Flashcards in The Structure of RICS Deck (49)
Who are RICS?
Global leading professional body promoting the highest standards in the property industry
Gold standard of professional regulation
What year was the Surveyors Club formed?
What happened in 1868?
John Clutton elected first president of 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
Changes to byelaws (RICS constitution) ratified by UK Government Privy Council after being approved by majority at a general meeting
What regulations and laws govern the RICS?
RICS = self-regulated
Not regulated by Government - legislation only required if self-regulation not working
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?
What are the benefits of being regulated by RICS?
Commitment to highest standards
Open to independent scrutiny
Protection (via Professional Indemnity Insurance - PII)
Security (via Complaints Handling Procedure - CHP)
Guarantee of professional training and experience
Who is the CEO (Executive Team)?
Who is the RICS President (Presidential Team)?
Timothy Neal FRICS
Who is the President Elect (Presidential Team)?
Kath Fontana FRICS
Who is the Senior Vice President (Presidential Team)?
Ann Gray 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?
How many members are a part of RICS?
What are the 3 market sectors covered by RICS?
What are the main RICS membership types?
RICS Student / Trainee
Chartered Member (MRICS)
Associate Member (AssocRICS)
Fellowship Member (FRICS)
How do you become an Associate (AssocRICS)?
Completion of associate qualification. Must meet one of the following:
- 1 year of relevant experience and a relevant bachelor's degree
- 2 years of relevant experience and relevant higher/advanced/foundation qualification
- 4 years of relevant experience (no qualifications required)
- Direct entry via membership of approved professional body
How do you become a Fellow (FRICS)?
5 years post award MRICS
Managerial position / leadership role
Significant contribution to the profession
Raising profile of RICS
Academic / technical achievement
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?
RICS is the world's leading professional body for setting standards in the surveying industry
RICS promotes and enforces highest professional standards in the development and management of land, real estate, construction and infrastructure
To maintain the highest standard of education and training
To protect consumers through strict regulation of PS
What is the RICS mantra?
“There is measure in all things”
Who is RICS accountable to?
Why do you want to become a RICS chartered surveyor?
I would like to become part of one of the most respected and high-profile organisations for professionals involving property with the benefits of providing status, recognition, knowledge, a network and a market advantage.
The chartership is recognised globally, enabling me to work internationally via a transferable skill set
What are the six benefits of being a RICS member?
1. Develop your expertise and earning potential
2. Build a global professional network
3. Enhance your skills and employability
4. Make your mark on the world around us (regular market surveys and consultations)
5. Demonstrate higher professional and ethical standards
6. Broaden your horizons and lead the debate
What are the current challenges facing RICS?
The impact of big data and artificial intelligence (transparency and reliability of data)
Climate change (sustainability)
Loss of institutional trust
Where did the RICS 7 Pillars come from?
Part of RICS Futures: Planning for the Future, which is based around 7 pillars
What are the RICS 7 Pillars?
o Pillar 1: Thinking ahead
o Pillar 2: Leadership and Inspiration
o Pillar 3: Sustainability
o Pillar 4: Multidisciplinarity and Lifelong learning
o Pillar 5: Networks and Collaboration
o Pillar 6: Technology
o Pillar 7: Ethics, Values and Standards