The RICS Flashcards
Purpose of APC?
Ensures that candidates are competent and meet the high standards of professionalism required to become a chartered surveyor.
President of RICS?
Ann Gray
CEO of RICS?
Richard Collins
What is the Levitt report?
Internal audits were suppressed
4 non-exec board members raised concerns
They were unfairly dismissed
Internal report was pre-agreed
RICS Motto?
There is measure in all things
RICS History?
Founded 1868
Royal Charter 1881
George VI granted Royal title 1946
Number of RICS members?
c.134,00 in 146 countries
Central purpose of the RICS?
- To maintain high standards of education and training
- To protect customers through strict regulation of professional standards
- To inform policy and political engagement
- To be the leading source of information and independent advice on land, property, valuation and built environment
RICS Structure Worldwide?
Governing Council of 22 members
15 country reps
6 specialism reps
RICS UK structure?
- 4 National Associations
- 10 Regional Boards
- Local Associations
- Current CEO is Sean Tompkins
What is a royal charter?
Granted by sovereign
Gives independent legal personality on an organisation, defines its objectives, constitution and powers to govern its own affairs.
RICS 5 principles of better regulation? (PACTT)
- Proportionality: making the penalty proportional to the breach
- Accountability: to all members and the public
- Consistency: treating all members the same
- Targeting: serious breaches
- Transparency: to all members, clients and the public
What are the RICS Byelaws?
The byelaws set out the structure, requirements and governance of the RICS as a self-regulated body.
Apply to all members, firms and other non-member individuals as defined in the royal charter
5 types of RICS memberships?
Student
AssocRICS
MRICS
FRICS
Honorary
How do become FRICS?
- Evidence of achievement of 4 fellowship characteristics which includes;
- 5 or more years’ MRICS
- A leadership role
- A professional achievement
- Academic achievement
- Raising the profile for RICS
- A portfolio of professional achievement to support the application and your CPD record
How do the 5 ethical standards and bylaws link?
Specifically?
Direct link. Byelaws form the basis of the rules of conduct.
Bye-Law 5 (Conduct), requires members to conduct themselves in manner befitting membership of RICS, links to Rule of Conduct 3 (ethical behaviour)
How would you set up your own firm?
- Create a business plan
- Register new company with companies’ house (if req)
- Sort insurances – PII, employers’ liability etc
- Register with RICS for regulation
- Comply with RICS obligations e.g. Rules of conduct
- Comply with statutory obligations e.g. GDPR
What are the benefits of RICS regulation for firms? (CPS)
Confidence - for clients as regulated firms are monitored by RICS regulation
Professionalism - firms have to provide clear, impartial and expert advice
Security - firms have to have recognised CHP, access to ADR and PII cover
Document to advise on Rules of Registration for Firms?
Rules for the Registration of Firms
Feb 2022
When is a firm eligible to register for RICS regulation?
provides surveying services to the public;
at least 25% of the firm’s principals are RICS Members
agree to comply with RICS Rules of Conduct for Firms
When MUST a firm register?
A Firm is required to register for regulation by RICS if:
at least 50% of the Firm’s Principals are RICS Members
What is the process for Firms becoming registered?
Byelaw 2.5.1
- Provide information to RICS in such forms as provided by the Standards and Regulation Board
- Agree that RICS may share relevant information about the firm with government or other regulatory bodies as appropriate
- Agree that if RICS declines to register the Firm, RICS may publish its decision
- Have a Responsible Principal. They must be:
Appropriate
Able to influence strategic objectives and significant decisions of the Firm
An RICS member - Pay the appropriate fees
How do you close down a firm?
- Inform the RICS
- Inform clients and arrange for them to be handed over to a new firm
- Return any clients’ money
- Set-up professional indemnity run-off cover for a minimum of 6 years
- Retain a copy of client files and record for a minimum of 6 years but RICS recommend 15 years
Why do you want to be MRICS?
Status - professional credentials provide client confidence
Recognition - promotion of professional excellence
Market advantage - RICS status gives you a competitive advantage
Network - access to 135,000 members worldwide
What is the RICs disciplinary procedure?
Most serious cases, referred to Disciplinary Panel, drawn from the independent Regulatory Tribunal.
For less serious cases with an admission of allegations, a Regulatory Compliance Order can ensure future compliance with RICS standards.
OR, less serious cases with no admission of allegations, the matter is referred to a single member of the Regulatory Tribunal to decide whether to impose a disciplinary outcome.
The Regulatory Tribunal is independent of RICS and the regulatory department.
Aims of the RICS?
- Regulate and promote the profession.
- Maintain the highest educational and professional standards.
- Protect clients and consumers through a strict code of ethics.
- Provide impartial advice, analysis and guidance
Purpose of the RICS?
RICS develops and enforces leading international standards to protect consumers and businesses, ensuring the highest level of professionalism
