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Background to the RICS Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

How many RICS members are there globally?

A

approx 137,500

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3
Q

What are the 4 levels of RICS membership?

A
  1. FRICS
  2. MRICS
  3. AssocRICS
  4. Trainee/Student
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4
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

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5
Q

Who runs the RICS?

A

Governing Council (20 members)

(provide management and strategic decisions)

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6
Q

Who report to the Governing Council?

RAM

A
  • Regulatory Board
  • Audit Committee
  • Management Board
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7
Q

How is the RICS Structured?

A
  • Privay Council
  • Governing Council
  • Regulation Board
  • Management Board
  • Audit Committee
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8
Q

Tell me about the Royal Charter?

A
  • Received in 1881 by Privy Council
  • To maintain and promote the usefulness of the profession for public advantage
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9
Q

What is the RICS Motto?

A

Est Modus in Rebus

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10
Q

Who is the current RICS President?

A
  • Ann Gray FRICS
  • President Elect Tina Paillet
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11
Q

What do RICS promote?

A

The highest professional standards in the development and management of

  • land
  • real estate
  • construction
  • infrastructure
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12
Q

Why do you want to become chartered?

A
  • Gold Standard in Profession (Status)
  • Recognition
  • Continual learning (CPD)
  • Market advantage
  • Network
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13
Q

What is the role of the RICS?

PPL

A
  1. Provide education and training to the highest standard
  2. Protect consumers through strict regulation of professional standards
  3. Leading source of information / advice on land, property etc
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14
Q

What are the 5 RICS Principles of Better Regulation?

A
  1. P- proportionality
  2. A- accountability
  3. C- consistency
  4. T- targeting
  5. T- transparency
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15
Q

What do the 5 RICS principles of better regulation allow for?

A

This allows the RICS to be self regulating

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16
Q

What are the different types of RICS document are there?

A
  1. International Standards & Professional Statements (mandatory)
  2. Codes of Practice (mandatory)
  3. Guidance Notes (non mandatory)
  4. Information papers/help sheets (not mandatory)
17
Q

What are the 3 levels of RICS’s disciplinary action?

A
  1. Action by Head Regulation
    - Low level breaches
    - Serve a fixed penalty
    - CPD Sanctions
  2. Regulatory Tribunal
    - Unlimited Fine
    - Suspension
  3. Appeal Panel
18
Q

How many specialisms are there within RIC?

19
Q

Can you name some of these Specialisms?

A
  • Planning and Development
  • Commercial
  • Valuation
20
Q

How do you become a FRICS?

A
  1. 5 or more years as MRICS
  2. Held a leadership role
  3. Received Professional or Technical achievement
21
Q

What is the status of a RICS professional statement ? who does it apply to?

A
  • Mandatory
  • RICS trainees, members, regulated firms
22
Q

How do you set up a new practice with RICS?

A
  1. Inform RICS
  2. Register with RICS Regulatory Board
  3. Appoint Contact Officer/Responsible Principal
  4. Appoint Complaints Officer
  5. Client Money Handling Procedure
  6. PII
  7. Arrange Succession
  8. Logo kit
  9. CPD Training
23
Q

What legislations must you consider when starting a new RICS Regulated Firm?

A
  1. Business Names Act 1985
  2. Equality Act 2010
  3. Financial Services Act 2012
  4. Bribery Act 2010
  5. Health and Safety Act 1974
  6. Data Protection Act 2018
24
Q

What are the requirements for RICS firm regulation?

A
  • If 50% of principles are RICS members the firm must be regulated
  • if 25% the firm can apply to be regulated
25
Q

What are the benefits of being an RICS regulated firm?

(CPS)

A
  • Confidence (for clients
  • Professionalism
  • Security ( CHP, PII Cover)
26
Q

How would you close down a RICS regulated practice?

A
  1. Inform RICS
  2. Inform clients
  3. Return client money
  4. Set up PI run off cover (min 6 years)
  5. Retain clients files (min 6 years)
27
Q

What does the International Ethics Standards cover?

A
  1. Trust
  2. Integrity
  3. Confidentiality
  4. Transparency
  5. Accountability
  6. Conflict of Interest
  7. Standard of service
  8. Reflection
  9. Financial responsibly
  10. Lawfulness
28
Q

What is Lionheart?

A

LionHeart is an independent charity specifically designed for past, present and future RICS professionals and their families

29
Q

Where are the RICS head quarters ?

A

Parliament Square, London

30
Q

What is a Bye Law?

A
  • Rule or law established by an organisation to regulate itself as allowed by a higher authority
  • RICS has 10 Bye laws
  • MDGC
31
Q

Who is the Chair of RICS Scotland Board?

A

Mark Devlin

32
Q

What is the role of the RICS in Scotland?

A

Work closely with the Scottish Gov on matters relating to land, property and construction

33
Q

What does APC stand for?

A

Assessment of Professional Competence

34
Q

Who is current RICS CEO?

A

Justin Young

RICS APC (24 decks)

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