RICS Requirements

Question 1

When was the RICS founded?

Answer 1

1868

Question 2

When was Royal Charter granted?

Answer 2

By the Privy Council in 1881

Question 3

How many current RICS members?

What are the 4 levels of membership?

Answer 3

Around 130,000 members.

1. FRICS
2. MRICS
3. AssocRICS
4. Trainee/Student

Question 4

How do you become a Fellow?

Answer 4

Achievement of FOUR fellowship characteristics
1. 5 or more years at MRICS
2. A leadership Role
3. Professional/Technical Achievement
4. Raising the profile of RICS
Also need a portfolio of professional achievement to support the application.

Question 5

How many members govern the RICS

Answer 5

23 governing members

Question 6

What’s the breakdown of the governance structure

Answer 6

Regulatory Board, Management Board and various committees.

Question 7

How many specialists professional groups?

Answer 7

17 covering Property, Land and Construction

Question 8

Who is the Chair of the governing council?

Answer 8

Chris Brooke FRICS

Question 9

Who is the CEO?

Answer 9

Dr Sean Thompkins

Question 10

Who is the President? When were they elected? Who is the president elect?

Answer 10

Nov 2020 - Kath Fontana FRICS

Elect - Clement Lau FRICS

Question 11

What is the UK structure of RICS?

Answer 11

4 National Associations
10 Regional Boards
Local Associations

Question 12

What Major Challenges are facing the RICS?

Answer 12

Current RICS inquiry by the QC. Regarding a report that was published on unidentified fraud, misappropriation of funds and misreporting of financial performance. Issues were flagged by 4 individual who were later dismissed by then President Chris Brooke.

Question 13

What recent initiatives have the RICS introduced?

Answer 13

Futures Report 2020 - how the industry is changing, eg data, climate change. How sectors need to keep evolving.

Question 14

What is the role of the RICS?

Answer 14

1. Promotes and enforces the highest professional qualifications and standards in the development and management of land and real estate, construction and infrastructure.
2. Accountable to members and public
3. Involved in policy influencing and political engagement

Question 15

What are the three main roles of RICS?

Answer 15

1. Maintain the highest standards of education and training.
2. Protect consumers through strict regulation of professional standards.
3. Be a leading source of information and independent advice on land, property, construction and associate environmental issues.

Question 16

What are the benefits of being a RICS member (5)?

Answer 16

SRMKN

1. Status - provide client confidence
2. Recognition - Promotion of professional excellence
3. Market Advantage
4. Knowledge - International practice standards and guidance
5. Network

Question 17

What are the principles of RICS Regulation for members and firms?

Answer 17

PACTT

1. Proportionality - making the penalty proportional to the breach
2. Accountability
3. Consistency - treating all members the same
4. Targeting - serious breaches
5. Transparency

Question 18

What are the 5 ethical standards?

Answer 18

AAATT

1. Act with integrity
2. Always provide a high standard of service
3. Act in a way that promotes trust in the profession
4. Treat others with respect
5. Take responsibility

Question 19

Can you give an example when you showed integrity?

Answer 19

Loan security valuation of a large apartment block in Borough.
I found out that the building had failed its EWS 1 form on fire safety.
I made sure to act with integrity and report this to supervisor and discuss the best process to follow

Question 20

Can you give an example when you provided a high standard of service?

Answer 20

Inspecting an office property in Mayfair for rating purposes
I noticed building works to the rear of the property.
I discussed the issues with the office manager
Works had been causing a disturbance to the occupation of hereditament.
I summitted an appeal to the VOA and achieved savings for my client for the duration of the works.

Question 21

How have you acted in a way that promotes trust in the profession?

Answer 21

I make sure to deal with any conflicts of interest appropriately especially when dealing with loan security valuations. I make sure to advise my client of any conflicts before commencing any instruction.

Question 22

How do you treat others with respect?

Answer 22

I also recognise the issue of unconscious bias and make sure that in my personal and professional life individuals around me are welcomed, integrated and feel valued.

Question 23

Can you give me an example where you have taken on responsibility?

Answer 23

Comparables Database.
Proactively took a leading role in managing the progression of the database.
Took on responsibility to give training to team members
Made sure to gather feedback and be responsible for making any changes to improve the database.

Question 24

What is the Ethics Decision Tree?

Answer 24

A framework of questions used when members are facing a situation of potentially an unethical manner or situation.

Question 25

What does the ethics tree consider?

Answer 25

Legality of their actions
Consistency with RICS Professional Standards
Clear reasoning
Ultimate test to see whether a member would be content for their actions to be made public.

Question 26

What are some of the stages of the ethics tree?

Answer 26

Is it inline with the Global Ethical Standards?
Is it Legal?
Would you be content for your actions to be made public?