1
Q
What is the 2025 update to PI insurance?
Ethics
A
A series of changes to the RICS PII Requirements and associated Minimum Policy Wording.
2
Q
When does the 2025 update to PI insurance take effect?
Ethics
A
These changes take effect on 1 July 2025.
3
Q
What does the new Money Laundering policy account for?
Ethics
A
- Digital Crypto Payment - How to treat digital currency
- Use of AI and Emergeing tech
4
Q
Where does the Standards and Regs board sit within the RICS company structure?
Ethics
A
Under the governing Council
5
Q
What are some sustainability measures completed by RICS?
Ethics
A
- RICS played an active role of at the COP30 (Conference of the parties) as a UN-Accredited observer
- Reviewing strategies for De-Carbonisation
- RICS Co leads the whole life cycle Policy coalition
6
Q
What does PFI stand for?
Ethics
A
Private Financed Initative
7
Q
What is a PFI?
Ethics
A
Where private sector companies finance, build, and often operate public infrastructure (like hospitals, schools, or roads) under a long-term contract with the public sector.
Essentially, the private sector provides upfront capital and is then repaid over time by the government or public authority — usually through annual service payments once the asset is operational.
8
Q
What is the maxium levels of excess?
Ethics
A
9
Q
What is PACTT?
Ethics
A
How RICS adheres to better regulation:
P - Proportionality
A- Accountability
C - Consistency
T - Targetting
T - Transparency
10
Q
What are the 6 requirements of PI Insurance
Ethics
A
- Firms must have a minimum level of cover based on turnover
- The maximum permitted excess is capped by turnover
- The policy must provide cover for each and every claim, not on an aggregate basis
- Run-off Cover
- RICS’ minimum policy wording
- Fully retroactive
11
Q
Why does run off cover last for 15?
Ethics
A
Covers for the 12 year limitation period
12
Q
What needs to be considered when handling client money?
Ethics
A
- All regulated firms who hold Clients’ money must pay a regulatory fee on an annual basis to
cover the operational costs of the Regulatory Review Visit audit by the RICS accountants. - Money should be distributed to me by direct debit in accordance with drawdown schedule.
- Money in the account should be available to the Client on demand.
13
Q
What is Run-off cover?
Ethics
A
A type of insurance protection that continues to cover a firm or individual after they stop trading, retire, or their company ceases operations.
14
Q
What is G&Ts Anti Bribery Policy?
Ethics
A
Zero Tolerance to Bribery and Corruption
G&T does not engage in bribery or other corrupt conduct, and we do not knowingly assist or
facilitate any third party associated with our business to participate in bribery.
15
Q
If a company or individual is found guilty of bribery, what happens?
Ethics
A
Individual
2. Unlimited Personal Fines
2. 10 years imprisonment
3. Director Disqualification
4. Criminal Record
Companies:
1. Unlimited fines
2. Debarment from public sector contractors
3. Reputational damage
16
Q
Under the royal charted what is requirement for rules of conduct?
Ethics
A
“Promote and maintain the highest standards of professional competence and integrity among its members.”
17
Q
What is the RICS Ethical Structure and different boards?
Ethics
A
- RICS Governing Council
- Standards and Regulationh Board
- RICS Board
18
Q
What is the role of RICS board?
Ethics
A
in charge of the day to day operational accountability. It has established
subsidiary boards and committees to assist in the management of 4 aspects.
19
Q
What are some of the subsidiary boards under the management boards?
Ethics
A
- Knowledge & Practice committee
- Finance committe
- Global members committee
- Remuneration
20
Q
When is a firm required to register for regualtion?
Ethics
A
- Firm provides surveying services to the public
*Firm is operating in regulated area A - At least 50% of the firms principals, partners or directors are RICS members
21
Q
When are firms eligible for RICS chartership?
Ethics
A
Firm provides surveying services to the public
At least 25% of the firms principles are RICS members
22
Q
What is Modern Slavery
Ethics
A
A situation where a person is exploited and cannot refuse or leave work because of threats, violence, deception or abuse of power
23
Q
What is the UK legislation related to Modern Slavery?
Ethics
A
Modern Slavery Act 2017
24
Q
What is Babb vs Merit?
Ethics
A
The case of Babb v. Merit established that a surveyor can be personally liable for negligence even if employed by a company that later ceases to trade.
