RICS Hot Topics Flashcards
What is IPMS?
International Property Measurement Standards
IPMS All Buildings was introduced in Jan 2023 and now supersedes all previous standards
Are you aware of the changes the RICS recently made around its use of Membership Cards?
Cards used to be issued every year, now they receive a digital card
What was the reason for IPMS All Buildings?
A shorter and more concise format
Organised into 4 volumes for different groups
What are different volumes of the IPMS?
IPMS 1 – External Measurements for Whole or Part of a Building.
IPMS 2 – Internal Measurements for Whole or Part of a Building.
IPMS 3.1 – External Measurements for Exclusive Occupation.
IPMS 3.2 – Internal Measurements for Exclusive Occupation.
IPMS 4.1 – Internal Measurements for Selected Areas including Internal Walls and Columns.
IPMS 4.2 - Internal Measurements for Selected Areas excluding Internal Walls and Columns.
Please explain your understanding of the key definitions set out within the IPMS?
Internal Dominant Face – The inside surface area comprising more than 50% of the lowest
2.75m measurement vertically from the structural floor surface, or to the ceiling if lower, for each
wall section.
Component – One of the main elements into which the floor area of a building can be allocated.
Component Area – The floor area attributed to one of the components.
Standard Facilities – Shared areas in a building that typically do not change over time, such as
circulation areas, stairs, escalators, lifts/ elevators, toilets, cleaners cupboards, plant rooms, fire
refuge areas and maintenance rooms.
What is your view of the IPMS Updates?
I think the IPMS when established globally will provide an extremely useful set of measurement
standards that will hopefully negate ambiguity across international markets.
In reality this is proving very difficult to achieve due to the existing preferences in place in each
market place.
For example the UK has been slow to adopt the IPMS due to a familiarity and preference of the
existing standards.
I am also awaiting the updated RICS Professional Statement for Property Measurement to find
out how the Institution and experts within the profession view the updated IPMS.
How has Brexit effected the Construction Industry?
- Movement of people
- Movement of materials
- Material cost increases
Are you aware of some of the aims highlighted within the RICS Business Plan for 2024?
- Incorporating the Levitt Report Recommendation
- Immediate Financial Priorities
- Corporate objectives
What is COP26?
Most recent climate change conference. Two-week meeting was seen as a critical moment for commitments for rich countries to raise $100billion for vulnerable countries and gap to stay below 1.5C increase was large
What was agreed at COP 26?
- Reduce use of coal
- Commitment to ‘phase down’ rather than ‘phase out’ coal
- Pledge to help developing countries to switch to clean energy
- trillion dollar yearly fund from 2025
Can you explain your understanding of COP27?
COP27 took place in Sharm El Sheik, and highlight countries most affected by extreme weather
Rich countries pay 100bn per year to poor countries
What is your understanding of green mortgages?
- A mortgage that rewards someone for buying or owning an energy efficient home by offering favourable terms
- Result in lower interest rates or receiving cashback
What is the Levitt Report?
- Commissioned by RICS
- Prior to the audit RICS had to extend its overdraft by £3million due to poor cashflow forecasting
- Treasury management offered a ‘no assurance verdict’
- RICS Governing Council need to have more oversight
- RICS Governing Council must be briefed by the management board rather than one CEO
- RICS Governing Council are to oversee executive management bonuses
What is meant by the term embodied carbon?
- Embodied carbon refers to carbon emissions generate as a result of energy consumption and chemical processes during the life cycle of products and buildings.
What is meant by the term inclusive design?
Inclusive design aims to ensure that everyone who uses a building feels dignified.
