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What update document has RICS published on Valuation?
RICS Valuation Alert on Covid-19
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Which areas of the Red Book Global must valuers be fully aware of?
RICS Regulated Members should be fully aware of VPGA 10 and VPS 3 within the RICS Red Book Global Standards in the decision-making process.
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What needs to be made clear and stated in the report?
- If material uncertainty is declared, you are reminded that this should be explicitly stated
- Any restrictions of information and/or the ability to inspect must be made clear, agreed with the client and clearly stated in the report.
- All affected terms of engagement must be amended to confirm this
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What else did this document provide?
- Wording to be inserted in reports regarding material uncertainty
- Advises frequent review of the asset
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What updates have been made to the Rules of Conduct for Firms?
The references to the RICS Regulatory Board have been updated to the RICS Standards and Regulatory Board
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What updates have been made to the Rules of Conduct for Members?
- Change to % for member and firm regulation
- Requirement for firms to appoint a responsible principle
- Before 1 April 2020, firms not regulated by RICS must remove the RICS logo from all branding or must register for regulation with RICS.
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What new document has been introduced relating to leasing and letting and what is the status of the document?
RICS Professional Statement: Code for Leasing Business Premises, 2020
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When is this effective?
September 2020
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What are the objectives of this document?
- Improving the quality and fairness of negotiations on lease terms and promoting the use of comprehensive heads of terms to make the legal drafting process more efficient
- Lease negotiations must be approached in a constructive and collaborative manner
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What are the guidelines regarding dealing with unadvised parties?
Any unrepresented parties must be advised of the existence of the Code and its supplemental guide and must be recommended to obtain professional advice.
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What is the new RICS document relating to data and what is the status of the document?
RICS Data Handling and Prevention of Cybercrime Professional Statement, 2020
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What does this provide guidance on?
- Set out best practice and 24 mandatory obligations that RICS professionals and regulated firms must comply with
- It will advise on such matters as encryption to protect data on portable devices, best practice when using cloud-based storage facilities and ensuring appropriate data handling policies are in place in the event of a data breach or malware attack
- It sits behind the Data Protection Act 2018
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What is the RICS document relating to clients money?
RICS Client Money Handling Professional Statement 2019
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What changes to business rates have there been as a result of CV?
Retail, leisure and hospitality to receive a 12 months rates holiday from April 2020
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What is the Corona Virus Act 2020?
- Support for businesses to pay wage bills, and to provide grants and loans to businesses
- Temporary bans are imposed on landlords from evicting residential and commercial tenants for the non-payment of rent for at least 3 months
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Can you name a recent case law for Professional Indemnity?
- Burgess and another v Lejonvarn 2020 case for ‘the price of friendship’.
- This relates to providing advice for free without terms of engagement in place.
- This trial found that the service provider can be found as negligent for advice or services provided however
- Trial shows that terms of engagement should always be agreed prior to commencing any type of work
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