25
Different types of conflict of interest?
| Ethics
1. Party
2. Confidential Infomation
3. Own Interest
26
What areas of PII does the 2025 update touch on?
| Ethics
1. A gaurenteed six years “run off cover” for consumer facing work where premium has been paid.
2. Clearer cancellation procedures for Insurers and regulated firms
3. Minimum Policy Wording now includes updated definitions of “fire safety” (including internal fire-safety components of walls) and clarifies that coverage is for negligent acts, errors or omissions.
27
Please explain a change to the PII 2025 update?
| Ethics
1. The notice period for insurers to inform RICS of a policy cancellation will increase from five working days to 30 calendar days
2. A minimum of 6 years run off cover must automatically apply to consumer facing firms that ceases trading, provided that the premium has been paid
28
What is a Price Fixing Cartel?
| Ethics
Group of business who act as a single producer fixing the price of goods
29
WHat is Terroist Financing?
| Ethics
Collection of funds with the intention to support terroist acts or organisations
30
What is facilitation payment?
| Ethics
Payment made to a public/government offcial to act as incentive to complete an action or payment
31
Who is the new senior vice president?
| Ethics
Susanne Eickermann-Riepe
32
What actions take place in the event of a disciplinary under the RICS?
| Ethics
1. Regulatory complice order - letter which outlines terms a member must take during a specific time, and agreement of a fine
2. Action by a Disciplinary Panel
33
What are some of the penalties a disciplinary panel can give?
| Ethics
1. Issue regulatory Compliance order
2. Reprimand
3. Caution
4. FIne
5. Impose confitions upon future continued RICS registration
6. Expulsion from membership or removal from firm
7. Publication of hearing in Modus Magazine
34
Can the disciplinary action be appealed?
| Ethics
Yes, there is an appeal panel
35
WHen does the new Money Laundering,bribery, corruption professional standard come into affect?
| Ethics
17th Decemeber 2025
36
What is Standards and Regs board function?
| Ethics
1. Set professional standards for RICS members
2. Regulate their conduct in the publics interest
37
What are some of the groups which sit’s under the Standards and Regulation board?
| Ethics
Standards Committee
Qualifications & Assessment Committee
38
What is the RICS matrix?
| Ethics
RICS Matrics is a professional network within RICS designed to support early-career surveyors
39
When did the Rules of Conduct come into place?
| Ethics
2 February 2022
40
When did the Rules of Conduct come into place?
| Ethics
2 February 2022
41
What did the Rules of Conduct Replace?
| Ethics
1. RICS Rules of Conduct for Members (2013)
2. RICS Rules of Conduct for Firms (2013)
42
What are some example behaviours for Rule nr 1?
1.6 Members and firms are open and transparent with clients about their fees and services.
1.8 Members and firms do not take unfair advantage of others.
43
What are some example behaviours for Rule nr 2?
| Ethics
2.1 Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.
2.5 They identify development needs, plan and undertake continuing professional development (CPD) activities to address them and are able to demonstrate they have done so
44
What are some example behaviours for Rule nr 3?
3.1 Members and firms understand clients’ needs and objectives before accepting any professional work.
3.5 Members and firms undertake their work in a timely manner; with due care, skill and diligence, and in accordance with RICS technical standards.
45
What are some example behaviours for Rule nr 4?
4.1 Members and firms respect the rights of others and treat others with courtesy.
4.3 Members and firms do not bully, victimise or harass anyone.
46
What are some example behaviours for Rule nr 5?
5.4 Members and firms respond to complaints made against them promptly, openly and professionally.
5.8 Members and firms manage their professional finances responsibly.
47
What are the 5 professional standards?
| Ethics
1. Act with Integrity
2. Always provide a high standard of service
3. Act in a way that promtes trust in the profession
4. Treat others with respect
5. Take responsibility
48
What is the RICS Mission statement?
| RICS
Members and firms must act in the public interest to advance knowledge, uphold standards and inspire current and future professionals.
