RICS

Question 1

When was RICS founded?

Answer 1

1868

Question 2

What was RICS Royal Charter granted?

Answer 2

1881

Question 3

What are the 4 levels of RICS membership?

Answer 3

Student, AssocRICS, MRICS, FRICS

Question 4

What are the 4 levels of RICS membership?

Answer 4

Student, AssocRICS, MRICS, FRICS

Question 5

Governance Structure of RICS?

Answer 5

Governed by various councils, boards and associations.
- In the UK there are:
- 4 National Associations, Local Associations and also 10 Regional Boards

Question 6

Levitt Review (2021)

Answer 6

Public exposure stating lack of clarity, structure and purpose of RICS so called for independent review (Bichard Review)

Question 7

Bichard Review (2022)

Answer 7

Aims to clarify purpose and structure of RICS

Question 8

Role of RICS

Answer 8

1. Maintain highest standards of education and training
2. Protect consumers by regulating professional standards
3. Be leading source of information and advice on land/property

Question 9

Benefits of being RICS member

Answer 9

1. Status - client confidence
2. Recognition - professional excellence
3. Market Advantage - competitive advantage once chartered
4. Network - 130,000 professionals worldwide
5. Knowledge - RICS documents, CPD

Question 10

Requirements of RICS Annual Return

Answer 10

1. Type of business and staff details
2. Statutory regulated activities
3. Nature of clients
4. CHP details
5. PII details
6. Whether firm holds clients money

Question 11

RICS Regulation Requirements

Answer 11

If 50% RICS members, firm has to be regulated
If 25%+ RICS members, can apply to be regulated
If no RICS members, cannot register for regulation

Note: only RICS members and registered firms can use the logo

Question 12

Three levels of disciplinary action

Answer 12

1. Action by Head of Regulation (formal investigation)
2. Regulatory Tribunal (serious breaches)
3. Appeal Panel

Question 13

What disciplinary action can Head of Regulation initiate?

Answer 13

• Fixed Penalty Notice (EG breached Rules of Conduct)
• Regulatory Compliance Order (states terms on which member/firm must desist from taking action in set time)
• CPD Sanctions (obligation for member to follow CPD requirement)
• Refer to Regulatory Tribunal (50% lay members, can issue fine, Compliance Order, expel from RICS or publicise results)