RICS General, RICS Structure & Hot Topics

Question 1

What is the role of the RICS?

Answer 1

Promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.

Question 2

What is the royal charter?

Answer 2

Granted by Queen Victoria in 1881 it requires us to promote the usefulness of the profession to the public advantage in the UK and other parts of the world and have self regulation

Question 3

Where is the RICS international headquarters?

Answer 3

12 Great George Street, Parliament Square, London

Question 4

Who is the President of the RICS?

Answer 4

Tina Paillet FRICS

Question 5

Who is the CEO of the RICS?

Answer 5

Justin Young

Question 6

What is the Motto of the RICS?

Answer 6

Est modus in Rebus – There is measure in all things.

Question 7

Why do you want to be a chartered surveyor?

Answer 7

To prove that I have obtained the elite professional status of MRICS
I will be part of promoting the best practices in the industry.

Question 8

What is the role of the Standards and regulation board?

Answer 8

Has exclusive responsibility over the strategy, policy and operational oversight of the RICS professional standards, entry and admission, education and qualification and the regulatory functions of the RICS.
The have a duty to ensure the RICS meets the obligations of its royal charter and sets the standards for entry into the organisation including education and APC.

Question 9

Privy Council

Answer 9

Quasi Governmental body that grants the the RICS its charter.

Question 10

Governing Council

Answer 10

Responsible for setting the global strategy and vision and ensuring the RICS fulfills its royal charter.

Question 11

Management Boards

Answer 11

Directs RICS affairs under the delegated authority of the General Council

Question 12

Standards and Regulation Board

Answer 12

Exercises the regulatory function of the RICS, including strategy, governance, structure, policy and operational oversight in the public interest. It is accountable to GC, but not specifically directed by them. Asoo oversees RICS professional standards, entry and admission to the profession, education and qualification standards, regulatory operations, regulatory schemes, dispute resolution services and Regulatory Tribunal.

Question 13

RICS ARAFC

Answer 13

Audit, Risk Assurance and Finance Commettie - Regulates the RICS in the discharge of its duties and reports directly to the General Council

Question 14

What is the primary purpose of the RICS?

Answer 14

To protect the public, provide a good quality service to clients and promote professionalism within the industry.

Question 15

Are you aware of any guidance on the use of the RICS logo?

Answer 15

Rules for the use of the RICS logo and designation by firms (2022) states that the RICS logo may only be used by members or a regulated firm.

Question 16

What RICS documents would you refer to for guidance regarding ethics and conduct?

Answer 16

RICS RULES OF CONDUCT GLOBAL - October 2021

Question 17

What is the structure of the RICS?

Answer 17

Governing Council – the governing body of RICS under the Royal Charter. The role of the GC is to set the strategy and vision of the RICS.
RICS Board - delivers the RICS business plan and oversees operations, excluding standards and regulation. Supported by the Membership Services Committee, Knowledge & Practice Committee, Audit, Risk Assurance & Finance Committee and Nominations & Remuneration Committee.
Membership Services Committee - responsible for the strategy and business plan for the world regions
Standards & Regulation Board - exercises the regulatory function of the RICS, including strategy, governance, structure, policy and operational oversight in the public interest

Question 18

Are you aware of any guidance that applies to RICS Members when using Social Media?

Answer 18

RICS Guidance Note “Use of Social Media: Guidance for Members Version 1”, took effect 30th June 2021

Question 19

When would the RICS investigate a social media post made by one of its members?

Answer 19

If the post is:
1. discriminatory
2. dishonest
3. abusive or threatening
4. likely to cause significant harm, distress or offence to a person
5. shows a pattern of frequent or large number of concerning communications
6. ignores previous advice or warnings about concerns

Question 20

What is the RICS Inclusive Employer Quality Mark?

Answer 20

RICS is launching the scheme to improve diversity and inclusion within the property and construction sector

Question 21

What are the main benefits of Diversity & Inclusion?

Answer 21

1. attract skilled professionals from diverse backgrounds
2. establishes a sense of belonging among employees
3. encourage employees to feel more connected
4. increases productivity
5. reduces staff turnover
6. allows employees to feel valued and accepted

Question 22

What is the McGregor-Smith Review?

Answer 22

Aiming to develop black and ethnic minority talent within the profession

Question 23

What is the Bichard Review?

Answer 23

• The Bichard Review was an independent review commissioned by the RICS Governing Board in December 2021 into the purpose, governance and strategy of the RICS
• This was commissioned following the Levitt Review and aimed to create a new sense of purpose and direction of the RICS
• The review advised on 36 recommendations that are currently being implemented
• The Governance Structure will be updated to include a Public Interest Panel, Sustainability Panel, Commercial Committee and Audit, Risk, Finance & Assurance Committee

Question 24

What is the Levitt Review?

Answer 24

RICS commissioned a Treasury Management audit in 2018.

Four non-Executive Board members of RICS then raised concerns that the audit had been suppressed and were subsequently dismissed from the Management Board.

RICS Governing Council commissioned the Independent Review in January 2021, which was initially dealt with by Peter Oldham QC and later passed to and published by Alison Levitt QC.

Question 25

When was the RICS founded?

Answer 25

1868

Question 26

How would you become FRICS?

Answer 26

Minimum 5 years PQE, based on 3 core principles:
1. acting to further RICS and the profession
2. acting for the benefit of a third party to reflect RICS’ public interest mandate
3. promoting RICS objectives and the profession