Submission Flashcards
What’s the role of the RICS?
- Enforce highest technical and ethical standards in the profession
- Ensure customer safety and public confidence in the profession
- Provide highest level of training to it members
What are the RICS Rules of Conduct?
- Honesty & Integrity
- Ensure competence
- Diligent High Level of Service
- D&I an Respect
- Act in public interest
What are members obligations to the RICS?
- CPD
- Cooperate with RICS
- Provide info to Regulations & Standards Board
What are firms obligations to the RICS?
- Responsible Principle
- Cooperate with RICS
- Complaints Handling Procedure
- Provide info to Regulations & Standards Board
- Ensure adequate and appropriate PII cover
What is the RICS Ethics Tree?
Provides a decision-making framework that can support individuals when faced with ethical dilemmas
Run through the Decision Tree?
- Facts
- Legality
- Rules of Conduct
- Consult with expert or manager
- Happy for public to see decision
What’s in the Bribery Act 2010?
Aims to reduce bribery in business in UK and abroad.
Highlights what a bribe is (giving or receiving of an advantage (such as a payment, gift or service) with the expectation of improperly influencing one’s action
What are principles of the Bribery Act?
- Proportionate payment
- Top level commitment
- Risk Assessment
- DD
- Communication (training)
- Monitoring and Review
What are the offences of the Bribery Act?
- Bribing
- Receiving a Bribe
- Failing to prevent a bribe
- Bribing a foreign public official
Who polices the Bribery Act? And what are the Consequences of breaching it?
Serious Fraud Office
10 year imprisonment and / or unlimited fine for individuals. Unlimited fine for companies.
What is your companies Gifts & Hospitality Policy?
All gifts entered in gifts register
Up to £70 no approval needed.
£70 - £200 Line manager approval
£200+ MD of Development
Why is Client Care important?
- Ensure public confidence in industry
- Ensure duty of care is managed and no breach of this
- Allows repeat work if client likes you
What does the Health & Safety at Work act 1974 state?
Duty of every employer to manage and ensure health & safety of their employees. It states:
- Complete risk assessments
- Must report injuries and dangerous occurrences
- Definition of a hazard (anything that has potential to cause harm)
- Policed by HSE
What is included within a Risk Assessment?
- Identify a hazard
- Identify people at risk
- Score likelihood and severity of that hazard
- Record findings
- Regularly review
- Mitigation measures
What is Incident & Injury Free training?
Internal training at my firm, to promote a mindset throughout the company that health & safety management should be at the forefront of our decision making at all stages
What is PPE? And Give some examples?
Personal Protective Equipment
- Hard Hat
- Steel capped shoes
- Gloves
- Glasses
- High-Vis
What’s a Profit & Loss Statement?
(or income statement) summarizes the revenues, costs, and expenses incurred during a specified period.
What’s a balance sheet?
At a point in time, highlights assets and liabilities for a business
What is the RICS Professional Standard Conflicts of Interest 2017?
Highlights what a conflict of interest. And different management techniques.
What are some conflicts of interest?
Party Conflict (obligation to act for a client conflicts with a duty to another client)
Personal Conflict (obligation to act for a client conflicts with the personal interest of the individual or firm)
Confidentially Conflict (obligation to act for a client conflicts with your confidentially obligation to another)
What are some management techniques of a conflict?
- Avoid Conflict
- Manage Conflict (tell everyone, be transparent, informed consent, information barrier)
What are some Conflict Avoidance tactics?
- Clear concise drafting of contracts
- Proactive analysis of what could go wrong
- Good records
What are some of the Data Protection Principles in the Data Protection Act?
- store data for specific purpose
- accurate info
- info kept lawfully
- kept no longer than necessary
What is in the Data Protection Act 2018 and what’s its aim?
UK’s implementation of General Data Protection Regulation (GDPR)
Aims to:
- Create a single data protection regime affecting businesses
- Empowers individuals to take control of how their data is used
What are some of the individual rights granted under the Data Protection Act?
- Right to be informed
- Right to access
- Right to erase
- Right to object
What are some of the Social + Economic benefits to Diversity + Inclusion?
- Better decision making
- Creative problem solving
- Leads to better profits
- Better staff retention
- Better reputation
What is unconscious bias?
subconscious attitude that affects the way individuals feel and think about others around them.
What is the Equality Act?
The act consolidates discrimination law and provides protection against a wide range of discrimination
What are the nine protected characteristics of the Equality Act?
- Gender reassignment
- Sex
- Sexual orientation
- Age
- Disability
- Race
- Religion
- Marriage or Partnership
- Pregnancy or maternity
What is in the Building Regulations, Part M
Guidance on access to + use of buildings. Now includes two volumes:
- Access to and use of dwellings
- Category 1 - Visitable Dwellings
- Category 2 - Accessible & adaptable dwellings
- Category 3 - Wheelchair user dwellings - Access + use of non dwellings
What is Net Zero Carbon?
Carbon emissions to be reduced to maximum, with remaining emissions offset through carbon sequestration
What is absolute zero carbon?
