Registration of firms Flashcards
1
Q
You have decided to start a new surveying firm. What must you do?
A
- Must appoint an appropriate principal who deals with RICS matters such as compliance
- Complaints handling procedure
- Separate client account
- Professional indemnity insurance
- Register with the RICS
- Receive licence to use RICS logo
2
Q
What are the preconditions for registering as a firm?
A
- Offer surveying services
- Have 25% principals (senior manager, partner, owner) who are qualified RICS members
- If a firm has over 50% principals then they are required to register
- Agree to comply with RICS rules for firms
3
Q
What are the conditions to becomming a principal?
A
- RICS member
- Is able to have some form of influence over the firm and their strategy and objectives
- Head of regulation must be satisfied the candidate is appropriate to hold the position
4
Q
What is the role of the principal?
A
- Ensure Firms compliance with standards
- Ensure all information provided to RICS is accurate
- Ensure systems are in place to allow for compliance
- Record any failure to comply with RICS requirements
5
Q
What are the benefits of registering as a firm?
A
- Increased transparency
- Held to maintain a high professional standard
- Client knows the standard of service they will receive
- Helps to identify ways of improving your firm
6
Q
Can RICS members join non registered firms?
A
Yes they can as the firm can sign up as a non registered firm that is willing to provide regulatory information on behalf of their registered members
