The RICS Flashcards
When was the RICS founded?
1868
Who granted the RICS Royal Charter and when?
Privy Council in 1881
What is a Royal Charter?
A royal charter is a formal document issued by the Queen, granting a right or power to an individual or a body corporate. It defines its objectives, constitution and powers to govern its own affairs.
What regulations and laws govern the RICS?
Set of RICS Regulations and Bye Laws
How many qualified members are there?
Over 130,000
What are the different levels of membership?
FRICS - fellow
MRICS - member
AssocRICS - associate
Trainee / Student
What a how many characteristics do you need to become a FRICS?
Four fellowship characteristics 5 or more years MRICS Leadership role Professional / technical achievement Academic achievement Raising profile of RICS
What is the governance structure for the RICS?
The Governing Council run the RICS
The Regulatory Board, Audit Committee and the Management Board report to the Governing Council
There are 17 specialist professional groups - land, property, construction etc. each with an elected board who outline the standard of competence and practice
Who is the CEO?
Dr Sean Tompkins
Who is the President of the RICS?
Chris Brooke (Nov 2018)
Who is the President Elect?
Tim Neal
Why do you want to become a chartered surveyor?
I would like to become part of one of the most respected and high-profile organisations for professionals involving property with the benefits of providing status, recognition, knowledge, a network and a market advantage.
What are the current challenges facing the RICS?
Remaing relevant Ensuring the RICS protect the public interest Money laundering in property Sustainability Adoption of new technology
What are the three main roles of the RICS?
- To maintain the highest standard of education and training
- To protect consumers through strict regulation of PS
- To be the leading source of information and independent advice on land / property / construction and associated environmental issues.
ALSO - to lobby parliament
RICS is involved in policy influence and political engagement
Where is the RICS based?
Parliament Square - to lobby parliament
Who is the RICS accountable to?
RICS Members and the Public
What are the five benefits of being an RICS member?
Status Recognition Market Advantage Knowledge Network
What are the five principles of better regulation embedded in the Rules of Conduct?
Proportionality - making the penalty proportional to the breach
Accountability - to all members, clients and the public
Consistency - treating all members the same
Transparency - to all Members, clients and the public
Targeting - serious breaches
What do you understand by the hierarchy of documents?
Royal Charter Bye Laws Regulation Rules of Conduct International Standards Professional Statements Practice Statements Guidance Notes and Codes of Practice - best practice - all above are mandatory
What changes are you aware of relating to RICS regulation / the Governing Council?
Changes to the Royal Charter and Bye Laws
Governing Council proposed modernisation of itself and RICS more broadly
Members voted in November 2018 for these changes and they will now be referred to the Privy Council
What changes are proposed to the Governing Council?
- A smaller Governing Council - 50 seats to 25 seats
- A chair of the Governing Council to be appointed for up to 6 years
- The President will retain an ambassadorial role - elected on an annual basis
- The regulatory board and the standards board will merge
- The Conduct and Appeals Committee will be renamed the RICS Regulatory Tribunal
What are the RICS 7 pillars?
XXX
What do you understand by self-regulation?
The profession is self-regulated, but important changes to its constitution have to be ratified by the UK Government, through the Privy Council.
What is a bye law?
a rule made by a company or society to control the actions of its members.
What are the benefits of regulation for firms?
Confidence - monitored by RICS regulation
Professionalism - firms have to provide clear and impartial advice
Security - CHP and PII
What is the UK structure of the RICS?
4 National Associations
10 Regional Boards
Local Associations
