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APC > RICS Background > Flashcards

RICS Background Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When did the RICS receive Royal Charter?

A

1881

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3
Q

How many members are there?

A

over 130,000

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4
Q

What is Royal Charter?

A

Method of incorporation granted by the Queen.

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5
Q

What is the RICS Motto?

A

There is measure in all things

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6
Q

What are the 4 levels of membership?

A
  1. MRICS
  2. FRICS
  3. AssocRICS
  4. Trainee
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7
Q

How do you become a fellow?

A
  1. 5+ years as MRICS
  2. Leadership role
  3. Professional/technical achievement
  4. Raised the profile of the RICS
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8
Q

How is the RICS Governance Structure shaped?

A

Royal Charter

Bye Laws

Regulation

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9
Q

What is the Governance Structure of the RICS?

A
  1. Privy Council
  2. Governing Council
  3. Standards & Regulatory Board / Management Board / Audit Committee
  4. Management Board comprises 17 professional groups.
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10
Q

What is the role of the Privy Council?

A

Grants awards and Royal Charter

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11
Q

What is the role of the Governing Council?

A

Governing Council is the highest governing body, setting global strategy and ensuring RICS fulfils its Royal Charter obligations.

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12
Q

What is the role of the Standards and Regulatory Board?

A

They are responsible for exercising the standards and regulatory functions of the RICS.

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13
Q

What is the role of the Management Board?

A

To direct RICS affairs under delegated authority from Governing Council.

Comprised of non-members (independent), members of RICS, and RICS Executives.

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14
Q

What is the role of the Audit Committee?

A

The Audit Committee operates independently of Governing Council, the Management Board and the Standards and Regulation Board.

Each year it reports to Governing Council on how it has discharged its duties.

Comprises member and non-members.

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15
Q

What is the role of the Regulatory Tribunal?

A
  • regulates the RICS
  • fair and independent judicial body
  • consists of lay members and RICS members
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16
Q

Who is currently in RICS governing positions?

A

Chair of Governing Council - Nicholas Maclean (interim)
CEO = Richard Collins (interim)
President = Clement Lau
President Elect = Anna Gray

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17
Q

What is the role of the RICS?

A

3 main roles:

  1. Maintain high education and training standards
  2. Protect consumers through regulations and standards.
  3. Leading source of information and advice for the sector.
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18
Q

Why do you want to become a member?

A

I want to be part of a prestigious organisation which allows me to progress in a career I am passionate about.

It will give me the status and recognition, which will enhance my work with clients by promoting trust in my work.

It will also allow me to continue to develop my knowledge and network

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19
Q

What are the principles of regulation?

A

They provide a framework within which members and firms can decide how they can best meet the requirements of the Rules of Conduct.

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20
Q

What are the 5 principles of regulation?

A

PACTT

  1. Proportionality
  2. Accountability
  3. Consistence
  4. Targeting
  5. Transparency
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21
Q

What are the 5 RICS Global and Professional and Ethical Standards?

A

STIRR

  1. To provide a high level of service
  2. To promote trust in the profession
  3. To act with integrity
  4. To treat others with respect
  5. To take responsibility
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22
Q

Example of when you have acted with integrity?

A

Mistley Matlings

I was honest and upfront to the client about not being able to meet the deadline on time due to multiple employees of the property having COVID-19.

I expressed my morals of wanting to adhere to goverment guidance and not be in contact with anyone who had COVID, for the sake of my own, my colleagues and the workers’ safety.

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23
Q

Example of when you have promoted trust in the profession?

A

A potential client approached me about undertaking a valuation in Wales.

I inform them that that was not my area of expertise and I do not work in that market. But that instead I could put them in contact with someone within our Cardiff team who could help.

I took their details and said I would pass them on.

I fulfilled my obligations and contacted the Cardiff team who subsequently provided the fee quote.

The client thanked me for my honesty and my help in following through.

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24
Q

How do you promote trust in the profession in your private life?

A

I hold and conduct myself in a way which does not bring embarrassment to the RICS.

I ensure, for example on my public social media profiles, that nothing is on there which could in any way show the profession or the RICS in bad light.

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25
Q

Example of when you have treated others with respect?

A

I’ve had an instance where a local agent I contacted was not very friendly and was stand-offish about me seeking local expertise.

Regardless of what he said to me, I remained calm and polite and treated him with respect, thanking him for his time.

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26
Q

Example of when you have provided a high level of serivce?

A

In my example of Ongar - the client had not been involved with selling land before and was unsure about the process.

I provided an Offer Schedule and held a meeting with the landowner to talk through the schedule and what each condition and allowance meant, so that he could make a fully informed decision.

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27
Q

Example of when you have taken responsibility?

A

I always take responsibility for conducting conflict of interest checks on any work that I undertake, so I can be fully satisfied that I can conduct the work objectively.

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28
Q

Examples of 5 Ethical Standards and your case study?

