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APC - GP > RICS > Flashcards

RICS Flashcards

1
Q

When was RICS founded?

A

1868

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2
Q

When did RICS receive Royal Chartership by the Privy Council?

A

1881

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3
Q

How many qualified and trainee members in the RICS?

A

Over 137,500

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4
Q

Name the 4 levels on RICS Membership

A
  • FRICS
  • MRICS
  • AssocRICS
  • Trainee / Students
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5
Q

How do you become FRICS?

A

1) 5 or more years as MRICS
2) Leadership role
3) Professional / technical achievement
4) academic achievement
5) raise the profile of RICS

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6
Q

Who is the new president of RICS?

A

Ann Gray FRICS from 1st Jan 2023

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7
Q

Name the internal councils RICS is governed by?

A

Privy Council: ratifies RICS byelaws

Governing Council: run the RICS, sets direction

Splits into:
- Regulatory board: delivers regulatory policy objectives
- Audit Committee: reviews internal systems and monitors quality of service
- Management Board: Day-to-day operational accountability

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8
Q

What did Levitt’s review (2021) of RICS identify?

A

In 2021, Levitt exposed a lack of….. in relation to the RICS:

  • clarity
  • structure
  • purpose

Levitt called for independent review of the RICS - resulting in the Bichard Review.

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9
Q

What did the RICS want Bichard to review?

A

1) clarify the purpose of the RICS
2) make recommendation on governance structure
3) future culture and strategy for the institution

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10
Q

Name three of Bichard’s recommendations (7) (June 2022)?

A

1) increased focus on public interest
2) maintain self regulation through greater independence
3) increased focus on diversity and inclusion
4) empower and enable members, with a focus on younger members
5) undertake an independent review of RICS every 5 years
6) develop a clear governance structure
7) show greater leadership on matters that matter most to society

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11
Q

What are the 5 benefits of being an RICS member?

A

1) status (client confidence)
2) recognition (professional excellence)
3) market advantage (RICS status gives competitive advantage)
4) knowledge (knowledge sharing)
5) network (access to other members)

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12
Q

What are the 3 benefits of a firm being regulated by RICS?

A

1) Confidence (clients)
2) Professionalism (clear/expert advice)
3) Security (complaints handling procedure, PII cover etc.)

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13
Q

Firm regulated by RICS have to make an Annual Return to RICS confirming their compliance with their obligations.

Name two bits of information, that need to be included in this return?

A

1) Type of business
2) Name of responsible person
3) Statutory regulated activitiesCPD
4) Nature of clients
5) Complaints handling procedure
6) Professional indemnity insurance
7) Whether the firm holds client money

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14
Q

Name the RICS Rule Of Conduct 2021?

A

RICS Members and Firm must:

1) Act with integrity and comply with personal obligations, including obligations to the RICS

2) Maintain professional competence and ensure their services are provided by competent individuals who have necessary expertise

3) Must provide good-quality diligent service

4) Must treat others with respect and encourage diversity and inclusion

5) Act in public interest, take responsibility for their actions and act to prevent harm and maintain public confidence

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15
Q

Professional Obligations

RICS members must?

A

1) Comply with CPD requirements
2) Co-operate with RICS
3) Promptly provide all information reasonably requested by Standards and Regulation board.

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16
Q

Professional Obligations

RICS regulated firms must?

A

1) publish complaints handling procedure
2) Ensure all work is covered by appropriate PI Cover
3) Co-operate with RICS
4) Promptly provide all information reasonably requested by Standards and Regulation board.
5) Make sure sole principals work continues in the event of absence from work
6) Display RICS branding on business literature
7) Report to RICS any matter that they are required to report under the Rule for Registration of Firms

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17
Q

What are the 2021 Rules of Conduct

A

Rule 1 - Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Rule 3 - Members and firms must provide good-quality and diligent service

Rule 4 - Members and firms must treat others with respect and encourage diversity and inclusion.

Rule 5 - Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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18
Q

Name 3 professional obligations for RICS members?

