Hot Topics 2025 Flashcards
What is the purpose of the Harris Debate?
To address ethical concerns in the field of surveying and valuation
Organised annually by the RICS
What was the focus of the 2024 Harris Debate?
Ethics in the age of AI and the impact on valuation practices
What potential benefits does AI have in valuation?
Increases accuracy and efficiency
What limitations do AI systems have in valuation?
Cannot consider site-specific abnormal details such as property condition and special values
What concerns are associated with AI in valuation?
Reliance on bad data can reduce accuracy of AI-generated inputs
What ethical concerns arise from AI-generated data?
Accuracy, incomplete or biased data can skew results
What is a key transparency issue mentioned in the context of AI and the red book?
Transparency of data
Who became the RICS President for 2025?
Justin Sullivan
Who is the temporary president of RICS after Justin Sullivan?
Nick Maclean
What are the main benefits of diversity and inclusion?
- Attract skills and professionals from all backgrounds
- Increases productivity
- Reduces staff turnover
- Improves business value
- Allows employees to feel valued and accepted
What initiative has RICS set up to improve diversity and inclusion?
Diversity and inclusion leadership knowledge hub
What events have been initiated by RICS to promote diversity?
- International Women’s Day
- Pride – LGBTQ+ equality pledge
- The McGregor Smith Review
What is the difference between professional standards and practice information?
Professional standards are mandatory; practice information is guidance and not mandatory
What did the Bichard review recommend regarding professional groups?
Establishment of six group panels with a chair from the knowledge and practice committee
What is the Levitt Report?
Commissioned after the RICS treasury management audit in 2018 due to inaccurate cash flow
What internal issue did the Levitt Report suggest existed within RICS?
An internal power struggle due to the two board structure
What is currently being reviewed by RICS?
APC Process
