10. Conduct Rules, Ethics and Professional Practice Flashcards
What is the RICS Mantra?
Est Modus Rebus = there is measure in all things.
When was the RICS founded?
Founded in 1868 & Incorporated by Royal Charter 1881.
What is Royal Charter?
Formal Documentation awarded by Queen Victoria, to maintain and promote the usefulness of the profession for the public advantage.
Different Roles of RICS?
- Regulate the profession
- Maintain the Highest standards
- Promote the profession
- Provide Expert Advice
- Protect clients
What services does the RICS provide?
Professional body enforcing highest international standards in the valuation, management and development of land, real estate, construction and infrastructure. Including; • Research • BCIS • Providing guidance notes • Training • CPD • High ethical standards • Adjudication and arbitration services
What are the current goals of RICS?
- IPMS
- Increase global coverage in new international markets
- Data protection
- Get more young people into the profession
- Sustainability
What are the RICS Long-Term Objectives?
As per RICS Business Plan 2018-2021 – updated on three-year basis:
• Influential thought leader
• Trusted by our stakeholders and society
• RICS professional qualifications remain in demand
• Sustainable 21st century
• professional body
What are the three market sectors covered by the RICS?
Land, Property, Construction
What are byelaws?
RICS has power to provide laws of local or limited application granted by Royal Charter, effectively powers granted by an Act of Parliament and are a form of delegated legislation.
These are for: members, firms, regulated non-members and any person under article 20 of the Royal Charter.
What are the RICS Rules of better Regulation?
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency
How many RICS members are there?
Reported on website over 134,000 highly qualified trainees and professionals – definitely more.
What is Lionheart?
Lion Heart is the charity for RICS professionals, past and present, and their families.
What is lionheart providing?
The services we provide range from financial support, health and wellbeing packages, free professional counselling, work-related support and legal advice, and help if you or one of your loved ones become seriously ill.
What are the different levels of RICS professional membership?
- Associate (AssocRICS) – entry level RICS qualification offers chance to progress to full status
- Member (MRICS) – most commonly way to qualify with related qualification and experience
- Fellow (FRICS) – champion [recognition], expert, influencer and role model within industry.
What is the requirement to become MRICS?
- Relevant experience and an RICS-accredited degree
- 5 years of relevant experience and any bachelor’s degree
- 10 years of relevant experience operating at an advanced level by seniority, specialisation, or in academia.
What is the APC?
The Assessment of Professional Competence – can be completed with or without structured training;
Structured training – develop your skills over 12 or 24 months of structured training before assessment.
Preliminary review – with 5 years of experience, you can go to final assessment following a review of your submissions.
What are the benefits of RICS membership?
- Status – work to highest professional standards
- Recognition – public confidence and drives demand for services
- Market advantage – competitive advantage
- Knowledge – practice standards, CPD and practice guidance
- Network – global network
Why do you want to become a member of the RICS?
The status that come with it showing that your ability to work to the highest professional standards and knowledge gained through becoming a members and retaining membership.
What are the benefits of being a fellow?
Demonstrated individual professional achievement and integration measure of excellence
What are the core principles of being a fellow?
- acting to further RICS and the profession
- acting for the benefit of a third party to reflect RICS’ public interest mandate
- promoting RICS objectives and the profession.
What is required to become a Fellow?
Career must demonstrate 4 out of following 12 professional characteristics:
- Service to RICS
- Service to another professional body
- Market or industry recognition
- Qualification
- Teaching
- Dispute resolution
- Leadership
- Management
- Development
- Client care
- Operation
What are the different available sector pathways in the RICS?
Total of 13 different sector pathways including Building Control, Planning and Development, Building Surveying, Project Management, Quantity Surveying, Property Finance and Investment • Building Control • Building Surveying • Commercial Real Estate • Corporate Real Estate • Environmental Surveying • Facilities Management • Geomatics • Infrastructure • Land and Resources • Management Consultancy • Minerals and Waste Management • Personal Property / Arts and • Planning and Development • Project Management • Property Finance and Investment • Quantity Surveying and Construction • Residential • Taxation Allowances • Valuation • Valuation of Businesses and Intangible Assets etc
What are the requirements for firm registration?
