2025 Current Topics Flashcards
Please explain your understanding of the RICS Harris Debate.
Annual debate held by the RICS.
Addresses ethical concerns in the field of surveying.
What was discussed at the 2024 Harris Debate?
- Focused on AI and ethical considerations.
- The impact AI in valuation practices.
What are disadvantages for using AI in valuation?
- Site specific information cannot be considered (property condition).
- Susceptibility to rely on bad data which can reduce accuracy.
What are the ethical concerns with the adoption of AI for the purposes of valuation?
- 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.
What impact will the Labour government have on the industry?
- House targets and update to NPPF.
- Infrastructure Projects drive.
- Focus on sustainability.
- Skills development - attempts to tackle skills shortage.
What are the impacts of the US elections?
- Currency fluctuations
- Impact on Interest Rates
- US trade policy and tariffs could result in higher costs for builders.
What happened at COP29?
- Focus on addressing the climate change finance gap.
- Global carbon market
What is a global carbon market?
- 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.
Can you provide an overview of the 2024 RICS Sustainability Report?
- 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.
What is your understanding of MEES?
- Minimum Energy Efficiency Standards.
- Min EPC for buildings (E currently)
What are the RICS policies on DE&I?
- 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.
Can you explain your understanding of diversity?
- 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.
Can you explain your understanding of Equity?
- 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.
Can you explain your understanding of Inclusion?
- key part of an organisations culture and aims to improve inclusivity of all personnel regardless of their background.
RICS guidance on Social Media?
- Guidance note - ‘Use of Social Media: Guidance for Members Version 1’ June 2021
- Focus on Rules of Conduct
Benefits for Diversity and Inclusion?
- Attracts skilled professionals
- increases productivity
- sense of belonging
- Employees feel more connected
What are the guidelines for using the RICS logo?
- 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.
What are the general requirements for PII set out by the RICS?
- ‘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.
Tell me something recent about the RICS?
- The RICS are updating the Countering financial crime standard.
- To address the evolving landscape of financial crimes and incorporating the latest developments in technology and global trade.
- This global standard will help you to manage the current risks posed by bribery, corruption, money laundering, and terrorist financing, and navigate and mitigate emerging financial crime threats.
