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ANNA - RICS Spring 2024 Revision > Ethics P1 - RICS Requirements > Flashcards

Ethics P1 - RICS Requirements Flashcards

1
Q

When was RICS founded?

A

1868

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2
Q

when did RICS receive its Royal Charter?

A

1881

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3
Q

What are the levels of membership?

A

FRICS
MRICS
AssocRICS
Trainee

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4
Q

How many members are there of the RICS?

A

Over 130,000

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5
Q

How do you become a fellow?

A

5+ years
Leadership role
Professional Achievement
Raising the profile of RICS

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5
Q

What are the main roles of the RICS?

A
  1. Maintain the highest standards of education and training
  2. Protect consumers through strict regulation of professional standards
  3. To be the leading source of all information and independent advice on land, property, construction and associated environmental issues.
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6
Q

What are the benefits of being a RICS member?

A
  1. Status - client confidence
  2. Recognition - promotion of your excellence
  3. Market Advantage - competitive advantage
  4. Knowledge
  5. Networking - access to 130,000 professional worldwide
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7
Q

PACTT

What are the five rules for better regulation?

A
  • Proportionatality
  • Accountability
  • consistency
  • Targetting
  • Transparency
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8
Q

What is the RICS Decision Tree?

A

Provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner.

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9
Q

What are the steps of the Decision Tree?

A
  • Is it legal?
  • Does it comply with RICS RoC
  • Consult with others
  • Clear reasoning before decision
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10
Q

What are the 3 levels of disciplinary action?

A
  1. Action by the Head of Tribunal
  2. Regulatory Tribunal
  3. Appeal Panel
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11
Q

What would you do if you wished to start your own practice?

A
  • Inform RICS
  • Appoint a principle
  • Register
  • Arrange PII, CHP, CMH
  • Complaints log
  • Appoint CHO
  • Logo kit
  • Plan for succession
  • Ensure CPD logged online
  • Staff training plan
  • Complete RICS Annual Return
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12
Q

What statutory compliance is there when starting your own practice?

A
  • Disclose business name
  • Compliance with acts: Equality Act, Bribery Act, Money Laundering Regulations, Health and Safety, GDPR, Data Protection, Fire Safety etc.)
  • Inform HMRC (VAT and Tax)
  • Employer and public liability
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13
Q

How would you close a practice?

A
  • Inform RICS
  • Ensure clients are informed and work is taken over
  • Return any client money
  • Inform insurers
  • Retain client files for minimum 6 years
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14
Q

Who is the current President of RICS?

A

Tina Paillet

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15
Q

Who is the current CEO of RICS?

A

Justin Young

ANNA - RICS Spring 2024 Revision (29 decks)

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