RICS

Question 1

What is the difference between a practice statement, info paper, code of practice and a guidance note?

Answer 1

Practice Statement - mandatory e.g Red Book
Code of Practice - mandatory or recommended best practice - service charge
Guidance note - recommended good practice - surveying safely
Info paper - Info and explanatory commentary - comparable evidence

Question 2

What are the 5 Main principles of the RICS?

Answer 2

Proportionality
Accountability
Consistency
Targeting
Transparency

Question 3

What are 5 core values?

Answer 3

Integrity
Promote Trust in profession
Respect
Limitations
Responsibility

Question 4

What is contained in the conduct rules for members?

Answer 4

Ethical behaviour
Competence
Service
CPD
Solvency
Info to RICS
Cooperation

Question 5

What alternative dispute resolution mechanism does your firm have in place?

Answer 5

Complaints handling procedure which includes an approved.

Alternative dispute resolution procedure.

Question 6

What is ISO 90001

Answer 6

Standard related to quality management system. Certified to meet these standards, must prove standards in all areas including:
Facilities
People
Services
Equipment
Helps improve working practices.

Question 7

What is the RICS Dispute Resolution Service

Answer 7

Cost effective service covers a large range of dispute resolution including arbitration, meditation, adjudication, expert witness.

Question 8

What is an adjudicator? When would you use them?

Answer 8

Form of ADR where an expert appointed by both parties to making a judgement on a case put forward by both parties. Can also be known as expert determination and can be used in valuation disputes.

Question 9

What would you have to do to comply with RICS if you set up your own practice

Answer 9

RICS compliance - 12.
Inform RICS, register for regulation
VRS if appropriate
PII
clients money
RICS contact officer
Staff training
Complaints handling procedure
RICS logo kit

Question 10

What statutory requirements would you have to comply with when setting up your own business?

Answer 10

Money laundering
H&S
Fire Safety
Asbestos
Data protection
Inform HMRC
Estate Agents Act
Employment Law

Question 11

What does the Royal Charter do?

Answer 11

Sets out the objectives of the Institution

Question 12

What is the Governing Council?

Answer 12

Sets top level strategy, overseen by the president.
Established regulatory board.
Delegated key decision making to management committee for operational activities.
Number of supporting boards includes national, regional, ethics, dispute resolution.

Question 13

Who is the RICS president?

Answer 13

Alan Collett 131st as of July 12.

Annually length.

Question 14

Give me three examples of when you’ve had regard to conduct rules for members?

Answer 14

CPD
Service-working for crown with their retail strategy. Kip
Limitations - calling in building surveyor for fire escape works

Question 15

What is the regulatory board?

Answer 15

Administers RICS regulation. Consists if non members to demonstrate arms length

Question 16

Give 3 examples of a Guidance Note?

Answer 16

2011 & 2012
Surveying Safely
Commercial Prop Management
Asbestos
Conflicts of Interest
Dilapidations

Question 17

Name 3 Codes of Practice that you have referred to in your template?

Answer 17

Code of Practice for Service Charge in Commercial Prop 2011

Code of Measuring Practice 07

Question 18

What are Practice Statements?

Answer 18

Mandatory, only a few

Question 19

Give an example of a practice statement you’ve had regard to?

Answer 19

Valuation Professional Standards 2011
Acting as an Expert Witness 08 (2011 edition)
Acting as an Advocate 08

Question 20

What is a Guidance Note?

Answer 20

Over 50. Guidance only but highly recommended use where applicable

Question 21

What is a Help Sheet?

Answer 21

Published from 07 to support Rules of Conduct:
Provide info on regulation for both firms and members;
M

Question 22

What Help Sheets have you had regard to in your training?

Answer 22

Members:
1) CPD
2) advice for sole practitioners
Firms:
1) complaints handling procedure
2) clients money
3) managing your business whilst your away
RICS:
1) PII
2) disciplinary procedures

Question 23

What is an Information Papers?

Answer 23

Specific up to date info on various topics

Mostly on valuations

Question 24

Who is the current President Elect?

Answer 24

Michael Newey

Question 25

Who is the current Chief Executive Officer?

Answer 25

Sean Tompkins

Question 26

Why does the RICS have professional groups?

Answer 26

Over 20 PGs which outlines standards for competence and practice. Covers prop professionals, land and built environment.

Question 27

What information papers have you had regard to in your training?

Answer 27

Comparable evidence in property valuation feb 12
Service Charges and tenant alterations feb 09
Sustainability and commercial prop vals jul 12

Question 28

What is the recommended run off PII cover for members?

Answer 28

15 year £250,000 with min 6 years for all past and present employees

Question 29

What is the recommended min level of cover for each claim for a firm with over £200k profit?

Answer 29

£1m

Question 30

What are the statutory requirements for setting up a practice? 10

Answer 30

Bribery Act 10 compliance
Health and safety
Fire safety order 2005
Employment law compliance
Equality Act 
DDA
Asbestos Register
Financial Services compliance 
Estate Agents Act 79
Data Protection Act 98