A

Standard of service - complying with ToE
Trust - complying with ToE and answering questions to the best of my ability
Integrity - assessing my impartiality and objectiveness by doing a COI
Responsibility - took responsibility for the whole instruction
Respect - treated everyone with respect throughout.

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29
Q

What are Savills values?

A
  1. To act with integrity
  2. To take an entrepreneurial approach to business
  3. Take pride in everything we do
  4. Help our people fulfill their potential
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30
Q

What is the point of the RICS Rules of Conduct for Members?

A

It sets out the standards of professional conduct and practice expected of members.

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31
Q

What are the RICS Rules of Conduct for Members?

A

ECS CPD SIC

  1. Ethical behaviour
  2. Competence
  3. Service
  4. CPD
  5. Solvency
  6. Information to RICS
  7. Co-operation
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32
Q

What is Part 1 of the RICS Rules of Conduct for Firms 2007?

A

Sets out definitions for regulated firms

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33
Q

What is Part 3 of the RICS Rules of Conduct for Firms 2007?

A

Conduct for Business

(PCS CPD CCI)

  1. Professional Behaviour
  2. Competence
  3. Service
  4. CPD
  5. Clients Money
  6. Complaints Handling
  7. Indemnity
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34
Q

What is Part 3 of the RICS Rules of Conduct for Firms 2007?

A

Firm Administration

(ASAUIC)

  1. Advertising
  2. Solvency
  3. Arrangement to Cover Death or Incapacity of Sole Practitioner
  4. Use of Designations
  5. Information to the RICS
  6. Co-Operation.
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35
Q

What are the benefits of being a member?

A

SRMKN

  1. Status
  2. Recognition
  3. Market advantage
  4. Knowledge
  5. Network
36
Q

What are the benefits of a firm being registered?

A
  1. Confidence - for clients as firms are regulated
  2. Professionalism - firms must provide clear expert advice
  3. Security - firms must have CHP and PII cover
37
Q

Who can become regulated?

A

Firms who provide a surveying service to the public are required to register - need to have 1 member to register.

38
Q

Who has can apply to become regulated?

A

RICS Rules for Regulation of Firms (2019).

If it has at least 25% of principles as members then it can apply.

39
Q

When must a firm be regulated?

A

RICS Rules for Regulation of Firms (2019)

50% of principles from a UK firm are members then it has to be regulated

40
Q

Who are principles?

A

Sole practitioners
Directors
Partners
Board members

41
Q

What is a Responsible Principle?

A

Each firm must nominate a responsible principle who makes sure the firm adheres to the RICS requirements

42
Q

Who can use the logo?

A

RICS members and registered firms

43
Q

Who controls disputes about becoming a registered firm?

A

Standards and Regulation Board

44
Q

What information is required by the RICS for registration?

A

Need to include the following in an annual return:

  1. Type of business and staffing details
  2. Statutory regulated services
  3. Nature of clients
  4. CHP details and records
  5. PII details
  6. Whether the firm handle’s client’s money
45
Q

How does your firm demonstrate implementation of the Rules of Conduct for Firms?

A

My firm has a CHP

My Firm holds PII over the minimum requirements.

Endeavours to provide a high standard of service.

46
Q

How does you demonstrate implementation of the Rules of Conduct for Members?

A

I always assess my competence prior to undertaking instructions.

I comply with the CPD requirements.

I provide a high level of service.

47
Q

What is the RICS Ethical Decision Tree?

A

The decision tree 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.

Ultimately, would you be happy with the information/act to go public?

48
Q

List three things on the Ethical Decision Tree?

A
  1. Is it legal
  2. Is it in line with the RICS ethical standards
  3. Happy for it to be made public
49
Q

How does the RICS regulate itself?

A

Self-regulation

50
Q

Does not following the Rule of Conduct result in disciplinary action?

A

Not every short coming will give rise to disciplinary proceedings.

However failure to comply with RICS guidance will be considered when examining a firm or member.

51
Q

How can a disciplinary procedure be triggered?

A
  1. Complaint to RICS
  2. Allegation by 3rd party
  3. Information established by RICS
52
Q

What are the three levels of disciplinary action?

A
  1. Action by Head of Regulation
  2. Regulatory Tribunal
  3. Appeal Panel
53
Q

What are the most common breaches?

A

Rule 3 (Professional behaviour)

Rule 6 (CPD)

Rule 8 (Protecting Client’s Money)

54
Q

What is the first step of disciplinary action?

A

Initial investigations by the Head of Regulation of the RICS

55
Q

What can the Head of Regulation initiate following their investigations?

A
  1. Fixed penalty notice
  2. Regulatory Compliance Order
  3. CPD Sanctions
  4. Refer to Disciplinary Panel
56
Q

What are fixed penalties?

A

Used for breaches of the Rules relating to the supply of information to the RICS by firms and members.

57
Q

What are Regulatory Compliance Orders?

A

Used for low level breaches to the Rules.

Compliance Order is a written document which states what a member or firm must stop doing.

