RICS in general Flashcards
What is the role of RICS
Protecting consumers by enforcing ethical standards and codes of best practice
Promoting RICS status and standards world wide as a mark of professionalism
Providing expert advice equipping RICS members with leading advice
What is the RICS royal charter
Awarded in 1881 by Queen Victoria
Requires RICS to promote the usefulness of the profession for the advantage of uk and worldwide public
RICS motto
EST modus in rebus - there is measure in all things
What is lionheart
Independent charity run by RICS professionals for RICS professionals providing financial, well being support, legal advice if a member or loved one becomes ill
What is RICS matrics
Provides professional development for new members
Standards and regulations board role
Exclusive responsibility for exercising RICS regulatory functions
Oversees activities of RICS professional standards, entry and admission, dispute resolution services
Provide an overview of the RICS Governing body structure
Under the RICS governing body there is the Governing council responsible for approving and overseeing tasks related to the RICS strategy and vision as well as regs and standards. the RICS board is built up with many committees related to membership, knowledge and finance.
Explain why the Levitt review was conducted
Allisson Levitt QC was commissioned to conduct an independent review in to history treasury matters at RICS
What were the Key objectives of the Levitt review
- consider way in which the report was commissioned, dealt with and whether anything was missed
- Consider whether shortcomings were a failure of governance
- To make recommendations for the future
What were the key conclusions of the Levitt report
- sound governance principles were not followed by RICS
- Non-Exec member concerns were legitimate and were wrongly dismissed
- A lack of clarity in roles and responsibilities of those on the rics board, in SLT also contributed
Who is the President of the RICS
1st January 2025, Justin Sullivan FRICS became the 143rd president
RICS Vice President
Nick Maclean
what is the bichard review and why was it commissioned
It was a review commissioned by the Governing Council in December 2021 following a recommendation in the Levitt review that a wide ranging examination of purpose, governance and strategy should be conducted by an external review replacing “Defining our future”
What was Lord Blanchard’s remit
The review aimed at clarifying the purpose of RICS and to make proposals regarding elements of the organisation in relation to structure, strategy, future culture
What are the Key recommendations from the Bichard review
1) renewed and increased focus on the public interest remit of RICS, including creation of a public interest panel
2) Maintaining self-regulation
3)Increased focus on diversity and inclusion
4) Empowering RICS members through greater support particularly younger members
Please explain your understanding of the Harris Debate
The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation. The debate honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.
What was discussed at the Harris Debate 2024?
In 2024 the debate focussed on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. The debate explored the ethical implications of incorporating artificial intelligence into valuation and surveying as AI is becoming more integrated in these fields.
What wider impact do you feel AI will have on the property industry?
Data-Driven Decision Making – AI has the potential to analyse vast amounts of market data to predict trends, assess property values, and identify investment opportunities.
Streamlining Transactions – AI can simplify the buying, selling and leasing processes by automating paperwork, ensuring compliance and detecting fraud.
Urban Planning and Development – AI can assist city planners and developers by analysing environmental, social, and economic data. It can simulate the impact of new developments, optimising infrastructure planning and sustainability efforts.
Risk Management – AI can play a pivotal role in identifying and mitigating risks, such as market volatility, structural issues in properties, or potential legal complications. Predictive algorithms can help stakeholders anticipate and mitigate these risks.
What impact will AI have on the construction industry?
The use of AI is predicted to have more beneficial use for Main Contractors particularly when it comes to the estimating of projects. There is also a prediction it could assist in technology of onsite plant improving H&S
Are you aware of any guidance that applies to RICS Members when using Social Media?
The RICS introduced the Guidance Note ‘Use of Social Media: Guidance for Members’. The Guidance note sets out the same standards as stipulated in the RICS Rules of Conduct and reminds members that these do not change whether communicating via social media, face to face or traditional forms of media.
How do you ensure you operate inline with RICS guidance on the use of Social Media?
I ensure that I use respectable language when engaging in any form of social media communication. I would also never make a post or comment on anything that could cause offence or harm to the public. I know could potentially undermine public confidence and trust in the profession.
When would the RICS investigate a Social Media post made by one of its members?
An investigation may take place if a social media post is:-
Discriminatory.
Dishonest.
Abusive or threatening.
Likely to cause significant harm, distress or offence to a person.
Shows a pattern of frequent or large number of concerning communications.
Ignores previous advice or warnings about concerns.
Please explain your understanding of the RICS Business Plan for 2024?
1) Matrics expansion in to South Asia to increase support for next gen professionals
2) Sustainability Leadership – RICS aims to lead on global issues such as decarbonisation, climate resilience, biodiversity, and the circular economy.
3) Enhancing Member Engagement – The RICS is working on improving the value and experience for its members.
Can you explain the changes to the RICS 2025 fees
The RICS has announced a 3.5% increase in professional subscription fees for 2025, marking the first adjustment in five years. FRICS members will now pay £681 and MRICS £558. Regions like Africa have seen a decrease as part of the new framework taking in to account affordability
