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VT APC 2 > Key Professional Standards > Flashcards

Key Professional Standards Flashcards

1
Q

Conflicts of interest

A
  • RICS Global Professional Standard: Conflicts of Interest (2017)
  • RICS Professional Statement: Conflicts of Interest - UK Commercial Property Market Investment Agency (2017)
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2
Q

Handling clients’ money

A

RICS Professional Standard: Client Money Handling (2019)

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3
Q

Bribery

A

RICS Professional Standard: Countering Bribery, Corruption, Money Laundering and Terrorist Financing (2019)

B C M T

Big Cocks Make Time

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4
Q

Health and Safety

A

RICS Professional Standard: Surveying Safely - Health and Safety Principles for Property Professionals (2nd. Ed, 2018)

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5
Q

Asbestos

A

RICS Professional Standard: Asbestos (2021)

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6
Q

Advocates

A

RICS Professional Statement and Guidance Note: for Surveyors acting as Advocates (2017)

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7
Q

Expert Witness

A

RICS Professional Statement and Guidance Note: for Surveyors acting as Expert Witnesses (4th Ed. 2014, updated 2024)

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8
Q

Arbitrators

A

RICS Professional Standard: Surveyors acting as Arbitrators in commercial property rent review disputes (9th Ed., 2013)

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9
Q

Independent Experts

A

RICS Guidance Note: for Surveyors acting as Independent Experts in commercial property rent review disputes (9th Ed. 2014)

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10
Q

Lawyers

A

RICS Guidance Note for Surveyors and Lawyers involved in tenancy renewals under PACT (2nd Ed, 2018)

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11
Q

Dispute Resolvers

A

RICS Professional Standard: Conflicts of Interest for members acting as Dispute Resolvers (2nd Ed. 2020)

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12
Q

Cybercrime

A

Proposed RICS Professional Standard on Data Handling and Prevention of Cybercrime

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13
Q

Valuation

A
  • RICS Valuation - Global Standards (2021) - The Red Book
  • RICS Valuation - Global Standards (UK National Supplement, 2023)
  • RICS Professional Standard: Comparable Evidence in Real Estate Valuation (1st Ed. 2019)
  • RICS Professional Standard: Valuation of Development Property (2019)
  • RICS Professional Standard: Sustainability and ESG Guidance in Commercial Property Valuation and Strategic Advice (2021)
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14
Q

Sustainability

A

RICS Professional Standard: Environmental risks and global real estate (2018)

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15
Q

Measurement

A

RICS Professional Standard: RICS Property Measurement (2nd Ed. 2018)

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16
Q

Viability

A
  • RICS Professional Standard: Financial Viability in Planning: Conduct and Reporting (1st Ed. 2019)
  • RICS Professional Standard: Assessing viability in planning under the National Planning Policy Framework 2019 for England (1st Ed. 2021)
17
Q

Surveying and Mapping

A

RICS Professional Standard: Measured Surveys of Land, Buildings and Utilities (3rd Ed. 2014)

18
Q

WLCA

A

RICS Professional Standard: Whole Life Carbon Assessment for the Built Environment (2nd Ed. 2024)

19
Q

Cost Prediction

A

RICS Professional Standard: Cost Prediction (1st Ed, 2020)

20
Q

Cost Reporting

A

RICS Guidance Note: Cost Reporting (1st Ed, 2015)

21
Q

Valuation of Property Development

A

RICS Professional Standard: Valuation of Development Property (2019)

  • Comparative method should be cross checked with residual method, don’t rely on one method if possible
  • For lengthy projects, DCF might be best used
  • Risk analysis so scenarios can be modelled, risk and return levels should be explicitly stated in the valuation report
  • When valuing land, determine land plus costs, and completed development minus costs - check against each other
  • Valuation reported as single figure
22
Q

Red Book - Supplement

A

RICS Valuation - Global Standards (UK National Supplement, 2023)

Relationship between Red Book and UK National Supplement
​
- Came into effect May 2024
- Reflects outcomes of review by Peter Pereira Gray
- The National Supplement expands on the RB and is not a substitute
- Specific requirements for members on application of RICS Valuation - Global Standards

23
Q

Sustainability and ESG in Valuation

A

Professional Standard: Sustainability and ESG in commercial property valuation and strategic advice (effective 2022)

  • Glossary of terms which should be incorporated (TOE, valuation purpose, inspection, reporting)
  • Sustainability characteristics, considerations and risks which should be borne in mind
  • How these should be reflected in choice of valuation methodology

VT APC 2 (13 decks)

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