1
Q
Why do you want to become a member of RICS?
A
To show clients and customers that I meet the highest professional standards within the property industry and demonstrate that I am competent and accountable.
Membership signifies adherence to professional standards.
2
Q
What is the role of RICS?
A
To promote and enforce the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.
RICS plays a crucial role in maintaining industry standards.
3
Q
What are the key functions of RICS?
A
- Maintain the highest standards of education and training
- Protect consumers through strict regulations of professional standards
- Be the leading source of information and independent advice on land, property, construction and associated environmental issues.
These functions ensure professionalism in the industry.
4
Q
What is a Royal Charter?
A
A formal legal instrument granted by the king, on the advice of the Privy Council, which creates or recognises a corporate body and confers specific rights and responsibilities.
It establishes the framework for RICS operations.
5
Q
Who is the current RICS president?
A
Nick Maclean
The president represents the organization and its members.
6
Q
What do you understand by the term self-regulation?
A
Self-regulation is where a profession sets and enforces its own standards, rather than being regulated directly by government.
RICS establishes rules, monitors compliance, and disciplines members.
7
Q
What is a Bye-Law?
A
A rule made under the Royal charter which governs how an institution operates and regulates its members.
Bye-Laws are essential for maintaining order within RICS.
8
Q
Give an example of one of the RICS Bye-Laws.
A
- Bye-Law 1: Applications and Definitions
- Bye-Law 2: Membership and Registration
- Bye-Law 3: Designations
- Bye-Law 4: Contributions to Funds
- Bye-Law 5: Conduct
There are 14 Bye-Laws in total.
9
Q
The new RICS Rules of Conduct replaced what?
A
They replaced the 2019 Rules of Conduct for Members and Firms.
Introduced five clear rules for members and firms.
10
Q
Who do the rules of conduct relate to?
A
Members and Firms
These rules ensure ethical behavior in the profession.
11
Q
What are the 6 ethical principles that the Rules of Conduct are based on?
A
- Honesty
- Integrity
- Competence
- Service
- Respect
- Responsibility
These principles guide professional behavior.
12
Q
What are the 5 Rules of conduct?
A
- Rule 1: Members and firms must be honest, act with integrity and comply with their professional obligations, including obligtaions to RICS
- Rule 2: Maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Rule 3: Provide good-quality and diligent service
- Rule 4: Treat others with respect and encourage diversity and inclusion
- Rule 5: Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the proffesion
These rules are essential for maintaining public confidence.
13
Q
Give an example behaviour for Rule 1.
A
Members and firms act to prevent others being misled about their professional opinion.
This behavior reflects honesty and integrity.
14
Q
What are the core professional obligations of firms and members to RICS?
A
THREE Obligations for members:
* Must comply with CPD requirements
* Must cooperate with RICS
* Must promptly provide all information reasonably requested by the Standards and Regulation Board
SEVEN Obligations for firms:
* Must publish a complaints handling procedure
* Must ensure adequate PII cover
* Sole practitioners must arrange for a locum
* Must cooperate with RICS
* Must promptly provide all information reasonably requested by the Standards and Regulation Board
* Must display on their business literature that they are regulated by RICS
* Must comply with the Rules for Registration of Firms
These obligations ensure accountability and professionalism.
15
Q
What disciplinary procedures can the RICS impose?
A
- Fixed Penalty Notice – for minor breaches
- Regulatory Compliance Order – less serious breaches
- Consent Order - less serious breaches
- Disciplinary Panel Hearing – most serious breaches
These procedures maintain standards within the profession.
16
Q
When did RICS last update their disciplinary panel rules?
A
Feb 2022
Regular updates ensure the rules remain relevant.
17
Q
What are the different levels of action within disiplinary procedures?
A
- Action by Head of Regulation
- Disciplinary Panel
- Appeal Panel
These levels provide a structured approach to disciplinary actions.
18
Q
What do you understand by the term professional practice?
A
Carrying out work in accordance with recognised professional and ethical standards.
