RICS Hot topics Flashcards
Are you aware of the Levitt report?
Yes, it concerns the investigation into RICS supressing a critical report into its finances and then dismissing those who wanted to explore the issue…
Lead to the Bichard review.
What did the RICS do in response to the Levitt report?
Accepted all the recommendations and then commissioned the Bichard review.
Are you aware of the Bichard review?
Yes, this is an independent review into RICS purpose. governance and strategy.
The review put forward 36 recommendations to the RICS.
Can you name some of the recommendations?
RICS should be for the benefit of society to deliver positive change in the built environment.
Commercial activity should be separated from other RICS activities
RICS Matrics should be reinvigorated to give younger members a stronger voice in the institution.
Are you aware of the Hackett report?
Yes, it was commissioned by the government in response to the Grenfell disaster.
It is an independent review into of building regulations and in particular their impact on fire safety.
Do you know what a Phoenix firm is?
It is a firm that closes down and then immediately starts a new firm under a new name.
This against the rules of conduct. It is said to undermine the reputation of RICS regulated firms and the RICS itself.
Why are there current issues with spray foam insulation?
It is applied to the underside of roofs.
Problems arise where it is not specified, designed or installed in accordance with the test document.
Or it is applied to a roof that is already in poor condition.
How would spray foam affect you in your role?
It obstructs the physical view of the roof so defects may not be apparent.
If applied incorrectly it can affect the value and remediation works may be required.
Have there been any recent updates to non-domestic rating?
Yes, there has been the NDR reform Act.
- Improvement relief
- Rate relief (small business, rural, discretionary)
- Reducing revaluations from 5 years to 3 years
- Scrapping transitional relief
- Duty to inform
Have there been updates concerning the red book in the UK?
Yes, there has been an update to the UK national supplement.
- UK VPGA 15 has been rewritten to push users towards guidance on the gov.uk website
- Valuer rotation has been implemented with firms only allowed to act on an asset for 5 years
- 3 year rotation policy for individual valuers
- Must be a cooling off period before they can take the instruction again
Do you know of any upcoming changes to the Global Red Book?
Yes, it will be updated in 2025 to align with the International Valuation Standards (IVS). The main change will be the re-ordering of the VPS’s and some rewording.
