random extra Flashcards
What is the latest v of rules of conduct for firms
Version 7 2 March 2020
What are logo rules, and effective from when
Registered firms must display designation on business literature - either words Regulated by RICS or with lion, bottom of page, clearly, with gaps around image 1 April 2019 - Guidelines for the use of the RICS logo and designations by firms
What are covid clauses, and likely to be enforceable?
WH Smith demanding landlords bear burden of costs in future lockdowns, trying to get enforced when serving S26. Argue covid clauses will become norm, therefore necessary - could be total costs, or portion/lower rent etc./based on turnover reduction Believed to not be enforceable - advise tenants to instead seek on ad hoc basis - in line with current COVID negotiation guidance.
What main things does the Independent Review of Real Estate Valuations - Call for Evidence Dec 2020 seek to address?
4 main areas - Val methodology - should RICS be more prescriptive in the requirements it places on members to employ certain valuation approaches, methodologies etc. in particular circumstances? Property risk analysis (forward look) - main one - reluctance (typically we look backwards and currently) - do valuations provide a sufficient forward-look analysis? Independence and objectivity - specifically for internal valuers - is this sufficient (I assume something to do with for accounts - valuations for financial reporting) Measuring market performance in RICS valuer performance - i.e. should RICS be organising more feedback/discussion from valuers to assist the profession in difficult valuation circumstances Results should be by Sept 21
2 main changes to RICS Regulation (Nov 19)?
- replacement of consent orders with Regulatory Compliance Orders - Head of Reg now able to impose a Fixed Penalty OR refer matter to Single Member of the Conduct and Appeal Committee rather than Disc. P
CPD recently?
See Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding - RICS GN March 2021. Clarifies buildings that will/not require additional inspections re. fire safety - address significant distress for flat leaseholders struggling to sell flats - ensuring only those buildings where there are risks of costly remediation as a result of safety concerns from cladding are subject to additional checks. Ef. 5 April 2021
Modus recently?
RICS Pres Kath Fontana discusses returning to office - - Flexiblity most critical component for future offices - most valuable spaces - those that can be easily reconfigured, allowing employers to create more or less communal space as circumstances change - smaller - more collaborative - purpose of workspaces changing - reasons to go into office need to be more compelling - technology, wellbeing, sustainability and flexibility will be the key drivers of change
Brexit London financial news?
Likely London will remain Europe’s largest financial marketplace, but no longer de facto financial centre For EU, London will shift from being principal offshore financial centre, to an important offshore centre. i.e. some impact on occupancy/offices, but perhaps not as doom and gloom as anticipated - London too attractive and intertwined.
What is RICS doc for development prop val?
GN Valuation of development property 1st Ed Oct 2019
What is RICS doc for measurement other than IPMS?
GN COMP 6th Ed May 2015
What is latest RICS doc on environmental risks/valuation?
GN Environmental risks and global real estate 1st Ed Nov 2018
What is name of RICS covid val advice doc?
Valuation practice alert - COVID 19 - last updated Nov 2020.
What is latest RICS registration doc, what changed?
Rules for Reg of Firms V 7 from 1 April 2020 - - 50% of Firm Principles members - must register - Eligible to register if 25% members
Recent case law
Hart v Large HBR - broader than typical damages - unusual - surveyor missed defects, failed to advise futher intervistaations etc. - underlines importance of following the trail - making appr. advice in reports to ensure the client understands the limitations of the report and importance of stressing further specialist advice needed.
Tell me about RICS Consultation on Ethics/Rules of Conduct
The current RICS ethical guidance is primarily set out in the RICS Professional & Ethical Standards and the Rules of Conduct for Firms and for Members, alongside various other supporting guidance. The Rules of Conduct were first published in 2007, with only minor amendments being made since. The Professional & Ethical Standards were published shortly after in 2009, reflecting the general principles of the International Ethics Standards (IES). Within the Future of the Profession consultation response report published by RICS in January 2019, it was identified that since 2007-2009 the market and profession have changed substantially with a number of new challenges, risks and opportunities coming to light. Five new rules applying to both Firms and Members, based on the existing ethical standards, are proposed: Rule 1 - Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS, e.g. checking for conflicts of interest and being transparent with clients in relation to fees Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals, e.g. undertaking work with due knowledge, skills and competence and ensuring adequate CPD is undertaken Rule 3 – Members and firms must provide good quality and diligent service, e.g. understanding the client’s needs and objectives before accepting work and formalising instructions through written terms of engagement Rule 4 – Members and firms must treat others with respect, e.g. treating others with respect and encouraging diversity and inclusion Rule 5 - Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession, e.g. managing professional finances responsibly and preventing harm to the safety of employees, client and the public The key changes from the existing standards are: Separation of the principle of maintaining continuing competence from the principle of providing a good service to clients Combining the principles of taking responsibility and maintaining public confidence in the profession Appendix A to the Standard sets out professional obligations of RICS regulate Firms and Members to RICS. These are supported by the mandatory requirements in various RICS Professional Statements, e.g. relating to conflicts of interest. The following professional obligations relate to RICS Members: ‘Members must comply with the CPD requirements set by RICS Members must cooperate with RICS Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf’ The following professional obligations relate to RICS regulated Firms: ‘Firms must publish a complaints handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work Firms must cooperate with RICS Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf. Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS. Firms must report to RICS any matter that they are required to report under the Rules for Registration of Firms’ When will the new Standard apply from? It is proposed by RICS that if approved, the new Standard will apply from June 2021.
