Hot topics

Question 1

What is the Harris Debate?

Answer 1

The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation. It honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.

Question 2

What was discussed at the Harris Debate 2024?

Answer 2

In 2024, the debate focused on the theme of Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. It explored the ethical implications of incorporating artificial intelligence into valuation and surveying.

Question 3

What is your view on the use of AI for property valuation?

Answer 3

AI has the potential to offer greater accuracy and efficiency in valuations. AI algorithms can evaluate comparable properties and estimate valuations based on various factors. However, current drawbacks include the inability to consider site-specific details and reliance on potentially bad data.

Question 4

What are the ethical concerns with the adoption of AI for property valuation?

Answer 4

AI algorithms rely on data, and if this data is inaccurate or biased, it can skew results. Transparency in data input and analysis is crucial for compliance with RICS Red Book Standards, as AI models are often perceived as ‘black boxes.’

Question 5

What wider impact do you feel AI will have on the property industry?

Answer 5

AI has the potential to enhance property management, enable data-driven decision making, streamline transactions, assist in urban planning, and improve risk management. Its adoption will likely lead to efficiency gains and cultural shifts in the industry.

Question 6

What is the RICS Business Plan for 2024?

Answer 6

The RICS business plan for 2024 focuses on four areas: Sustainability Leadership, Attracting Diverse Talent, Enhancing Member Engagement, and Strengthening Trust.

Question 7

What guidance applies to RICS Members when using Social Media?

Answer 7

The RICS introduced the Guidance Note ‘Use of Social Media: Guidance for Members Version 1’ effective from 30th June 2021, which sets the same standards as the RICS Rules of Conduct.

Question 8

How do you ensure you operate inline with RICS guidance on Social Media?

Answer 8

I use social media responsibly and professionally, ensuring respectful communication and avoiding posts that could undermine public confidence in the profession.

Question 9

When would the RICS investigate a Social Media post made by one of its members?

Answer 9

An investigation may occur if a post is discriminatory, dishonest, abusive, likely to cause harm, shows a pattern of concerning communications, or ignores previous warnings.

Question 10

What is the RICS Inclusive Employer Quality Mark?

Answer 10

The RICS is launching the Inclusive Employer Quality Mark to improve diversity and inclusion in the property sector, requiring employers to commit to six principles and assess their performance bi-annually.

Question 11

Why did the previous Rules of Conduct change?

Answer 11

The previous rules, in place since 2007, were replaced following research and consultation to provide a single document for clarity and focus on clearer behaviors and evolving challenges.

Question 12

What are the professional obligations of members?

Answer 12

Members must comply with CPD requirements, cooperate with RICS, and promptly provide requested information.

Question 13

What are the professional obligations of firms?

Answer 13

Firms must publish a complaints-handling procedure, maintain professional indemnity cover, ensure continuity of work, cooperate with RICS, and report required matters.

Question 14

What are the main benefits of Diversity & Inclusion?

Answer 14

Diverse environments attract skilled professionals, establish belonging, increase productivity, reduce turnover, and make employees feel valued.

Question 15

What is RICS doing to improve Diversity & Inclusion?

Answer 15

RICS has set up a Diversity & Inclusion leadership hub and initiatives like International Women’s Day and the McGregor-Smith Review to promote diversity in the profession.

Question 16

How does RICS define Professional Standards vs. Practice Information?

Answer 16

Professional Standards set mandatory requirements for competence and ethical behavior, while Practice Information offers non-mandatory guidance for specific services.

Question 17

What happened at COP29?

Answer 17

COP29, held in Baku in November 2024, focused on the climate finance gap and made progress on a global carbon market and the New Climate Finance Goal to support developing countries.

Question 18

What is meant by the term Global Carbon Market?

Answer 18

This refers to an international system that allows the buying and selling of carbon emissions, allowances or credits. It is designed to help reduce global greenhouse gas emissions by putting a price on carbon to incentivise countries, companies, and other entities to innovate and invest in cleaner technologies and help to reduce the global carbon footprint.

Question 19

Please provide a high-level overview of the RICS Sustainability Report?

Answer 19

The RICS Sustainability Report 2024 provides a detailed analysis of the current state of sustainability within the built environment sector. The key findings include: Identification of an increase in market demand for green buildings; however, the adoption of sustainable practices remains limited. High upfront costs and insufficient government incentives form significant barriers to widespread implementation of greener building methods. The report highlighted a need for consistent sustainability measurement across projects.

Question 20

What tools aim to address sustainability measurement in the RICS report?

Answer 20

Tools like the RICS Whole Life Carbon Assessment (WLCA) standard aim to provide a unified framework for assessing and reducing carbon emissions throughout a building’s lifecycle.

Question 21

What does RICS emphasise regarding net-zero targets?

