Background to RICS Flashcards
When was RICS Founded ?
1868
How many RICS members are there ?
134,000
What are the 4 levels of Membership ?
- FRICS
2.MRICS
3.AssocRICS
- Trainee/Student
Whats does RICS stand for?
Royal Institution of Chartered Surveyors
Who runs RICS?
Governing Council (responsible for providing management and strategic decision)
Who report to the Governing Council ? (RAM)
Regulatory Board, Audit Committee and Management Board (RAM)
How many specialist professional groups are there ?
18
Each specialist group has an…?
Elected Board (responsible for outlining standards of competence and practice)
Who is the President of RICS
Clement Lau
What is RICS?
A globally recognised professional body, designed to effect positive change in the built and natural environments.
What do RICS promote….
The highest professional standards in the development and management of land, real estate, construction and infrastructure.
Who is the president of RICS
Clement Lau
What are the major challenges currently facing RICS?
- Date and technology
- Sustainability
- Talent and Skills
- Diversity
The role of RICS is to…(EPA)
- To provide Education and Training to the highest standard.
- To protect consumers through strict regulation of professional standards.
- Leading source of information / advice on land, property etc.
Benefits of being a RICS member ?
- Status (professional credentials)
- Recognition (promote professional excellence)
- Market advantage (competitive advantage)
- Knowledge (professional guidance, CPD)
- Network (Access to 134,000 professionals worldwide)
What are the 5 Principles of RICS Regulation for Members and Firms? (PACTT)
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency (to all members, clients and public)
Where are the RICS head quarters ?
Parliament Square, London
What is a Royal Charter?
It is granted by the Privy Council. It reserved for bodies that work in the public interest (usually professional institutions)
What is Lionheart ?
LionHeart is an independent charity specifically designed for past, present and future RICS professionals and their families.
Their aim is to support members through difficult times, whether personal or professional, from the beginning of their career as an APC candidate or apprentice, right through to retirement.
What are the RICS core values?
S - Standard of service
T - Promote Trust in the profession
I - Act with integrity
R - Take Responsibility
R - Treat others with respect
What does the International Ethics Standards Cover ?
- Trust
- Integrity
- Confidentiality
- Transparency
- Accountability
- Conflict of Interest
- Standard of Service
- Reflection
- Financial Responsibility
- Lawfulness
How do you start a new practice with RICS? (IRA PAL)
- Inform RICS
- Register with RICS regulatory Board
- Appoint contact officer
- Appoint Complaints Officer
- Client money procedures
- PII
- Arrange succession
- Logo kit
- CPD Training
What legislation must one consider when starting a new practice ?
- Business Names Act 1985
- Equality Act 2010
- Financial Services Act 2012
- Bribery Act 2010
- Health & Safety Act 1974
- Data Protection Act 2018
How does a firm close down a practice ?
- Inform RICS
- Inform Clients
- Return Clients Money
- PII
- Retain client files for 6 years.
What is the RICS moto?
‘There is measure in all things’
How does on become a FRICS? (PALS)
- 5 or more years of service
- Academic achievement
- Professional achievement
- Leadership role
- Raise the profile of RICS.
Benefits to a RICS member?
- Market Advantage
- Professional recognition
- Status
- Global Network
Benefits of RICS regulated firms?
Confidence
Professionalism
Security
What are the 3 levels of RICS’s disciplinary action?
- Action by head of regulation
- Low level breaches.
- Serve a fixed penalty notice
- Action by Disciplinary panel
- Unlimited fine
- Suspension
- Appeal Panel
What are the different types of RICS publications ?
International Standards & Professional Statements (mandatory)
Codes of Practice (mandatory)
Guidance Notes (not mandatory)
Information Papers/ Help Sheets (not mandatory)
What is the Levit Report ?
A investigation into the RICS.
The main findings being a lack of clarity in the governing structure of the RICS. Most notably power struggles.
What is the Carsberg report ?
An investigation into RICS. Main findings being that
- their should be simpler disciplinary procedures in place.
- Competence monitoring is also needed.
