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Josh's APC - Commercial Pathway November 2023 > Standards & Guidance > Flashcards

Standards & Guidance Flashcards

1
Q

Rules of Conduct (Oct 2021) - effective Feb 2022

A
  • Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
  • Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
  • Members and firms must provide good-quality and diligent service.
  • Members and firms must treat others with respect and encourage diversity and inclusion.
  • 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.

Professional obligations for members:
1. Members must comply with the CPD requirements set by RICS
2. Members must cooperate with RICS
3. Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf

Obligations for firms:
1. Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log
2. 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
3. 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
4. Firms must cooperate with RICS
5. Firms must promptly provide all information reasonably requested by the Standards and
Regulation Board, or those exercising delegated authority on its behalf
6. 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
7. Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms

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2
Q

Conflicts of interest (1st Edn, Mar 2017) - effective Jan 2018

A
  • Dual agency (double dipping) where an agent has a contractual agency relationship with both the seller and the buyer at the same time. Must not be undertaken
  • Covers multiple introductions and the provision of incremental advice
  • Conflicts of interest and confidentiality; general commentary notes; supporting commentary notes and a sample form for obtaining informed consent
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3
Q

Countering bribery, corruption, money laundering and terrorist financing (1st Edn, Feb 2019) - effective Sep 2019

A

Split into 3 parts:
* Mandatory requirements - do not accept bribes or be complicit with money laundering
* Good practice requirements
* Supplementary guidance on parts 1 and 2, relating to bribery and corruption mitigation controls (i.e. monitoring the activities of your own organisation) and effective management of money laundering and terrorist financing risks (i.e. being vigilant of the actions of outside parties you do business with)

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4
Q

Surveying safely: health and safety principles for property professionals (2nd Edn, Nov 2018)

A
  • Safe person concept - each individual assumes individual behavioural responsibility for their own, their colleagues’ and others’ health and safety while at work
  • RICS firms must provide: a safe working environment, safe work equipment, safe systems of work and competent staff

Hierachy of Risk Control
* Elimiate
* Substitute
* Engineering controls
* Administrative controls
* PPE

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5
Q

Asbestos (4th Edn, May 2021) - effective Aug 2021

A

Best practice recommendations:
* Ensure all surveyors have asbestos awareness training
* Duty to manage asbestos arises under Regulation 4 of the Control of Asbestos Regulations 2012
* Duty to manage can be fulfilled by ensuring asbestos register is available, assessing the risk of any asbestos present and making the information available to anyone liable to disturb the asbestos

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6
Q

International Land Measurement Standard: Due Diligence for Land and Real Property Surveying (1st Edn, May 2019)

A
  • Reduce risk in land and real property surveying and promote better land governance, robust conveyancing, secure ldning and land registration
  • Global consistency by setting a standard for assembling land information
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7
Q

Financial viability in planning: conduct and reporting (1st Edn, May 2019) - effective Sep 2019

A
  • Sets out mandatory requirements on conduct and reporting in relation to FVAs for planning in England, whether for area-wide or scheme-specific purposes
  • Support and complement the government’s reforms to the planning process announced in July 2018
  • Prioritises the assessment of viability at the plan-making stage and identifies EUV as the starting point for assessing the uplift in value required to incentivise the release of land
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8
Q

Real estate agency and brokerage (3rd Edn, Aug 2016)

A
  • Outlines the principles that shape the culture of fariness and transparency that underin all activities undertaken by real estate agents
  • Outlines 12 principles - Honest; Skill; Fair TofE; Avoid Conflicts; Don’t Discriminate; Clear Communication; Truthful Marketing; Separate Client’s Money; PII; Obligations to Parties; Realistic Price Advice; Inspections and Viewings
  • Ethics, Securing instructions, Acting for the seller: marketing and agreeing sale, Acting for the buyer, Ending the instruction, Safety and security, Agency management
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9
Q

UK commercial real estate agency (1st Edn, Oct 2016) - effective Nov 2016

A
  • Outlines the principles that shape the culture of fariness and transparency that underin all activities undertaken by real estate agents. Expands on RICS REAB PS.
  • Outlines 12 principles - Honest; Skill; Fair TofE; Avoid Conflicts; Don’t Discriminate; Clear Communication; Truthful Marketing; Separate Client’s Money; PII; Obligations to Parties; Realistic Price Advice; Inspections and Viewings
  • Ethics, Securing instructions, Disposal - marketing the property, Implementing the disposal, Acquisitions, Endinng the Instruction
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10
Q

RICS property measurement (2nd Edn, Jan 2018)

A
  • Includes IPMS for offices and residential
  • Part 1 - Professional statement: property measurement (including IPMS for offices and residential)
  • RICS IPMS data standard

Residential
* IPMS 1 - GEA
* IPMS 2 - GIA
* IPMS 3 (A, B, C) - Floor Area available on an exclusive basis to an occucpier

Office
* IMPS 1 - GEA
* IPMS 2 - GIA
* IPMS 3 - NIA

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11
Q

Code of measuring practice (6th Edn, May 2015)

A

Includes:
* GEA
* GIA
* NIA

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12
Q

International Property Measurement Standards: All Buildings (Jan 2023)

A
  • IPMS 1 - External measurement for whole or part of building
  • IPMS 2 - Internal measurement for whole or part of building
  • IPMS 3.1 - External measurement for exclusive occupation by occupier
  • IPMS 3.2 - Internal measurement for exclusive occupation by occupier
  • IPMS 4.1 - Internal measurement for selected areas including walls and columns
  • IPMS 4.2 - Internal measurement for selected areas excluding walls and columns
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13
Q

