General RICS info Flashcards
Founded and what year royal chapter
What are the key governance features
1868 - royal charter 1881
Bye-laws
RICS Regulations
4 levels of RICS membership
1 FRICS
2 MRICS
3 AssocRICS
4 Trainee/Student
Governance structure
Top = Governing Council
Below = Standards and Regulations Board & Management Board
17 specialist groups under
Bye-Laws vs RICS Regulations
Bye laws = ratified by privy council
RICS regulations = approved by RICS governing council
RICS President and President Elect
President = Tina Paillet
President Elect = Justin Sullivan
3 main roles of RICS
Maintain highest standards or training and education
Protect consumers through regulation of professional standards
Leading source of industry advice and information
Bichard Review 2022 background and recommendations
Background - following Allison Levitt QC review 2021 of governance
Recommended:
Renew public interest as vital to RICS
Provide greater regulatory independence to promote self regulation
Increase D&I focus
Increase focus on regional and younger members
Clearer and simplified governance structure
Show greater leadership on ESG
Where is RICS HQ
12 Great George Street, Westminster
5 benefits of RICS membership
1 status
2 recognition
3 market advantage
4 knowledge
5 network
Think - SRMKN - so real main knowledge network
Hierarchy of RICS material
RULES OF CONDUCT - mandatory
INTERNATIONAL/GLOBAL STANDARDS - mandatory
PROFESSIONAL STATEMENTS - mandatory
PRACTICE STANDARDS - mandatory (supportive docs)
GUIDANCE NOTES - good practice
CODE OF PRACTICE - good practice
Why did the RoCs get updated
Clarity
D&I focus
Effectiveness
Brevity of language
To understand stand global changes and keep updated - tech, climate change, etc.
Steps of RICS decision tree
Sufficient facts?
Legal?
In line with RoCs
Can you make informed decision
Do you have clear reasoning in advice and is it informed
Happy for advice to be made public
Is there guidance on social media use?
‘Use of Social Media: Guidance for RICS Members’ 2021
Professional standard vs statement
RICS currently reviewing professional statements to become professional standards
What is the Limitation Act
1990 Act - claimants can claim for negligence up to 6 years after the act