49
What is the difference between Ethics and Rules?
| Ethics
Ethics = Are the moral values that guide behaviour,
Rules = Formal, enforceable requirements set by RICS to uphold those ethical principles
50
What are some examples of CPD training you have complete?
| Ethics
1. AI training - KREO Software
2. G&T Valuation Training - World Class Service
3. Power Bi - Workshop/Training
51
What are the different types of Insurances needed for new firms?
| Ethics
1. Public Indemnity Insurance - Mandatory
2. Employers Liability - Mandatory
3. Public Liability - Recommended
4. Office - Recommended
52
What are 6 guiding principles of the Anti Bribing Principles
| Ethics
1. Proportionality
2. Top-level commitment
3. Risk Assessment
4. Due Diligence
5. Communication
6. Monitoring & Review
53
What does Integrity mean to you?
| Ethics
Acting openly, honestly and independently to ensure i do the right thing
54
What are some terms and conditions stated within G&T T&C's?
| Ethics
1. Services and Fees are based on offer letter or fee
2. Any changes in scope will entitle G&T to additional fees
3. G&T maintains Professional Indemnity Insurance of at least the liability limit (£1m).
55
What duration of time does RICS recommend to hold Run-off cover for PII?
| Ethics
Minimum = 6 years
Recommended = 15 years
56
If a contractor asks me what tender costs should be, what should i do?
| Ethics
1. Refuse to Share that information
2. Inform my line manager
3.
57
What is the difference between a bribe and Gift?
Bribe = A bribe is something of value offered, given, or received with the intention of influencing someone’s actions or decisions improperly.
Gift = A gift or hospitality is a token of appreciation or goodwill with no expectation of influence or return.
58
When is a Gift acceptable?
| Ethics
1. Proportionate (modest in value),
2. Transparent (declared to your employer), and
3. In line with company policy.
59
What would you say if a client asks to pay less on a valuation?
| Ethics
1. Understand why
2. If not reasonable, advice that he has an obligation under the contract to pay what is recommended
60
What are some G&T KPI's?
| Ethics
1. Client Satisafaction (Achieve a post project score)
2. Accuarcy and time delivery of Cost Planning
61
Why should you use a blackbook?
| Ethics
1. They provide best practise and can be used as a reference if taken to court
62
What are the different types of pricing fees?
| Ethics
1. Fixed fee - Fixed lump Sum amount
2. Day rate - Fee based on actual time spent and day rate of each staff
3. Framework - Long-term pre-agreed rates or pricing mechanism for ongoing or repeat work with the same client.
63
Who is the president of RICS
| Ethics
1. Nick Maclean is acting president for Justin Sullivan
64
Who is the Vice president of RICS
| Ethics
Current: Maureen Ehrenberg
New (Jan 2026):Sussane Eickermann riepe
65
When does the new 2025 update to PI insurance come into rule?
These changes ctake effect on 1 July 2025.
66
What is the role of the Governing Council?
| Ethics
1. Main Decision making body
2. Responisble for overally strategy, purpose and long term direction
67
What is the role of the Standards and Regulation board?
| Ethics
1. Independent from the Governing Council
2. Oversees professional standards, ethics and regulation of members and firms
68
What is the role of the RICS board?
| Ethics
Oversees the day-to-day running of RICS ensuring resources, staff and systems deliver organisations stategy
69
Examples of Modern Slavery?
| Ethics
1. Forced Labour
2. Human Trafficking
3. Child labour
4.
70
Red flags of Modern Slavery?
| Ethics
1. Workers with no contracts
2. Staff are paid below minium wage
3. Staff looking unwell or abused
71
Why does RICS recommend to keep data fir 15 years?
| Ethics / data management
This period aligns with the maximum legal limitation period in the UK for bringing a claim under a contract executed as a deed.
72
ROC: Rule Nr 1
| Ethics
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
73
ROC: Rule Nr 2
| Ethics
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
74
ROC: Rule Nr 3
| Ethics
Members and firms must provide good-quality and diligent service.
75
ROC: Rule Nr 4
| Ethics
Members and firms must treat others with respect and encourage diversity and inclusion.
76
ROC: Rule Nr 5
| Ethics
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.
