Measurement Flashcards
What year was the RICS Property measuremnt standard published?
2018
Is the RICS Property measurement standrds 2018 mandatory?
Yes
When was the former mesurement professional statement classified as a standard?
June 2024
What is set out in the RICS Property measurement standard 2018?
The guidance provides an understanding of the application of the professional standard and technical definitions.
Incorporates aspects of the IPMS suite of guidance
What statement was added to the property measurement standard on reclassification?
‘following the publication of IPMS: All Buildings, please onte this document is in the process of being updated. Please see the RICS website for further updates.’
According to the RICS website what does property measurement comprise? 2 elements
- Professional Standard: Property mesurement
- Application of the professional standard
- technical definitions
- IPMS: Office Buildings, as applied under the PS
- IPMS: Residential Buildings as applied under the PS - RICS IPMS data standard - reflects the IPMS standards and will be updated over time to comply with other IPMS standards
Bases of measurement within the RICS Code of measureing practice 2015 (comp) applies to all buildings excluding…
Offices and residential
What building classes are included in COMP?
All building classes
What must be included in a measure of building report?
- Purpose of the measurement instruction
- Date of the measurement instruction
- Date of measuremetn
- measurement standard adopted
- if IPMS is not use - reason for depature
- Measure method eg. laser or tape measure
- scale of any plans used
- floor area schedule with relevant areas cross referenced to floorplans
- Unit of measurement and conversion factor
- Name of RICS member/ firm responsible for instruction
What should RICS members advice relating to IPMS?
Members are expected to advise their client of the benefits of using IPMS - however it is not suitable in all circumstances and the reason for not using it must be documented
What are the benefits of using IPMS
promoting a consistent, transparent, and internationally recognized language for measuring and reporting property assets, leading to increased market stability and investor confidence
What does IPMS stand for?
International Property Measurement Standards
What is IPMS?
A global RICS-led initiative
Aimed at avoiding inconsistent definitions of measurement in differnet countries, bringing greater global transparency
What is the international property measurement Standards Council? IPMSC
a global group of porfessional and not-for-profit organisatiion that has driven the development of IPMS
What was the first asset covered by IPMS?
Offices via IPMS: Office buildings (2014)
When was IPMS: Office buildings incorporated into RICS guidance?
2015
When was IPMS: Residential buildings published?
2016
When was IPMS: Residential buildings incorporated into RICS guidance?
2018 in the form of RICS Professional Standard: Property measurement 2018
What is the most up-to-date measurement guidance for members and regulated firms?
RICS Professional Standard: Property measurement 2018
When was IPMS: Industrial Buildings published?
2018
When was IPMS: Retail Buildings published?
2019
Has industrial and retail IPMS guidance been incorporated into RICS guidance
NO
They have both now been superseded
What was published in 2023 that supersededs all previously published IPMS standards for individual asset classes?
IPMS: All Buildings
Has IPMS all buildings been incorporated into RICS guidance yet?
No