Ethics

Question 1

Summarise the five RICS Rules of Conduct

Answer 1

Rule 1: Honesty — Be honest, act with integrity, and comply with legal and professional obligations
Rule 2: Competence — Maintain professional competence; ensure services are delivered by suitably experienced and sustainable staff
Rule 3: Quality & Diligence — Provide a high standard of service with care and diligence
Rule 4: Respect, Diversity & Inclusion — Treat others with respect and actively encourage diversity and inclusion
Rule 5: Public Interest & Responsibility — Act in the public interest, take responsibility, prevent harm, and maintain public confidence

Question 2

What is Rule 1 of the RICS Rules of Conduct?

Answer 2

Be honest, act with integrity, and comply with professional, legal, and regulatory obligations

Question 3

What is Rule 2 of the RICS Rules of Conduct?

Answer 3

Maintain professional competence and ensure services are delivered by experienced individuals

Question 4

What is Rule 3 of the RICS Rules of Conduct?

Answer 4

Provide good quality and diligent service

Question 5

What is Rule 4 of the RICS Rules of Conduct?

Answer 5

Treat others with respect and encourage diversity and inclusion

Question 6

What is Rule 5 of the RICS Rules of Conduct?

Answer 6

Act in the public interest, take responsibility, prevent harm, and maintain public confidence

Question 7

Why do most professions impose a code of ethics on their members?

Answer 7

Supports ethical decision-making
Reduces risk and promotes consistency
Builds trust and public confidence

Question 8

What does the practice of surveying involve?

Answer 8

Securing optimal use of land and resources to meet social and economic needs

Question 9

Who needs to comply with the RICS Rules of Conduct?

Answer 9

All RICS members
Firms regulated by RICS
Applies globally

Question 10

How are breaches of the RICS Rules of Conduct dealt with?

Answer 10

Serious breaches — disciplinary action
Minor breaches — self-correction or firm-led resolution

Question 11

What is a conflict of interest?

Answer 11

Judgement compromised by a material interest
One-party conflict
Own-interest conflict
Confidentiality risk

Question 12

What should happen if a client cannot understand a conflict of interest?

Answer 12

Decline the instruction until the client has sought relevant advice

Question 13

Discuss Professional Indemnity Insurance (PII)

Answer 13

Required under RICS Rules of Conduct (Feb 2022)
Minimum cover:
Turnover < £100k → £250,000
£100k–£200k → £500,000
£200k–£1m → £1m
Fire safety cover required for buildings ≥5 storeys
Must include external wall systems
Run-off cover — minimum 6 years

Question 14

What must you do when starting an RICS-regulated practice?

Answer 14

Firm’s Interests:
Inform RICS and appoint a contact officer
Obtain PII and employers’ liability insurance
Complete annual accounts
Staff Interests:
Manage CPD and provide training
Register for Valuer Registration Scheme (if applicable)
Client’s Interests:
Set up a Complaints Handling Procedure (CHP)
Protect client money — use a separate client account

Question 15

What must you do when winding up an RICS-regulated practice?

Answer 15

Firm’s Interests:
Notify RICS and cancel PII (after run-off)
Finalise accounts and tax obligations
Staff Interests:
Manage final CPD records and issue references
Ensure fair redundancy or transition
Client’s Interests:
Return client money and resolve complaints
Communicate closure and transfer services

Question 16

What is the Bichard Review?

Answer 16

Independent review of RICS governance and strategy
Published June 2022 — led by Lord Bichard
Purpose — restore public trust and member confidence
Recommendations — strengthen democracy, diversity, and accountability

Question 17

What is RICS’ perspective on sustainability?

Answer 17

Sustainability is key to integrity and relevance
Supports future-proofing the profession
RICS equips members to lead and drive positive impact

Question 18

Who are key members of the current RICS leadership team?

Answer 18

Justin Sullivan — President
Nicholas Maclean — President-Elect
Professor Norman K. McLennan — Chair of RICS Scotland

Question 19

What is the RICS Royal Charter and motto?

Answer 19

Motto — There is measure in all things
Charter granted in 1881
Purpose — maintain and promote the usefulness of the profession for public advantage
Professional statements — mandatory guidance
Guidance notes — best practice advice

Question 20

What strategic updates has RICS CEO Justin Young announced?

Answer 20

Launched pilot pathways:
Residential Retrofit Surveying (AssocRICS)
Sustainability Advisory (MRICS)
Consultations on Home Surveys and Expert Witness standards
Focus on member engagement and public interest

Question 21

What is RICS doing to support global construction standards?

Answer 21

Launched global consultation
Unifies best practice for quantity surveyors and project managers
Enhances trust and consistency across markets

Question 22

What does RICS say about AI in construction?

Answer 22

AI offers opportunities for transformation
Challenges include skills shortages and integration
RICS encourages readiness and innovation

Question 23

What is the Conflict Avoidance Pledge?

Answer 23

RICS initiative to resolve disputes early
Promotes collaboration and reduces legal costs
Encourages professionals to maintain relationships

Question 24

What are the five principles of better regulation adopted by RICS?

Answer 24

Proportionality
Accountability
Consistency
Targeting
Transparency

Question 25

What is the Day 6 test?

Answer 25

Readiness check to confirm understanding of: Professional Indemnity Insurance (PII) Complaints Handling Procedures (CHP) Client money protection Ethical decision-making Regulatory compliance

Question 26

What is RICS’ conflict of interest overarching requirement?

Answer 26

All RICS members and regulated firms must identify and manage conflicts of interest and protect confidential information, in line with the Rules of Conduct.

Question 27

What does the Professional Standard: Conflicts of Interest and Confidentiality professional standard require?

Answer 27

Mandatory compliance with conflict and confidentiality rules, disclosure of material information, avoidance of conflicts unless informed consent is obtained, and documentation of decisions.

Question 28

What counts as material information?

Answer 28

Information relevant to the client’s assignment and known to the RICS member. Disclosure must include: - Nature and source of the information - Extent of verification undertaken (per VPS 3 of the Red Book)

Question 29

Can confidential information ever be shared?

Answer 29

Only if: - Explicit client consent is obtained - The info is anonymised or summarised - Disclosure is required by law or regulation

Question 30

What are the RICS CPD requirements?

Answer 30

Total Hours: Minimum 20 hours per calendar year (Jan-Dec). Formal CPD: At least 10 of those hours must be structured learning (e.g., courses, seminars). Relevance: CPD must be relevant to your practice and professional development. APC candidates need 48 hours of CPD every 12 months