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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
Q

What is ICMS 3

A

Stands for International Cost Management Standard which provides a framework for cost and carbon management in construction from concept to completion.

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26
Q

Who contributed to preparing ICMS 3 (international cost measurement standard)

A

RICS and 48 other global organisations

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27
Q

What’s meant by embodied carbon

A

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.

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28
Q

Prior to working with a new client what pre appointment checks would you undertake

A

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

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29
Q

When setting up a new practice what procedures would you put in place to ensure good client care was being provided

A

Processes for clear communication

Set up procedures for obtaining regular feedback

Report to client using agreed and consistently formatted documentation

30
Q

As a firm owner, On receipt of a formal complaint for a client in writing what would you do

A

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
Q

What’s a duty of care

A

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
Q

What’s the difference between a client and customer

A

Customers are an individual who is purchasing goods and services as a one time transaction

Clients are usually longer term customers.

33
Q

What are the 6 principals of the bribery act

A

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
Q

What are the 4 main offences under the bribery act

A

Offering a bribe

Accepting a bribe

Bribing a public official

Failure by a commercial organisation to prevent bribery

35
Q

What is the whole life carbon assessment and what does it allow professional to do.

A

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
Q

What three carbons does the WLCA 2nd edition measure

A

Embodied

Operational

User carbon emissions

37
Q

What is the main update in the 2nd editions of the WLCA

A

It now covers all buildings and infrastructure thought the built environment life cycle

38
Q

The WLCA 2nd edition encourages long term thinking through what principals

A

Reuse

Recycling

Redevelopment

39
Q

As per the WLCA what are the stages in the life cycle of a built asset

A

Production

Construction

Operation

End of Life

Beyond Asset life

40
Q

What actions are assessed during end of life as per WLCA

A

Deconstruction

Waste processing

Disposal

41
Q

What actions are assessed beyond asset life as per Whole life carbon assessment

A

Potential for:

Reuse

Recycling

Energy recovery

42
Q

What actions are assessed during operation as per WLCA

A

Use

Maintenance

Repair

Renewal

43
Q

What actions are assessed during construction as per WLCA

A

Transportation

Assembly

Installation

44
Q

What actions are assessed during production as per WLCA

A

Raw material extraction

Manufacturing

Transportation

45
Q

When was the Whole life carbon assessment for the build environment 2nd edition released and when does it become effective

A

September 2023

July 2024

46
Q

As a member, how would you deal with a complaint

A

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
Q

What’s an ombudsman

A

Someone who is appointed to look into complaints about companies and organisations

48
Q

When and where is the next COP

A

Dubai

November/ December 2023

49
Q

Does embodied carbon include operational carbon emissions (i.e emissions as a result of operating the building

A

No

50
Q

Where would you look to obtain guidance on how to deal with the effects of BREXIT

A

RICS Guidance notes on brexit

51
Q

Who attends the COP

A

The countries that signed the United Nations framework convention on climate change

52
Q

What is the RICS guidance on grenfell

A

Cladding for surveyors guidance note

53
Q

What is ACM cladding

A

Aluminium composite material

Two skins of aluminium bonded to either side of a lightweight core of materials

54
Q

What materials have been banned following grenfell

A

Combustible materials on buildings above 18m or 7 storeys

55
Q

What needs to be undertaken if an existing building has combustible cladding

A

Council needs to remediate and replace

56
Q

What does EWS1 stand for

A

External wall system fire review cert

57
Q

What’s the purpose of an EWS1

A

Provides a way of mortgage lenders to assess the external wall safety of buildings over 18m

58
Q

What are the potential penalties for bribery

A

Prison up to 10 years

Fine (unlimited)

59
Q

Cons of BIM

A

Requires Training and staff

Expensive modelling software

Incompatibility with partners who don’t use it

60
Q

Pros of BIM

A

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
Q

What should RICS members do in relation to bribery and corruption

A

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
Q

What’s meant by carbon neutral

A

To have a balance between the carbon emitted and the carbon absorbed by natural environment (forest, ocean)

63
Q

What sustainable initiatives are you aware of that are implemented by the RICS

A

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
Q

What do you do to promote sustainability

A

Print only when necessary

Recycle

Travel to sites via public transport instead of driving

65
Q

What’s the current Bank of England base interest rate

A

5.25%

66
Q

What’s the current Bank of England base interest rate

A

5.25%

67
Q

Who does the bribery act apply to

A

All UK companies (including if they are working in another country)

68
Q

Under the bribery act, under what circumstances is a facilitation payment permitted

A

Olof you are under duress I.e. there is a real risk of danger to life or health

69
Q

What’s the current minimum EPC rating for landlords

A

E but changing to C in 2025

70
Q

What’s the range of EPC ratings

A

A - G

71
Q

Who undertakes EPC ratings

A

An accredited energy assessor

Tom APC 2023 (17 decks)

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