Answer 21

RICS emphasises that the level of commitment and action needs to increase substantially to achieve 2050 net-zero targets.

Question 22

What is the role of RICS in sustainability policies?

Answer 22

RICS continues to play a pivotal role in shaping sustainability policies and standards globally. Its involvement in initiatives like the UN’s Buildings Breakthrough highlights the importance of harmonising sustainability standards worldwide.

Question 23

Please explain your understanding of the acronym MEES?

Answer 23

MEES stands for Minimum Energy Efficiency Standards. These are regulations in the UK that set minimum energy performance requirements for buildings, specifically for privately rented properties. Under MEES, properties in the private rental sector must meet at least an E rating on their Energy Performance Certificate (EPC) to be legally rented out.

Question 24

What happens if a building is rated lower than an E under MEES?

Answer 24

Landlords are required to improve the energy efficiency of the property before renting it out, unless specific exemptions apply.

Question 25

What is the Carbon Life Cycle?

Answer 25

The Carbon Life Cycle is a holistic view of the carbon footprint of a building, considering the carbon impact from material extraction, manufacturing, transportation, construction works, maintenance, repairs or replacement of materials, consumption of energy, and carbon use at the end of the building's life.

Question 26

What does the Carbon Life Cycle encourage?

Answer 26

It represents a shift in simply selecting low carbon building products and encourages a longer-term view during the building design process.

Question 27

What is meant by ‘Negative Carbon’?

Answer 27

The reduction of an entity's carbon footprint to less than neutral, resulting in a net effect of removing carbon dioxide from the atmosphere rather than adding it.

Question 28

What is ‘Carbon Offsetting’?

Answer 28

Carbon offsetting results in a reduction of Green House Gas emissions or an increase in carbon storage, usually achieved through land restoration or the planting of trees that can compensate for emissions that occur elsewhere.

Question 29

What is ‘Placemaking’?

Answer 29

Placemaking is a holistic approach to the development of public spaces that considers planning, design, implementation, and management. This aims to deliver public spaces that offer unique value to their occupants.

Question 30

What unique values does Placemaking aim to provide?

Answer 30

A greater sense of belonging, increased security, a unique atmosphere, inspiration and experience, and a sense of pride in community.

Question 31

What impact will the Labour government's election have on the Property & Construction Industries?

Answer 31

The election may lead to house building targets, significant funding for infrastructure projects, a focus on sustainability, and skills development initiatives.

Question 32

What are Labour's house building targets?

Answer 32

Labour has pledged to build 1.5 million homes over the next parliamentary term, reinstating mandatory housing targets and updating the National Planning Policy Framework (NPPF).

Question 33

What impact will the 2024 US Election results have on the Property & Construction Industries?

Answer 33

Currency fluctuations, impact on interest rates, changes in supply chains and construction costs, and potential growth in tech development and remote working.

Question 34

What is the economic outlook for the 2025 UK Property Market?

Answer 34

Cautiously optimistic due to potential interest rate cuts and increased market confidence, with a backlog of postponed developments and transactions.

Question 35

What is the economic outlook for the 2025 UK Construction sector?

Answer 35

Material price reductions and increased affordability for developments, alongside persistent skills shortages and a focus on environmental sustainability.

Question 36

What impact is hybrid working having on the property sector?

Answer 36

Increased demand for homes with home office space, rising property values in suburban areas, and a shift towards shorter-term, flexible office arrangements.

Question 37

What are Project Bank Accounts?

Answer 37

A Project Bank Account (PBA) is a dedicated, ring-fenced bank account used in construction projects to manage payments securely and transparently.

Question 38

What is the purpose of a Project Bank Account?

Answer 38

To ensure that all parties involved in a project receive payments directly and promptly, minimising the risk of late or non-payment.

Question 39

What steps would you take in the event of a Main Contractor insolvency?

Answer 39

Follow contractual procedures, secure the site, prepare a valuation statement, and possibly engage alternative contractors.

Question 40

What updates have been made to RICS Professional Indemnity Insurance Cover around Fire Safety?

Answer 40

Fire safety insurance cover was removed from the market after the Grenfell Disaster, leading to restrictions on blanket fire safety exclusions.

Question 41

What guidance has RICS published to support fire safety?

Answer 41

The RICS has published the Guidance note ‘Cladding for Surveyors 1st Edition March 2021’ to improve surveyors' knowledge of external wall cladding systems.

Question 42

What is the purpose of the ICS Guidance note 'Cladding for Surveyors'?

Answer 42

To support surveyors working on multi-storey and multi-occupancy residential buildings by improving their knowledge of external wall cladding systems. ## Footnote The document provides illustrated examples of cladding systems.

Question 43

What is ACM cladding?

Answer 43

ACM stands for aluminum composite material, consisting of two skins of aluminum bonded to a lightweight core of materials such as polyethylene or a mineral core for insulation.

