Background to the RICS Flashcards
When was the RICS founded?
1868
How many RICS members are there globally?
approx 137,500
What are the 4 levels of RICS membership?
- FRICS
- MRICS
- AssocRICS
- Trainee/Student
What does RICS stand for?
Royal Institution of Chartered Surveyors
Who runs the RICS?
Governing Council (20 members)
(provide management and strategic decisions)
Who report to the Governing Council?
RAM
- Regulatory Board
- Audit Committee
- Management Board
How is the RICS Structured?
- Privay Council
- Governing Council
- Regulation Board
- Management Board
- Audit Committee
Tell me about the Royal Charter?
- Received in 1881 by Privy Council
- To maintain and promote the usefulness of the profession for public advantage
What is the RICS Motto?
Est Modus in Rebus
Who is the current RICS President?
- Ann Gray FRICS
- President Elect Tina Paillet
What do RICS promote?
The highest professional standards in the development and management of
- land
- real estate
- construction
- infrastructure
Why do you want to become chartered?
- Gold Standard in Profession (Status)
- Recognition
- Continual learning (CPD)
- Market advantage
- Network
What is the role of the RICS?
PPL
- Provide education and training to the highest standard
- Protect consumers through strict regulation of professional standards
- Leading source of information / advice on land, property etc
What are the 5 RICS Principles of Better Regulation?
- P- proportionality
- A- accountability
- C- consistency
- T- targeting
- T- transparency
What do the 5 RICS principles of better regulation allow for?
This allows the RICS to be self regulating
What are the different types of RICS document are there?
- International Standards & Professional Statements (mandatory)
- Codes of Practice (mandatory)
- Guidance Notes (non mandatory)
- Information papers/help sheets (not mandatory)
What are the 3 levels of RICS’s disciplinary action?
- Action by Head Regulation
- Low level breaches
- Serve a fixed penalty
- CPD Sanctions - Regulatory Tribunal
- Unlimited Fine
- Suspension - Appeal Panel
How many specialisms are there within RIC?
17
Can you name some of these Specialisms?
- Planning and Development
- Commercial
- Valuation
How do you become a FRICS?
- 5 or more years as MRICS
- Held a leadership role
- Received Professional or Technical achievement
What is the status of a RICS professional statement ? who does it apply to?
- Mandatory
- RICS trainees, members, regulated firms
How do you set up a new practice with RICS?
- Inform RICS
- Register with RICS Regulatory Board
- Appoint Contact Officer/Responsible Principal
- Appoint Complaints Officer
- Client Money Handling Procedure
- PII
- Arrange Succession
- Logo kit
- CPD Training
What legislations must you consider when starting a new RICS Regulated Firm?
- Business Names Act 1985
- Equality Act 2010
- Financial Services Act 2012
- Bribery Act 2010
- Health and Safety Act 1974
- Data Protection Act 2018
What are the requirements for RICS firm regulation?
- If 50% of principles are RICS members the firm must be regulated
- if 25% the firm can apply to be regulated
