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RICS Core > RICS Hot Topics > Flashcards

RICS Hot Topics Flashcards

1
Q

What are the new RICS PII Requirements for 2022?

A

Changes the max uninsured excess of PII, allowing larger companies no max limit of uninsured excess.

Companies with less than 10m the excess is greater of 10k or 2.5% of insured sum

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2
Q

What are the general requirements regarding PII by RICS

A

Policy cover must be each and every claim
RICS sets out the minimum policies
Fully retroactive
Run off cover in place

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3
Q

What is the RICS Futures Report

A

2015
- Key trends in the future like climate crisis / data
- Construction is industry with large amounts of data however 95% is wasted.
- Infrastructure and Technology Hub to use this data.
- Challenges of using drones for surveyors.

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4
Q

What are the New Rules of Conduct

A
  • Honest Integrity and comply with professional obligations
  • Competence
  • Good Quality Service
  • Respect
  • Public Interest
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5
Q

Why did the previous ethics rules change?

A
  • Majority voted in favour of replacing existing standards
  • Single document providing greater clarity
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6
Q

Talk through your understanding of the changes to the Rules of Conduct

A
  • Overhaul of previous system with had Rules of Conduct for Members and Firms.
  • Appendix A contains professional obligations
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7
Q

Explain your understanding of Rule Number 1

A

Honesty, Integrity and comply with professional obligations
- Must not allow themselves to be influenced
- Identify conflict of interest
- Act impartially

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8
Q

Explain your understanding of Rule Number 2

A

Act in your own competence
- Act for clients when you have necessary skills / resource
- Firms must supervise junior members

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9
Q

Explain your understanding of Rule Number 3

A

Provide a good quality of service
- Understand the project requirements before acting on their behalf.
- Scope of service should be agreed with exclusions and timescales.

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10
Q

Explain your understanding of Rule Number 4

A

Treat others with respect
- Ensure everyone is treated fairly and remove discrimination.
- RICS have a no tolerance policy on bullying / harrassment.

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11
Q

Explain your understanding of Rule Number 5

A

Act in the public interest
- Question practices and decisions that are not right.
- Public statements need to ensure they do not undermine public confidence.

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12
Q

What are the professional obligations of members?

A
  • 20 hours of CPD for each year (10 formal)
  • Cooperate with RICS
  • Promptly provide info requested from Standards and Regulations board.
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13
Q

What are the professional obligations of firms?

A
  • Complaints Handling Procedure
  • Work is covered by PII
  • Sole Principal make arrangements for work to continue in incapacity / death.
  • Cooperate with RICS
  • Promptly provide info requested from Standards and Regulations board.
  • Firms display their business literature in accordance with RICS policy.
  • Reporting on anything they are required to report on.
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14
Q

What steps would you take in the event of a main contractor insolvency?

A
  • Secure the site
  • Terminate contract
  • Call in any performance bonds
  • Step in rights if collateral warranties in place (funder in place of main contractor)
  • Insolvency expert may be require.
  • Keep detailed records
  • Prepare notional final account.
  • Undertake steps for reletting the works.
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15
Q

What key challenges does the Global Economic Recession present to you.

A
  • Inflation rates of around 8% has increased the interest rates increasing borrowing costs
  • Financial viability is decreasing due to borrowing costs, energy and labour costs rising
  • WFH reducing office demand postponing office developments
  • Reduction in fee income when clients have asked for fees to remain at the level causing a real term decline.
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16
Q

What has been the effect from the war in Ukraine?

A
  • High dependency on gas/oil from Russia resulting in higher energy prices
  • Steel Bricks Plastic Ceramics costs increased as they have a high energy input.
  • Ukraine compounded effects from C19 and Brexit
  • Delay / disruption of delivery of goods / materials
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17
Q

How Brexit has effected the UK Property and Construction

A
  • Movement of personnel changes, sponsors to recruit and must meet salary, job and language requirements reducing labour
  • Movement of material, price of movement expected to increase due to the increased red tape / border checks
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18
Q

Are there any RICS Guidance notes on Brexit?

