Key Documents

Question 1

Rules of Conduct (Prof. Standard)

Answer 1

2021
Mandatory rules of conduct that apply to all members and firms.

Question 2

Client Money Handling (Prof. Standard)

Answer 2

2019
Keep accounts separate, clients must have money on demand, money only withdrawn if properly required, keep accurate records.

Question 3

Countering bribery, corruption, ML, and terrorist financing (Prof. Statement)

Answer 3

2019
Firms must not accept anything that constitutes a bribe. Must comply with the law. WHO WHAT WHY. Retain records to show requirements met.

Question 4

Rules for the Regulation of Firms

Answer 4

2022
Type of business, staff, Responsible Principal, Nature of Clients, CHP, PII, is clients’ money held?

Question 5

Risk, Liability, Insurance in Valuation (Guidance Note)

Answer 5

2021
Having a liability cap will reduce your PI cover premium. Encourages wariness of 3rd party reliance on a valuation.

Question 6

Complaints Handling (Guidance Note)

Answer 6

2016
CHP must be approved by the RICS, notify PI insurer.
STAGE 1 – In House STAGE 2 – ADR 3rd party, property redress scheme.

Question 7

Conflicts of Interest (Prof. Statement)

Answer 7

2017
3 TYPES, Informed Consent, must be in the interest of all parties.

Question 8

Conflicts of Interest – UK Commercial Property Market Investment Agency

Answer 8

2017
Dual agency banned from 2018, multiple introductions allowed if on a non-exclusive basis. Incremental advice allowed if consent is given.

Question 9

Surveying Safely

Answer 9

P A W O V F R P Safe Person – assumes behavioural responsibility for their own and their colleague’s health and safety while at work.

Question 10

Valuation of Properties in multi-storey, multi-occupancy residential buildings with cladding (Guidance Note)

Answer 10

2022
To support valuers undertaking valuations for secured lending purposes on domestic residential blocks of flats in the UK. If remediation works are required, a capital deduction can be taken from the MV. Waking watch.

Question 11

Valuation – Global Standards (‘Red Book Global Standards’)

Answer 11

2022
Sustainability and ESG factors including VPS2/3 have regard to importance.
VPGA1 – Reference to IFRS13 and IFRS16 and the need for reporting.
VPGA2 – commentary may be required on maintainability of income and future cost liabilities to meet changing regulations and investor appetite.

Question 12

Valuing Residential Property Purpose Built for Renting (Prof. Standard)

Answer 12

2018
This should be a net income driven approach and the main points of consideration should be current income and future income.

Question 13

Comparable Evidence in Real Estate Valuation (Prof. Standard)

Answer 13

2019
Outlines the principles of using comparable evidence in property valuation, hierarchy of evidence. Cat A Cat B Cat C.

Question 14

Code of Measuring Practice

Answer 14

2015
NIA / GIA / GEA

Question 15

Property Measurement (2nd edition) (Prof. Statement)

Answer 15

2018
Updates to incorporate IPMS. Mandatory for offices and residential. Date, unit, methodology, measurements and calcs documented.

Question 16

IPMS: Residential Buildings

Answer 16

2018
IPMS1 – External
IPMS2 – Residential (Internal) – internal area of building.
IPMS3 – Residential (Occupier) – exclusive to an occupier.
IPMS3a – Outer face of external wall and centreline of shared walls.
IPMS3b – Exclusive occupation inc. internal walls/columns to IDF.
IPMS3c – Exclusive occupation ex. internal walls/columns to IDF.
Will no longer be relevant when IPMS All Buildings 2023 is adopted.

Question 17

IPMS: All Buildings

Answer 17

2023
Yet to be adopted. IPMS1 – External measurement
IPMS2 – Internal measurement
IPMS3.1 – External exclusive use
IPMS3.2 – Internal exclusive use
IPMS4.1 – Selected areas including internal walls.
IPMS4.2 – Selected areas excluding internal walls

Question 18

Financial Viability in Planning: Conduct and Reporting (Prof. Statement)

Answer 18

2019
14 requirements used by planners when undertaking viability assessments of schemes
Compulsory to follow - assessments must be undertaken by a competent individual.

Question 19

Valuation of Development Land (Prof. Standard)

Answer 19

2019
Special assumptions must be clearly documented in the report. Best practice is to not rely on one approach.

Question 20

UK Commercial Real Estate Agency Standards Professional Statement

Answer 20

2016
Must comply with RICS rules of conduct
1. Act in an honest, fair, transparent and professional manner
2. Carry out work with due skill, care and diligence
3. ToB must be fair and with details of CHP
4. Avoid conflicts
5. Not to discriminate
6. Communications to be clear, fair and decent
7. Advertising and marketing to be honest and truthful
8. Clients’ money held separately
9. Hold appropriate PII cover
10. Make clear the identity of client
11. Realistic assessment of selling price
12. All meeting, inspections, viewings – carried out with client’s wishes

Question 21

NPPF – National Planning Policy Framework 2021

Answer 21

Updated Sept 2023 with info onshore wind development in England). It includes info on inclusive and safe places making them accessible. Sets out planning policies and how they are expected to be applied.