For RICS members, this includes compliance with the Rules of Conduct.
19
Q
What money laundering regulations or legislation are you aware of?
A
- The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
- Sanctions and Anti-Money Laundering Act 2018
- Proceeds of Crime Act 2002
These regulations are crucial for preventing financial crime.
20
Q
What is a red flag of money laundering?
A
- Inability or unwillingness of parties to provide identification documents
- Changes to parties involved in transactions
- Unusual transaction features
- Payment in unusual currencies
Recognizing red flags is essential for compliance.
21
Q
What bribery legislation are you aware of?
A
Bribery Act 2010
This legislation outlines offenses related to bribery.
22
Q
What is a bribe?
A
A bribe is the offering, giving, receiving, or requesting of something of value in order to improperly influence a decision or gain an unfair advantage.
Understanding bribery is essential for ethical practice.
23
Q
What are the penalties for accepting a bribe?
A
- For individuals – maximum 10 years prison and/or unlimited fine
- For companies – unlimited fine
These penalties emphasize the seriousness of bribery.
24
Q
What are the penalties for being involved in money laundering?
A
- For assisting – maximum 14 years prison and/or unlimited fine
- For tipping off – maximum 5 years prison and/or unlimited fine
These penalties reflect the severity of money laundering offenses.
25
What constitutes an **offence under the Bribery Act 2010**?
* Bribing
* Receiving a bribe
* Bribing a foreign public official
* Failing to prevent a bribe
## Footnote
These offenses are critical to understand for compliance.
26
What constitutes an **offence under the current money laundering regulations**?
* Concealing criminal activity
* Arrangements
* Acquisition use and possession
## Footnote
These offenses are essential for legal compliance.
27
How long should you keep **anti money laundering records** for?
Minimum of 5 years
## Footnote
Record-keeping is vital for compliance.
28
What is **Professional Indemnity Insurance (PII)**?
Insurance cover that protects clients, surveyors and third parties against negligence claims where a duty of care is breached.
## Footnote
PII is essential for risk management in the profession.
29
What are the **RICS requirements** in relation to PII?
* All members must ensure that an adequate and appropriate level of cover is in place
* All policies must be underwritten by a RICS approved insurer
* Must comply with the minimum requirements:
* Under £100k turnover: £250,000 cover
* £100-200k turnover: £500,000 cover
* £200k plus turnover: £1m cover
## Footnote
These requirements ensure adequate protection.
30
What is a **PII aggregation clause**?
Allows insurers to treat multiple related claims arising from the same act or omission as a single claim.
## Footnote
This can reduce the total insurance available to meet multiple claims.
31
What does ‘**claims made**’ mean in terms of PII?
Claims made means that a PII policy responds to claims made and notified during the period of insurance.
## Footnote
Continuous cover is essential for protection.
32
Is a **PII excess** usually paid for per claim?
Yes
## Footnote
This is standard practice in insurance.
33
In a negligence claim, what would help to show that you acted with consideration and due process?
* Clearly understand the client's objectives and confirm precise instructions in writing
* Ensure you are competent to undertake the instruction
* Undertake work in accordance with the relevant RICS advice
* Make detailed file notes and photos
* Keep up to date market knowledge and legislation and record CPD
* Cap the professional liability excess on your PII policy in the terms of engagement
## Footnote
These actions demonstrate professionalism.
34
Can good **record keeping** help to provide a defence in a PII claim?
Yes
## Footnote
Proper documentation is crucial for defending against claims.
35
If you were providing services outside of your usual scope to a client, what might you need to do in relation to your **PII cover**?
Check that you are competent, check with your PII provider and if necessary apply for additional cover.
## Footnote
This ensures compliance and protection.
36
What is **run off cover**?
It is a type of PII that continues to protect a firm once it has ceased trading.
## Footnote
This protects against claims arising from past work.
37
What **RICS requirements** are there relating to run off cover?
* Required for a minimum of 6 years post trading
* Must comply with RICS minimum requirements:
* Under £100k turnover: £250,000 cover
* £100-200k turnover: £500,000 cover
* £200k plus turnover: £1m cover
## Footnote
These requirements ensure adequate protection after trading ceases.
