RICS General, RICS Structure & Hot Topics Flashcards
What is the role of the RICS?
Promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.
What is the royal charter?
Granted by Queen Victoria in 1881 it requires us to promote the usefulness of the profession to the public advantage in the UK and other parts of the world and have self regulation
Where is the RICS international headquarters?
12 Great George Street, Parliament Square, London
Who is the President of the RICS?
Tina Paillet FRICS
Who is the CEO of the RICS?
Justin Young
What is the Motto of the RICS?
Est modus in Rebus – There is measure in all things.
Why do you want to be a chartered surveyor?
To prove that I have obtained the elite professional status of MRICS
I will be part of promoting the best practices in the industry.
Privy Council
Quasi Governmental body that grants the the RICS its charter.
Governing Council
Responsible for setting the global strategy and vision and ensuring the RICS fulfills its royal charter.
Standards and Regulation Board
Exercises the regulatory function of the RICS, including strategy, governance, structure, policy and operational oversight in the public interest. It is accountable to GC, but not specifically directed by them. Asoo oversees RICS professional standards, entry and admission to the profession, education and qualification standards, regulatory operations, regulatory schemes, dispute resolution services and Regulatory Tribunal.
RICS ARAFC
Audit, Risk Assurance and Finance Commettie - Regulates the RICS in the discharge of its duties and reports directly to the General Council
What is the primary purpose of the RICS?
To protect the public, provide a good quality service to clients and promote professionalism within the industry.
Are you aware of any guidance on the use of the RICS logo?
Rules for the use of the RICS logo and designation by firms (2022) states that the RICS logo may only be used by members or a regulated firm.
What RICS documents would you refer to for guidance regarding ethics and conduct?
RICS RULES OF CONDUCT GLOBAL - October 2021
What is the structure of the RICS?
Governing Council – the governing body of RICS under the Royal Charter. The role of the GC is to set the strategy and vision of the RICS.
RICS Board - delivers the RICS business plan and oversees operations, excluding standards and regulation. Supported by the Membership Services Committee, Knowledge & Practice Committee, Audit, Risk Assurance & Finance Committee and Nominations & Remuneration Committee.
Membership Services Committee - responsible for the strategy and business plan for the world regions
Standards & Regulation Board - exercises the regulatory function of the RICS, including strategy, governance, structure, policy and operational oversight in the public interest
Are you aware of any guidance that applies to RICS Members when using Social Media?
RICS Guidance Note “Use of Social Media: Guidance for Members Version 1”, took effect 30th June 2021
When would the RICS investigate a social media post made by one of its members?
If the post is:
1. discriminatory
2. dishonest
3. abusive or threatening
4. likely to cause significant harm, distress or offence to a person
5. shows a pattern of frequent or large number of concerning communications
6. ignores previous advice or warnings about concerns
What is the RICS Inclusive Employer Quality Mark?
RICS is launching the scheme to improve diversity and inclusion within the property and construction sector
What are the main benefits of Diversity & Inclusion?
- attract skilled professionals from diverse backgrounds
- establishes a sense of belonging among employees
- encourage employees to feel more connected
- increases productivity
- reduces staff turnover
- allows employees to feel valued and accepted
What is the McGregor-Smith Review?
Aiming to develop black and ethnic minority talent within the profession
What is the Bichard Review?
- The Bichard Review was an independent review commissioned by the RICS Governing Board in December 2021 into the purpose, governance and strategy of the RICS
- This was commissioned following the Levitt Review and aimed to create a new sense of purpose and direction of the RICS
- The review advised on 36 recommendations that are currently being implemented
- The Governance Structure will be updated to include a Public Interest Panel, Sustainability Panel, Commercial Committee and Audit, Risk, Finance & Assurance Committee
What is the Levitt Review?
RICS commissioned a Treasury Management audit in 2018.
Four non-Executive Board members of RICS then raised concerns that the audit had been suppressed and were subsequently dismissed from the Management Board.
RICS Governing Council commissioned the Independent Review in January 2021, which was initially dealt with by Peter Oldham QC and later passed to and published by Alison Levitt QC.
When was the RICS founded?
1868
How would you become FRICS?
Recently updated requirements. Minimum 5 years PQE, need to demonstrate 4 out of 12 professional characteristics under the main headings:
1. Champion
2. Expert
3. Influencer
4. Role Model
