1. Ethics Rules Of Conduct And Professionalism Flashcards
When was RICS founded?
15th June 1868
Who gave the RICS Royal Charter?
1881 by the Privy Council
What does RICS stand for?
Royal Institution of Chartered Surveyors
When did RICS start?
Founded in 1868 with 48 members. First meeting was in 1972.
How many members does RICS Have?
RICS has 140,000 members who operate out of 146 countries.
What are the four levels of RICS membership?
- FRICS
- MRICS
- AssocRICS
- Trainee / Student
What do you need to provide to apply to become a Fellow?
- Evidence of FOUR fellowship characteristics, either:
Five or more years at MRICS
A leadership role
Professional / technical achievement
Academic achievement
Raising the profile of RICS - A portfolio of professional achievement and CPD record
How is RICS Regulated?
RICS is self regulated, which is guaranteed through its governance structure.
What is the overall governance structure of RICS?
Governing Council
RICS (management) board
Standards and regulations board
Audit Committee
Nominations and Numerations Committee
A number of committees and boards sit underneath. RICS has 17 specialist groups covering property, land, and construction. Each group has a board and is responsible for outlining standards of competence and practice.
What is the role of the Governing Council and how many members does it have?
Sets the global strategy and fulfils the Royal Charter - 20 members
What is the role of the RICS (management) board?
Delivery of business plan
What is the role of The Standard and Regulations Board?
Setting the standard and dealing with member firms and members who don’t comply with standards.
How many specialist groups are there and what is their role?
- Specialist groups cover property, land and construction. Each group has a board and is responsible for outlining standards of competence and practice.
What is the role of the Audit, Risk Assurance and Finance Committee?
Monitor the integrity and effectiveness of financial reporting and internal control.
What is the role of the Nominations and Remuneration Committee?
Who’s appointed and how much they are remunerated
Who is the current President of RICS and when were they appointed?
Justin Sullivan - Jan 2025 (143rd President)
Who is the current CEO of RICS and when were they appointed?
Justin Young - July 2023.
How often does the President of RICS change?
The president of RICS serves a one year term starting on 1st Jan each year.
What is RICS motto?
EST modus in rebes - there is measure in all things.
What is Justin Sullivan working on during his term?
During his term as president of the RICS, Justin Sullivan is focusing on addressing the acute skills shortage in the surveying profession and attracting a diverse next generation of professionals.
What are the key roles of the RICS?
- To maintain the highest standards of education and training.
- To protect consumers through strict regulations of professional standards.
- To be the leading source of information and independent advice on land, property construction and associated environmental issues.
Who is the RICS accountable to?
Both its members and the public.
What does the RICS do?
“The RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure’ (RICS 2020)
What was the Bichard Review and what was its purpose?
Following an independent review of internal governance in 2021, the RICS commissioned Lord Bichard to undertake a further review, which included consultation with members and external stakeholders. The review was reported in June 2022.
The purpose of the review was to
- Clarify the purpose of RICS, including its responsibilities to act for the public advantage.
- Make recommendations on RICS governing structure to deliver that purpose.
- Provide proposals for the incoming leadership and governing body on future culture and strategy.
How many recommendations did the Bichard Review make and in what seven key areas?
The Bichard review made 36 recommendations in 7 key areas, where were:
- A renewed and increased focus on the public interest.
- Maintaining self regulation through greater independence from regulatory functions.
- Increased focus on diversity and inclusion.
- Empowering and enabling members through greater support for regional boards.
- Undertaking an independent review of RICS effectiveness of delivering against the Royal Charter, every 5 years.
- A new simplified, clear, accountable governance structure.
- Showing greater leadership on issues.
What are the five future foundations following the Bichard Review?
1) Vision
2) Mission
3) Strategic goals
4) Values
5) A world class organisation
Vision - The First Future Foundation
A natural and built environment that is sustainable, resilient and inclusive to all.
Mission - The Second Future Foundation
Inspire members, advance knowledge and uphold standards.
Strategic Goals - The Third Future Foundation
Lead and influence on sustainability.
Attract a diverse next generation.
Strengthen trust in the profession.
Enhance member value and engagement.
Values - The Fourth Future Foundation
Professional
Collaborative
Inclusive
Ambitious
A World Class Organisation - The Fifth Future Foundation
An efficient, effective, and inspiring professional body that is easy to do business with.
What are the five benefits of being a RICS member?
1) Status - Your professional credentials provide unrivalled client confidence.
2) Recognition - Promotion of your professional excellence to governments and markets.
3) Market advantage - RICS status and standards gives you a competitive advantage.
4) Knowledge - International practice standards, professional guidance, CPD & knowledge sharing.
5) Network - Access to professionals worldwide.