77
Examples of Ethics in practise?
| Ethics
1. Integrity
2. Accountability
3. Transparency
78
What are some different types of Information that RICS publishes?
| Ethics
1. Guidance Note
2. Professional Statements
3. Practise Inforation
79
What are blackbooks?
| Ethics
A series of guidance notes and professional statements that set out best practise
80
What are some examples of Blackbooks?
| Ethics
1. Tendering Strategies
2. Cost Reporting
3. Conflict Avoidance and Dispute resolution in Construction
81
What are the 4 types of VAT?
| Ethics
1. Standard rate (20%)
2. Reduced Rate (5%)
3. Zero Rate (0% - Supplier can reclaim VAT)
4. Exempt (0% Suppier Cannot reclaim VAT)
82
Is G&T policy in line with the RICs guidance on Gifts and Hospitality?
| Ethics
RICS position in simple terms:
- Gifts and hospitality are not banned,
- But they must be reasonable, proportionate, transparent, and not intended to gain unfair advantage.
- Anything that could compromise impartiality or create a perception of conflict must be refused or declared.
G&T:
Transparency & Declaration - All gifts must be recorded on a risk register
Reasonableness - In line with RICS guidance that gifts must be proportionate and not excessive.
83
What is the RICS professional statement which refers to Bribery and corruption?
| Ethics
Countering Financial crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanction Violations(2025).
84
What is the update to the CPD requirements that come into affect January 2026?
| Ethics
1. New mandatory topic areas are being introduced to cover every 3 years: ethics, sustainability, and data & technology/AI.
rics.org
2. A higher % of member CPD records are to be reviewed annually
3. New and improved method of recording CPD is to be introduced (APP)
85
What are professional standards?
| Ethics
Mandatory requriements that all members and firms must follow
86
What are the 5 professional standards?
| Ethics
1️⃣ Act with integrity
2️⃣ Always provide a high standard of service
3️⃣ Act in a way that promotes trust in the profession
4️⃣ Treat others with respect
5️⃣ Take responsibility for your actions
87
What are the different types of Indemnity insurance?
| Ethics
1. Each and Every claim
2. Claims made basis
3. In the aggregate
4. In the aggregate with round the clock reinstatement
88
What is a conflict of interest?
| Ethics
Anything that impedes or might be perceived to impede an individual's or firm's ability to act impartially and in the best interest of a client.
89
What are the new mandatory topics that RICS is enforcing CPD is being done on?
| Ethics
1. Sustainability
2. Ethics
3. Data / Technology - Ai
90
Each and Every claim (PII)
| Ethics
The insurer will cover each individual claim up to the policy limit, regardless of how many claims arise in the policy period.
## Footnote
If a consultant has £1m each and every claim cover and two separate £1m claims arise in the same year —
👉 both will be covered in full (total £2m).
91
Claims made basis (PII)
| Ethics
The policy will only respond to claims made (and notified) during the policy period, regardless of when the work was actually done.
## Footnote
A claim is made in 2025 for an error that occurred in 2020.
If the consultant has maintained continuous PII cover, the 2025 policy will respond (not the 2020 one).
92
“In the Aggregate” Limit (PII)
| Ethics
The policy limit applies in total across all claims made during that policy year.
## Footnote
A consultant has £1m aggregate cover and receives three claims (£500k, £400k, £300k).
👉 Only £1m total is payable — the remainder (£200k) is uninsured.
93
In the Aggregate with Reinstatements” (a.k.a. “Round-the-Clock Reinstatements”)
| Ethics
The insurer provides aggregate cover but automatically reinstates the limit once it’s used — effectively topping it back up during the policy year.
## Footnote
A £1m aggregate with one reinstatement means:
First £1m claim → insurer pays in full.
Limit is reinstated to £1m.
Another £1m claim → also covered.
94
What is the new update to the Professional standard book that relatest o money laundering called?
| Ethics
Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations
95
What is the new update to the Professional standard book that relatest o money laundering called?
| Ethics
Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations
96
What are some current fears about the market?
| Ethics
1. Inflation
2. US Tarrfifs
3. AI
4. Skill Shortage
97
What are professional standards?
| Ethics
98
How do professional standards relaqte to the the Royal Charter
| Ethics
99
Why was the new 2025 PII update brought in?
| Ethics
The amendments aim to improve client and consumer protection, provide clearer guidance for regulated firms and insurers, and update the PII framework to reflect new risks and market trends.
100
Name 2 specific updates to the PII update?
| Ethics
1. Cancellation of PII policies by RICS regulated firms
- Minimum Policy Wording will include clearer provisions outlining the circumstances in which RICS regulated firms may cancel their PII policies. While cancellation has been permitted in practice, these changes formalise the process, allowing cancellation with 30 days’ notice in defined situations such as: material risk changes; firm mergers; insurer credit downgrades; or mutual agreement.
