2025 Current Topics Flashcards

1
Q

Please explain your understanding of the RICS Harris Debate.

A

Annual debate held by the RICS.
Addresses ethical concerns in the field of surveying.

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2
Q

What was discussed at the 2024 Harris Debate?

A
  • Focused on AI and ethical considerations.
  • The impact AI in valuation practices.
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3
Q

What are disadvantages for using AI in valuation?

A
  • Site specific information cannot be considered (property condition).
  • Susceptibility to rely on bad data which can reduce accuracy.
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4
Q

What are the ethical concerns with the adoption of AI for the purposes of valuation?

A
  • AI algorithms rely on data. Data can be inaccurate, incomplete or weighted following bias data input.
  • causes skewed results.
  • Transparency of the data input.
  • Full AI valuation is not compliant.
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5
Q

What impact will the Labour government have on the industry?

A
  • House targets and update to NPPF.
  • Infrastructure Projects drive.
  • Focus on sustainability.
  • Skills development - attempts to tackle skills shortage.
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6
Q

What are the impacts of the US elections?

A
  • Currency fluctuations
  • Impact on Interest Rates
  • US trade policy and tariffs could result in higher costs for builders.
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7
Q

What happened at COP29?

A
  • Focus on addressing the climate change finance gap.
  • Global carbon market
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8
Q

What is a global carbon market?

A
  • Designed to help reduce global greenhouse gas emissions by putting a price on carbon to incentivise countries and companies to innovate and invest in cleaner technologies.
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9
Q

Can you provide an overview of the 2024 RICS Sustainability Report?

A
  • Key Findings:
  • Increase demand for green buildings
  • High upfront cost and insufficient government incentives form a barrier to meeting demand.
  • Need for consistent sustainability measurement.
  • Level of commitment and action needs to increase to achieve 2050 goal.
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10
Q

What is your understanding of MEES?

A
  • Minimum Energy Efficiency Standards.
  • Min EPC for buildings (E currently)
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11
Q

What are the RICS policies on DE&I?

A
  • Priority for RICS.
  • Recognises lack of diversity.
  • RICS Policy Doc - “Diversity, Equity and Inclusion” - sets out action plans for firms to support attracting talent and retaining talent.
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12
Q

Can you explain your understanding of diversity?

A
  • refers to who we are and what makes us different
  • can be in relation to skin colour, socio-economic background, disability, education, religious beliefs
  • organisations with a diverse workforce are proven to be more effective and better places to serve their communities.
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13
Q

Can you explain your understanding of Equity?

A
  • recognition that all employees may not have been afforded the same opportunities and looks to address these imbalances.
  • Ensuring each person has the right tools and support to fulfil their potential regardless of their career starting point.
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14
Q

Can you explain your understanding of Inclusion?

A
  • key part of an organisations culture and aims to improve inclusivity of all personnel regardless of their background.
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15
Q

RICS guidance on Social Media?

A
  • Guidance note - ‘Use of Social Media: Guidance for Members Version 1’ June 2021
  • Focus on Rules of Conduct
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16
Q

Benefits for Diversity and Inclusion?

A
  • Attracts skilled professionals
  • increases productivity
  • sense of belonging
  • Employees feel more connected
17
Q

What are the guidelines for using the RICS logo?

A
  • Split into use for firms and personal use
  • Guidelines contain detailed information regarding correct usage which is approved by the Standards and Regulation Board.
  • RICS member can use on business cars and email.
18
Q

What are the general requirements for PII set out by the RICS?

A
  • ‘each and every’ claim basis
  • RICS sets out the min levels of indemnity
  • Policy must be fully retroactive
  • RICS sets out max levels of uninsured excess
  • Run off cover must be in place
  • Policy should cover past and present employees, directors and partners.
19
Q

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