Core Competencies Flashcards
What buildings does the Code of Measuring Practice 6th Ed. 2015 apply?
ALL building classes except office and residential.
What buildings does the RICS Property Measurement 2nd Ed apply?
All building classes.
What is contained within the RICS Property Measurement 2nd Edition?
Two elements:
1) Professional Statement: Property Measurements - which details the application of the professional statement, technical definitions, and IPMS: Office Buildings, IPMS: Residential buildings as applied under the professional statement.
2) RICS IPMS data standard, which reflects the IPMS standards.
What are deleterious materials?
materials or building techniques that are dangerous to health, environmentally unfriendly, tend to fail in practice or can be susceptible to change over the lifetime of the material
What are the four main purposes of the RICS professional standard Comparable Evidence in Real Estate Valuation?
1) outline the principles of the use of comparable evidence
2) encourage consistency in the use of comparable evidence globally
3)address issues of availability and use of comparable evidence, especially in challenging market conditions
4) consider potential sources of comparable evidence and their relative importance
What is ESG?
Environmental Social Governance - three pillar, all of which collectively contribute to effective performance with positive benefits for wider markets, society and the world as a whole.
What is the Red Book?
A set of global standards which set out procedural rules and guidance for written valuations.
Why has the red book been updated?
IVS is updated on a rolling programme every 2 years. Red Book needs minor updates to align with this.
Why is the Red Book aligned with IVS?
Because RICS are a key member of the Valuation Standards Council who work to produce the IVS. The RICS produces more detailed standards for it’s members.
What are the 2022 changes to the Red Book?
PS1 contains detail on the need for clear, unambiguous, documented terms of engagement when members apply any exceptions to VPS 1-5 under PS1.
PS1 makes it clear that the Red Book is binary i.e. something either is or is not a Red Book Valuation.
What are the exceptions to the Red Book?
ALIES:
Agency marketing appraisals.
Litigation i.e. rent reviews.
Internal purposes only.
Expert witness valuation.
Statutory purposes.