Code for leasing business premises (1st Edn, Feb 2020) - effective Sep 2020

A
  • Improve transparency and fairness in commercial lease negotiation, including initial negotiation of lease terms and mandatory provision of comprehensive HOTs to facilitate the legal drafting process

Aims:
* Provide assurance and clarity to occupiers
* Promoting a less adversarial relationship between occupiers, owners and their advisors
* Encouraging surveyors and lawyers to work collaboratively
* Encouraging occupiers to take professional advice

Structure:
* Intro
* Mandatory requirements - approach in constructive and collaborative manner (fair balance), advise professional representation, STC basis
* Lease negotiation best practice - break option conditions, rent deposit terms
* Appendix A - Template HOTs
* Appendix B - Guide for landlords and tenants

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14
Q

Auctioneers selling real estate (7th Edn, Mar 2018) - effective Apr 2018

A
  • Outlines principles for activities undertaken by auctioneers
  • Ethics, common auction conditions, fees, acting for the seller, auction processes, AML, data protection
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15
Q

Comparable evidence in real estate valuation (1st Edn, Oct 2019) - effective Oct 2019

A

Purpose:
* Outline principles of the use of comparable evidence
* Encourage consistency in use of comparable evidence
* Address issues of availability and use of comparable evidence, especially in challenging market conditions
* To consider potential sources of comparable evidence and their relative importance

Hierachy of Evidence:
* Category A - Direct Comparables
* Category B - General Market Data
* Category C - Other Sources

  • General principles
  • Approaches
  • Sources
  • Recording evidence
  • Analysis of comparable evidence
  • Dealing with shortage of evidence
  • Relevant standards and guidance
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16
Q

Valuation of development property (1st Edn, Oct 2019) - effective Feb 2020

A
  • To provide guidance to valuers on how to value development properties, which are often complex, sensitive and incorporate optionality

Outlines:
* Approach to valuing development property
* Basis of value that should be used - comparable and residual
* Accounting for risk - sensitivity analysis, simulation models
* Reporting values - Looks to VPS 3 of the Red Book (a single valuation figure ideally provided)

17
Q

International Valuation Standards - effective Jan 2022

A
  • Key guidance for valuation professionals globally and underpin consistency, transparency and confidence in valuations
  • Standards for undertaking valuation assignments using generally recognised concepts and principles that promote transparency and consistency in valuation practice
  • Promotes leading practice approaches to ensure conduct and competence of professional valuers
18
Q

RICS Valuation - Global Standards (Red Book)
(Nov 2021) - effective Jan 2022

A
  • Professional Standards - Mandatory
  • Valuation Technical and Performance Standards - Mandatory
  • Valuation Practice Guidance Applications - Advisory

2022 Update:
* Emphasising the need to agree clear and unambiguous terms of engagement, even when valuations are undertaken for excepted purposes (i.e., VPS 1-5 do not apply) under PS 1 Section 5.
* The terms quasi, partial or non Red Book should not be used in terms of engagement or reporting. Instead, the exception should be specifically stated and explained in the terms of engagement and valuation report.
* Requiring more detailed commentary on sustainability/resilience and environmental, social and governance (ESG) matters in VPGA 8 Valuation of Real Property Interests. These terms are defined in Part 2: Glossary. There is also a reference to the proposed RICS Guidance Note Sustainability and ESG in Commercial Property Valuation and Strategic Advice 3rd Edition, also due to be published in 2022.
* Various amendments are made to the VPGAs, in particular VPGA 4 Individual Trade Related Properties and the reference to IVS 230 Inventory.

19
Q

RICS Valuation - Global Standards 2017: UK national supplement

A
  • To provide advice on specific requirements and supporting guidance on the application of the global Red Book to UK valuation work.

The new supplement is split into mandatory and advisory sections:
* UK Professional and Valuation Technical & Performance Standards (UK PS and VPS) - Mandatory
* UK Valuation Practice Guidance Applications (VPGAs) - Advisory

Key point:
* Where a valuer/firm has received a fee or acted on the purchase on behalf of the client in the last 12 months, they cannot undertake a valuation unless another firm has provided one since
* Disclose proportion of fees paid by the client as either less than 5% or if more, within a 5% range

20
Q

Sustainability and ESG in commercial property valuation and strategic advice (3rd Edn, Dec 2021) - effective Jan 2022

A
  • Good practice advice supporting everyday commercial valuation practice and its interface with ESG and sustainability.
  • Alignment of ESG and sustainability considerations with the core mechanics of valuation (purpose, basis, approach).
  • A glossary of globally relevant sustainability and ESG terms and an appendix referencing world-leading rating, benchmarking and performance frameworks and tools.
21
Q

Risk, liability and insurance (1st Edn, Apr 2021)

A
  • Provide guidance on mitigating or avoiding the risks and liabilities associated with surveying

Outlines:
* Claims a surveyor may face - claims under breach of contracts or under negligence
* Remedies for breach of contract or tort of negligence - Damages
* Who can claims are brought against - the firm providing the services
* Length claims can be brought for - 15 years from the negligent act
* Liability cap - limiting the amount of damages that can be claimed by a client
* What TofE should include to manage risk - scope of work, fee basis, liability cap, third party reliance, ADR, governing law

22
Q

Complaints handling (1st Edn, Jul 2016)

A
  • Provides information to assist in handling complaints and direct them towards more detailed guidance
  • TofE can help reduce complaints - important that TofE are good
  • Content and framework of a CHP must be relevant to the scale and scope of the service provided by the firm
  • Complaints must be handled in accordance with their PII policy
  • Initial actions and responses to complaints
  • Good practice to have an audit process for complaint files

Josh's APC - Commercial Pathway November 2023 (12 decks)

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