38
Would a dictated report avoid the need to have any **written site notes**?
No
## Footnote
Written documentation is essential for clarity and compliance.
39
How long can a **PII claim** arise after the work is undertaken?
Longstop date of 15 years
## Footnote
The standard period is 6 years from the date of negligence.
40
Explain your understanding of the **RICS Practice Note Risk, Liability and Insurance (1st Edition)**.
Provides guidance on how professional liability arises and how surveyors can manage and limit that risk.
## Footnote
This guidance is essential for risk management.
41
Give me an example of when you have acted with **integrity**.
In the letting at Unit 7 Drome Road. Whilst accepting a cheque may have been easier and avoided any conflict with the tenant, I ensured that the transaction complied strictly with my client’s AML policy. This demonstrated that I prioritised compliance, transparency and professional standards over convenience, which I believe reflects acting with integrity.
## Footnote
This reflects prioritizing professional standards.
42
Tell me about when you have provided a **high standard of service**.
The advice given on Unit 12 & 14 Central Trading Estate shows a high standard of service as I did not advise on immediate spend of capex as this brought associated risks. I considered the market conditions, capital risk and demand before advising on timing, by revisiting the strategy at the appropriate time, it led to the vacancy rate reducing to 5%.
## Footnote
This demonstrates diligence and client focus.
43
Tell me about how you have promoted **trust in the profession**.
At unit 6, Bromfield, I identified that the brochure was incorrect. Upon spotting this, I reached out to my marketing team to correct the brochure to ensure transparency and avoiding any potential misrepresentation. At unit 6, Bromfield, I corrected an incorrect brochure to ensure transparency.
## Footnote
This action prevents misrepresentation.
44
Explain how you have taken **responsibility** in your current role.
Unit 15 Drome Road, I proactively identifying and progressing an outstanding rent review, I protected my client’s income position and ensured the lease provisions were fully enforced. I took ownership of the process from review of the lease through to formal documentation, which I believe demonstrates taking responsibility within my role.
## Footnote
This demonstrates ownership of the process.
45
Tell me about how you treat clients with **respect**.
By being honest and open, keeping a constant dialogue to inform them.
## Footnote
Respectful communication is key to client relationships.
46
Tell me about how you treat other surveyors with **respect**.
By being honest and open with them, and not undermining them.
## Footnote
Professional respect fosters collaboration.
47
Explain the key steps you would take if you decided to set up in practice as a **sole trader** after qualifying.
* Inform RICS of the new practice by completing a Firm Details Form
* Inform RICS that I am the responsible principal
* Register with RICS for regulation of the Firm
* Arrange PII and send details to RICS
* Set up procedures for client money handling if applicable
* Provide a copy of my complaints handling procedure and obtain approval from RICS
* Set up a complaints log
* Appoint an external surveyor as my complaints handling officer
* Plan for succession/future running of the business
* Ensure CPD is logged
* Complete an online RICS Annual Return
## Footnote
These steps ensure compliance and professionalism.
48
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
I would treat this as an attempt to improperly influence the transaction and document it.
## Footnote
Transparency is crucial in maintaining ethical standards.
49
What would you do if you were asked by a client to reduce a **fee proposal** to win new work?
I would not agree to a reduced fee if it compromises quality or creates unacceptable risk.
## Footnote
Maintaining service quality is essential.
50
What would you do if you became suspicious that a client was involved in **money laundering**?
I would report it to our anti money laundering officer for review.
## Footnote
Prompt reporting is crucial for compliance.
51
If you were to set up in practice on your own, tell me about the types of **insurance** you would need.
* PII Insurance
* Public Liability Insurance
* Employers’ liability insurance
* Cyber and Crime cover
## Footnote
These insurances protect against various risks.
52
What are the **benefits** of being an RICS Member?
* Status
* Knowledge
* Recognition
* Market Advantage
* Network
## Footnote
These benefits enhance the professional standing and opportunities for members.
