Level 1 Flashcards
Knowing
Why do you want to become a member of the RICS?
I would like to become a member of the RICS because it will increase my opportunities to travel, I will feel a sense of achievement and become an ambassador for more women in the construction industry.
What is the role of the RICS?
RICS’ main roles are:
- Advancing the highest ethical and technical standards for professionals in land, property and the built environment
- Protecting and providing benefits to consumers by enforcing standards and codes of best practice
- Providing expert impartial advice to governments, business and the public
- Equipping RICS members with leading edge advice, market insight and professional training
- Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.
What are the key functions of RICS?
Profession & Standards
RICS develops and enforces leading international standards, protecting consumers and businesses by ensuring the utmost level of professionalism is employed across the built and natural environment.
What is a royal charter
Our Royal Charter requires RICS to act in the public interest.
Our Royal Charter requires us to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world. In practice, the charter means that important changes to our constitution – its bye-laws – have to be ratified by the UK Government, through the Privy Council, even after they’ve been approved by a majority of our members voting at a general meeting.
Who is the president of the RICS?
Who is the President Elect of the RICS?
Who is the senior vice president of the RICS?
Tina Paillet
Justin Sullivan
Nicholas Maclean
What do you understand by the term self-regulation?
The Royal Institution of Chartered Surveyors (RICS) self-regulates, meaning that it operates under its own regulatory framework instead of being legislated by the government.
Standards
RICS develops and enforces standards that outline the expected conduct, competence, and ethics for its members.
Regulatory Tribunal
The RICS Regulatory Tribunal is responsible for independent decision-making through its Disciplinary, Registration, and Appeal Panels.
Rules of Conduct
The RICS Rules of Conduct are based on ethical principles such as integrity, honesty, competence, responsibility, service, and respect.
Can you tell me what you understand by the principles of better regulation?
The Rules of Conduct for Firms apply to all Firms worldwide. They cover those matters for which Firms are responsible and accountable. The Rules focus on our regulatory goals and adopt the five principles of better regulation:
* Proportionality. * Accountability. * Consistency.
* Targeting.
* Transparency.
What is a Bye-Law?
The Bye-Laws determine how the RICS is regulated.
The RICS Bye-Laws provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs. Those decisions are made in accordance with the Rules and guidance created by the Standards and Regulation Board.
Who do the Bye-Laws apply to?
Application of Bye-Laws and Regulations
These Bye-Laws and any Regulations made under them shall apply to:
(a) a Member or a member of an Attached Class;
(b) a Firm, where specified;
(c) a Regulated Non-Member, where specified; and
(d) any person covered by any agreement made under Article 20 of the Charter.
Give an example of one of the RICS Bye-Laws
MADCCAPS
1 Applications and Definitions
2. Membership and registration
3. Designations
4. Contribution to funds
5. Conduct
6. Governing Council, Officers and Staff
7. Subordinate Boards, Committees and Group
8. Procedure for General Meetings
9. Accounts and Audit
10. General
What is the Bichard RICS Review ?
Lord Michael Bichard published his independent Bichard RICS Review which was commissioned by the RICS Governing Council to review the Institution’s purpose, governance and strategy.
Example recommendation
1. A Diversity and Inclusion Panel should be established to provide advice to the RICS Board and Standards and Regulation Board.
2. A Public Interest Panel should be established to advise the Governing Council.
3. RICS should develop further its thought leadership role.
4. RICS should consider establishing a fund for public interest activity, which might include support for members to undertake pro bono activity and scholarships for students from communities where surveying is not well represented. This could be funded through the sanctions imposed on members and firms from regulation.
5. annual review to monitor the committee performance
6. encourage young people on the governing council board - stronger voice
improvements in technology
What is a phoenix firm ?
irms which close in a disorderly way and then rapidly re-establish themselves as a new trading entity.
who is a qualified member of RICS
Chartered Member is available on completion of the chartered qualification. You can enrol at any time in your career but must meet one of the following before applying for assessment: Relevant experience and an RICS-accredited degree. 5 years of relevant experience and any bachelor’s degree.
What does the annual regulatory review fee relate to?
Regulatory review fees
All regulated firms who hold clients’ money pay a regulatory review fee on an annual basis. The income generated from these fees covers the operational costs of the client money regulatory review visit programme. The fee is set based on the number of directors/principals in each firm, which includes both RICS members and non-member individuals.
What is the Hart v large case
The Hart v Large case is important for surveyors as it highlights the need to: Be clear and advise clients on the survey level and scope of inspection, limitations and caveats. Notably, this was a divergence from the normal rule of applying damages, established in the case of Watts v Morrow, where the damages are assessed on the variance between the surveyor’s valuation and the value of the property in it’s actual condition. ecommend further investigations are carried out if the surveyor has suspicions that a visible defect may affect other concealed building elements.
Report if any of the elements of the building have not been inspected and provide explanation as to why.
Consider whether any new information provided after inspecting or reporting affects their original advice, and updating their advice if it is justified to do so.
What are the 5 rules of conduct
1.Members and firms must be honest, act with integrity and comply with their professional obligations including obligations to RICS
2. Members and firms must provide good quality and diligent services
3. Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
4. Members and firms must treat others with respect and encourage diversity and inclusion
5. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
When was the RICs founded?
1868
What is the mission statement of the RICS
To qualify and equip members to offer the highest standards of professional service.
To promote and enforce standards
To lead solutions to major challenges facing built environment through professional expertise.
What are the RICs core values / ethical principles ?
6nr HICSRR (CHRRIS) The Rules of Conduct are based on ethical principles of honesty, integrity, competence, service, respect and responsibility.
What is the aim of the RICS?
RICS develops and enforces leading international standards, protecting consumers and businesses by ensuring the utmost level of professionalism is employed across the built and natural environment.
How is the RICS structured?
The RICS was founded in 1868 with royal charter being granted by Privy council in 1881.
It is self regulated and internally monitored meaning that is not regulated by government or external parties.
Governing Council is our highest governing body, setting our global strategy and ensuring RICS fulfils its Royal Charter obligations.
RICS is a Royal Charter body. Our Royal Charter requires RICS to act in the public interest. Under the Royal Charter, RICS’ governing body is the Governing Council, which is responsible for approving RICS strategy and vision, overseeing the effective delivery of the strategy’ as well as standards and regulation. Governing Council is also responsible for approving changes to RICS’ constitution. Governing Council is supported by the Executive Board and expert governance bodies populated by active RICS members, RICS employees and independent non-executives.
Why did the previous rules of conduct change?
To provide a single document to enable greater clarity for RICS members and firms.
What are the professional obligations of members?
To comply with the CPD requirements set by the RICS - 20 hours formal 50%. I would refer to the RICS decision tree on informal and formal CPD
Members must cooperate with the RICS
Members must provide all information requested by the Standards and Regulations board or those exercising delegated responsibility on its behalf.
What are the professional obligations of firms?
Appendix A rules of conduct
Members must cooperate with the RICS
Must publish a complaints handling procedure which includes alternative dispute resolution provider approved by the RICS and maintain a complaints log
Members must provide all information requested by the Standards and Regulations board or those exercising delegated responsibility on its behalf.
Firms must display on their business literature, in accordance with RICS published policy on designations a designation to denote that they are regulated by RICS.
Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
What is money laundering? And which rule of Conduct does it relate to?
Concealing the source of the proceeds of criminal activity to disguise their illegal origin. This may take place through hiding, transferring and/or recycling illicit money or other currency through one or more transactions, or converting criminal proceeds into seemingly legitimate property.
Rule 1 - Honesty and integrity.
