RICS Flashcards
- What does the RICS stand for?
Royal Institution of Chartered Surveyors
- What is the purpose of the RICS?
Professional body that establishes and enforces standards for the built environments
- When was it founded?
1868
- When was it chartered?
1881
- How many members do the RICS have?
130,000+
- What is the RICS motto?
‘There is measure in all things’
- Who is the president?
Tina Paillet FRICS
- Who is the President Elect?
Justin Sullivan FRICS
- Who is the CEO?
Justin Young
- What are the levels of membership?
FRICS, MRICS, AssocRICS, Trainee/Student
- How is RICS governed?
Under the terms of the Royal Charter, and various internal councils
- What is the governance structure?
1) Privy Council
2) Governing Council (20+ members) – Justin Hardman now member
3) Standards and Regulation Board and Management Board
4) 17 specialist professional groups – outline standards of competence and practice
- What are the FRICS requirements?
1) 5 or more years at MRICS
2) Leadership role
3) Academic or professional achievement
4) Raise the profile of RICS
- What is the role of the RICS?
1) R - Regulation - Protect consumers through strict regulation of professional standards
2) A - Advice - Leading source of information and independent advice
3) T - Training - Maintain the highest standards of education and training
- What is the Levitt Review 2021?
It challenged the RICS on its governance failings, such as their lack of clarity roles of Boards responsibilities and structure
- What were the initiatives that came from the Bichard Review in 2022?
- Increased focus on diversity and inclusion
- New simplified governance structure
- Showing greater leadership on issues that matter most to society (sustainability and CC)
- Why do you want to be MRICS?
- Progress career in industry I’m passionate about
- Provide me recognition and status to provide my client confidence
- Continual to make use of CPD opportunities
- What are the benefits to membership?
- MA - Market advantage
- R - Professional recognition
- K - Knowledge - International Practice Standards
- S - Status
- N - Global network
- What are the benefits of regulating firms/ surveying profession?
To protect the public (CPH, PII, redress scheme), uphold the public confidence in the profession and uphold professional standards
- What information is required by RICS for registration?
1) Type of Business and Staff Info
2) Name of Responsible Principal
3) Statutory Regulated Activities
4) Nature of Clients
5) Complaints Handling Procedure Details (CHP)
6) Professional Indemnity Insurance Details (PII)
7) Is clients’ money held?
- What must RICS members do?
- Comply with CPD Requirements
- Cooperate with the RICS
- Promptly provide information requested by the Standards and Regulatory Board
- Who regulates the profession?
The Standards and Regulatory Board
- How is disciplinary action triggered?
By a complaint, allegation or information received by RICS
- What are the 3 levels of disciplinary action?
1) Action by Head of Regulation
2) Disciplinary panel
3) Appeal Panel
- What actions may be initiated by the Head of Regulation?
1) Serve a fixed penalty notice
2) Make regulatory compliance order
3) Refer matter to Regulatory tribunal or Disciplinary Panel
- What is a regulatory compliance order?
Written document outlining the steps required when there has been low level breaches of RICS rules, may include a fine
- What penalties are available by Disciplinary panel?
- An unlimited fine and/or temporary suspension/expulsion
- Publish results of hearing
- Issue Regulatory Compliance Order
- What is the guidance for social media?
Use of social media: Guidance for RICS members, 2021
- What does the Social Media Guidance state?
- Members are protected by the Rules of Conduct if followed
- Posts will be investigate if particular extreme or highly offensive which can cause reputational damage to the profession e.g. discrimination, dishonesty, bullying, abuse
- Why have the RICS introduced Professional Standards and Practice Information?
To streamline the guidance and make the requirements clearer
- What are the CPD requirements for members?
- 20 hours of CPD per year - Minimum of 10 hour formal (can use ethics tree)
- Maintain rules of conduct knowledge and understanding
- Log CPD into portal by 31/01 every year
- What are the RICS’ 5 principles of better regulation?
PACTT
a) Proportionality
b) Accountability
c) Consistency
d) Targeting
e) Transparency