2. clarifying amendments to the consumer run-off provisions in the Minimum Policy Wording
- These confirm that six years of consumer run-off cover will apply where payment (or part payment) of the premium has been made. The wording also clarifies that this applies specifically to consumer run-off, ensuring regulated firms understand that business-to-business run-off cover must be purchased separately. These changes enhance clarity and help protect consumers.
101
Can i complete work for charity?
| Ethics
Yes - However still remain fully bonded to the RICS RUles of conduct
102
What must you ensure you do when accepting works for a charity?
| Ethics
1. Ensure PPI covers for voluntary works
2. Only complete work within your competence
3. Enusre there are no conflict of interest
103
Example of Conflict of interest: "own"
104
Example of Conflict of interest: "Party"
| Ethics
G&T working for a developer and a tenant
105
Example of Conflict of interest: "Confidential information"
| Ethics
Where you have been provided information but are not able to share it between clients or specific people involved
106
How do you deal with a conflict of interest?
| Ethics
1. Recognise
2. Disclose
3. Manage or Withdraw
4. Document the actions
107
Motto of RICS
| Ethics
Est Modus in Rebus = There is measure in all things
108
Headquarters of RICS
| Ethics
12 Great George street, Parliment square
109
Governance Structure
1. Governining Council
2a. RICS Board
2b.Standards & Regulation Board
110
What is a Red book?
Globally recognised Standard
111
Current Presidential Team
| Ethics
Acting President: Nicholas Maclean
President Elect: Maureen Ehrenberg
112
Professional Groups RICs covers?
| Ethics
1. Quantity Surveyor
2. Building Surveyor
3. Project Management
4. Planning & Developement
113
What are the professional information services provided by RICS?
| Ethics
1. Red Book (Global International Standard)
2. Code of Practise (Mandatory wasy fo practise)
3. Guidance Notes (Best PRactise)
4. Insights
114
Examples of Red Books?
| Ethics
1. International Valuation Standards: Global
2. International Valuation Standards: UK national supplement
115
What si RICS Matrics?
| Ethcis
Division of the RICS dedicated to student members and chartered surveyors under the age of 35 or those with less than 10 years of experience.
116
What is Lion heart?
| Ethics
fund/charity for past and present RICS members and their families.
117
Requirements for starting up anew Firm?
| Ethics
1. Submit a RICS detail form
2. Appoint a contract officer
3. Obtain adequate insurances
4. Registration fees
5. System for handling client moneu
6. CHP
7. Provide CPD
8. Abide by the RUles of Conduct
9. Use RICS designations where appropriate
118
Why do you want to join the RICS?
| Ethics
1. Globally Recoginsied creditation that would allow me to work aboard and demonstrate to others the way i conduct myself and is of the highest standard
119
What is Modus
Latest news and views, expert advice and in-depth features spanning the breadth of the surveying profession around the world.
120
What did Modus review in June 2025?
One pieced they issued was how people are now working from home alot more in comparision to pre-covid. Shows where the UK sits aginst other countries.
121
RICS Principals of Better Regualtion?
| Ethics
PACTT
1. Proportionality
2. Accountability
3. Consistency
4. Targetting
5. Transparency
122
What are the 5 Professional and Ethical standards?
| Ethics
1. Act with Integrity
2. Always provide a high standard of service
3. Act in a way that promotes trust in the profession
4. Treat other with respect
5. Take responsibility
123
What is the Rules of Conduct?
| Ethics
Ensure a consistent, high standard of professionalism anywhere in the world so Clients know what to expect.
124
What is a Breach of Conduct?
| Ethics
An act of breaking or failing to observe a law, agreement, or code of conduct.
125
What is the RICS disciplinary procedure?
| Ethics
1. Concern or Complaint is raised
2. RICS conduct an initial assessment
3. If needed, a Formal investigation then happens
4. Decision: Penalty or consent order or pushed to Disciplinary Panel Hearing
5. Disciplinary HEaring
6. Appeal
126
When is a consent order used?
| Ethics
Minor Breaches of the rules of conduct
127
When is a case pushed to a disciplinary panel?
| Ethics
1. Serious Breach of the rules of conduct
2. Gross persistnet failure to comply with the Rules of conduct
128
What is RICS position on Complaints?
| Ethics
1. Firm shall operate a CHP and maintain a complaints log
2. CHP must include a Alternative Dispute resolution mechanism approved by the regulatory board
129
How does RICS position on complaints handling differ from G&T's?
| Ethics
it does'nt G&T CHP is in line with RICS.