Eliminating all carbon emissions without the use of offsets (Scope 1, Scope 2 and Scope 3)
What is main changes in Environment Act 2021?
Allows the UK to enshrine better environmental protection into law. It provides the Government with powers to set new binding targets, including for air quality, water, biodiversity, and waste reduction
BNG of 10% or all new developments
What is the difference between a residual valuation and a Development Appraisal
Residual is using market inputs to find the market value for a site
Dev Appraisal is using client inputs to review the viability of a development
Weaknesses of a Development Appraisal?
- Development appraisals / residual valuations are unstable and extremely sensitive to minor adjustments.
- The method does not take into account the timing of cash flows (unlike the DCF approach). …
- High quality of information for the inputs is essential.
What is CIL and how is calculated?
Is a charge which can be levied by local authorities on new development in their area
Council sets out a charging schedule, which is multiplied by the additional floorspace an application is providing.
What is a sensitivity analysis?
Can highlight analysis of small changes to key variables (e.g. build costs, revenues)
What are different forms of a sensitivity analysis?
- Sensitivity
- Scenario Analysis - changing development scenarios (e.g. phasing, deisgn, tenure)
- Monte Carlo Simulation - using probability theory (software such as Crystal Ball)
What is affordable housing?
NPPF defines affordable housing as:
Housing for sale or rent, for those whose needs are not met by the market
What is a S106?
Written agreement, that is negotiated between a council and applicant surrounding certain planning obligations for a specific development
What is the NPPF?
National Planning Policy Framework
Sets out Government’s economic, environmental and social planning policies for England
What was in NPPF 2012?
Local plans, devolving to local decisions, demonstration of a 5-year housing supply, pre-app engagement and ppas
Recent NPPF changes Dec 2023
5-year housing supply no longer needed to be shown if up to date local plan
agricultural land to be used for development
What is the Town and Country Planning Act 1990?
Legal & Regulatory framework for planning system in England and Wales. Highlights:
- Role of LPAs
- Planning permissions, development orders,
- Enforcement (stop notices)
- How to adjust planning permissions
Localism Act 2011
Abolition of Regional Spatial Strategies. autonomy at a local level, transferring power to local, developers obliged to work with LPAs
What is an EIA?
Environmental Impact Assessment. A systematic process to assess and predict the environmental impact of a proposed development.
What is a screening opinion?
Provided by the council to assess whether or not a development needs an EIA
What is a scoping opinion?
Assessment of the environmental impact of the development to understand which factors need to be reviewed and which don’t
Example of a Schedule 1 Development
Nuclear plant
Schedule 2 threshold?
100 dwellings, or over 5ha
How to complete a screening opinion?
Exceed Schedule 2 threshold, therefore you review the proposed impacts of the development with the criteria in Schedule 3 in mind (size, location, potential env impact), and make an opionion if significant impact will occur.
Estate Agency Act 1979?
Regulates estate agency work. Estate agents must treat buyer and seller fairly, client confidentiality is key.
What are CDM Regulations ?
The Construction and Design Management Regulations which are to improve health and safety in the industry, by ensuring decisions are made at all stages
What is a principal designer?
Appointed by the client to manage the pre-construction design phase and ensure that health & safety hazards are managed at an early stage
Town and Country Planning (Development Management Procedure) Order 2015
Sets out procedures for development management in England. Runs through Pre-app process, planning applications, public consultation, planning conditions
What is Part F of the building regulations?
Guidance on Ventilation
What was new Part F stating?
Continue move to Future Homes Standard, an increase in whole dwelling ventilation rates. Adjustment of some of the systems to names, e.g. system 1 to natural ventiliation
What is Part L of the building regulations?
Guidance on conservation of fuel and power
What was new Part L stating?
New homes must produce 31% less carbon emission. Set targets for U-Values. Stepping stone towards Future Homes Standard 2025, reduction of carbon emissions by 75-80%
What is Part O of the building regulations?
Addressing overheating and limiting solar gains
What was new Part O?
To address overheating within new builds
What is the Red Book?
The RICS Valuation Global Standard, 2022. Sets out mandatory practices for RICS members undertaking valuation services
What are the five valuation methods?
Investment, Residual, Comparable, Profits, DRC
What is the Red Book?
RICS Valuation Global Standard
What factors impact a valuation?
Location, Market demand, lease terms, building spec, tenant covenant
Talk me through a residual valuation you have completed?
- Sale of a plot in Stratford
- Comparable evidence to formulate opinion of residential sales valuesin Stratford
- Found up to date construction cost information with internal cost planning team. BCIS
- Market assumptions for professional, planning, finance and developer’s profit
- Subtracted total development cost & profit from GDV margin to find land value
Talk me through an investment method of valuation?
- Investment method to determine fair value of a vacant office building for purposes of financial reporting in relation to IFRS 13
- Comparable research to establish market rent.
- Reviewed market transactions to assess capitalisation rate, specifically looking for sold vacant buildings.
- Capitalised the market rent to generate fair value.
- Cross checked with comparable method against sale of vacant plots in the area, to compare capital value rate.
What is Fair Value?
