RICS Essential Information Flashcards
1
Q
What are the professional obligations of members?
A
- Comply with CPD Requirements
- Cooperate with the RICS
- Promptly provide information requested by the Standards and Regulation Board.
2
Q
What are the professional obligations of firms?
A
- Complaints Handling Procedure (RICS approved, including ADR).
- Previous and Current work is covered by PII.
- Sole practitioners must have locum in place.
- Cooperate with RICS.
- Promptly provide information requested by the Standards and Regulation Board.
- Must display RICS logo on business literature.
- Must report to RICS any matters required under the Rules for the Registration of Firms.
3
Q
What are the CPD requirements for members?
A
- Undertake and record appropriate lifelong learning.
- Must provide evidence to the RICS upon request.
- 20 hours CPD a year (min 10 formal).
- Undertake learning on Ethics every 3 years.
- All CPD recorded via the RICS management system.
4
Q
RICS Moto, year RICS was founded and the year the Royal Charter was granted by the Privy Council?
A
- There is measure in all things (Est Modus in Rebus)
- 1868
- 1881
5
Q
What is the structure of the RICS?
A
- RICS is self-regulated
- The Bye-Laws determine how the RICS is regulated.
- The Governing Council manage and agree the strategy for the RICS.
- Regulatory Board, audit committee and management board are beneath the governing council and execute the strategy set be them.
6
Q
What is the RICS mission statement?
A
- To qualify and equip their members to offer the highest standards of professional service.
- To promote and enforce standards.
- Lead solutions to the major challenges facing the built environment through expertise in the publics interest.
7
Q
What is the client money protection scheme?
A
- Money protection scheme operated by the RICS.
- Contains provisions for any member of the public to be reimbursed their direct loss of funds when using an RICS regulated firm.
- Provided through an RICS insurance policy.
8
Q
What must RICS firms do in regards to Client Accounts?
A
- Clear segregation of duties for employees.
- A Principal oversees the client money accounting functions.
- Principles cannot override controls.
- Processing of clients money done by competent individuals
- Secure accounting systems
- Kept separate with Client in the account name
- Client must have access to funds
- Account cannot go overdrawn
- We must maintain client ledgers and provide a running balance.
9
Q
What is the RICS guidance of complaints handling?
A
- RICS provide a model form.
- The process must include a redress mechanism.
- Should be in Terms of Business
- Must be clear, quick, transparent and impartial and free of charge within the first stage.
- Names and contact details of nominated investigating person must be stated.
- The complaint must be investigated within 28 days.
- All complaints must be recorded.
- Notify PI insurer immediately of a complaint
- Two stages as a minimum
10
Q
What are the two stages of handling a complaint?
A
- Stage 1, consideration of the complaint by a senior member of the firm or CHO.
- Stage 2 - if issue is not resolved, the complain is referred to a third party with authority to award redress.
11
Q
What is the purpose of PII?
A
To provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty.
12
Q
What are the limitation periods for PII?
A
- 6 years when executed under hand, 12 years when executed as a deed.
13
Q
What was the importance of Merrit Vs Babb?
A
- Highlighted the importance for sufficient run-off cover.
14
Q
What is Claims made basis?
A
- The insurance policy that is in place at the time the breach is discovered is to provide indemnity, not the policy when the breach was made.
15
Q
What are the PII requirements?
A
- Policy must be made on an ‘each and every’ claim basis.
- RICS sets out minimum levels of indemnity
- The RICS sets out the maximum levels of uninsured excess.
- Policy should cover past and present employees etc.
