The RICS Flashcards
What would you do if a friend asked for advice?
Decline, not covered by PII
Request to make a formal request via a call so I can establish the requirements and if I am able to assist in advising
If not, refer them to RICS find a surveyor
What are the benefits of firms being regulated?
Professional Indemnity in line with RICS Standards
Ethical Standards
CPD
High standards of service
Global network
Recognition
What must regulated firms submit to the RICS and how often?
Yearly
Financial status
Complaints policy
Money policy
P.I
What is a Professional Statement?
.
Can you name some RICS Professional Statements?
.
Name 5 other professional groups?
Project Management, Building Surveying, Building Control, Commercial Property, Dispute Resolution, Environmental, Facilities Management, Geomatics, Valuation, Rural
Why do you want to be a member of the RICS? (NECKERS)
Status: Becoming chartered with the RICS viewed upon highly in the industry
Recognition: Being chartered by the RICS will give clients confidence in my professional competence
Competitive advantage: By working to RICS standards you provide confidence to the market and gain a competitive advantage.
Knowledge - improve knowledge with RICS best practice standards and CPD
Network - connect to other professionals
What legislation has an impact on you operating as a chartered surveyor?
- Anti Bribery Act 2010
- Money Laundering Act 2017
- GDPR
- CDM Regulations
- HASAWA 1974
What is the RICS Aim?
- Promote the profession
- Highest education and professional standards
- Strict code of ethics
- Provide impartial advice guidance and analysis
RICS want to achieve:
- Roll out IPMS
- More younger people
- Greater global coverage
- Data protection
And what are the types of documents the RICS publish?
- Professional Statement
- RICS Code of Practice
- RICS Guidance Note
- RICS Information Paper
- RICS Insight
- Modus
How do you keep up to date with the current market?
.
What does RICS stand for?
Royal Institution of Chartered Surveyors
What are the RICS Rules of Conduct for members and firms?
They are made by the RICS Regulatory board
There are 9 rules for members (January 2013)
There are 15 rules for firms (January 2012)
What is the RICS motto?
‘Est modus in rebus’ there is a measure in all things
What do RICS members / firms offer advice in?
Property construction,
Project management,
Dispute resolution
Environmental issues
What are the benefits of the RICS?
Status – your professional credentials provide unrivalled client confidence.
Recognition – promotion of your professional excellence to governments and markets.
Market advantage – RICS status and standard gives you a competitive advantage.
Knowledge – International practice standards, professional guidance, CDP and knowledge sharing.
Network – Access to 118,000 professionals worldwide
Who is the President of RICS and how long are they in place?
Kathleen Fontana
1 year
What is the RICS Structure?
Privy Council - Royal Charter & Bye Laws
Governing Council - manage strategy of RICS
Standards and Regulations Board -
Management Board - inform and oversee RICS surveyors and executive strategy set by Gov Council
Audit Commitee
Nominations comitee
Pres nom committee
What is below the management board?
Finance comittee
World regional boards
Remuneration comittee
In case of a breach of a rule of conduct what is the procedure?
An investigation will be undertaken which could be followed by disciplinary action
What Laws and Regulations Govern the RICS?
RICS self regulated
Royal Charter
10 bye laws
Privy council / themselves
What is the RICS Matrics
RICS Matrics supports new members entering the profession
- Networking and Social
- For young surveyors in the industry
- Less than 10 years’ experience post degree
What is the purpose of guidance notes?
Intended to promote best practice throughout the profession and ‘High Standard of Service’.
Why are the ethical standards important?
Create a clear and streamlined guide to members to ensure that clients and anyone else who deals with the RICS has confidence in the profession
What are ethics?
Moral principles to promote Integrity, Honesty and Trust
Where is the RICS head quarters?
12 Great George Street, London, SW1P 3AD
Westminster
What is lionheart?
Any events you’ve been aware of?
- Provides support to past and present members and families who have fallen on hardtimes
- Support for mental health
What has RICS done recently in regards to mental health?
- Additional professional group
- Support through Lionheart
- Raise awareness on website / through publications
What are the requirements to become a fellow?
5 yrs experience
Managerial role
Significant contribution
How would you become involved as a member?
Supervisor
Respond to surveys
Promote the RICS
What is the RICS Foundation?
Research on construction and land
What is a Royal Charter? When was it updated?
A document granted by Granted by Queen Victoria in 1881 which gives a royal status and for me it means i must “promote usefulness of the profession for public advantage”
Privity council controls it
Feb 2020 updated
Why do some firms have to be regulated?
50% of principles are members
To provide clients with confidence and security by the RICS globally recognised standards
What is Kathleen Fontana trying to achieve?
Driving 3 pillars of sustainability
Driving youth in the profession
Round table discussions with surveyors
Diversity
How many professional groups?
18 - can become chartered in 3.
What are the professional groups sectors?
Land
Built Environment
Disputes
Can you tell me about recent publications you have read from the RICS?
Changes to PII wording
Low value adjudications (upto £50k)
EWS Process
BIM in Portugal
Tell me about recent modus magazines?
The benefits of employing an apprentice
Working from Home
Property market may not recover until 2025
How do you become an assessor?
Min 2 years experience as MRICS
1 day training course
What is the RICS vision?
Increase presence in key international market
Recognised as industry leader
Champion the profession
What are the regulations set by the RICS?
Set out by the Privy Council and the bye laws
REGULATION 1 – DEFINITIONS
REGULATION 2 – MEMBERSHIP AND REGISTRATION
REGULATION 3 – DESIGNATIONS
REGULATION 4 – CONTRIBUTION TO FUNDS
REGULATION 5 – CONDUCT
REGULATION 6 – GOVERNING COUNCIL, OFFICERS AND STAFF
REGULATION 7 - SUBORDINATE BOARDS, COMMITTEES AND GROUPS
REGULATION 8 - PROCEDURE FOR GENERAL
MEETINGS AND VOTING
REGULATION 9 – ACCOUNTS AND AUDIT
REGULATION 10 – GENERAL
What do you need if you start your own business?
- Inform RICS
- Appoint a contact
- Apply for RICS Regulation
- Have at least 25% principals
- Agree to observe and comply with RICS Rules of Conduct for Firms, including working to RICS standards.
- Insurances (P.I, Public Liability, Employers Liability)
- Action & training to deal with Clients Money
- Complaints handling procedures
- Ensure training and CPD
What is the role of the Governing Council?
- Main governing body
- Oversees the RICS
- Sets the overall strategy for the RICS
What is the role of the Management Board?
- To inform and oversee the RICS with delegated authority from the governing council
- Accountable for approving the RICS Business Plan
What is the role of the Standards and Regulations Board?
- Oversees the setting of standards throughout the RICS
- Responsible for standard setting, entry to the profession, and regulatory processes
What is the role of the Audit Committee?
- Monitors the integrity of the financial reporting, internal control and risk management systems
Who is the CEO?
Sean Tompkins
What is the regulatory tribunal?
An independent chair
How does the RICS communicate with Firms?
- In person
- Phone
- Post
When must a firm register with the RICS?
A Firm is required to register for regulation by RICS if:
a the Firm provides surveying services to the public;
b the Firm is operating in the UK;
c at least 50% of the Firm’s Principals are RICS Members.
When is a firm eligible to register for regulation?
A Firm is eligible to register for regulation by RICS if:
a the Firm provides surveying services to the public; and
b at least 25% of the Firm’s Principals are RICS Members.