What is Governing Council, what current compisition?
Governing Council is our highest governing body, setting our global strategy and ensuring RICS fulfils its Royal Charter obligations. It provides strategic oversight on requirements for entry into the profession, and the setting and enforcement of professional standards so that we continue to deliver confidence in the built and natural environment. It also shapes our priorities as an influential thought leader, and provides high-level assurance on our operations as a sustainable business and professional body. With diverse membership from around the world and across core strategic areas of the profession, Governing Council provides the leadership and expertise to set a strategy that advances public trust in the profession and ensures we are a force for positive social impact. All Governing Council members are RICS professionals, with the current composition consisting of: Chair of Governing Council 6 Strategy Seats (Academia and Education; Capital Markets and Valuation; Land; Research and Development; Residential; Urbanisation and Planning) 15 Market Seats (Africa; ASEAN, Australasia; Brazil; Canada; Caribbean; China; Europe x2; Hong Kong; India; Middle East; UK & Ireland x2; USA) RICS President RICS President-Elect RICS Senior Vice-President Chair of Governing Council (Interim), Chris Brooke FRICS
Tell me about the financial scandal.
On 21 January 2021 RICS Governing Council voted unanimously to proceed with an independent review into the events that took place in 2018 and 2019. Alison Levitt QC has been appointed to conduct this independent review, which focuses on issues raised following the commissioning by the RICS Audit Committee of a Treasury Management Audit in 2018. Basically 4 directors were fired for raising concerns - allegedly as an attempt to bury a negative report into RICS treasury mgmt - rumour RICS had extended its overdraft without informing board, and at risk of unidentified fraud, misreporting of financial reporting etc.
Property market after covd?
- Brave investors stand to gain by entering riskier sectors, where there’s less demand, and less competition from other sources of capital. Assets are currently flowing into defensive plays, which drives down already-low returns. Wise is marginally more optimistic about when “risk will return”, hazarding that it will be at least until 2022, and possibly longer, before that occurs. “new world” growth driving demand for real-estate sectors such as data centres and warehousing. Demand will be strong there, as well as in industrial and even residential. But prospects are gloomier for office space and retail. Both are suffering from a lack of demand and changing patterns of consumption and work. Development and land banking are risky prospects, best reserved for developers with the right financial backing and suitably low levels of leverage. “I am bullish on industrial/logistics, although at the prime end in London and the southeast, rents have become unaffordable for some traditional occupiers,” says David Wise MRICS, co-founder and managing director at Active Value Capital. “There is capital for this area of the market as it’s viewed as relatively safe and away from the travails of retail and offices.”
New RICS governance regime?
2 MAR 2020 Today marks the beginning of a new streamlined structure of governance at RICS. In a world where trust is being eroded, our new boards will further enhance public trust by introducing more diverse and global expertise, alongside increased independent-led oversight of our standards and their enforcement. A new Governing Council is announced today, and RICS welcomes the new professionals who have been elected with record turnout across 12 regions globally. Governing Council, RICS’ highest level governance body, also includes individuals bringing expertise from six strategic areas of the profession as well as the ambassadorial positions of RICS President, President-Elect and Senior Vice-President. The governance modernisation has also established a new Standards and Regulation Board, with its Chair and the majority of its members being independent from the profession to provider greater confidence in our assurance regime. This Board will provide assurance across all RICS standards and how they are enforced globally. Under the reforms, the previous Conduct and Appeals Committee has been renamed the RICS Regulatory Tribunal to better reflect its important role in holding the profession to account for operating to the highest standards that society would expect.
How would you set out a DCF table FINAL USE THIS?
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What are mandatory of UK Valuation Standards, and which for LSV?
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Can you tell me about what you learnt in APC Success Technical Webinar - L and T Session 2?
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Can you tell me about what you learnt in APC Success Technical Webinar - L and T Session 1?
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Can you tell me about what you learnt in APC Success Technical Webinar - Valuation Session 3?
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Can you tell me about what you learnt in RICS eLearning Course - Measurement?
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Can you tell me about what you learnt in RICS eLearning Course - Valuation?
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Can you tell me about what you learnt in RICS eLearning Course - Landlord and Tenant?
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