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Tom APC 2023 > Hot Topics > Flashcards

Hot Topics Flashcards

1
Q

What’s the latest RICS doc for PI requirements

A

UK professional indemnity insurance requirements version 9 April 2022

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2
Q

What was the main change in the version 9 2022 UK PI insurance requirements

A

There is no maximum uninsured excess for large companies with a turnover of over £10m

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3
Q

Whats the maximum uninsured excess for companies with a turnover of less than £10m

A

Greater of £10k or 2.5% of insured sum

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4
Q

What’s the futures report

A

Futures report was launched in 2015 and highlighted key trends in the property and construction industries

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5
Q

When was the futures report updated and what did it outline

A

2020

Construction is estimated to waste 95% of its data. RICS is setting up a hub to provide expertise on how it can be put to good use.

The amount of urban land has doubled since 2000 and the RICS encourages members to adopt a more sustainable approach

Developing courses on how to use drones

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6
Q

What’s the Levitt Report

A

RICS had to extend its overdraft facility due to inaccurate cashflow forecasting.

The levitt report was Commissioned by the RICS Following a treasury management audit in 2018

The conclusion of the report alluded to an internal power struggle due to its two board structure made up of management and executive board

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7
Q

Are you aware of some of the aims highlighted in the RICS business plan

A

As a result of the levitt report the RICS agree to:

Be more open and transparent with member and the public about how the institution is run

Developing more effective whistle blowing measures

Aims to prevent the need for outside funding

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8
Q

What steps would you take in the event of main contractor insolvency

A

Securing the site and any off site materials

Exercise any relevant clauses in the contract (I.e. notice to terminate)

Call in bonds that may be due

Explore step in rights

Prepare a notional final account

Prepare and issue a statement of valuation highlighting current progress

Make a schedule of works to complete

Ensure the works are insured

Undertake steps for re commencing the works

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9
Q

What guidance note would you refer to in case of main contractor insolvency

A

Termination of contract, corporate recovery and insolvency

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10
Q

What key challenges does the global economic recession present

A

Rising inflation rates result in the Bank of England increasing the base interest rate causing increase to borrowing costs

Increased energy and labour costs

More working from home reduces demand for office spaces which are now being converted to residential

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11
Q

What’s the affect of Russia/ Ukraine

A

Significant energy price increases due to reliance due to Europe’s high dependency on Russian gas and oil

It’s intensified an already turbulent market caused by brexit, covid, and rising energy prices.

Delay due to material shortage

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12
Q

What are come of the key materials you’ve seen subject to inflation as a result of Russia/ Ukraine and the increased energy prices

A

Steel

Bricks

Plastics

Ceramics

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13
Q

How has Brexit affected the industry

A

Less and more expensive labour due to the Supply of labour being more restricted

Less and more expensive material prices due to additional boarder checks and admin

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14
Q

What’s the latest RICS business plan

A

2021-2022

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15
Q

What does COP stand for

A

Conference of the Parties

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16
Q

What is COP (conference of the parties)

A

A yearly conference where member countries come together to discuss progress and put in place future initiatives to tackle climate change

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17
Q

How does COP relate to the Paris Agreement

A

At the 2015 COP 21 meeting in Paris the Paris Agreement was formed

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18
Q

What is the Paris Agreement

A

It’s aim is to strengthen global response to climate change by preventing global temperatures rising more than 2 degrees above above pre-industrial levels (targeting 1.5 degrees)

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19
Q

Please explain your understanding of what happened at COP27

A

Took place in Egypt in 2022.

Egypt highlighted the countries most effected by loss and damage of extreme weather

A new loss and damage fund was agreed where richer countries that have still not delivered on previously agreed targets will be required to provide 100billion per year to the countries most in need.

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20
Q

What did many leaders see as a failure with COP27 in 2022

A

Key targets such as ensuring carbon emissions peak before 2025 and the phase down of fossil fuels didn’t form part of the agreed text

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21
Q

What was the latest COP meeting and what year

A

COP27 in 2022

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22
Q

Are you aware of any impending changes to minimum energy efficiency standards

A

Yes the government has recently proposed changes to the EPC requirements for commercial and buy to let property due to take effect from 2025

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23
Q

What’s the current minimum required energy efficiency rating for domestic rental properties and what’s it excepted to increase to