It states that we must ensure that log all complaints and also includes for a ADR mechanism approved by the regulatory board
130
RICS guidance note Complaints Handling procedure?
| Ethics
RICS Guidance Note: Complaints Handling Procedure (CHP)
131
What does the RICS guidance note "Complaints Handling Procedure (CHP)" state?
| Ethics
CHP Must be:
1. Must be made available and understood by all staff
2. Be regularly revired
3. Be agreed with PII brokers so they do not compromise cover
4. Provide details of Independant redress
132
How does CHP differ for a sole practitioner?
| Ethics
Because a sole practitioner has no internal colleague to review the complaint impartially, they must:
Nominate an independent third party (e.g. another chartered surveyor or consultant) to review the complaint objectively; or
Clearly explain in the CHP that they personally handle Stage 1, but clients can proceed directly to Stage 2 if they’re dissatisfied.
133
Reasons for Handling Clients money?
1. Holding fees in advance
2. Holding future payments to the contractor
134
Are Cash payment allowed?
They are, but should always be avoided if possible.
135
What is the maximum limit that cash payment can be accept for based on the MLA (Regulation 14)
| Ethics
€10,000 (or more) (around £8,500) in cash
136
What is some advice for frims when handling clients money?
| Ethics
1. Regulated firms must protect the secuirty of clients money
2. All regulated firms who hold clients money must pay a regulatory fee on annual basis
137
Prior to setting up an account for handling clients money, what should you do?
| Ethics
1. Client must agree to account Hnadling in writing with signatories from both parties
2. There must be an agreed drawdown schedule
138
During the Account usage, what are some best practises?
| Ethics
1. Only clients money should be deposited
2. If client sends to G&T first, it must be depositied within 3 days
3. Money should be available to the client on demand
4. Interest to paid to the client unless otherwise agreed
5. Money should be taken upon based on an agreed drawdown schedule
139
What happens once the client account has been used?
| Ethics
1. Records should be kept for 6/12 years at a minimum
2. If there is remaining money that cannot be returned then all efforts must be made to return it but after 6 years the money may be donated to a registered charity (Prefarabley one offereing refund indemnity for a client claim)
140
What is the Client Money protection scheme?
| Ethics
Scheme funded by RICS
Free service to the Clients of the RICS regulated firms to be reimbursed by direct loss of
funds (if a company is holding/has access to a Client’s money and something happens to it).
Maximum limit of £50,000 per claimant subject to a maximum aggregate claim of £5.3million in any one year. Claims must be made within 6 months.
141
3 levels of PII cover?
| Ethics
142
What are the maximum levels of uninsured excess that an RICS regulated firm can carry?
| Ethcis
143
What is excess?
| Ethics
The unisured amount of a claim
144
What does it mean for a policy to be "fully retroactive"
| Ethcis
It provides cover for past work — not just work done after the current policy started.
145
If a firm cannot afford to take out PII, what should they do?
| Ethics
1. Reach out to RICS and they can support, they have **Assigned risk pools ** to cover for this
146
What is Conduct unbefitting?
| Ethics
Behaviour that is disgraceful, dishonourable or liable to bring the profession into disrepute.
147
How do you avoid unbefitting conduct?
| Ethics
Following the RICS Ethical and Professional Standards
Approach someone who is behaving dishonestly and draw their attention to the dishonesty.
Speak to a senior member of staff if pressured to act unethically.
Speak to the RICS honestly if I have already acted unethically.
148
5 methods to avoid bribery?
| Ethics
Top level commitment
Due diligence
Monitoring
Proportionality
Risk assessment
149
Can you accept a bribe in a foreign country?
| Ethics
No - the Anti bribery act applies to UK citizens, residents and companies under the UK law
150
Can a firm be held responsible for a bribe even if they are not aware of it?
| Ethics
Yes - As they could have put in procedures to prevent it i.e audit review, training etc
151
How does a firm prevent bribery?
| Ethics
1. An anti-bribery policy
2. Staff training
3. Due diligence on third parties
4. Clear reporting procedures
152
G&T Gift & hospitality policy?
| Ethics?
