Hot topics Flashcards
What is 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. It 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 focused on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. It explored the ethical implications of incorporating artificial intelligence into valuation and surveying.
What is your view on the use of AI for property valuation?
AI has the potential to offer greater accuracy and efficiency in valuations. AI algorithms can evaluate comparable properties and estimate valuations based on various factors. However, current drawbacks include the inability to consider site-specific details and reliance on potentially bad data.
What are the ethical concerns with the adoption of AI for property valuation?
AI algorithms rely on data, and if this data is inaccurate or biased, it can skew results. Transparency in data input and analysis is crucial for compliance with RICS Red Book Standards, as AI models are often perceived as ‘black boxes.’
What wider impact do you feel AI will have on the property industry?
AI has the potential to enhance property management, enable data-driven decision making, streamline transactions, assist in urban planning, and improve risk management. Its adoption will likely lead to efficiency gains and cultural shifts in the industry.
What is the RICS Business Plan for 2024?
The RICS business plan for 2024 focuses on four areas: Sustainability Leadership, Attracting Diverse Talent, Enhancing Member Engagement, and Strengthening Trust.
What guidance applies to RICS Members when using Social Media?
The RICS introduced the Guidance Note ‘Use of Social Media: Guidance for Members Version 1’ effective from 30th June 2021, which sets the same standards as the RICS Rules of Conduct.
How do you ensure you operate inline with RICS guidance on Social Media?
I use social media responsibly and professionally, ensuring respectful communication and avoiding posts that could undermine public confidence in the profession.
When would the RICS investigate a Social Media post made by one of its members?
An investigation may occur if a post is discriminatory, dishonest, abusive, likely to cause harm, shows a pattern of concerning communications, or ignores previous warnings.
What is the RICS Inclusive Employer Quality Mark?
The RICS is launching the Inclusive Employer Quality Mark to improve diversity and inclusion in the property sector, requiring employers to commit to six principles and assess their performance bi-annually.
Why did the previous Rules of Conduct change?
The previous rules, in place since 2007, were replaced following research and consultation to provide a single document for clarity and focus on clearer behaviors and evolving challenges.
What are the professional obligations of members?
Members must comply with CPD requirements, cooperate with RICS, and promptly provide requested information.
What are the professional obligations of firms?
Firms must publish a complaints-handling procedure, maintain professional indemnity cover, ensure continuity of work, cooperate with RICS, and report required matters.
What are the main benefits of Diversity & Inclusion?
Diverse environments attract skilled professionals, establish belonging, increase productivity, reduce turnover, and make employees feel valued.
What is RICS doing to improve Diversity & Inclusion?
RICS has set up a Diversity & Inclusion leadership hub and initiatives like International Women’s Day and the McGregor-Smith Review to promote diversity in the profession.
How does RICS define Professional Standards vs. Practice Information?
Professional Standards set mandatory requirements for competence and ethical behavior, while Practice Information offers non-mandatory guidance for specific services.
What happened at COP29?
COP29, held in Baku in November 2024, focused on the climate finance gap and made progress on a global carbon market and the New Climate Finance Goal to support developing countries.
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 provide a high-level overview of the RICS Sustainability Report?
The RICS Sustainability Report 2024 provides a detailed analysis of the current state of sustainability within the built environment sector. The key findings include: Identification of an increase in market demand for green buildings; however, the adoption of sustainable practices remains limited. High upfront costs and insufficient government incentives form significant barriers to widespread implementation of greener building methods. The report highlighted a need for consistent sustainability measurement across projects.
What tools aim to address sustainability measurement in the RICS report?
Tools like the RICS Whole Life Carbon Assessment (WLCA) standard aim to provide a unified framework for assessing and reducing carbon emissions throughout a building’s lifecycle.
What does RICS emphasise regarding net-zero targets?
RICS emphasises that the level of commitment and action needs to increase substantially to achieve 2050 net-zero targets.
What is the role of RICS in sustainability policies?
RICS continues to play a pivotal role in shaping sustainability policies and standards globally. Its involvement in initiatives like the UN’s Buildings Breakthrough highlights the importance of harmonising sustainability standards worldwide.
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.
What happens if a building is rated lower than an E under MEES?
Landlords are required to improve the energy efficiency of the property before renting it out, unless specific exemptions apply.
What is the Carbon Life Cycle?
The Carbon Life Cycle is a holistic view of the carbon footprint of a building, considering the carbon impact from material extraction, manufacturing, transportation, construction works, maintenance, repairs or replacement of materials, consumption of energy, and carbon use at the end of the building’s life.
What does the Carbon Life Cycle encourage?
It represents a shift in simply selecting low carbon building products and encourages a longer-term view during the building design process.
What is meant by ‘Negative Carbon’?
The reduction of an entity’s carbon footprint to less than neutral, resulting in a net effect of removing carbon dioxide from the atmosphere rather than adding it.
What is ‘Carbon Offsetting’?
Carbon offsetting results in a reduction of Green House Gas emissions or an increase in carbon storage, usually achieved through land restoration or the planting of trees that can compensate for emissions that occur elsewhere.
What is ‘Placemaking’?
Placemaking is a holistic 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.
What unique values does Placemaking aim to provide?
A greater sense of belonging, increased security, a unique atmosphere, inspiration and experience, and a sense of pride in community.
What impact will the Labour government’s election have on the Property & Construction Industries?
The election may lead to house building targets, significant funding for infrastructure projects, a focus on sustainability, and skills development initiatives.
What are Labour’s house building targets?
Labour has pledged to build 1.5 million homes over the next parliamentary term, reinstating mandatory housing targets and updating the National Planning Policy Framework (NPPF).
What impact will the 2024 US Election results have on the Property & Construction Industries?
