The RICS Flashcards by Ben Ireland

What would you do if a friend asked for advice?

Decline, not covered by PII

Request to make a formal request via a call so I can establish the requirements and if I am able to assist in advising

If not, refer them to RICS find a surveyor

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What are the benefits of firms being regulated?

Professional Indemnity in line with RICS Standards

Ethical Standards

CPD

High standards of service

Global network

Recognition

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What must regulated firms submit to the RICS and how often?

Yearly

Financial status
Complaints policy
Money policy
P.I

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What is a Professional Statement?

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Can you name some RICS Professional Statements?

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Name 5 other professional groups?

Project Management, Building Surveying, Building Control, Commercial Property, Dispute Resolution, Environmental, Facilities Management, Geomatics, Valuation, Rural

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Why do you want to be a member of the RICS? (NECKERS)

Status: Becoming chartered with the RICS viewed upon highly in the industry

Recognition: Being chartered by the RICS will give clients confidence in my professional competence

Competitive advantage: By working to RICS standards you provide confidence to the market and gain a competitive advantage.

Knowledge - improve knowledge with RICS best practice standards and CPD

Network - connect to other professionals

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What legislation has an impact on you operating as a chartered surveyor?

Anti Bribery Act 2010
Money Laundering Act 2017
GDPR
CDM Regulations
HASAWA 1974

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What is the RICS Aim?

Promote the profession
Highest education and professional standards
Strict code of ethics
Provide impartial advice guidance and analysis

RICS want to achieve:

Roll out IPMS
More younger people
Greater global coverage
Data protection

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And what are the types of documents the RICS publish?

Professional Statement
RICS Code of Practice
RICS Guidance Note
RICS Information Paper
RICS Insight
Modus

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How do you keep up to date with the current market?

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What does RICS stand for?

Royal Institution of Chartered Surveyors

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What are the RICS Rules of Conduct for members and firms?

They are made by the RICS Regulatory board

There are 9 rules for members (January 2013)

There are 15 rules for firms (January 2012)

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What is the RICS motto?

‘Est modus in rebus’ there is a measure in all things

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What do RICS members / firms offer advice in?

Property construction,

Project management,

Dispute resolution

Environmental issues

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What are the benefits of the RICS?

Status – your professional credentials provide unrivalled client confidence.

Recognition – promotion of your professional excellence to governments and markets.

Market advantage – RICS status and standard gives you a competitive advantage.

Knowledge – International practice standards, professional guidance, CDP and knowledge sharing.

Network – Access to 118,000 professionals worldwide

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Who is the President of RICS and how long are they in place?

Kathleen Fontana

1 year

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What is the RICS Structure?

Privy Council - Royal Charter & Bye Laws

Governing Council - manage strategy of RICS

Standards and Regulations Board -

Management Board - inform and oversee RICS surveyors and executive strategy set by Gov Council

Audit Commitee

Nominations comitee

Pres nom committee

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What is below the management board?

Finance comittee

World regional boards

Remuneration comittee

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In case of a breach of a rule of conduct what is the procedure?

An investigation will be undertaken which could be followed by disciplinary action

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What Laws and Regulations Govern the RICS?

RICS self regulated

Royal Charter
10 bye laws
Privy council / themselves

What is the RICS Matrics

RICS Matrics supports new members entering the profession

Networking and Social
For young surveyors in the industry
Less than 10 years’ experience post degree

What is the purpose of guidance notes?

Intended to promote best practice throughout the profession and ‘High Standard of Service’.

Why are the ethical standards important?

Create a clear and streamlined guide to members to ensure that clients and anyone else who deals with the RICS has confidence in the profession

What are ethics?

Moral principles to promote Integrity, Honesty and Trust

Where is the RICS head quarters?

12 Great George Street, London, SW1P 3AD | Westminster

What is lionheart? Any events you've been aware of?

- Provides support to past and present members and families who have fallen on hardtimes - Support for mental health

What has RICS done recently in regards to mental health?

- Additional professional group - Support through Lionheart - Raise awareness on website / through publications

What are the requirements to become a fellow?

5 yrs experience Managerial role Significant contribution

How would you become involved as a member?

Supervisor Respond to surveys Promote the RICS

What is the RICS Foundation?

Research on construction and land

What is a Royal Charter? When was it updated?

A document granted by Granted by Queen Victoria in 1881 which gives a royal status and for me it means i must "promote usefulness of the profession for public advantage" Privity council controls it Feb 2020 updated

Why do some firms have to be regulated?

50% of principles are members To provide clients with confidence and security by the RICS globally recognised standards

What is Kathleen Fontana trying to achieve?

Driving 3 pillars of sustainability Driving youth in the profession Round table discussions with surveyors Diversity

How many professional groups?

18 - can become chartered in 3.

What are the professional groups sectors?

Land Built Environment Disputes

Can you tell me about recent publications you have read from the RICS?

Changes to PII wording Low value adjudications (upto £50k) EWS Process BIM in Portugal

Tell me about recent modus magazines?

The benefits of employing an apprentice Working from Home Property market may not recover until 2025

How do you become an assessor?

Min 2 years experience as MRICS | 1 day training course

What is the RICS vision?

Increase presence in key international market Recognised as industry leader Champion the profession

What are the regulations set by the RICS?

Set out by the Privy Council and the bye laws REGULATION 1 – DEFINITIONS REGULATION 2 – MEMBERSHIP AND REGISTRATION REGULATION 3 – DESIGNATIONS REGULATION 4 – CONTRIBUTION TO FUNDS REGULATION 5 – CONDUCT REGULATION 6 – GOVERNING COUNCIL, OFFICERS AND STAFF REGULATION 7 - SUBORDINATE BOARDS, COMMITTEES AND GROUPS REGULATION 8 - PROCEDURE FOR GENERAL MEETINGS AND VOTING REGULATION 9 – ACCOUNTS AND AUDIT REGULATION 10 – GENERAL

What do you need if you start your own business?

- Inform RICS - Appoint a contact - Apply for RICS Regulation - Have at least 25% principals - Agree to observe and comply with RICS Rules of Conduct for Firms, including working to RICS standards. - Insurances (P.I, Public Liability, Employers Liability) - Action & training to deal with Clients Money - Complaints handling procedures - Ensure training and CPD

What is the role of the Governing Council?

- Main governing body - Oversees the RICS - Sets the overall strategy for the RICS

What is the role of the Management Board?

- To inform and oversee the RICS with delegated authority from the governing council - Accountable for approving the RICS Business Plan

What is the role of the Standards and Regulations Board?

- Oversees the setting of standards throughout the RICS | - Responsible for standard setting, entry to the profession, and regulatory processes

What is the role of the Audit Committee?

- Monitors the integrity of the financial reporting, internal control and risk management systems

Who is the CEO?

Sean Tompkins

What is the regulatory tribunal?

An independent chair

How does the RICS communicate with Firms?

- In person - Email - Phone - Post

When must a firm register with the RICS?

A Firm is required to register for regulation by RICS if: a the Firm provides surveying services to the public; b the Firm is operating in the UK; c at least 50% of the Firm’s Principals are RICS Members.

When is a firm eligible to register for regulation?

A Firm is eligible to register for regulation by RICS if: a the Firm provides surveying services to the public; and b at least 25% of the Firm’s Principals are RICS Members.