?
- When a firm provides surveying services
- When 25% of it's principles are RICS members
- The firm could be appropriately supported by another regulated firm
42
When is a firm required to be registered by RICS?
- Provides surveying services to the public.
- Operating in a Regulated Area A
- At least 50% of the Firms Principles are RICS Members.
43
What is the RICS literature for registering a firm?
- Rules for the registration of firms
44
What do you need to do to operate as a sole trader?
- Register your firm with RICS and meet the eligibility criteria.
- Offering surveying services
- 25% of principals as qualified RICS professionals.
- You also need to register as self-employed with HMRC
- Obtain a Unique Taxpayer Reference (UTR).
45
What is the BCS complaints handling procedure?
- After receiving a complaint.
- Send letter of acknowledgement within 7 days.
- Investigate claim.
- Respond within 28 days.
- If a resolution can not be agreed, the next stage is to go to an independent redress committee
46
What are RICS guidance notes?
- Guidance notes are ‘shoulds’ and are recommendations of best practice rather than mandatory.
47
What is the RICS black book?
- Suite of guidance notes that define good technical standards for quantity surveying.
48
What are practice notes?
- RICS practice notes provide non-mandatory guidance on good practice and technical information for RICS members and regulated.
49
What is a RICS professional statement?
- RICS professional statements are mandatory practices and regulations to ensure ethical and competent professional practice.
50
What are information papers?
They provide non-mandatory information, insights, and advice on specific topics such as new technologies, market trends, and best practice.
51
What are international standards?
These are professional guidelines and rules globally recognized standards and incorporated internationally such as the International Valuation Standards (IVS), International Property Measurement Standards (IPMS), and International Construction Measurement Standards (ICMS).
52
What are the RICS faculties?
- RICS faculties are called Professional Groups, which are specialized areas such as Building Surveying and Quantity Surveying.
53
How many professional groups are there?
Currently 18
54
What is PI cover?
- Covers the cost of compensating clients for loss or damage resulting from negligent services or advice provide by a firm or individual
55
What are the various levels of PI cover?
- Firms turnover in previous year vs Minimum limit of indemnity
- 100k or less = 250k
- 100k – 200k = 500k
- Over 200k – 1m
56
What measures should be taken to avoid claims?
- Keep minutes from meetings, conversations etc.
- Record recommendations and advice given.
- Stick to within my competence.
- Follow RICS guidance.
- Follow RICS rules of conduct.
- Avoid excessive workloads.
57
What does RICS say about social media use?
- Standards do not change just because you are online.
58
Other than what you have written in your competencies, can you give another example of conflict of interest?
I was once offered tickets to the rugby at Twickenham but with final account being not too far away I turned them down.
59
What is the RICS magazine called?
Modus
60
When was RICS Founded?
1868
61
Who is the president of RICS?
Nick Maclean is acting president
62
What is the RICS Motto?
There is measure in all things
63
How is the RICS Governed?
Through constitutional documents:
- Royal Charter
- Bye Laws
- Regulations
- Standing Orders
64
What is a Royal Charter?
- Granted by Monarchy and advised by the Privy Council.
- Defines RICS objectives and constitution.
- Grants RICS power to govern its own affairs through the SRB.
65
What is the structure of the RICS?
- RICS is headed by the Governing Council.
- You have two Boards underneath this, the RICS Board and the Standards and Regulation Board.
- You have multiple committees under each of these boards.
66
What is the Governing Council?
- It is the Governing body for RICS.
- It Approves strategy and oversees delivery.
67
Who makes up the Governing Council?
- The RICS President
- The RICS President Elect
- The RICS Senior VP
- 6nr Professional Group Seats
- 13nr Geographical Seats
- 1 representative for the community of young members
- Up to 3 appointed members with relevant expertise
- One independent senior governor
- One independent member
68
What is the RICS Board?
Directs RICS affairs under delegated authority from the Governing Council.