53
When was the **RICS** founded?
1868
## Footnote
The Royal Institution of Chartered Surveyors was established to promote and enforce professional standards.
54
When did the RICS receive its **Royal Charter**?
1881
## Footnote
This charter granted RICS the authority to regulate its members.
55
How many **members** are there in RICS?
142,000 members
## Footnote
This number reflects the global reach and influence of RICS.
56
How is the RICS **structured**?
* Privy Council
* Governing Council
* Standards and Regulation Board
* Management Board
* Audit Committee
## Footnote
This structure ensures governance and oversight of RICS operations.
57
How many **specialist groups** are there in the RICS?
18
## Footnote
These groups focus on various areas of surveying and related professions.
58
Can you tell me about **Lionheart**?
Independent charity run by our professionals for our professionals
## Footnote
It provides confidential advice, information, and support for members in difficulty.
59
What is the RICS **motto**?
Modus est Rebus – there is measure in all things
## Footnote
This motto reflects the importance of measurement and standards in surveying.
60
What is the **Bichard Review**?
A review following the Levitt Review, aimed to clarify RICS's purpose, governance, and strategy
## Footnote
It sought to enhance RICS's accountability and public responsibility.
61
What were the key **recommendations** of the Bichard Review?
* New simplified governance structure
* Greater leadership on societal issues
* Increased focus on diversity and inclusion
* Return control of RICS to members
* Increase value placed on younger members
* Re-introduce professional communities
* A renewed and increased focus on the public interest remit of RICS
## Footnote
These recommendations aimed to modernize and improve RICS's effectiveness.
62
What are the **benefits** of firms being regulated by RICS?
* Confidence for clients
* Professionalism in advice
* Security with complaints procedures and PI cover
## Footnote
Regulation ensures firms adhere to high standards of practice.
63
What information is required by RICS for **regulation**?
* Type of business and staffing details
* Name of the Responsible Principal
* Statutory regulated activities
* Nature of clients
* Complaints handling procedure details
* Professional indemnity insurance
* Whether the firm holds clients' money
## Footnote
This information helps RICS monitor compliance and standards.
64
If you are faced with a decision in which you are unsure how to act, what could you do?
Refer to the RICS Ethics Tree, consult with my line manager
## Footnote
This approach ensures ethical decision-making.
65
What are the **mandatory professional obligations** for Members?
* Comply with CPD requirements
* Cooperate with RICS
* Provide information requested by the Standards and Regulation Board
## Footnote
These obligations maintain professional standards and accountability.
66
What are the **mandatory professional obligations** for Firms?
* Publish a complaints handling procedure
* Ensure adequate PII coverage
* Ensure professional work continuity arrangements
* Cooperate with RICS
* Provide information requested by the Standards and Regulation Board
* Display business literature in accordance with RICS policy
* Report required matters to RICS
## Footnote
These obligations ensure firms operate transparently and responsibly.
67
What must you include in the **Terms of Engagement** prior to starting work on an instruction?
* Must be in writing with the client
* Express due fee and expense treatment
* State availability of complaints handling procedure
## Footnote
Clear terms protect both the client and the firm.
68
What three things should you do prior to undertaking an **instruction**?
* Check professional competence
* Conflict of interest check
* Confirm terms of engagement
## Footnote
These steps ensure readiness and compliance before starting work.
69
When would it be appropriate to **decline an instruction**?
* Not competent to undertake the work
* Insufficient facts
* Client won't sign terms of engagement
* PII liability cap cannot be agreed
* Advice is for a friend or pro bono
* Potential client is on the UK Government’s sanction list
## Footnote
Declining ensures ethical and professional integrity.
70
What is a **conflict of interest**?
When a firm’s/individual’s independence is threatened due to a conflict between two clients
## Footnote
Managing conflicts is crucial for maintaining trust and integrity.
71
What guidance does the RICS provide on **Conflicts of Interest**?
Professional Standard: Conflicts of Interest 2018
## Footnote
Members must not advise clients where a conflict exists without informed consent.