A

Currently E

Proposed C from 2025

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24
Q

Explain your understanding of green mortgages

A

A mortgage that rewards someone for buying or owning an energy efficient home

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25
What is ICMS 3
Stands for International Cost Management Standard which provides a framework for cost and carbon management in construction from concept to completion.
26
Who contributed to preparing ICMS 3 (international cost measurement standard)
RICS and 48 other global organisations
27
What’s meant by embodied carbon
Refers to the carbon emissions generated throughout the life cycle It’s includes the carbon emissions release from the extraction of raw material, manufacturing, transportation, installation, maintenance and disposal of building materials.
28
Prior to working with a new client what pre appointment checks would you undertake
Ensure I’m competent to carry out the role Check for conflicts of interest Carry out anti money laundry checks Ensure the firm has sufficient PI to cover the value of instruction Formalise engagement in a written terms of engagement
29
When setting up a new practice what procedures would you put in place to ensure good client care was being provided
Processes for clear communication Set up procedures for obtaining regular feedback Report to client using agreed and consistently formatted documentation
30
As a firm owner, On receipt of a formal complaint for a client in writing what would you do
Arrange a call with the client to notify them you have received the complain and are working to rectify the issues Issue the client a copy of my firms complaints handling procedure for reference Report the complaints to a senior person in the firm or designated complaints handler Notify my firms PI insurers Arrange a feedback meeting with the client and address areas of concern If I am unable to resolve the complaint it would need to be referred to the RICS.
31
What’s a duty of care
A duty of care is to ensure that another party does not suffer harm or loss as a result of a breach of contractual obligations or tort of negligence
32
What’s the difference between a client and customer
Customers are an individual who is purchasing goods and services as a one time transaction Clients are usually longer term customers.
33
What are the 6 principals of the bribery act
Proportionality - procedures to prevent must be proportionate to the bribery risks Top level commitment - commitment to prevent bribery Risk assessment - asses exposure to potentially risks of bribery Due diligence - carry out check on individuals who will perform services on behalf of the organisation Communication - ensure prevention measures a clearly communicated Monitoring and Review - organisation should monitor and review procedures designed to prevent bribery
34
What are the 4 main offences under the bribery act
Offering a bribe Accepting a bribe Bribing a public official Failure by a commercial organisation to prevent bribery
35
What is the whole life carbon assessment and what does it allow professional to do.
It provides consistent and accurate carbon measurement for all buildings and infrastructure throughout their life cycle. It allows professionals to make decisions to limit the whole life carbon impact of buildings and infrastructure
36
What three carbons does the WLCA 2nd edition measure
Embodied Operational User carbon emissions
37
What is the main update in the 2nd editions of the WLCA
It now covers all buildings and infrastructure thought the built environment life cycle
38
The WLCA 2nd edition encourages long term thinking through what principals
Reuse Recycling Redevelopment
39
As per the WLCA what are the stages in the life cycle of a built asset
Production Construction Operation End of Life Beyond Asset life
40
What actions are assessed during end of life as per WLCA
Deconstruction Waste processing Disposal
41
What actions are assessed beyond asset life as per Whole life carbon assessment
Potential for: Reuse Recycling Energy recovery
42
What actions are assessed during operation as per WLCA
Use Maintenance Repair Renewal
43
What actions are assessed during construction as per WLCA
Transportation Assembly Installation
44
What actions are assessed during production as per WLCA
Raw material extraction Manufacturing Transportation
45
When was the Whole life carbon assessment for the build environment 2nd edition released and when does it become effective
September 2023 July 2024
46
As a member, how would you deal with a complaint
Our complaint handling procedure complies with the RICS Complaints Handling Professional Standard and forms 2 stages Stage 1: The complain is raised with a board director and the provide an initial response within 7 days. The full response is provided in 21 days. Stage 2: If the response is not satisfactory referred to the ombudsman service.
47
What’s an ombudsman
Someone who is appointed to look into complaints about companies and organisations
48
When and where is the next COP
Dubai November/ December 2023
49
Does embodied carbon include operational carbon emissions (i.e emissions as a result of operating the building
No
50
Where would you look to obtain guidance on how to deal with the effects of BREXIT
RICS Guidance notes on brexit
51
Who attends the COP
The countries that signed the United Nations framework convention on climate change
52
What is the RICS guidance on grenfell
Cladding for surveyors guidance note
53
What is ACM cladding
Aluminium composite material Two skins of aluminium bonded to either side of a lightweight core of materials
54
What materials have been banned following grenfell
Combustible materials on buildings above 18m or 7 storeys
55
What needs to be undertaken if an existing building has combustible cladding
Council needs to remediate and replace
56
What does EWS1 stand for
External wall system fire review cert
57
What’s the purpose of an EWS1
Provides a way of mortgage lenders to assess the external wall safety of buildings over 18m
58
What are the potential penalties for bribery
Prison up to 10 years Fine (unlimited)
59
Cons of BIM
Requires Training and staff Expensive modelling software Incompatibility with partners who don’t use it
60
Pros of BIM
Clash detection allows you to see potential problems before the physical error is done Improved collaboration Enhanced visualisation of the project Better control of costs
61
What should RICS members do in relation to bribery and corruption
Not offer or accept anything that constitutes as a bribe Ensure they have adequate knowledge Report any activity they are aware of which breaches bribery and corruption laws
62
What’s meant by carbon neutral
To have a balance between the carbon emitted and the carbon absorbed by natural environment (forest, ocean)
63
What sustainable initiatives are you aware of that are implemented by the RICS
SKA rating - encourage green codes of practice for commercial properties Value the planet campaign - committed to forming a climate change expert panel to implements the UN’s sustainable goals
64
What do you do to promote sustainability
Print only when necessary Recycle Travel to sites via public transport instead of driving
65
What’s the current Bank of England base interest rate
5.25%
66
What’s the current Bank of England base interest rate
5.25%
67
Who does the bribery act apply to
All UK companies (including if they are working in another country)
68
Under the bribery act, under what circumstances is a facilitation payment permitted
Olof you are under duress I.e. there is a real risk of danger to life or health
69
What’s the current minimum EPC rating for landlords
E but changing to C in 2025
70
What’s the range of EPC ratings
A - G
71
Who undertakes EPC ratings
An accredited energy assessor

Tom APC 2023 (17 decks)

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