RICS Rules of Conduct

Question 1

What is the History behind the RICS?

Answer 1

The RICS was granted a Royal Charter in 1881 by the Monarch.

Question 2

What does to Royal Charter do?

Answer 2

To maintain and promote the usefulness of the profession for the public advantage

Question 3

How do we get bye-laws?

Answer 3

Bye laws are ratified by the Privy Coucil of UK Government.

Question 4

When was the bye laws last updated?

Answer 4

February 2020

Question 5

How is the institution structured?

Answer 5

1) Privy Council
2) Governing Council
3) Regulatory Tribunal; Standards & Regulations Board; Audit Committee; Nominations Committee; Presidential Nominations Committee
4) Finance Committee; World Regional & Market Advisory Panels; Remuneration Committee

Question 6

What does the RICS constitution consist of?

Answer 6

1) The Royal Charter
2) The 10 Bye Laws
3) The 10 Regulations

Question 7

What does section 5 of the Bye Laws and Regulation produce?

Answer 7

The rules of conduct for member and firms

Question 8

What are the 10 Bye laws and Regulations?

Answer 8

1) Application & Definition
2) Membership
3) Designations
4) Contribution to funds
5) CONDUCT
6) Conflict of Staff
7) Sub Boards/Committee
8) Voting & Meetings
9) Accounts & Audit
10) General

Question 9

What is the RICS regulatory goals known as?

Answer 9

The Five Principles of better Regulation

Question 10

How best to remember the five principles of better regulation?

Answer 10

PACTT

Question 11

What does PACTT stand for?

Answer 11

1) Proportionality = Risk associated with turnover
2) Accountability = Accountable to the public
3) Consistency = Regulated regimes
4) Targeting = CPD’s for checks
5) Transparency = Explained as to why you are being scrutinised - EG Lack of recording CPD