A Firm is required to register for regulation by RICS if:
• The Firm provides surveying services to the public.
• The Firm is operating in Regulated Area A.
• At least 50% of the Firm’s Principals are RICS Members.
What makes a firm eligible for registration?
- Firm provides surveying services to the public; and
* At least 25% of the Firm’s Principals are RICS Members.
What are the different Regulated Areas?
- Regulated Area A United Kingdom
* Regulated Area B All other areas
What is the procedure for registration?
An application to register for regulation by RICS must:
• Provide information to An application to register for regulation by RICS must:
• Provide information to RICS in such form as prescribed by the Regulatory Board;
• Agree that RICS may share relevant information about the Firm with government or other regulatory bodies as appropriate; and
• Agree that if RICS declines to register the Firm RICS may publish its decision.
Upon receipt of an application from a Firm to register for regulation the Head of Regulation may:
• Grant registration;
• Grant registration subject to conditions; or
• Refuse registration.
What were the new rules enforced as of April 2020?
- At least 25% of a regulated firm’s principals must be RICS-qualified members
- Regulated firms - responsible principal for oversight and accountability ensuring firm meets its responsibilities as a regulated firm
- Under certain circumstances, firm can register a division, department or practice area for regulation by RICS.
What are the advantages of firms being regulated by RICS?
- Globally recognised standards
- Behave ethically and act with integrity
- Have the required skills and competence
- Manage conflicts of interests transparently
- Safeguard the security of clients money
- Manage finances appropriately
- Provide adequate and appropriate indemnity for its work
- Handle complaints and disputes fairly
What is the RICS Matrics?
Network of supporting, networking and developing young professionals.
Ensure new members work with the RICS to shape future of surveying and grow size and respect of profession across industries globally.
What are the different status types of RICS documents?
- Mandatory (Information standards, professional statements)
- Recommended best practice (RICS guidance note, Code of practice)
- Information only (RICS information paper, RICS insight, RICS economic report, research)
What are the black and red books?
Guidance notes
• Black Book- is for QS and construction
• Red Book - is for valuing property and are mandatory
Name some examples of RICS information which is information only?
- Information paper
- RICS insights
- RICS economic/market reports
- RICS consumer guides
- RICS Research
Can you describe the RICS governing structure to me?
- At the top is the Governing Council – main governing body (overall strategy). Working under;
a. Management board – inform and oversee RICS affairs under Governing Council.
b. Regulatory tribunal – Reports on activity and performance only
c. Audit committee – Monitors Integrity and Effectiveness of Financial Reporting
d. Presidential nominations committee – elects Senior Vice President
e. Standards and regulation board - Responsible for setting and upholding standards
f. Nominations committee – Global Appointments advisory in talent and succession
Who are the different RICS presidents?
- Timothy Neal – RICS President
- Kath Fontana – RICS President Elect
- Clement Lau – RICS Senior Vice President
- Anne Gray – Next RICS Senior Vice President = later this year 2020.
What are the different RICS rules for members?
- 1 – Interpretation
- 2 - Communication
- 3 - Ethical Behaviour
- 4 - Competence
- 5 - Service
- 6 - CPD
- 7 - Solvency
- 8 - Information to RICS
- 9 - Co-operation with RICS
What is the difference between rules for members and firms?
- 7 - Complaints Handling
- 8 – Client Money
- 9 – Indemnity
- 10 – Advertising
- 12 - Arrangement to cover incapacity / death of sole practitioner
- 13 - Use of designations
Can you explain update to RICS Rules of Conduct?
As of April 1st 2020 – new rules for designation of logo;
• RICS logo has been restricted to members and regulated firms only
• Requirements for how the ‘regulated by RICS’ designation must be displayed have been strengthened, to ensure visibility
• Requirement has been added that regulated firms must include a prescribed text in the terms of engagement issued to clients in respect of its surveying services to explain what being regulated by RICS means and
• Partnership or a company can use the designation ‘chartered surveyor(s)’ in a
• trading name only.
What are Ethics?
Moral principles that govern a person’s behaviour or the conducting of an activity.