A
  1. Members must comply with the CPD requirements set by RICS (20 hours a year – 50% formal).
  2. Members must cooperate with RICS.
  3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
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19
Q

Name legislation and guidance that you would reference in relation to H&S for your work.

A
  • Health and Safety for Residential Property Managers, 1st edition (2016)
  • Building Safety Bill
  • Fire Safety Bill
  • Health Safety at Work Act 1974
  • Management of Health and Safety at Work Regulations 1999
  • RICS Surveying Safely (2nd ed. - 2019)
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20
Q

What are the requirements of a complaints handling procedure?

A
  • Be fit for purpose (it should reflect the size and structure of the business made available to all staff
  • Be understood by all staff
  • Readily be shared with complainants or potential complainants – supplying them with a copy should be routine
  • Be regularly reviewed at a senior level – record evidence of review, to include reviewer details and review date
  • Be agreed with PII brokers/provider(s) – the CHP should reflect processes that do not compromise PII cover and
  • Provide details of access to independent redress if the firm cannot resolve the complaint.
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21
Q

List the 6 RICS Ethical Standards (CHRIS R)

A
  1. Competence
  2. Honesty
  3. Respect
  4. Integrity
  5. Service
  6. Responsibility
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22
Q

What is the minimum PI cover required of RICS firms

A

£100k revenue (or less) - £250,000
£100-200k revenue - £500,000
£200k (or more) - £1m

23
Q

What document provides the guidance around the PI cover requirements?

A

RICS Regulation - UK professional indemnity insurance requirements (April 2022)

24
Q

Provide some examples of complying with Code of Conduct Rule 1

A

Honesty & Integrity

  • Don’t accept gifts
  • Identify & manage conflicts of interest
  • Open & Honest to clients about services
25
Q

What is the maximum level of uninsured excess? (PI insurance question)

A

IF firm’s turnover in the preceding year is £10m or less - the greater of 2.5% of the sum insured or £10k

IF firm’s turnover in the preceding year is more than £10m - no limit

26
Q

Provide some examples of complying with Code of Conduct Rule 2

A

Professional competence

  • Firms only accept work they are qualified to do
  • Firms ensure the ongoing supervision of junior team members to ensure compliance
27
Q

Provide some examples of complying with Code of Conduct Rule 3

A

Good Quality and Diligent Service

  • Agree with clients the scope of the service to be provided and its limitations, and timescales for the work
  • Promptly agree any changes to fees or service
  • Have effective quality assurance processes for work
28
Q

Provide some examples of complying with Code of Conduct Rule 4

A

Diversity & Inclusion

  • Treat everyone fairly and do not discriminate against anyone
  • Check that supply chains do not involve modern slavery
  • Develop an inclusive culture in their workplaces and address unconscious bias
29
Q

Provide some examples of complying with Code of Conduct Rule 5

A

Maintain public confidence in the profession

  • Support directors, partners, employees, colleagues or clients who have acted in good faith to report concerns
  • Respond to complaints made against them promptly, openly and professionally
  • Do not dissuade complainants from approaching an alternative dispute resolution provider
30
Q

Why did the RICS update the Rules of Conduct?

A
  • Following research and consultation, the majority voted in favour of replacing the 2007 Rules of Conduct and separate Global Professional and Ethical Standards.
  • To provide a single document to enable greater clarity for RICS members and firms.
  • Greater focus on clearer example behaviors, understanding evolving technology and tackling climate change.
31
Q

Which previous documents were replaced by the 2022 Rules of Conduct?

A
  • Rules of conduct for Members
  • Rules of Conduct for Firms
  • Global Professional and Ethical Standards
32
Q

What is a bye-law

A

bye-law is a set of rules established to allow organisations or companies as to regulate themselves.

33
Q

What run off cover do you need if you close down a business

A

7 years

34
Q

What is a RICS assigned risk pool

A

When your facing claim and cant arrange cover - so RICS cover you.

