Flashcards in Guidance notes and their status Deck (11)
What is the RICS Red Book?
Global Standards with mandatory rules, best practice guidance and related commentary for all members undertaking asset valuations
What is the RICS Black Book?
A suite of guidance notes that define good technical standards for quantity surveying and construction professionals
What matters do the RICS Black Book GNs cover?
Cash flow forecasting
Acceleration (increasing originally planned / current rate of progress of works to complete the project earlier)
Cost Analysis and benchmarking
Management of Risk
Conflict avoidance and dispute resolution
What is an International Standard?
(MANDATORY) High-level standard developed in collaboration with other relevant bodies
What is a RICS Professional Statement?
(MANDATORY) requirements for RICS members and RICS regulated firms
What are Guidance Notes?
(RECOMMENDED GOOD PRACTICE) provides users with recommendations / an approach for accepted good practice as followed by competent and conscientious
Members do not have to follow them however when an allegation of professional negligence is made, a court judge may take this into consideration in his/her decision
What is a RICS Code of Practice (COP)?
(MANDATORY / RECOMMENDED GOOD PRACTICE) Document approved by the RICS and endorsed by another professional body
What is a Jurisdiction Guide (JG)?
(INFORMATIVE) Provides relevant local market information associated with an RICS international standard / RICS professional statement
Will include local legislation, associations and professional bodies to help user understand local requirements connected with the standard / statement
JG = not guidance / best practice material, but rather information to support adoption of the standard / statement locally
What are Practice Notes?
(MANDATORY) Under RICS bye-laws and regulations, members must comply with RICS practice statements, in the interest of maintaining the highest professional standards
Surveyors accepting instructions to provide certain reports (e.g. RICS Building Survey Service / RICS Condition Report Service) must comply with conditions set out in the PN
No departure from the mandatory PN is permitted
In case of professional negligence, court judge will consider use of PNs
What are Information Papers (IP)?
(INFORMATIVE) IPs are intended to provide information and explanations to RICS members on a range of surveying topics.
Their function is not to recommend / advise on professional procedures and should not necessarily be followed by surveyors