Currency fluctuations, impact on interest rates, changes in supply chains and construction costs, and potential growth in tech development and remote working.
What is the economic outlook for the 2025 UK Property Market?
Cautiously optimistic due to potential interest rate cuts and increased market confidence, with a backlog of postponed developments and transactions.
What is the economic outlook for the 2025 UK Construction sector?
Material price reductions and increased affordability for developments, alongside persistent skills shortages and a focus on environmental sustainability.
What impact is hybrid working having on the property sector?
Increased demand for homes with home office space, rising property values in suburban areas, and a shift towards shorter-term, flexible office arrangements.
What are 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.
What is the purpose of a Project Bank Account?
To ensure that all parties involved in a project receive payments directly and promptly, minimising the risk of late or non-payment.
What steps would you take in the event of a Main Contractor insolvency?
Follow contractual procedures, secure the site, prepare a valuation statement, and possibly engage alternative contractors.
What updates have been made to RICS Professional Indemnity Insurance Cover around Fire Safety?
Fire safety insurance cover was removed from the market after the Grenfell Disaster, leading to restrictions on blanket fire safety exclusions.
What guidance has RICS published to support fire safety?
The RICS has published the Guidance note ‘Cladding for Surveyors 1st Edition March 2021’ to improve surveyors’ knowledge of external wall cladding systems.
What is the purpose of the ICS Guidance note ‘Cladding for Surveyors’?
To support surveyors working on multi-storey and multi-occupancy residential buildings by improving their knowledge of external wall cladding systems.
The document provides illustrated examples of cladding systems.
What is ACM cladding?
ACM stands for aluminum composite material, consisting of two skins of aluminum bonded to a lightweight core of materials such as polyethylene or a mineral core for insulation.
What is the significance of ACM in relation to Grenfell?
The ACM cladding was thought to contain combustible materials that contributed to the spread of fire, leading to a UK government ban on combustible materials on high-rise homes from 29th November 2018.
This ban applies to external walls of new buildings above 18m and requires local authorities to replace dangerous ACM cladding on existing buildings.
What is an EWS1?
An EWS1 is an External Wall System Fire Review Certificate applicable when a multi-storey residential property is bought, sold, or re-mortgaged.
It is not a building safety certificate but a tool for mortgage valuation, formed by RICS and mortgage lenders for assessing external wall safety of buildings over 18m.
What is the New Fire Safety Act 2021?
The Fire Safety Act 2021, introduced in March 2020, updates the Fire Safety Order 2005, clarifying responsibilities for fire safety compliance regarding structures and external walls, including attached elements like doors and cladding.
What are the implications of the New Fire Safety Act 2021 for building owners?
It requires owners, landlords, and managing agents of multi-occupied residential buildings to identify and remediate dangerous cladding and ensure safety measures are in place for occupancy.
What is the Hart vs Large case about?
This high court case involved Mr. & Mrs. Hart suing their surveyor, Mr. Large, for negligence after experiencing damp and water ingress issues.
The court found Large negligent for failing to identify damp issues, advise on obtaining a Professional Consultants Certificate, and recommend further investigations.
What lessons does the Hart vs Large case provide for surveyors?
Surveyors must report on uninspected building elements, recommend further investigations if defects are suspected, and advise obtaining a Professional Consultants Certificate for recently refurbished properties.
What is placemaking?
Placemaking is a holistic approach to the development of public spaces that considers planning, design, implementation, and management.
What guidance applies to RICS members when using social media?
RICS Guidance note – use of social media guidance for members version 1 2021.
It sets a standard for members using social media and reminds them they are still bound by the RICS code of conduct.
How do you ensure you operate in line with RICS guidance on social media?
I use social media in a responsible and professional manner and use professional and respectful language.
When would RICS investigate a social media post made by one of its members?
An investigation may take place if a post was discriminatory, dishonest, or abusive.
What is the carbon life cycle?
The carbon life cycle is a holistic view of the carbon footprint of a building.
What is negative carbon?
Negative carbon is the reduction of an entity’s carbon footprint to less than neutral.
What is carbon offsetting?
Carbon offsetting results in a reduction of greenhouse gas emissions or an increase in carbon storage.
What is the RICS DCF valuations guidance note November 2023?
This guidance note provides further clarity around the difference between market value and investment value definitions set out under RICS VPS 4.
What are the main benefits of diversity and inclusion?
Diverse and inclusive environments help to attract skilled professionals from diverse backgrounds, increase productivity, and reduce staff turnover.
What is RICS doing to improve diversity and inclusion?
RICS has set up a diversity and inclusion leadership knowledge hub to share ideas on the importance of diversity and inclusion.
What are the guidelines around the use of the RICS logo?
I am aware of RICS guidelines which are split into rules of conduct for firms’ use of the RICS logo and designation, and guidelines for personal use of the RICS logo.
What changes has RICS made around its use of membership cards?
RICS has stopped producing plastic cards and now uses digital cards.
What guidance has RICS published to support fire safety following the Grenfell disaster?
RICS guidance note – cladding for surveyors – 1st edition 2021.
What is ACM cladding?
ACM stands for aluminium composite material, consisting of two skins of aluminium bonded to either side of a lightweight core of materials such as polyethylene or a mineral core aimed to provide insulating properties.
What are the electrical safety standards in the private rented sector?
The Private Rented Sector Regulations 2020 require landlords to ensure national standards for electrical safety are met as defined in the wiring regulation and British standards. Electrical installations must be inspected and tested by a qualified person every 5 years.
What are the new RICS professional indemnity insurance requirements for 2022?
The new requirements introduced a change to the maximum uninsured excess of PII. For larger companies with turnover in excess of £10m, there is no maximum limit of uninsured excess. For companies with a turnover less than £10m, the maximum uninsured excess is the greater of £10,000 or 2.5% of the insured sum.