72
How do you check for **conflicts of interest**?
* Detail the entity and address
* Send internal email for perceived conflicts
* Assess highlighted conflicts and react appropriately
## Footnote
This process helps identify and manage potential conflicts.
73
What are the types of **conflict of interest**?
* Party Conflict
* Own interest Conflict
* Confidential Information Conflict
## Footnote
Understanding these types aids in conflict management.
74
What is **informed consent**?
Clearly explaining the conflict, risks, and safeguards, with client agreement in writing
## Footnote
Informed consent is essential for ethical practice.
75
How long should you retain **client files** prior to securely destroying them?
6 years
## Footnote
This retention period ensures compliance with legal and professional standards.
76
What are the key provisions of **money laundering, terrorist financing, transfer of funds 2017**?
* Written risk assessment
* Implement systems and controls
* Adopt internal controls
* Provide staff training
* Comply with due diligence requirements
* Ensure record keeping
## Footnote
These provisions aim to combat financial crime.
77
How does your firm deal with **AML checks**?
Carries out checks in line with Money Laundering Regulations 2017
## Footnote
This includes verifying identity and beneficial ownership.
78
What are the levels of **Due Diligence checks**?
* Stage 1 – Customer DD
* Stage 2 – Enhanced DD
## Footnote
These stages help assess risk levels in client relationships.
79
What are your company’s policies on **bribery**?
Unacceptable to bribe or receive a bribe
## Footnote
Gifts over £100 and hospitality over £250 must be declined.
80
What are the **6 key principles** of the Bribery Act?
* Proportionality
* Top level commitment
* Risk assessment
* Due diligence
* Communication
* Monitoring and review
## Footnote
These principles guide organizations in preventing bribery.
81
What needs to have occurred for a **negligence claim**?
When a duty of care is breached => loss => damages
## Footnote
Understanding this is crucial for risk management.
82
What do we mean by **‘clients’ money’**?
Includes holding deposits, rent, service charges, and retentions
## Footnote
Proper handling of client money is essential for trust.
83
What is the RICS advice in relation to handling **clients’ money**?
* Holding client money
* Providing information to clients
* Receipts of client money
* Payments from client accounts
* Accounting records and controls
* Compliance
## Footnote
These practices ensure transparency and accountability.
84
What are the procedures which all surveyors should be aware of when handling **clients money**?
* Client accounts must be separate
* 'Client' on bank account
* Clients can demand their money
* Payment of interest agreed with clients
* Regular bank reconciliation
* Accurate records kept
* Annual audit obligations met
* Withdrawals only as required
## Footnote
These procedures protect client funds and ensure compliance.
85
If you pass your APC and decided to set up on your own, what are the **requirements**?
* Inform RICS of new practice
* Appoint a Responsible Principal
* Register with RICS
* Arrange professional indemnity insurance
* Set up client money handling procedures
* Obtain RICS approval for complaints handling procedure
* Set up a complaints log
* Appoint a complaints handling officer
* Use RICS logo kit
* Plan for succession
* Log CPD online
* Complete RICS Annual Return
## Footnote
These requirements ensure compliance and professional standards.
86
What are the requirements for **closing a practice**?
* Inform RICS of closure
* Inform clients and arrange handover
* Return client monies
* Inform insurers and procure PII run-off cover
* Retain client files for 6 years
## Footnote
Proper closure procedures protect clients and ensure compliance.
87
What are included in a **Terms of Engagement** for agency instructions?
* Fee proposal & timescale
* Agency basis
* Agency Rights
* Anti-money laundering procedures
* Complaints handling procedure
* Confirm no conflicts
* PII / liability
* Marketing costs & Disbursements
* Client
* Property
* Payment of fees & disbursements
## Footnote
Clear terms protect both parties in agency relationships.
88
Would you accept a **gift from a client**?
Yes, if reasonable and proportionate, registered in the gifts and hospitality register
## Footnote
Gifts over £100 and hospitality over £250 must be declined.