A
  • Number of position statements
  • Loss of a diverse construction workforce
  • Loss of EU funding streams
  • RICS have asked UK Gov to plug the gap.
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19
Q

Are you aware of any RICS Guidance Notes on Covid-19?

A

RICS Guidance to Surveying Services
- Guidance on inspections and reopening of spaces

20
Q

What was the impact of Covid-19?

A
  • Cost increased - Contingency budgets
  • Labour shortages
  • Material shortages - Early Ordering
21
Q

What was the Paris Agreement? What happened at COP27 in 2022?

A
  • Reduce temperature rises to 1.5 degrees.
  • Highlighted countries most affected by climate change
  • Loss and Damage fund was agreed for richer counties to pay poorer ones.
22
Q

What are the changes to minimum energy efficiency standards?

A
  • Changes to EPC requirements in 2025
  • Rental requirements to a C rating from E
23
Q

What is a Green Mortgage

A
  • Providing more favourable mortgage terms on an energy efficient building
24
Q

What is an Urban Greening Factor?

A
  • Evaluates amount of urban greening around buildings
  • Aim to increase green covering
25
Q

What is ICMS3

A
  • International Cost Management Standard
  • Framework for cost and carbon management from concept to completion.
  • Measuring life cycle costs and carbon emissions.
26
Q

What is embodied carbon?

A

Carbon emissions generated from the production of a material

27
Q

How do you apportion risk?

A
  • Risk avoidance
  • Risk reduction
  • Transferred
  • Retained by client
  • Shared
28
Q

Risk and procurement?

A

Time
Cost
Quality

29
Q

Risk quantification techniques

A
  • Probability tree
  • Conte Carlo
  • Sensitivity analysis
30
Q

RICS and Social Media

A

RICS Guidance Note on Social Media for Members.
Investigations if posts are dishonest, discriminatory, bullying etc

31
Q

What is IEQM, any others?

A

Improve diversity and inclusion
Diversity and Inclusion Leadership

32
Q

What is the structure of the RICS?

A

Governing Council
RICS Board and Standard and Regs Board
Within RICS Board - Membership Services Committee and Knowledge and Practice Committee
S+R Board - Qual and Assessment Committee, Regulatory Tribunal

33
Q

Professional Standards vs Practice Information

A

Professional Standards - Requirements and expectations for a baseline of competence
Practice Information - Supporting guidance to advice on working practice

34
Q

RICS Logo

A
  • Guidance for personal use of the RICS Logo
  • Rules of Conduct for firms use of RICS logo and designations
35
Q

RICS Leadership

A

President - Tina Paillet
President Elect - Justin Sullivan
CEO - Justin Young

36
Q

IPMS

A

International Property Measurement Standards

37
Q

What was the Levitt Report

A
  • Inaccurate cashflow forecasting
  • Power struggle Management and Exec Board
38
Q

Levitt Report Recommendations

A
  • Greater transparency
  • Gov Council to oversee Exec bonus
  • Gov Council to be briefed by the board not just CEO
39
Q

What is an EWS1 Form

A

External Wall System Fire Review Certificate

40
Q

Party Conflict

A

Acting in the interests of a client conflicts with a duty owed to another client

41
Q

Own Interest Conflict

A

Acting in the interests of a client conflicts with the interests of yourself.

42
Q

Confidential Information Conflict

A

Providing material to one client and making sure it is kept secret from another party who might be interested.

43
Q

What clauses did you look to change for the DoV?

A
  • Adding a Sectional Completion
  • Adding Liquidated Damages to that Section
  • Adding Section rectification period
  • Adding Date of Possession for Section
44
Q

What is an LLP

A

Every partner has a limited liability to the debts and claims of the partnership.

45
Q

What is a Ltd

A

There are a fixed number of owners and shareholders whose liabilities are limited to the value they originally invested.

RICS Core (15 decks)

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