Random Flashcards
Who is the president of the RICS?
Tina Paillet
Who is the president elect of the RICS?
Justin Sullivan
What is the role of the RICS?
- Maintain the highest standards of education and training.
- Protect clients and consumers through strict regulation of professional standards.
- Provide impartial advice, analysis and guidance.
- Regulate and promote the profession.
What is a bye law?
RICS Bye-Laws are a set of rules and regulations that govern the operation and administration of the Royal Institution of Chartered Surveyors (RICS).
These bye-laws outline the fundamental principles and procedures for the institution’s governance, membership, and professional conduct.
Give an example of one of the RICS bye laws.
Bye law 5: Membership
This bye law outlines the different types of membership and the requirements of each (eligibility criteria, admission process, obligations etc)
What is Professional Indemnity Insurance (PII)?
PII protects professionals and their firms against claims made by Clients for professional negligence. Clients may claim that the substandard service resulted in financial loss or reputational damage.
PII: Claims made vs. claims occurring policies.
In both, insurance only covers events during the period of cover.
Claims made policies only cover claims that are made IN the period of cover.
Claims occurring policies cover claims that are made outside of the period of cover, as long as the event occurred during the period of cover.
In a negligence claim, what would show that you acted with consideration and due process?
- Adherence to industry standards and regulations
- Thorough documentation
- Reasoned decision making
- Seeking specialist advice where necessary (competence)
- Risk management
- Stakeholder engagement
- Following prescribed procedures
What are three key terms that should be considered from a risk perspective in the context of every instruction you undertake?
- Scope of works
- Contractual obligations (programme, KPIs, payment mechanisms etc)
- Change control
