RICS General

Question 1

What is the purpose of the RICS?

Answer 1

1. To advance the highest ethical and tech standards.
2. Protecting and providing benefits to consumers by enforcing standards and codes of best practice.
3. Providing expert impartial advice to governments, businesses and the public.
4. Equipping RICS members with leading advice, insights and professional training.
5. Promoting RICS status and standards in key worldwide markets.

Question 2

What is a Royal Charter

Answer 2

1. Given in 1881 by queen Victoria, it means the RICS has to promote usefulness In the profession

Question 3

What are the 5 principles of better regulation?

Answer 3

1. Proportionality
2. Accountability
3. Consistency
4. Targeting
5. Transparency

Question 4

Who is the President of the RICS?

Answer 4

Tina Pallet

Question 5

Who is the CEO of the RICS?

Answer 5

Justin Young

Question 6

What is the structure of the RICS?

Answer 6

1. Privy Council
2. Governing Council
3. RICS BOARD & Standard & Regulations board

Question 7

What is the responsibilities of the governing council?

Answer 7

1. Approving strategy and overseeing the direction and the performance of the RICS.

Question 8

What is the role and function of the standards & regulation board?

Answer 8

1. Independent professional regulator of the RICS.
2. Apply principles of better regulation.
3. Setting and upholding standards of entry and assessment.
4. Maintain professional standards.
5. Developing, setting and upholding standards of ADR service.
6. Enforce regulatory compliance.
7. Share intelligence and lead regulatory best practice.

Question 9

Who is the chair of the standards and regulation board?

Answer 9

1. Dame Janet Paraskeva

Question 10

What is the role of the RICS board?

Answer 10

1. Approval of business plan to achieve strategic objectives of the governing council.
2. Assessing and monitoring strategic risks.
3. Preparing annual reports and financial statements.
4. Monitoring reports against agreed financial strategy .
5. Approval of annual reports and financial statements.

Question 11

What are the sub sections of the RICS board?

Answer 11

1. Accounting, audit & risk - financial management
2. Membership services - conduit between board & members
3. Knowledge & practice committee - insights, market issues, trends etc.
4. Nominations & remuneration committee - elections & appointments

Question 12

What are the sub-sections of the standards & regulations board?

Answer 12

1. Qualifications and assessment committee.
2. Dispute regulation appointments board.
3. Entry & assessment steering group.
4. Professional standards steering group.
5. Valuation committee.
6. CPD Framework Steering group.

Question 13

What is the RICS disciplinary process?

Answer 13

1. For less serious claims, where the member admits allegations - the head of regs may impose a fine, caution or condition on the members membership.
2. Where the member doesn’t admit, case may be referred to a single member of the regulatory tribunal to determine the outcome. (Could be expulsion)
3. For serious claims, head of regulation may refer to disciplinary panel who will hold a hearing to determine outcome. Can be fine, expulsion and can determine cost against regulated member.

Question 14

What is the regulatory tribunal and how does it function?

Answer 14

Led by Alexandra Marks

Independently determine regulatory cases.