58
Q

What are CPD sanctions?

A

They place an obligation on a member to follow the CPD requirement

59
Q

When is action by the Regulatory Tribunal taken?

A

On more serious breaches of conduct.

60
Q

Who comprises the Regulatory Tribunal?

A

50% lay people / 50% RICS Members

61
Q

When penalties are available to the Regulatory Tribunal?

A
  1. Compliance Order
  2. Unlimited fine per breach
  3. Conditions on future RICS registration
  4. Expulsion
  5. Publication of results in Modus/website/newspaper
62
Q

What does the appeal panel do?

A

Will hear a firm or member’s appeal

63
Q

What can the appeal panel do?

A

Review the decision.

Can allow the appeal or vary the penalty imposed.

64
Q

Who does the appeal panel comprise of?

A

50% lay people

65
Q

What are the different advice levels of RICS documents?

A
  1. International Standards (Mandatory)
  2. Professional Statements (Mandatory)
  3. Practice Statements (Mandatory)
  4. Guidance Notes (voluntary)
  5. Codes of Practice (mandatory or recommended)
66
Q

Examples of International Standards?

A

RICS Valuation - Global Standard (2019)

International Property Measurement Standards (IMPS)

67
Q

Examples of Professional Statements?

A
  1. Countering Bribery, Corruption, Money Laundering and Terrorist Financing 2019
  2. Conflicts of Interest (2017)
  3. Property Measurement (2018)
68
Q

Examples of Practice Statements?

A
  1. Surveyor’s acting as Expert Witnesses 2014
  2. Surveyor’s acting as Advocates 2008
69
Q

Examples of Guidance Notes?

A
  1. Surveying Safely 2018
  2. Valuation of Development Property 2019
  3. Comparable Evidence in Real Estate Valuation 2019
70
Q

Examples of Codes of Practice?

A
  1. Code of Measuring Practice 2015
71
Q

What would you need to do if you were starting a new practice?

A
  1. Inform RICS
  2. Appoint Responsible Principle
  3. Register for regulation
  4. Arrange PII and send details to RICS
  5. Set up how you will handle client’s money
  6. Register for VRS
  7. Seek RICS approval for CHP
  8. Set up a complaints log
  9. Appoint CHO
  10. Obtain Logo kit
  11. Ensure CPD is logged online
  12. Set up a staff training plan
  13. Complete annual return at the end of each year
72
Q

What do you need to do if you close a practice?

A
  1. Inform RICS
  2. Inform Clients
  3. Hand over arrangements to new firm
  4. Return any money held
  5. Inform insurers
  6. Get run off cover for minimum of 6 years
  7. Retain files for minimum of 6 years
73
Q

Why is it important for RICS members to undertake CPD?

A

One of the Rules of Conduct.

But means we can continue to offer the best service possible to clients by being up to date and in the know on latest guidance and information.

74
Q

What are the RICS CPD requirements?

A

20 hours minimum.

50% formal.

Ethics CPD every 3 years

75
Q

Where do you need to record your CPD?

A

RICS CPD Management System

76
Q

What does formal CPD include?

A

Structured learning with clear learning objectives

i.e. training courses, seminars, courses

77
Q

What does informal CPD include?

A

Self-managed learning

78
Q

Can you tell me about the revision to the Rules of Conduct?

A

Effective February 2022

Streamlined document

Incorporates Sustainbility and the use of technology

79
Q

Can you tell me two of the new Rules of Conduct?

A
  1. Members and Firms must treat others with respect
  2. Member and firms must provide good quality and diligent service
80
Q

Who is the RICS ultimately accountable to?

A

The Public

81
Q

Tell me about three topical issues currently facing the RICS?

A
  1. Defining our future consultations
  2. Alison Levitt QC Enquiry
  3. Rules of Conduct changing to one set of 5 rules
82
Q

What does the Alison Levitt enquiry involve?

A

4 non executive directors were dismissed after trying to explore a financial report.

Levitt looked into it and ascertained that they were wrongly dismissed.

Made recommendations for how the RICS should be goverened.

Governing Council accepted all the recommendations.

83
Q

What is your opinion on the outcome of the Alison Levitt QC enquiry?

A

Disppointed in the events.

As members we adhere to strict ethical standards, which the RICS didn’t do in this instance.

However, I am happy that action has been made and that the Governing Council has accepted all the recommendations.

84
Q

What were the key principles of ‘Defining our Future’?

A

Kath Fontana, previous president, launched this review.

Main aim is to review RICS business plan:

  1. how to maintain public and stakeholder trust
  2. how to ensure RICS remains a sustainable body
  3. How RICS can be aligned to further reinforce relevance to members.
85
Q

What have the Rules of Conduct been updated?

A

The old rules are arguably quite outdated now, from 2007.

To help the global professions respond to new risks and opportunities.

Incorporating example behaviours to illustrate how to adhere to the rules.

Incorporates how to deal with technology.

APC (21 decks)

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