2024 Hot Topics

Question 1

Are you aware of any guidance that applies to RICS members when using social media?

Answer 1

• Introduced guidance note ‘use of social media: guidance for members Version 1
• effective from 30 June 2021
• sets out same standards as stipulated in rules of conuct and reminds members that these dont change whether communicating via social media or face to face etc

Question 2

How do you esure you operate inline with RICS guidance on the use of Social Media?

Answer 2

• Ensure i use social media in a responsible and prof manner in the same way i commnuicate via face to face or otther forms of comms
• Understand my responsibility in representing the RICS
• Never make a post that was dishonest or cause offence

Question 3

When would the RICS investigate a social media post made by one of its members?

Answer 3

• Discriminatory
• Dishonest
• Abusive
• Likely to cause significant harm
• ignores previous warnings about concerns

Question 4

Please explain your understanding of the roation rules for valuation contained within the red book uk supplement?

Answer 4

• Updated uk supp of red book in jan 22 to update its reccomendatios around mandatory rotation cycles for regulated valuations.
• new rules mean that for reg purposes will not be able to repeat for more than 10 consecutive years
• rotation with aim to improve transparency and serve public interest
• new regs effective on 1st may 2024

Question 5

Please explain your understanding of the RICS DCF val guidance note nov23?

Answer 5

• Looked to provide further clrity around difference between MV and IV definitions set out under VPS4
• IV is defined as the val of the prop that is applicable to a specific investor while MV is applicbale to the wider market as a whole
• note calls for the use of market based inputs when making an assessment of mv using dcf rather than inputs that relate to IV

Question 6

What is your view of the IPMS updates?

Answer 6

• I think the IPMS when established globally will provide useful set of measure standards that will hopefully negate ambiguity across international markets
• diffcult to achieve due to existing preferences in each market place
• e.g uk has been slow to adopt the ipms due to a familiarity and preference of existing standards

Question 7

Please explain your understanding of the rics inclusive employer quality mark?

Answer 7

launching new scheme
to improve diversity and inclusion within sector
employers pledging commitment and adopting the following 6 principles:
1. leadership
2. recruitment
3. staff dev
4. staff retention

Firms wil be reured to assess performance on a bi annual basis

Question 8

What are the main benefits of diversity and inclusion?

Answer 8

Diverse and inclusive environments help to
* attarct skilled profs from diverse backgrounds
* establish sense of belonging
* encourage employees to feel more connected
* increase productivity
* reduce staff turnover
* employee feel valued and accepted

Question 9

What is the RICS doing to improve diversity and inclusion?

Answer 9

• RICS has setup ‘Diversity & Inclusion leadership’ which is a knowledge hub allowing the RICS to share ideas on how and why diversity and inclusion is so important to the rics.
• Included initiatives such as
• International womens days celebrating achievement of women in profession
• pride 2023
• mcgregor smith review - aiming to develop black and ethnic minority talent within the profession

Question 10

Please explain your understanding of the Birchard Review?

Answer 10

• Independant review commissioned by the governing board in dec 2021
• comissioned following the levitt review and aimed to create a new sense of purpose and direction of the rics
• the review advised on 36 reccomendations whci hare currently being implemented which include:
  1. commercial activity will now be sperated from other activities within the rics and led by a suitable qualified exce with storng commercial experience who reports to the commericial committee
  2. rics matrics shld give younger members a stronger voice throgu improved governance structure - appropriate selected rep to sit on gov council
  3. de and i panel setyp to provide advice
  4. improvmenet of tech within the rics
  5. public interest panel set up to adivse the gov council

Question 11

Please explain your understanding of the guidelines around use of the rics logo?

Answer 11

Aware of the guidelines which are split into;
* rules of conduct for firms use of the rics logo and designation
* guidelines for personal use of the rics logo

they contain detailed info regarding correct usage which is apporved by the standards and reg board

qualifed members have right to use the logo for personal use for example on signatures

specific rules around the master logo is presented for example the font and colour must not be adjusted and there should be a miniimum clearance around the logo equiv to the size of the capital R in RICS.