Hot Topics Flashcards
(18 cards)
Can you explain your understanding of the RICS Harris Debate?
What was discussed at the Harris Debate in 2024?
Impact of UK election and new labour government
House building targets - pledged to build 1.5 million homes
Infrastructure Projects - significant funding planned for public infrastructure
Sustainability focus - labour committed to embed Green practices across the industry
Planning - updating the National Planning Policy Framework to help make development easier
Skills Development - plans to address construction sectors skill shortages - youth training initiatives, improved working conditions and banning zero-hour contracts
Impact of 2024 US election results
Currency fluctuations - value of $ usually fluctuates after elections
Tariffs - changes in us trade policy ripples through global economy and affect cost of materials such as steel and timber
Impact on interest rates - impacts on global financial markets
What is your economic outlook for the 2025 UK construction sector?
Slowdown in 2024 due to rising material and labour costs
Falling inflation and small interest rate cuts creates increased affordability for developments
Persistent skills shortage exacerbated by Brexits impact on labour supply and workforce retirement
What is a Project Bank Account?
A PBA is a dedicated, ring fenced bank account used in construction projects to manage payments securely and transparently
Designed to ensure all parties involved in a project (including subbies, suppliers and MC) receive payments directly and promptly from the bank account - minimising risk of late or non-payments
Set up at the start of a construction project with agreements in place between all parties on how payments are to be made
Employer deposits funds into the PBA for work completed with payments made simultaneously to all parties listed in the agreement
What steps would you take in the event of a MC insolvency?
Ensure all contractual procedures related to insolvency are followed - especially in relation to termination rights and obligations
Make records on payments made, work progress and materials on site
If the insolvency means the contractor can no longer fulfil their obligations, the contract should be terminated following the specified procedures.
Site should be secured to prevent further damage or unauthorised access - may be necessary to inform subcontractors to remove materials or to secure their assets
A chartered QS should prepare a detailed valuation statement reflecting the current state of the project - includes assessing completed works, retention sums and any outstanding claims
Engagement of alternative contractors may be required. A new tender process or novation of the original contract may take place
What happened at COP29?
Held in Azerbaijan in 2024 and focused on addressing the climate finance gap through the loss and damage fund, designed to support vulnerable nations
Progress was made on working towards a global carbon market where the buying and selling of carbon emissions is facilitated to help reduce global emissions
By putting a price on carbon it incentivises industries to innovate and invest in cleaner technologies
Progress made on the New Climate Finance Goal (NCQG) to replace previous $100bn goal - intended to ensure that sufficient financial resources are mobilised to support developing countries and to address the impacts of loss and damage from climate related disasters
What is meant by the term Global Carbon Market?
Refers to an international system that allows the buying and selling of carbon emissions, allowances or credits
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
Can you provide a high level overview of the RICS Sustainabikity Report?
RICS Sustainability Report 2024 provides a detailed analysis of the current state of sustainability in the industry
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
Emphasises that the level of commitment and action needs to increase substantially to achieve 2050 net zero targets
RICS continues to play a pivotal role in shaping sustainability policies and standards globally
What does MEES stand for?
Minimum Energy Efficiency Standards
Regulations in the uk that set minimum energy performance requirements for buildings - specifically for privately rented properties
Must meet at least an E rating to be legally rented out. If lower than an E landlords are required to improve the energy efficiency of the property before renting out
MEES regulations are part of the uk govs broader environmental and sustainability agenda
Can you explain your understanding of the RICS policies on DE&I?
Diversity Equality & inclusion
The industry typically lags behind others when attracting talent of different backgrounds/gender/ethnicity
RICS sets out action plans for firms in order to support de&i
Including
- making offices accessible for visiting personnel
- ensuring speaking panels at events are diverse
- consideration of where and how jobs are advertised
- removing bias from recruitment
- providing training for staff on policies and inclusive practices
RICS rules of conduct require RICS firms and members to encourage diversity and inclusion
RICS inclusive employer quality mark which is promoted by the RICS
How does the RICS define Professional Standards vs Practice Information?
Professional guidance is split between PS and PI
PS - set out requirements or expectations for members and firms with a focus on baseline expectations for competence and ethical behaviour. Contain mandatory requirements that surveyors must follow with ‘must’ used and best practice to follow with ‘should’ used
PI - set out supporting guidance to advise surveyors in delivering specific services or specific areas of practice. Guidance is not mandatory and does not provide explicit recommendations. Can refer to processes, toolkits, checklists, insights, research and technical information or advice
Are you aware of any guidance that applies to RICS members when using social media?
RICS Guidance Note: ‘use of social media: guidance for members v1’
Took affect from June 2021
Sets out the same standards as stipulated in the RICS Rules of Conduct and reminds members that these do not change whether communicating via social media, face to face or traditional forms of media
How do you ensure you operate inline with RICS guidance on the use of social media?
I am always sure to use social media in a responsible and professional manner - in the same way I would communicate face to face or via written forms of communication
I understand my responsibility in representing RICS
I would never make a post that is dishonest or would cause offence in any way
When would the RICS investigate a social media post made by one of its members?
If a post is:
- discriminatory
- dishonest
- abusive or threatening
- likely to cause significant harm, distress or offence to a person
- shows a pattern of frequent or large number of concerning communications
- ignores previous advice or warnings about concerns
Please explain your understanding of the RICS inclusive employer quality mark
RICS scheme designed to improve diversity and inclusion within the property and construction sector
Scheme requires employers to pledge their commitment to adopting and continually improving against the following 6 principles
- Leadership and vision
- Recruitment
- Staff development
- Staff retention
- Staff engagement
- Continuous improvement
Participating firms will be required to assess their performance against the criteria on a bi-annual basis
