General RICS Questions Flashcards
Who is the current president of the RICS?
Timothy Neal
When was the RICS established?
1868
What is the purpose of the RICS?
To promote and enforce the highest professional standards in property and various areas
Who is the chairman of the RICS board in Scotland?
Richard Burnett FRICS
What do you need when setting up your own business?
1) Suitable premises with relevant cover including PII and third party indemnity insurance
2) inform RICS and apply for registration of firm
3) Contact officer
4) Complaints handling procedure
5) Staff training - ensuing staff have relevant skill to undertake tasks
6) Appropriate account system - ringfenced when handling client money
What do you need to do when you close down your business?
1) agree closure date
2) inform RICS
3) inform staff and provide support
4) inform clients and take instructions
5) appropriately deal with clients money and ensure account is closed properly in according with Client Money Handling professional statement
6) notify PII and ensure run off cover
7) securely hold records for a minimum of 6 years
8) cover everything - all contact bases, ensure notice when people try to contact you etc.
What guidance is there around handling clients money and when did this become effective?
RICS professional statement Client money handling Oct 2019
What are the key objectives under the Client money handling professional statement?
That client money is kept safe
Client money accounts are used for appropriate purposes only
RICS regulated firms have appropriate controls and safeguards to protect clients money
What is the purpose of a Royal Charter?
It effectively grants the RICS the ability to govern its own affairs and set its own constitution and powers
When was the royal charter granted?
It was granted by the Privy council in 1881
What guidance is there on firm registration?
The new RICS Rules for the registration of firms , April 2020
When are you required to regulate your firm?
Where atleast 50% of the firms principles are RICS members
When are firms eligible for registration?
Where they are providing surveying services to the public
Where 25% of more of the firms principles are RICS members
Can you tell me any examples of disciplinary action taken by RICS? What was the charge?
On 2nd July a member was found to have been in breach of Rule 3 of Rules of Conduct for members ‘Ethical behaviour’
Removed membership.
Can you tell me something you have read recently?
I recently read about the consultation for changes to the Rules of Conduct, incorporating principles of respect and sustainability.
I think the principles of respect are already strongly upheld by RICS however it’s ever more important in this changing environment to be respectful of each other, we are all facing difficult circumstances economically and mentally.
