Own Pratice

Question 1

What is RICS regulation on setting up your own practice?

Answer 1

Rules for registration of firms 2022

Question 2

What you need to do if you intended to set up a practice?

Answer 2

1. Inform RICS and register for regulation
2. Appoint a RICS communication officer
3. PII
4. A Locum
5. CHP
6. Designation on all business literature

Question 3

When must a firm register for regulation?

Answer 3

50% of members are RICS members
Provides surveying services to the public
If the firm is operating in a regulated A area

Question 4

What are the registration eligibility criteria?

Answer 4

25% RICS members
Provides surveying services to the public

Question 5

What insurances would you need if you were starting up your own firm?

Answer 5

PII
Employers liability
Public liability
Building insurance

Question 6

How would you close down a regulated firm?

Answer 6

Inform RICS
Hand money back to client
Notify PII insurers and arrange Run off cover
Keep docs safely and securely before destroying for 6 years (Statutory limitation period)

Question 7

What info do registered firms have to send RICS annually?

Answer 7

Annual turnover
CHP details and records
PII details
Training provisions

Question 8

What would you do if a client wants to pay you cash?

Answer 8

10k euros is allowed on basis you have appropriate AMLC in place and can verify source of the money
Prefer not to accept cash

Question 9

What should you do if you believe there is a conflict of interest?

Answer 9

Be open and transparent in informing all parties of potential COI
Offer to stand down if necessary

Question 10

When deciding whether to accept or provide gift/hospitality consider:

Answer 10

The value of the gift
Who’s giving it
Proportionality
Timing of gift being given

Question 11

What are the rules around the RICS logo and ‘regulated by RICS’ designation?

Answer 11

Only RICS registered firms are allowed to display designation
Must be clearly displayed on all business literature