69
Give an example of a committee under the RICS Board?
- Knowledge and Practice Committee.
- They outline the standard of competence through professional group panels. Examples include:
- QS and Construction
- Project Management
- Building Surveying
- Building Control
70
What is the Standards and Regulations Board (SRB)?
- Regulates members and drives the standards of RICS.
- Needed as it is a Royal Charter.
71
Give an example of a Committee under the SRB?
Qualifications and Assessments Committee
72
What is a Privy Council?
- Representatives of the UK Government that the Governing Council reports to.
- Important changes to RICS have to go through the Privy Council.
73
What are the RICS disciplinary procedures?
- Fixed Penalty Notice = non-compliance
1st time = caution only
2nd time within 10 years = Caution and fine
- Compliance Order
Member accepts shortfall.
Agrees to a sanction.
- Tribunal
When member doesn’t agree with compliance order. Reverts to either a single member or a disciplinary panel
74
What is lionheart?
- Lionheart is the RICS independent charity supporting members and their families financial, health and well being and with work related issues.
75
When did RICS gain it’s royal charter?
1881
76
What is the RICS matrix?
- Platform for new surveyors, community put in place for new surveyors to meet other new surveyors.
77
What is the RICS mission statement?
- The RICS mission statement is to uphold the highest global standards by setting and enforcing professional standards, providing expert impartial advice, and equipping members with the necessary qualifications and resources to promote positive societal and economic change.
78
What is RICS policy on gifts?
- Declare any gifts
- Complete any company training on bribery and corruption
- Be familiar and act compliantly with any company policy
79
What is the maximum level of uninsured excess?
- Firms turnover in previous year Vs maximum uninsured excess
- 10m or less = greater of 2.5% of the sun insured or 10k
- above 10m = no limit set
80
Has RICS published any information on PI requirements?
UK professional indemnity insurance requirements - version 9
81
What is the difference between any one claim and aggregate policies?
Any one claim covers up to the limit for each individual claim made in a period. Aggregate covers up to the limit for multiple claims over the period, if the total amount of claims goes above the limit the extra would need to be covered by other means.
82
What is a case study example of PI?
- Merrett v Babb 2002
- Babb completed a valuation for Merrett which was found to be negligent.
- Babb no longer existed
- Court ruled Merrett could pursue Babb for losses
83
What are the RICS requirements for PI cover?
- Each and every claim basis
- RICS minimum policy wording
- Minimum level of indemnity based on turnover
- Maximum level of uninsured excess
- Fully retroactive
- By RICS listed insurer
- Cover for past and present employees
- Have run off cover
84
What changed have been implemented in the updated professional standard on bribery, corruption and money laundering?
- Now called the Countering Financial Crime Professional Standard
- Effective as of 17th December 2025, Published September 2025
- RICS regulated firms must now have processes for dealing with sanctioned entities or individuals
- New requirements for enhanced checks on crypto payments
- Guidance on using electronic ID tools including consideration on how AI can help with this
85
Can you name any other professional standards that have been updated or released recently?
- RICS new AI professional standard has been published but goes live March 2026
- Links to ISO 42001
- Responsible for use of AI in surveying practice
- States having policies and procedures in place for AI use
- There is a dedicated section on AI specific risks
- Discusses use of AI and if a firms PI covers its use
RICS Q&A
flashcards
Decks in class (19)
# Cards
-
Ethics85
-
Comms & Negotiation12
-
Health & Safety32
-
Accounting Principles39
-
Data Management22
-
Sustainability30
-
Commercial Management39
-
Contract Practice73
-
Procurement & Tendering60
-
Design Economics & Cost Planning59
-
Quantification and Costing38
-
Client Care15
-
Business Planning15
-
Conflict Avoidance19
-
Diversity8
-
Inclusive Environments12
-
Design Technology34
-
Project Finance22
-
Project Feasibility Analysis19
