Ethics Test 1

Question 1

When was the RICS founded?

Answer 1

1868

Question 2

What was the first reference to acting in the public interest? and what date was it granted

Answer 2

Royal Charter in 1881

Question 3

Who is responsible for approving RICS strategy and vision?

Answer 3

Governing Council

Question 4

President of the RICS

Answer 4

Tina Paillet effective Jan 2024

Question 5

4 levels of membership and their meanings?

Answer 5

FRICS / MRICS / AssocRICS and Trainee

Question 6

Note 3 roles of the RICS

Answer 6

1. Maintain high standards of education/training 2. to protect consumers through regulation 3. Leading source of information and independent advice on land, property, construction and associated environmental issues.

Question 7

Name the independent review undertaken?

Answer 7

The Bichard RICS Review by Lord Michael Bichard

Question 8

what was the date of the Bichard review?

Answer 8

June 2022

Question 9

How many recommendations of the Bichard review?

Answer 9

36 in 7 key areas (8 have been implemented so far)

Question 10

name one key area of the Bichard review?

Answer 10

A renewed focus on the public interest remit including amending the royal charter & creating a public interest panel to advise the govt council.

Question 11

Benefits of being part of the RICS?

Answer 11

Status / Recognition / Market Advantage / Network

Question 12

what are the RICS future foundations?

Answer 12

1) Vision 2)Mission 3) Strategic Goals 4)Values ((VMSV))

Question 13

what date are the rules for the regulation of firms ?

Answer 13

2022

Question 14

what are the requirements under the rules for the regulation of firms?

Answer 14

50% of principles in a firm are RICS members then it must be regulated. If its 25% then you can apply for regulation. Appoint a responsible principle. Only RICS members can use the logo. Disputes to be handled by RICS Standards and regulation board.

Question 15

what is the role of the responsible principle?

Answer 15

to ensure all reasonable steps are taken and systems are in place to ensure compliance with regulatory and RICS requirements

Question 16

Information required for RICS registration

Answer 16

1. type of business/staffing 2. name of responsible principle 3.Statutory regulated activities 4.Nature of clients 5.CHP 6. PII 7.Whether the firm holds client money.