Starting and Closing a Practice

Question 1

What form is required to inform the RICS of your new practice?

Answer 1

Firm details form

Question 2

Who must be appointed for all RICS communication?

Answer 2

Responsible Principal

Question 3

Name some of the things you must do when you start a practice to comply with the RICS

Answer 3

• Register with RICS for regulation of the firm by the Regulatory Board
• Arrange Professional Indemnity Insurance and send details to the RICS
• Obtain RICS approval for the complaints handling procedure
• Set up a complaints log
• Use a logo kit from the RICS for all practice material
• Ensure completion of an online RICS Annual Return at the end of each year

Question 4

Name some of things you must do to comply with statutory compliance when you start a new practice

Answer 4

• Disclose business name
• Bribery Act 2010 compliance
• Disability discrimination compliance (Equality Act 2010)
• Health and Safety Compliance (Health & Safety Act 1974)
• Ensure insurance compliance for employer and public liability
• Estate agency compliance (Estate Agents Act 1979 & Consumer Protection Regulations 2008)