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Alice’s APC > RICS Background & Regulation > Flashcards

RICS Background & Regulation Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

Who granted the Royal Charter + when?

A

Privy Council in 1881

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3
Q

What is the RICS?

A

Independent professional body originally established in the UK by a Royal Charter

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4
Q

What is a Royal Charter?

A

Formal document issued by monarch - grants power or right to an individual or body

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5
Q

What is the RICS incorporated by?

A

Royal Charter

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6
Q

What regulation and laws govern the RICS?

A

RICS Bye Laws and Regulations

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7
Q

What are Bye Laws?

A

Rules made by organisation to regulate itself

Enforced by Standards + Regulations Board

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8
Q

What are RICS Bye Laws?

A

Rules that establish membership criteria + professional standards

Give Head of Regulation + Regulatory Tribunal power to take disciplinary action against members who violate rules

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9
Q

Give me an example of one of the RICS Bye Laws

A
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10
Q

Apply Bye Laws?

A
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11
Q

What are Regulations?

A

Rules, procedures + processes for members + firms

Builds upon Bye Laws

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12
Q

What is the difference between Bye Laws and + Regulations?

A

Bye Laws set out general principles

Regulations build upon Bye Laws + provide specific operational details relating to operation of RICS

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13
Q

When were the RICS Bye Laws + Regulations last updated?

A

Bye Laws - Feb 2020

Regulations - June 2024

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14
Q

What do you understand by the term self regulation?

A

RICS has a Royal Charter

This means there is no government regulation

Instead, they are internally regulated through Bye Laws + Regulations

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15
Q

Are RICS members regulated by the Government as well as the RICS?

A

No

RICS is an independent professional body that regulates its members / it is self-regulated

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16
Q

What are the benefits of the RICS being self-regulated?

A

Avoids time + cost of Government introducing/maintaining legislation

17
Q

Tell me about the principles of better regulation

A

These are set out by UK Cabinet Office’s Better Regulation Commission + are adopted by RICS in regulatory model

  1. Proportionality
  2. Accountability
  3. Consistency
  4. Targeting
  5. Transparency
18
Q

What are the four levels of membership?

A

FRICS
MRICS
AssocRICS
Trainee / Student

19
Q

How can you become FRICS?

A

5 years or more at MRICS
Be in a leadership role
Professional/technical achievement, including CPD record
Academic achievement
Raising profile of RICS

20
Q

What is the Governance structure of the RICS?

A
21
Q

What is the Governing Council?

A
22
Q

What is the role of the privy council?

A
23
Q

Who is the CEO of the RICS?

A
24
Q

Who is the RICS President?

A

Justin Sullivan FRICS (1st Jan 2025)

25
Q

Who is the RICS President Elect?

A

Nicholas Maclean FRICS

26
Q

Who is the RICS Senior Vice President?

A

Maureen Ehrenberg FRICS

Alice’s APC (3 decks)

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