RICS

Question 1

1. What does the RICS stand for?

Answer 1

Royal Institution of Chartered Surveyors

Question 2

2. What is the purpose of the RICS?

Answer 2

Professional body that establishes and enforces standards for the built environments

Question 3

3. When was it founded?

Answer 3

1868

Question 4

4. When was it chartered?

Answer 4

1881

Question 5

1. How many members do the RICS have?

Answer 5

130,000+

Question 6

6. What is the RICS motto?

Answer 6

‘There is measure in all things’

Question 7

7. Who is the president?

Answer 7

Tina Paillet FRICS

Question 8

8. Who is the President Elect?

Answer 8

Justin Sullivan FRICS

Question 9

9. Who is the CEO?

Answer 9

Justin Young

Question 10

10. What are the levels of membership?

Answer 10

FRICS, MRICS, AssocRICS, Trainee/Student

Question 11

11. How is RICS governed?

Answer 11

Under the terms of the Royal Charter, and various internal councils

Question 12

12. What is the governance structure?

Answer 12

1) Privy Council
2) Governing Council (20+ members) – Justin Hardman now member
3) Standards and Regulation Board and Management Board
4) 17 specialist professional groups – outline standards of competence and practice

Question 13

13. What are the FRICS requirements?

Answer 13

1) 5 or more years at MRICS
2) Leadership role
3) Academic or professional achievement
4) Raise the profile of RICS

Question 14

14. What is the role of the RICS?

Answer 14

1) R - Regulation - Protect consumers through strict regulation of professional standards
2) A - Advice - Leading source of information and independent advice
3) T - Training - Maintain the highest standards of education and training

Question 15

15. What is the Levitt Review 2021?

Answer 15

It challenged the RICS on its governance failings, such as their lack of clarity roles of Boards responsibilities and structure

Question 16

16. What were the initiatives that came from the Bichard Review in 2022?

Answer 16

• Increased focus on diversity and inclusion
• New simplified governance structure
• Showing greater leadership on issues that matter most to society (sustainability and CC)

Question 17

17. Why do you want to be MRICS?

Answer 17

• Progress career in industry I’m passionate about
• Provide me recognition and status to provide my client confidence
• Continual to make use of CPD opportunities

Question 18

18. What are the benefits to membership?

Answer 18

• MA - Market advantage
• R - Professional recognition
• K - Knowledge - International Practice Standards
• S - Status
• N - Global network

Question 19

19. What are the benefits of regulating firms/ surveying profession?

Answer 19

To protect the public (CPH, PII, redress scheme), uphold the public confidence in the profession and uphold professional standards

Question 20

20. What information is required by RICS for registration?

Answer 20

1) Type of Business and Staff Info
2) Name of Responsible Principal
3) Statutory Regulated Activities
4) Nature of Clients
5) Complaints Handling Procedure Details (CHP)
6) Professional Indemnity Insurance Details (PII)
7) Is clients’ money held?

Question 21

21. What must RICS members do?

Answer 21

• Comply with CPD Requirements
• Cooperate with the RICS
• Promptly provide information requested by the Standards and Regulatory Board

Question 22

22. Who regulates the profession?

Answer 22

The Standards and Regulatory Board

Question 23

23. How is disciplinary action triggered?

Answer 23

By a complaint, allegation or information received by RICS

Question 24

24. What are the 3 levels of disciplinary action?

Answer 24

1) Action by Head of Regulation
2) Disciplinary panel
3) Appeal Panel

Question 25

25. What actions may be initiated by the Head of Regulation?

Answer 25

1) Serve a fixed penalty notice 2) Make regulatory compliance order 3) Refer matter to Regulatory tribunal or Disciplinary Panel

Question 26

26. What is a regulatory compliance order?

Answer 26

Written document outlining the steps required when there has been low level breaches of RICS rules, may include a fine

Question 27

27. What penalties are available by Disciplinary panel?

Answer 27

- An unlimited fine and/or temporary suspension/expulsion - Publish results of hearing - Issue Regulatory Compliance Order

Question 28

28. What is the guidance for social media?

Answer 28

Use of social media: Guidance for RICS members, 2021

Question 29

29. What does the Social Media Guidance state?

Answer 29

- Members are protected by the Rules of Conduct if followed - Posts will be investigate if particular extreme or highly offensive which can cause reputational damage to the profession e.g. discrimination, dishonesty, bullying, abuse

Question 30

30. Why have the RICS introduced Professional Standards and Practice Information?

Answer 30

To streamline the guidance and make the requirements clearer

Question 31

31. What are the CPD requirements for members?

Answer 31

- 20 hours of CPD per year - Minimum of 10 hour formal (can use ethics tree) - Maintain rules of conduct knowledge and understanding - Log CPD into portal by 31/01 every year

Question 32

32. What are the RICS’ 5 principles of better regulation?

Answer 32

PACTT a) Proportionality b) Accountability c) Consistency d) Targeting e) Transparency