1. Submit anything accepted from a contractor or client on the online gift register.
2. Limit of £100 gift (receiving) and £250 gift (giving).
3. Never accept cash, gift vouchers, valuable items, frequent gifts.
4. Host must be present when accepting hospitality
153
What are questions you would ask to prevent bribery?
| Ethics
1. Is this skewing my judgement / is this influencing my future decisions/actions?
2. Is this proportionate?
154
In very rare circumstances, when can you accept a bribe?
| Ethics
If under immediate threat to life, limb or liberty then this is the only circumstance in which it is ok to make unofficial payments. This must then be reported to a partner.
155
What are some warning signs of money laundering?
| Ethics
Client being evasive about who they are.
Client being from a high risk country (i.e. Syria).
Client giving strange instructions (i.e. early payment of overly high fees).
Client wanting to pay large amounts in cash.
156
How do you prevent money laud
Conduct a money laundering and terrorist financing risk assessment.
Implement systems and policies to address and deal with money laundering.
Appoint a nominated officer who will report money laundering.
Do not take cash as there is no auditable trail of the money.
157
What year was the Money Laundering Act publsihed?
| Ethics
2017
158
What was the update to the Money laundering Act 2017?
| Ethics
** Firm-wide risk assessments **
o The MLR 2017 requires a firm-wide risk assessment to be conducted taking into
account specific risk factors as listed in the MLR 2017. A written record of the firm-wide risk assessment must be maintained.
** Customer due diligence (CDD) **
o All estate agents must carry out CDD on their customers and the beneficial owners of their customers prior to entering into a business relationship with them and at
other specified times.
158
What did the Money laundering Act 2017 replace?
| Ethics
**Proceeds of Crime Act 2002**
159
What is the new RICS Guidance note update that dsicusses Bribery, Money Laundering?
| Ethics
Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations
160
What does the new "Countering financial crime: bribery, corruption, money laundering, terrorist financing and sanctions violations" update?
| Ethics
1. Coverage of emerging Technology (Ai)
2. Use of Digital currencies and Crypto currencies
Explains that greater due diligence and care must be applied when providing professional judgement
161
How do you prevent conflict of interests?
| Ethics
1. Information barriers
2. Physical seperation
3.
162
What document does RICS provide for Conflict of Interest?
| Ethics
Professional Standard: Conflicts of interest
163
What professional standards do you apply when dealing with conflict of interests?
| Ethics
1. ACT IN A WAY THAT PROMOTES TRUST IN THE PROFESSION
2. ACT WITH INTEGTIRY
164
What is double dipping in the context of conflict of interest?
| Ethics
The practise of advising on both sides of a deal
165
Who set up the RICS?
Founding member John Clutton
166
Who and when were RICS awarded their Royal charter?
1868
Queen Victoria
167
What is the purpose of the Royal charter?
Maintain and promote the usefulness of the profession for the public advantage in the UK and other parts of the world
168
How does the Red book “International Valuation Standards:Uk Supplement” differ from the global Standard
1. Provides guidance and interpretation to Uk law and practice.
Covers items like secured lending, taxation and statutory valuation
169
Examples of Guidance notes/professional standards?
| Ethics
1. Surveying Safely 2021
2. Countering Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violations (2025)
3. Tendering Strategies (2012)
4. Value Management and Value Engineering (2012)
170
Examples of Modern Slavery?
1. Forced Labour
2. Human trafficking
3. Debt Bondage
APC - Document Specific Questions
flashcards
Decks in class (18)
# Cards
-
Technical Competencies338
-
Mandatory Competencies139
-
Case Study54
-
Ethics171
-
Definitions143
-
SOE Examples - Mandatory125
-
SOE Examples - Technical54
-
General Benchmarking Costs - Rates for Fit out31
-
NRM1 & NRM 227
-
Final Prep Questions49
-
ROC - ROC Behavoiurs5
-
VE for Louis Manchester5
-
Louis - Case Study2
-
IPMS4
-
M&E1
-
Case STudy - Beam Size8
-
Data Protection Penalties1
-
Contract Ammendments1