35
Q

How do you avoid negligence

A
  • ## terms of engagement
36
Q

Definition of competence

A

You have experience off specific asset class and relevant experience

37
Q

Three main roles the RICS

A

1) To maintain the highest standards of education and training
2) To protect consumers through strict regulation of professional standards
3)To be the leading source of information and independent advice on proeprty

38
Q

What is the objectives of the royal charter are:

A
  • advanced and facilitate of that knowledge
  • maintain and promote the usefulness of the profession to the public
39
Q

When does a firm need to regulated by RICS?

A
  • the firms provide surveying services to the public
  • operate in the UK
  • at least 50% of your firms principles (management board) are RICS member
40
Q

4 offences under the Bribery Act 2010

A
  • don’t bribe
  • don’t be bribe
  • don’t bride foreign official
  • failure to prevent bribe as a company
41
Q

The penalties for those found guilty of 4 Bribery Act?

A

Individuals: up to 10 years’ imprisonment/unlimited fines

Corporates: unlimited fines/loss of business due to tarnished reputation

42
Q

What is the RICS Ethics tree?

A

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

It considers:
- The legality of ones actions
- Consistency with the Rules of Conduct

43
Q

What are the three levels of disciplinary action?

A
  1. Action by head of regulation
  2. Disciplinary Panel
  3. Appeal Panel
44
Q

Outline the RICS initial investigation stages?

A

Any formal investigation is done by Head of Regulation of RICS, they will either serve:

1) Serve a fixed penalty notice
2) Make a regulatory compliance order
3) Refer the matter to a single member of the Regulatory Tribunal for consideration
4) Refer the matter directly to Disciplinary Panel

45
Q

What are fixed penalties served by the RICS?

A

Procedure used for the breach of not supplying information to the RICS - may be fine and/or caution

46
Q

What are regulatory compliance orders served by the RICS?

A

Written document which states the terms upon which the member or firm must take or desist from taking certain actions and an agreement to to pay a fine - for low breaches of rules.

47
Q

In what instances would would the Head of Regulation consider a Disciplinary Panel and what would it involve?

A

Procedure for more serious breaches of conduct

Membership of the a Disciplinary Panel would include lay members - penalties include:

Fine, Reprimand, Expulsion from membership or remove firm

48
Q

Can RICS firms any sanction placed on them?

A

Yes - they can use the Appeal Panel

The Appeal Panel will review decisions based on evidence and any new representatives - the panel includes lay members.

49
Q

What is an Act?

A

Once a bill has been debated and then approved by each House of Parliament, and has received Royal Assent, it becomes law and is known as an act.

Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior.

50
Q

What is the role of the RICS?

A
  1. To maintain the highest standards of education and training
  2. To protect consumers through strict regulation of professional standards
  3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues
51
Q

What guidance has RICS released on the Use of Social Media and briefly explain detail?

A

‘Use of Social Media: Guidance for RICS members 2021’

It reminds members of the high standards of professional behavior expected of RICS members and that the Rules of Conduct protect the interest of members and the profession as a whole.

RICS may if they feel a post may damage public confidence in the profession, take disciplinary action.

52
Q

Types of social media post RICS may investigate?

A
  1. Discrimination
  2. Dishonesty
  3. Abusive or threatening behavior
  4. Bullying
53
Q

What is the difference between International Standards, Professional Standards, Practice Statements, Guidance Notes and Codes of Practices?

A

International standards (Mandatory) - an international mandatory standard developed in collaboration with relevant organisations - e.g. IPMS

Professional Standards (Mandatory) - e.g. Conflicts of Interest, Global 2017

Practice Statements (Mandatory) - very few Practice statements - e.g. Surveyors Acting as Expert Witness, 2014 (amended 2020)

Guidance Notes (Voluntary) - RICS produce them to promote good practice - e.g. surveying safely

Codes of Practice (Mandatory or recommended good practice) - some provide up-to-date research and advice - e.g. Code of Measuring Practice, 2015

APC - GP (20 decks)

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