The RICS

Question 1

What are the RICS Future Foundations?

Answer 1

Mission
Value
Service
Strategic Goals
World Class Organisation

Question 2

What are the RICS ethical standards?

Answer 2

Honesty
Respect and Responsibility
Service
Competence

Question 3

Name 3 takeaways from the Bichard Review:

Answer 3

1. increased focus on diversity
2. A new simplified governance structure
3. greater leadership on issues that matter most to society. eg sustainability and climate change

Question 4

Why was the Bichard Review undertaken?

Answer 4

1. clarify the purpose of the RICS
2. Make recommendations on the governing structure

Question 5

What does ‘Rules for the Regulation of Firms’ 2022 state?

Answer 5

1. 50% of principals providing suverying services are RICS members must regulate
2. 25% can apply
3. Complete an annual return on the RICS panel

Question 6

What information is required by RICS for registration?

Answer 6

• PII details
• CHP details
• Responsible Principal
• Handling clients money?

Question 7

What does appendix A of the RoC set out?

Answer 7

Professional Obligations for members and firms

Question 8

What are the obligations of members?

Answer 8

1 comply with CPD requirements
2 Cooperate with RICS
3 Provide all info required by Regulation Board

Question 9

What are the obligations of firms?

Answer 9

1. publish CHP
2. ensure current and previous work is covered by PII
3. Publish that they are RICS regulated

Question 10

What does ‘Use of Social Media: Guidance for RICS members 2024’ set out?

Answer 10

1. Reminds members of high standards and ethical behaviour expected of members
2. RICS will investigate social media posts involving discrimination, abuse, bullying
3. RICS will take dicsiplinary action of the reputation is at risk or if the public are at harm

Question 11

What are professional standards?

Answer 11

Expectations for RICS members and firms about how they provide services or outcomes of their actions

Question 12

What is practice information?

Answer 12

Supports practice, knowledge and performance of rics members

Question 13

Whate are practice alerts?

Answer 13

Key tools for alerting the profession of emerging areas of risks of which RICS has concerns

Question 14

How do you negotiate fees?

Answer 14

-Time taken for the job
-Seniority of staff member
-Resources required

Question 15

What MUSN’T you do when negotiating a fee?

Answer 15

-NEVER undercut another firm
-NO aggressive fee cutting

Question 16

What is allowed when negotiating a fee?

Answer 16

• healthy competition
• be transparent with client

Question 17

When is it appropriate to decline an instruction?

Answer 17

1. If i am not competent
2. Client refuses to sign ToE
3. CoI / personal interest
4. PII doesn’t cover you (eg free advice for a friend)

Question 18

What should you refer to if you are unsure whether to accept an instruction or not?

Answer 18

the RICS Ethics Decision Tree

Question 19

What is a conflict of interest?

Answer 19

When you’re unable to act independently because you have material interest at stake in the matter

your advice may be compromised

Question 20

What is conflict avoidance?

Answer 20

Declining an instruction because your firm in conflicted

Question 21

What is conflict management?

Answer 21

An instruction is accepted hoeevr there are information barriers in place to manage the conflict.

ALL parties affected MUST provide WRITTEN INFORMED consent

Surveyors MUST be transparent about conflicts

Question 22

What RICS Professional Standard is in place for CoI?

Answer 22

RICS PS Conflicts of Interest 2017

Question 23

What does the PS COI outline?

Answer 23

A member must never act when there is a conflict UNLESS written confirmation is provided by all affected parties

Question 24

What else does the PS CoI include?

Answer 24

1- all conflicts must be managed
2- keep detailed records of the CoI and informed consent

Question 25

How do you handle a CoI?

Answer 25

1. decide whether to accept instruction. Can I act transparently and responsibly? 2. TRANSPARENT Written advice to affected parties. Get written consent from ALL affected. 3. management. Once consent is received, set up information barrier

Question 26

How to set up in an information barrier?

Answer 26

1. ALL information is securely stored 2. IT barriers in place 3. Two separate teams working on one job must be separated completely

Question 27

What does RICS Bye-Laws state about confidentiality?

Answer 27

client confidentiality must be maintained for all client affairs

Question 28

What must you do if a third party wants to access your clients files?

Answer 28

Must receive consent first

Question 29

What should you do if you receive confidential files by accident?

Answer 29

Dispose of them immediately in confidential waste

Question 30

How long should you hold old files?

Answer 30

6 years Delete securely (confidential waste)

Question 31

Who should you notify if a complaint arises?

Answer 31

PII Could be a claim for negligence

Question 32

What is something you should do when a complaint arises?

Answer 32

Keep a detailed log showing progress and outcome

Question 33

What are the new CPD requirements?

Answer 33

20 hours p.a. 10 MUST be formal Mandatory every 3 years on: - sustainability - AI - Ethics

Question 34

What are some key updates on CPD requirements?

Answer 34

- new member app - improved CPD content - members to declare CPD is relevant and adequate