89
What are the **requirements** to become **FRICS**?
* Five or more years as MRICS
* A leadership role
* Professional/technical achievement
* Academic achievement
* Raising the profile of RICS
## Footnote
Candidates must provide evidence of four or more achievements.
90
What are the **five future foundations** included in the RICS Future Foundations?
* Vision - a natural and built enviroment taht is sustainable, resilient and inclusive to all
* Mission - Inspire members, advance knowledge, uphold standards
* Strategic Goals - Lead and influence sustainability, attract a diverse next generation, strengthen trust in the profession, enhance member value and engagement
* Values - proffesional, collabroative, inclusive, ambitious
* A world class organisation
## Footnote
These foundations followed the Bichard Review.
91
Who is the **president elect** of RICS?
Maureen Ehrenberg
## Footnote
She is set to take on the role of president.
92
When would you undertake **enhanced due diligence**?
On a politically exposed person
## Footnote
This is a precautionary measure for individuals in prominent public positions.
93
What is the **excess payable under PII** for indemnity up to £10 million?
* 2.5% of the sum insured or £10,000
## Footnote
This applies to indemnity amounts up to £10 million.
94
What is the **excess payable under PII** for indemnity over £10 million?
No set limit
## Footnote
This indicates that the excess is not defined for higher indemnity amounts.
95
What would you do if unable to obtain **run off cover**?
Apply for coverage to the RICS Run-off Pool
## Footnote
This is a specific action to secure necessary coverage.
96
How many **relevant case studies** are there for **Ethics**?
12
## Footnote
These case studies provide insights into ethical practices.
97
What does **PII** cover?
Protects client, surveyors and third parties against a breach of duty of care that has led to a claim for negligence
## Footnote
This coverage is essential for risk management in surveying.
98
Can you give **property advice** to a friend?
It depends but generally yes, as long as there was an agreement of terms of engagement
## Footnote
The advice should maintain the same quality of service as for a client.
99
What is an example of a **confidential conflict**?
A clash between the duty of confidentiality and the duty of disclosure
## Footnote
This involves balancing keeping secrets with the need to inform clients.
100
Who **polices** the **Bribery Act 2010**?
Serious Fraud Office
## Footnote
This office is responsible for enforcing the act.
101
Examples of matters to refer to the RICS decision tree
Receiving gifts in a professional capacity, Equal opportunities, Whistleblowing, Copyright and ownership, Conflicts of interest, Charitable donations, Attendance at hospitality events
102
Information required in an annual return to the RICS
Type of business and staffing, Nature of clients, Training provision, Complaints handling procedures, PII details, Whether the firm holds clients' money
103
Merrett v Babb case 2021
Babb had done a valuation as an employee of a company for a house purchased by Merrett, Valuation later found to be negligent, Original company no longer existed, Court ruled Merrett could pursue the individual, Babb for the losses
104
Significance of the Merrett vs Babb case
Highlights the importance of run off cover
105
Run off cover duration if executed under hand
Minimum of 6 years
106
Run off cover duration if executed as a deed
Minimum of 12 years
107
Difference between ethics and integrity
Ethics are moral values that affect a person's behaviour or the conducting of an activity, Integrity is the quality of being honest and having strong moral principles
108
Differences between professional standard, practice information and practice alerts
Professional Statements: Set Requirements or Expectations for RICS members and regulated firms, Practice Information: Support the practice, knowledge and performance of RICS members and firms, Practice Alerts: Key tools for warning or altering the profession for emerging areas of risk over which the RICS has concerns
109
What have you learnt as part of your Anti-Money Laundering training
The red flags around AML
110
What have you learnt as part of your Anti-Bribery & Corruption training
What offences of Bribery as defined under the Bribery Act 2010
111
How did you actions with not accepting the hamper align with the rules of conduct?
Acted with integrity, maintained public confidence in the profession
112
How did your actions with correcting the brochure align with the rules of conduct?
