1 - RICS in General

Question 1

1 - What is the role of RICS? (5)

Answer 1

1) Advancing the HIGHEST ETHICAL and TECHNICAL STANDARDS for professionals in land, property and the built environment.
2) Protecting and providing BENEFITS TO CONSUMERS by enforcing standards and codes of best practice.
3) Providing EXPERT IMPARTIAL ADVICE to governments, business and the public.
4) EQUIPPING RICS MEMBERS with leading legal advice, market insight and professional training.
5) PROMOTING RICS STATUS and STANDARDS in key worldwide markets as the mark of property professionalism.

Question 2

2 - What is the Royal Charter? (2)

Answer 2

1) Awarded in 1881 by Queen Victoria.
2) The Royal Charter requires RICS to PROMOTE USEFULNESS of the PROFESSION for the advantage of the UK public and in other parts of the world.

Question 3

3 - Where are RICS’ international headquarters located?

Answer 3

12 Great George Street, Parliament Square, London.

Question 4

4 - What is the motto of RICS?

Answer 4

“Est modus in rebus” - there is a measure in all things.

Question 5

5 - What is Lionheart? (3)

Answer 5

1) Lionheart is an INDEPENDENT CHARITY run by RICS professionals, for RICS professionals.
2) BENEVOLENT FUND established over 100 years ago.
3) The services include a RANGE from financial support, health and wellbeing packages, free professional counselling, work-related support and legal advice, and help if a member or loved one becomes seriously ill.

Question 6

6 - Why do you want to be a Chartered Surveyor (MRICS)? (3)

Answer 6

1) RICS is the largest international property institution in the world. By joining I will get GLOBAL RECOGNITION.
2) I will get ELITE professional STATUS, GUIDANCE, INFORMATION and SUPPORT.
3) I will be part of PROMOTING BEST PRACTICES in the profession.

Question 7

7 - What is RICS Matrics?

Answer 7

RICS Matrics SUPPORTS new members entering the profession, as well as working with RICS to SHAPE THE FUTURE of surveying and grow the size and respect of the profession across industries globally.

Question 8

8 - What is the role of the Standards and Regulation Board?

Answer 8

Standard and regulation board - regulatory function - strategy, governance, structure, policy and operational oversight in the public interest.

The Standards and Regulation Board has EXCLUSIVE RESPONSIBILITY for strategy, policy and operational oversight of the standards, entry admission to the profession (through RICS’ education and qualification standards), and regulatory functions of RICS.

Question 9

9 - Can you give me an overview of RICS’ governance structure?

Answer 9

See book for organogram.

Essentially 4 levels;
1 - Privy Council
2 - Governing Council
3 - Regulatory Tribunal, Standards & Regulation Board, Management Board, Audit Committee, Nominations Committee, Presidential Nominations Committee
4 - (all under Management Board) - Finance Committee, World Regional Boards and Market Advisory Panels, Remuneration Committee

Question 10

10 - What is the role of the Governing Council? (2)

Answer 10

1) The Governing Council is the HIGHEST governing body, setting global STRATEGY and ensuring RICS FULFILLS its Royal Charter.
2) It provides strategic oversight on requirements for ENTRY into the profession, and the SETTING and ENFORCEMENT of professional standards.

Question 11

Payment JCT Contract?

Answer 11

The payment timeline for the JCT Standard Building Contract (SBC) is based on the following dates:

Interim Valuation Date (IVD): The date that triggers the payment cycle

Due Date: Seven days after the IVD

Final Date for Payment: Fourteen days after the due date

The payment timeline is as follows:
Payment Notice
The Contractor Administrator (CA) must issue a payment notice no later than five days after the due date. The notice states the amount due and the basis for the calculation.
Interim Certificate
The architect or CA must issue an Interim Certificate no later than five days after the due date.
Pay Less Notice
The employer can issue a Pay Less Notice no later than five days before the final date for payment. The payment due is at least the amount stated in the notice. If the employer doesn’t issue a Pay Less Notice, the amount payable is the amount stated in the Contractor’s application.
The JCT SBC includes detailed provisions for payment as work progresses. However, employers sometimes change these timescales to their advantage