Level 3 - Ethics, Structure of RICS Flashcards
(33 cards)
Who are RICS?
Global leading professional body promoting the highest standards in the property industry
Gold standard of professional regulation
What happened in 1868?
John Clutton was elected the first president of the Institution of Surveyors and RICS founded
When was RICS founded and by Who?
1868 founded by John Clutton
When was RICS incorporated by Royal Charter?
Privy Council granted this to RICS in 1881
Granted by the Queen, a prestigious way of acquiring legal personality and reflects the high status of that body (i.e. RICS)
What did the Royal Charter enable RICS to do?
A patent granting right of power to an individual / corporate body (in this case RICS)
It defines its objectives, constitution and powers to govern its own affairs
What regulations and laws govern the RICS?
What are the 5 principles of better regulation?
RICS = self-regulated
Not regulated by Government - RICS only complies with government legislation.
Set of RICS Regulations and Bye-Laws
5 principles of better regulation (TPACT) - transparent, proportional, accountable, consistent and targeted
What are the functions of RICS?
Consumer protection
Influence policy
Set standards
Accredit professionals
Quality assurance
What are the benefits of being regulated by RICS?
Ultimately all items leads to the protecting the consumer, as members are expected:
To be committed to the highest standards;
To have an ethical approach;
To have adequate PII;
To have proper procedures when it comes to dealing with CH and CM;
To be committed to professional training
Who is the CEO (Executive Team)?
Richard Collins (interim CEO)
Who is the RICS President (Presidential Team)?
Clement Lau
Who is the President Elect (Presidential Team)?
Ann Gray FRICS
Who is the Senior Vice President (Presidential Team)?
Tina Pailliet FRICS
What is the RICS London HQ address?
Parliament Square, 12 Great George St, Westminster, London SW1P 3AD
How many countries does RICS operate in?
146 countries
How many members are a part of RICS?
140,000 members
What are the 3 market sectors covered by RICS?
Land
Property
Construction
What are the main RICS membership types?
RICS Student / Trainee
Chartered Member (MRICS)
Associate Member (AssocRICS)
Fellowship Member (FRICS)
What is the role of the RICS?
Regulate the profession
Maintain highest educational and professional standards
Promote the profession
Protect clients and consumers through a strict code of ethics
Provide impartial advice, analysis and guidance
What does the RICS do?
Promotes the highest professional standards in the development and management of land, real estate, construction and infrastructure sectors.
Main a high standard of education and training.
Protect consumers through regulation of Professional Standards.
What is the RICS mantra?
“There is measure in all things”
Who is RICS accountable to?
RICS Members
The Public
Why do you want to become a RICS chartered surveyor?
Become part of one of the most respected organisations for professionals involved in land, real estate, construction and infrastructure sectors.
Chartership is recognised globally, enabling me to work internationally via a transferable skill set.
What are the benefits of being a RICS member?
- Develop your expertise and earning potential
- Build a global professional network
- Enhance your skills and employability
- Demonstrate higher professional and ethical standards
What are the current challenges facing RICS?
The impact of big data and artificial intelligence (transparency and reliability of data)
Climate change (sustainability)
COVID-19
Loss of institutional trust