Provided a high quality and diligent service, maintained public confidence
113
What is the cash limit companies can accept in line with AML regulations
Whilst not a fixed cash limit, a risk based approach is adopted with payments over 10,000 euros being considered high risk and triggering enhanced DD
114
What rules of conduct did you display in Unit 10 Central Trading Estate
Provided a high quality and diligent service, Maintained competence
115
How would you determine whether something is within your competence
I would assess whether I have the necessary knowledge, skills and experience to undertake the instruction, considering its complexity and my current professional competence.
116
Name the 12 supporting case studies to the Rules of Conduct
* Whistleblowing
* Client Pressure
* Public Interest
* Personal Conduct
* Fair Recruitment
* Social Media
* Data Breech
* Competency
* Sustainable Advice
* Conflicts of Interest
* Negotiation
* Confidentiality
117
What is the RICS guidance on the use of social media?
There is regulation on it; Use of Social Media: Guidance for RICS Members 2024; It states that the RICS is only likely to investigate posts that involve: Discrimination, Dishonestly, Abusive behaviour, Bullying, harassment, or victimisation.
118
What is money laundering?
A process by which criminal proceeds are converted into assets that appear to be legitimate.
119
Can you tell me about a recent RICS disciplinary hearing?
Michael Bellhouse; Failure to complete CPD for 3 years resulted in expulsion from the RICS.
120
If a firm is unable to repay a client the money it held on their behalf, does the RICS provide any support?
RICS Client Money Protection Scheme.
121
Why was the RICS founded?
To establish a professional body that could regulate and support the growing property profession during the Industrial Revolution.
122
What is the RICS Professional Standard on AML?
Countering financial crime bribery, corruption, money laundering, terrorist financing and sanctions violations, 2025.
123
What does the RICS Professional Standard on bribery, corruption, money laundering, terrorist financing and sanctions violation 2025 provide mandatory requirements on?
Procedures for members and firms on: Bribery and Corruption, Money Laundering and Terrorist Financing, Sanctions.
124
What does the RICS Professional Standard on bribery, corruption, money laundering, terrorist financing and sanctions violation 2025 state on Bribery and Corruption?
States that firms must:
* Not offer or accept anything that could constitute a bribe;
* Have procedures in place to comply with the law;
* Have a written policy;
* Report suspicion to the relevant authority;
* Act with due diligence;
* Retain records.
125
What does the RICS Professional Standard on bribery, corruption, money laundering, terrorist financing and sanctions violation 2025 state on Money Laundering and Terrorist financing?
States that firms must:
* Not facilitate or be complicit in ML and TF;
* Have systems in place to comply with the law;
* Report suspicion;
* Evaluate and review the risks;
* Not ignore red flags;
* Use third party reliance for checks only;
* Take appropriate measures to understand the client;
* Verify the client;
* Follow advice on the investigation of beneficial ownership companies;
* Follow advice on accepting payments in digital currencies;
* Retain records.
126
What does the RICS Professional Standard on bribery, corruption, money laundering, terrorist financing and sanctions violation 2025 state on sanctions?
States that firms must:
* Not engage in business transactions with people who are sanctioned;
* Have a written sanctions policy;
* Have a senior person responsible for ensuring sanctions policies are in place.
127
Can you tell me an example where you have acted in accordance with Rule 1?
When dealing with the unrepresented tenant at the industrial unit in Worsley, I ensured that I did not take unfair advantage of them by referring them to the Code of Leasing Business Premises 2020 so that they were aware of professional advice available to them.
128
Can you tell me an example where you have acted in accordance with Rule 2?
At unit 10 Central Trading Estate, I recognised that advising on the roof leak was outside of my competence and recommended that my client referred to the building surveyor.
129
Can you tell me an example where you have acted in accordance with Rule 3?
Units 12 & 14 Central TE.
130
Can you tell me an example where you have acted in accordance with Rule 4?
At unit 2 Llay road, I treated the tenant with respect and took time to explain the purpose of the notice clearly and advised them to seek independent legal advice.
131
Can you tell me an example where you have acted in accordance with Rule 5?
