Hot Topics Flashcards
Please explain your understanding of the Harris Debate?
- The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation.
- The debate honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.
What was discussed at the Harris Debate 2024?
- In 2024 the debate focussed on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices.
- The debate explored the ethical implications of incorporating artificial intelligence into valuation and surveying as AI is becoming more integrated in these fields.
What impact will AI have on the construction industry?
- AI has the potential to offer greater accuracy and efficiency
- Will become widely used in the future
- Can’t accurately consider site specific abnormals
- Only as good as the data is trained on
The RICS business plan for 2024 four major areas?
- Sustainability Leadership
- Attracting Diverse Talent
- Enhancing Member Engagement
- Strengthening Trust
Are you aware of any guidance that applies to RICS Members when using Social Media?
The RICS introduced the Guidance Note ‘Use of Social Media: Guidance for Members
How do you ensure you operate inline with RICS guidance on the use of Social Media?
- use social media in a responsible and professional manner
- use professional and respectful language when communicating
- never make a post that is dishonest or would cause offence in any way
- realise my posts could potentially undermine public confidence and trust in the profession
When would the RICS investigate a Social Media post made by one of its members?
- Discriminatory
- Dishonest
- Abusive or threatening
- Likely to cause significant harm, distress or offence to a person
- Shows a pattern of frequent or large number of concerning communications
- Ignores previous advice or warnings about concerns
Please explain your understanding of the RICS Inclusive Employer Quality Mark?
- The RICS is launching a scheme known as the Inclusive Employer Quality Mark.
- The scheme requires employers to pledge their commitment to adopting and continually improving against the following six principles:
1. Leadership and Vision.
2. Recruitment.
3. Staff development.
4. Staff retention.
5. Staff engagement.
6. Continuous improvement.
What is meant by the term Global Carbon Market?
- This refers to an international system that allows the buying and selling of carbon emissions, allowances or credits.
- It is designed to help reduce global greenhouse gas emissions by putting a price on carbon to incentivise countries, companies, and other entities to innovate and invest in cleaner technologies and help to reduce the global carbon footprint.
Please explain your understanding of the acronym MEES?
MEES stands for Minimum Energy Efficiency Standards. These are regulations in the UK that set minimum energy performance requirements for buildings, specifically for privately rented properties. Under MEES, properties in the private rental sector must meet at least an E rating on their Energy Performance Certificate (EPC) to be legally rented out. If a building is rated lower than an E, landlords are required to improve the energy efficiency of the property before renting it out, unless specific exemptions apply. The MEES regulations are part of the UK government’s broader environmental and sustainability agenda, aiming to ensure that properties are energy-efficient and more environmentally friendly.
Please explain your understanding of the term ‘Carbon Life Cycle’?
Carbon life cycle is a holistic view of the carbon footprint of a building. This considers the carbon impact from:-
* Material extraction.
* Manufacturing.
* Transportation.
* Construction works.
* Maintenance.
* Repairs or replacement of materials.
* Consumption of energy.
* Carbon use at the end of the buildings life.
The represents a shift in simply selecting low carbon building products and encourages a longer term view during the building design process.
Please explain your understanding of the term ‘Negative Carbon’?
- The reduction of an entity’s carbon footprint to less than neutral.
- This results in a net effect of removing carbon dioxide from the atmosphere rather than adding it.
Please explain your understanding of the term ‘Carbon Offsetting’?
- Carbon offsetting results in a reduction of Green House Gas emissions or an increase in carbon storage.
- This is usually achieved through land restoration or the planting of trees that can compensate for emissions that occur elsewhere.
Please explain your understanding of the term ‘Placemaking’?
Placemaking is a wholistic approach to the development of public spaces that considers planning, design, implementation and management.
This aims to deliver public spaces that offer unique value to their occupants such as:-
1. A greater sense of belonging.
2. Increased security.
3. A unique atmosphere.
4. Inspiration and experience.
5. A sense of pride in community.
The concept is thought to result in an improved quality of life to occupants, greater happiness, better work productivity and a possible increase in property values.
What impact will the labour governments election have on the Property & Construction Industries?
Labour Goals:
* House Building Targets
* Infrastructure Projects
* Sustainability Focus
* Skills Development
What impact is hybrid working and working from home having on the property sector?
Working from home is having a significant impact on both residential and commercial property. Many workers now prioritise homes that can accommodate home offices, leading to increased demand for properties with extra space or adaptable layouts. Properties in suburban and rural areas are also in increasing demand due to the flexibility of remote work. Due to these regions providing larger living spaces at lower costs, property values in these areas have risen. Within commercial real estate, remote work is also reshaping office space requirements with many companies now downsizing their office footprints as hybrid work models become further entrenched. Long lease terms of 20-25 years on commercial properties are declining in popularity with shorter term lease arrangements offering greater flexibility now being preferred. In the future I believe there will be a continued shift towards shorter term, flexible office arrangements with adaptable office designs that support hot desking and open plan team collaboration areas. Due to increasing building regulations and environmental targets, offices in prime locations with sustainable credentials will remain in high demand.
Please explain your understanding of Project Bank Accounts?
A Project Bank Account (PBA) is a dedicated, ring-fenced bank account used in construction projects to manage payments securely and transparently.
Please explain your understanding of the recent updates to RICS Professional Indemnity Insurance Cover around Fire Safety?
- During 2019 fire safety insurance cover was removed from the professional indemnity insurance market following the Grenfell Disaster.
- During 2020/21 the RICS worked with insurers to restrict blanket fire safety exclusions.
- The RICS agreed with insurers in May 2021 that fire safety exclusions could be used however these would not apply to work on properties with four or fewer storeys above ground level.
What is ACM cladding?
ACM standards for aluminum composite material
It consists of two skins of aluminum bonded to either side of a lightweight core of materials such as polyethylene or a mineral core aimed to provided insulating properties.
What is the significance of ACM in relation to Grenfell?
The ACM cladding in use was thought to contain combustible materials that contributed towards the spread of fire across the external elevation of the building.
As a result the UK government has now banned the use of combustible materials on high rise homes from 29th November 2018.
What is the New Fire Safety Act 2021?
The First Safety Act was introduced in March 2020 and holds significant legal obligations of organisations deemed to be responsible persons.
It is introduced as an update to the Fire Safety order 2005.
The main focus of the act is the amendment of the Fire Safety Order to clarify that it will apply to the structure and external walls as well as anything attached to external walls such as doors, windows and cladding.
Under the previous regime it was unclear who was responsible for fire safety compliance for these elements of the building.
Please explain your understanding of Green mortgages?
A mortgage that rewards someone for buying or owning an energy efficient home by offering favourable terms than as standard. This typically result in lower interest rates or receiving cashback when you take out the mortgage.
Where does the new Red Book apply?
Globally!
The UK National Supplement (as well as other National Supplements) are being amended and published by RICS by 31 January 2025. They will then make references to the updated 2025 Red Book.
When does the new Red Book apply from?
31 January 2025.
Why has the Red Book been updated?
RICS have updated the Red Book to:
* Reflect the changes to the latest version of IVS
* Incorporate changes from the RICS Valuation Review
* Future proof valuation practice, e.g., updates relating to technology and ESG
* Help valuers to provide the highest standard of service
* Simplify and clarify guidance for valuers
* Build public trust in valuations provided by RICS Registered Valuers
What is the purpose of the Red Book?
- The Red Book provides procedural guidance and requirements for RICS Regulated Firms and Members (Registered Valuers, in particular).
- The Red Book, however, DOES NOT tell Members how to value specific properties, prescribe particular reporting formats or override national legislation or regulations.
