The RICS

Question 1

What is a code of practice

Answer 1

document approved by the RICS and endorsed by another Public Body. Information contained is mandatory unless stated as good practice

Question 2

What is a professional statement

Answer 2

A document which provides members with mandatory requirements or rules

Question 3

What is a Guidance Note

Answer 3

Document containing recommended best practice

Question 4

Who is the president of the RICS

Answer 4

Kathleen Fontana

Question 5

What is the motto of the RICS

Answer 5

“there is measure in all things”

Question 6

Who is the CEO

Answer 6

Sean Tompkins

Question 7

When was the RICS founded

Answer 7

1868

Question 8

How does the RICS regulate members and firms

Answer 8

Standards and Regulation board is independent from the profession and consists of lay and qualified RICS members who uphold and enforce highest professional standards

Question 9

How are standards regulated

Answer 9

RICS Regulation and Assurance board has an assurance programme which has a range of quality monitoring activities to assess performance for members and firms

Question 10

What may be considered when regulating an RICS firm

Answer 10

Returns of information, interviews and document reviews

Question 11

What areas are considered during an assurance process

Answer 11

complaint handling 
PII arrangement 
Firms internal quality control
conflict of interest 
client money processes 
valuation standards

Question 12

What potential disciplinary processes are there for a breach of standards

Answer 12

Caution 
Fixed penalty
Compliance order
Expulsion 
Deregistration of regulated members

Question 13

What is the latest RICS Practice Statement on money laundering

Answer 13

Countering Money Laundering 1st edition

Question 14

What is the latest RICS Practice Statement on conflicts of interest

Answer 14

Conflicts of Interest 1st edition

Question 15

What is the latest RICS Practice Statement on Ethics

Answer 15

The Global Professional and Ethical Standards

Question 16

What is the latest RICS Practice Statement on Rules of Conduct

Answer 16

Rules of Conduct for Firms 2020

Question 17

What occured in the case of Hart v Large

Answer 17

Surveyor failed to identify damp and water ingress when conducting a home buyers report for a house in Devon. High Court held that, in this case, it was appropriate to diverge from the normal rule, established in the case of Watts v Morrow, that damages should be assessed on the basis of the difference that the defects would have reduced the purchase price. Instead the Court said that it was the difference in value of the property with the defects as reported, and the value with all the defects in the property which was the appropriate measure.

On the valuation evidence, the High Court accepted that £250,000 to £300,000 for the cost of remedial works would be the threshold at which an incoming purchaser would instead consider demolishing and rebuilding the property. Therefore, considering the prices in 2011, the diminution in value award would be around £750,000. The High Court reduced the award by £376,000 to account for the settlement sum between the Claimants and the architects and solicitors, and also awarded £15,000 for inconvenience and mental distress.

Question 18

What consultation is RICS currently conducting

Answer 18

RICS Defining our Future which is looking into the relevance of the RICS and ensuring it is more trusted and sustainable