The RICS Flashcards
What is a code of practice
document approved by the RICS and endorsed by another Public Body. Information contained is mandatory unless stated as good practice
What is a professional statement
A document which provides members with mandatory requirements or rules
What is a Guidance Note
Document containing recommended best practice
Who is the president of the RICS
Kathleen Fontana
What is the motto of the RICS
“there is measure in all things”
Who is the CEO
Sean Tompkins
When was the RICS founded
1868
How does the RICS regulate members and firms
Standards and Regulation board is independent from the profession and consists of lay and qualified RICS members who uphold and enforce highest professional standards
How are standards regulated
RICS Regulation and Assurance board has an assurance programme which has a range of quality monitoring activities to assess performance for members and firms
What may be considered when regulating an RICS firm
Returns of information, interviews and document reviews
What areas are considered during an assurance process
complaint handling PII arrangement Firms internal quality control conflict of interest client money processes valuation standards
What potential disciplinary processes are there for a breach of standards
Caution Fixed penalty Compliance order Expulsion Deregistration of regulated members
What is the latest RICS Practice Statement on money laundering
Countering Money Laundering 1st edition
What is the latest RICS Practice Statement on conflicts of interest
Conflicts of Interest 1st edition
What is the latest RICS Practice Statement on Ethics
The Global Professional and Ethical Standards
What is the latest RICS Practice Statement on Rules of Conduct
Rules of Conduct for Firms 2020
What occured in the case of Hart v Large
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.
What consultation is RICS currently conducting
RICS Defining our Future which is looking into the relevance of the RICS and ensuring it is more trusted and sustainable