IFRS 13 defines fair value as the price the would be received to sell an asset, or transfer a liability in an:
- Orderly transaction
- Between market participants
- At the measurement date
Why use IFRS 13 Fair Value?
This basis of valuation is now required in the IFRS have been adopted by the client
What does the RICS Property Measurement (2018) statement talk through?
- Highlights that RICS members are expected to advise their clients on the benefits of using IPMS. RICS Code of Measuring Practice 2015 can be used if IPMS not .
What is IPMS?
International Property Measurement Standards
What are some of the IPMS Core definitions?
IPMS 1 - GEA
IPMS 2 - Office - GIA
IPMS 2 - Resi - GIA & NSA
IPMS 3 - Office - NIA
What is GIA? And when is it used?
Gross Internal Area is the area of a building measure to the internal face of the perimeter walls each floor
What is GEA? And when is it used?
Gross External Area is the area of a building measured externally at each floor level
What is GEA vs GIA used for?
GEA = Town Planning
GIA = Build cost estimates
What are some features of map that is required?
North arrow, scale bars, copyright information when relevant
What are some different maps you have used?
Topographical surveys, Environmental Agency Flood Risk Maps, Highways Maps Title Plans
What are the scales required for different planning submissions?
1:1250 for location plans
1:200 for site plans
1:50 for drawings (floor plans, elevations, sections)
What is the difference between a Project and Development Brief?
Development brief sets principles for a development and the long term aspirations, put together before the planning application is submitted.
Project brief is to influence the design of a project
Talk me through the elephant and castle masterplan brief?
- Responsible for updating masterplan brief
- Liaised with retail, H&S and sustainability
- Dev brief included EP key principles
- e.g. provision of green linkages
- Incorporated inputs
Talk through South Sayer Street brief?
- Dev brief for unused turning circle
- Review long term vision for project (focus on social value creation)
- Reviewed Southwark education initiatives & community manager inputs
- Highlighted key principles for brief (social value creation, education partnerships, and community use)
- KPIs (number of community garden sessions, number of sessions booked with library, survey to be released to local residents to understand their use)
- In area included garden, covered book exchange, area to have lunch
What is the London View Management Framework?
Sets out key views and vistas that are to be protected. Within the London Plan, policies 7.11 & 7.12. Highlights panoramas, vistas and river views.
What are the different areas of each panorama?
Red Landmark Viewing Corridors & Yellow Wider Setting Consultation Area
What was your advice as part of the brief on Euston?
Shift taller buildings which were essential for viability of project outside of the Red LVCs and shift areas of public realm with no massing into these areas. Also chamfer building edges that would enter into these areas.
What are the long term aspirations for Stratford?
- Leasing
- Connect with local community
- Biodiversity improvements
What was business case for the garden?
- Improve the place (assist with leasing)
- Education programme with local community
- An entomological garden that will be host to a wide range of plants attracting higher biodiversity
What is BREEAM ?
Building Research Establishment Environmental Assessment Method
What is in the UKGBC’s framework for achieving net zero?
- Set out a net zero scope and plan
- Review construction materials
- Review operational carbon
- Renewable energy production
- Offset
What is the London Biodiversity Action Plan?
Sets out key strategies and objectives for improving biodiversity in the City and London and throughout Greater London
Why should the 10 nest boxes be Sparrow Terraces?
They are a targetted species in the London Biodiversity Action Planre
What are the location recommendations for Sparrow Terraces?
At least 5m off the ground. Facing North East.
What is CfSH?
Was a government voluntary national standard to improve the overall sustainability of new homes by setting a single framework
Why was CfSH wound down?
Following Housing Standards Review in 2014, government confirmed most of the requirements would be included within the Building Regulations
What is HQM?
Set up by the Building Research Institue
When is planning permission needed? And when is it not needed?
You’ll probably need planning permission if you want to:
- Build something new
- Make a major change to your building.
- Change the use of your building
When you dont need planning permission is PDR. i.e. for house extensions. Class MA allows change from Class E to C3. Recent changes.
What is an MVHR unit?
Mechanical ventilation with heat recovery (MVHR),
- A heat recovery ventilation system
- Provides a constant supply of fresh filtered air, maintaining the air quality whilst being practically imperceptible.
Is it ethical to have pushed your client to have gone for the new regulations instead of incorporating the old?
- As to include these changes would have required a whole new scheme, that may not have been viable. And therefore the public benefits provided in the S106 would not have been delivered.
- Also I was providing a high level of diligent care to my client allowing the savings of time and money
What is the vision and key principles of EP?
What is the vision and key principles of Stratford?
Some recent negligence case law?
Hope Capital vs Alexander Reese Thompson (2023)
Highlighted that purpose of valuation is central to the extent of valuer’s duty when considering a negligence claim. Was not stated in purpose of valuer’s opinion that lender could rely on their advice to enter into a transaction.
What are some Professional updates?
RICS launched ‘Developing an Inclusive Culture’ guidance. Highlights good practice in Inclusive Space, Inclusive Recruitment, Inclusive Policies
RICS’ first Residential Retrofit Standard (2024). Ensures that consumers who are carrying out a retrofit seek the advice from a professional to ensure public interest