Question 44

What is the significance of ACM in relation to Grenfell?

Answer 44

The ACM cladding was thought to contain combustible materials that contributed to the spread of fire, leading to a UK government ban on combustible materials on high-rise homes from 29th November 2018. ## Footnote This ban applies to external walls of new buildings above 18m and requires local authorities to replace dangerous ACM cladding on existing buildings.

Question 45

What is an EWS1?

Answer 45

An EWS1 is an External Wall System Fire Review Certificate applicable when a multi-storey residential property is bought, sold, or re-mortgaged. ## Footnote It is not a building safety certificate but a tool for mortgage valuation, formed by RICS and mortgage lenders for assessing external wall safety of buildings over 18m.

Question 46

What is the New Fire Safety Act 2021?

Answer 46

The Fire Safety Act 2021, introduced in March 2020, updates the Fire Safety Order 2005, clarifying responsibilities for fire safety compliance regarding structures and external walls, including attached elements like doors and cladding.

Question 47

What are the implications of the New Fire Safety Act 2021 for building owners?

Answer 47

It requires owners, landlords, and managing agents of multi-occupied residential buildings to identify and remediate dangerous cladding and ensure safety measures are in place for occupancy.

Question 48

What is the Hart vs Large case about?

Answer 48

This high court case involved Mr. & Mrs. Hart suing their surveyor, Mr. Large, for negligence after experiencing damp and water ingress issues. ## Footnote The court found Large negligent for failing to identify damp issues, advise on obtaining a Professional Consultants Certificate, and recommend further investigations.

Question 49

What lessons does the Hart vs Large case provide for surveyors?

Answer 49

Surveyors must report on uninspected building elements, recommend further investigations if defects are suspected, and advise obtaining a Professional Consultants Certificate for recently refurbished properties.

Question 50

What is placemaking?

Answer 50

Placemaking is a holistic approach to the development of public spaces that considers planning, design, implementation, and management.

Question 51

What guidance applies to RICS members when using social media?

Answer 51

RICS Guidance note – use of social media guidance for members version 1 2021. ## Footnote It sets a standard for members using social media and reminds them they are still bound by the RICS code of conduct.

Question 52

How do you ensure you operate in line with RICS guidance on social media?

Answer 52

I use social media in a responsible and professional manner and use professional and respectful language.

Question 53

When would RICS investigate a social media post made by one of its members?

Answer 53

An investigation may take place if a post was discriminatory, dishonest, or abusive.

Question 54

What is the carbon life cycle?

Answer 54

The carbon life cycle is a holistic view of the carbon footprint of a building.

Question 55

What is negative carbon?

Answer 55

Negative carbon is the reduction of an entity’s carbon footprint to less than neutral.

Question 56

What is carbon offsetting?

Answer 56

Carbon offsetting results in a reduction of greenhouse gas emissions or an increase in carbon storage.

Question 57

What is the RICS DCF valuations guidance note November 2023?

Answer 57

This guidance note provides further clarity around the difference between market value and investment value definitions set out under RICS VPS 4.

Question 58

What are the main benefits of diversity and inclusion?

Answer 58

Diverse and inclusive environments help to attract skilled professionals from diverse backgrounds, increase productivity, and reduce staff turnover.

Question 59

What is RICS doing to improve diversity and inclusion?

Answer 59

RICS has set up a diversity and inclusion leadership knowledge hub to share ideas on the importance of diversity and inclusion.

Question 60

What are the guidelines around the use of the RICS logo?

Answer 60

I am aware of RICS guidelines which are split into rules of conduct for firms' use of the RICS logo and designation, and guidelines for personal use of the RICS logo.

Question 61

What changes has RICS made around its use of membership cards?

Answer 61

RICS has stopped producing plastic cards and now uses digital cards.

Question 62

What guidance has RICS published to support fire safety following the Grenfell disaster?

Answer 62

RICS guidance note – cladding for surveyors – 1st edition 2021.

Question 63

What is ACM cladding?

Answer 63

ACM stands for aluminium composite material, consisting of two skins of aluminium bonded to either side of a lightweight core of materials such as polyethylene or a mineral core aimed to provide insulating properties.

Question 64

What are the electrical safety standards in the private rented sector?

Answer 64

The Private Rented Sector Regulations 2020 require landlords to ensure national standards for electrical safety are met as defined in the wiring regulation and British standards. Electrical installations must be inspected and tested by a qualified person every 5 years.

Question 65

What are the new RICS professional indemnity insurance requirements for 2022?

Answer 65

The new requirements introduced a change to the maximum uninsured excess of PII. For larger companies with turnover in excess of £10m, there is no maximum limit of uninsured excess. For companies with a turnover less than £10m, the maximum uninsured excess is the greater of £10,000 or 2.5% of the insured sum.