Level 3 - Ethics, Structure of RICS

Question 1

Who are RICS?

Answer 1

Global leading professional body promoting the highest standards in the property industry

Gold standard of professional regulation

Question 2

What happened in 1868?

Answer 2

John Clutton was elected the first president of the Institution of Surveyors and RICS founded

Question 3

When was RICS founded and by Who?

Answer 3

1868 founded by John Clutton

Question 4

When was RICS incorporated by Royal Charter?

Answer 4

Privy Council granted this to RICS in 1881

Granted by the Queen, a prestigious way of acquiring legal personality and reflects the high status of that body (i.e. RICS)

Question 5

What did the Royal Charter enable RICS to do?

Answer 5

A patent granting right of power to an individual / corporate body (in this case RICS)

It defines its objectives, constitution and powers to govern its own affairs

Question 6

What regulations and laws govern the RICS?

What are the 5 principles of better regulation?

Answer 6

RICS = self-regulated

Not regulated by Government - RICS only complies with government legislation.

Set of RICS Regulations and Bye-Laws

5 principles of better regulation (TPACT) - transparent, proportional, accountable, consistent and targeted

Question 7

What are the functions of RICS?

Answer 7

Consumer protection

Influence policy

Set standards

Accredit professionals

Quality assurance

Question 8

What are the benefits of being regulated by RICS?

Answer 8

Ultimately all items leads to the protecting the consumer, as members are expected:

To be committed to the highest standards;
To have an ethical approach;
To have adequate PII;
To have proper procedures when it comes to dealing with CH and CM;
To be committed to professional training

Question 9

Who is the CEO (Executive Team)?

Answer 9

Richard Collins (interim CEO)

Question 10

Who is the RICS President (Presidential Team)?

Answer 10

Clement Lau

Question 11

Who is the President Elect (Presidential Team)?

Answer 11

Ann Gray FRICS

Question 12

Who is the Senior Vice President (Presidential Team)?

Answer 12

Tina Pailliet FRICS

Question 13

What is the RICS London HQ address?

Answer 13

Parliament Square, 12 Great George St, Westminster, London SW1P 3AD

Question 14

How many countries does RICS operate in?

Answer 14

146 countries

Question 15

How many members are a part of RICS?

Answer 15

140,000 members

Question 16

What are the 3 market sectors covered by RICS?

Answer 16

Land

Property

Construction

Question 17

What are the main RICS membership types?

Answer 17

RICS Student / Trainee

Chartered Member (MRICS)

Associate Member (AssocRICS)

Fellowship Member (FRICS)

Question 18

What is the role of the RICS?

Answer 18

Regulate the profession

Maintain highest educational and professional standards

Promote the profession

Protect clients and consumers through a strict code of ethics

Provide impartial advice, analysis and guidance

Question 19

What does the RICS do?

Answer 19

Promotes the highest professional standards in the development and management of land, real estate, construction and infrastructure sectors.

Main a high standard of education and training.

Protect consumers through regulation of Professional Standards.

Question 20

What is the RICS mantra?

Answer 20

“There is measure in all things”

Question 21

Who is RICS accountable to?

Answer 21

RICS Members

The Public

Question 22

Why do you want to become a RICS chartered surveyor?

Answer 22

Become part of one of the most respected organisations for professionals involved in land, real estate, construction and infrastructure sectors.

Chartership is recognised globally, enabling me to work internationally via a transferable skill set.

Question 23

What are the benefits of being a RICS member?

Answer 23

1. Develop your expertise and earning potential
2. Build a global professional network
3. Enhance your skills and employability
4. Demonstrate higher professional and ethical standards

Question 24

What are the current challenges facing RICS?

Answer 24

The impact of big data and artificial intelligence (transparency and reliability of data)

Climate change (sustainability)

COVID-19

Loss of institutional trust

Question 25

Where did the RICS 7 Pillars come from?

Answer 25

Part of RICS Futures: Planning for the Future, which is based around 7 pillars

Question 26

What are the RICS 7 Pillars?

Answer 26

o Pillar 1: Thinking ahead
o Pillar 2: Leadership and Inspiration
o Pillar 3: Sustainability
o Pillar 4: Multidisciplinarity and Lifelong learning
o Pillar 5: Networks and Collaboration
o Pillar 6: Technology
o Pillar 7: Ethics, Values and Standards

Question 27

What are some recent RICS initiatives?

Answer 27

COVID Response Hub

Oct 2021 - new standards of conduct Feb 2022

Question 28

What is the structure of RICS?

Answer 28

1. Privy Council (top)
2. Governing Council

3. Standards and Regulation Board*
Management Board*
Audit Committee* 
Regulatory Tribunal*
Nominations Committee
Presidential Nominations Committee

Question 29

What is the function of the Privy Council?

Answer 29

Forms the Bye-laws.

Changes to the RICS constitution have to be sanctioned by the UK Government and monitored by the Privacy Council.

Question 30

What is the function of the Governing Council?

Answer 30

The main governing body and is chaired by the President

Sets out an overall strategy for RICS in line with the Byelaws.

Council meets 3 times / year and new president elected each year

Question 31

What is the function of the Standards and Regulation Board?

Answer 31

Responsibility for strategy, policy and oversight of RICS standards

Oversees entry and admission to the profession and regulatory functions of RICS

Board is comprised of non-members (independent) and members of RICS

Reports to Governing Council.

Question 32

What is the function of the Audit Committee?

Answer 32

Appoints professional auditors (non-members and RICS members)

Monitors:

• integrity and effectiveness of financial reporting
• internal control and risk management systems
• fraud and Raising Concerns policies

Operates independently of Governing Council, Management Board and Standards and Regulation Board.

Question 33

What is the function of the Management Board?

Answer 33

Manage day-to-day operational accountability of RICS

Main purpose = direct RICS affairs under delegated authority from Governing Council

Board is comprised of non-members (independent), members of RICS and RICS Executives.