Helping APC candidates measure standard time

The Royal Institution of Chartered Surveyors (RICS) has a royal charter with a stated purpose – “to promote the profession for the public advantage”. The RICS, as an august and venerable institution, also has a Latin motto – est rebus in modus – which translates as “there is measure in all things”. Together with rule 4 of the rules of conduct, they embody the spirit of the professional institution. Rule 4 reads: “Members shall carry out their professional work with due skill, care and diligence and with proper regard for the technical standards expected of them.” Hot topics RICS Valuation, Global Standards 2017 Property Measurement (2nd edition) The conflict of interest professional statements (global and UK) The RICS is a standards organisation. Standards are key to the consistent, objective and transparent professional service RICS members provide to their clients. It follows, therefore, that at RICS final assessment of professional competence, an up to date and thorough knowledge of the institutions’ own standards will be a key expectation of assessors and central to every competency at level 1 – knowledge and understanding. Although it is not explicitly stated, assessors do still need to feel the candidate is a safe pair of hands who will not bring the profession into disrepute before they will be confident a candidate is competent. Explicitly mentioning the relevant latest standards in the interview is a simple yet effective way to provide the assessors with this necessary comfort in your competence. Trends The current trend is for new guidance to be issued as a professional statement. This means it is mandatory in application for members. Many of the recently issued documents, for example Property Measurement (2nd edition) have been published as a professional statement when, in their previous incarnation, they were a guidance note, for example Code of Measuring Practice. There is also a trend for increased globalisation and collaboration with other professional bodies. This has led to a prevalence of international standards in recent years, for example, International Valuation Standards. These provide a high-level, principle-based overview that feeds into RICS’ specific advice to its members. Document hierarchy RICS documents are not created equal. This hierarchy shows how important different types of document are, and the document status is an important part of the required understanding at APC. Get up to date The RICS is evolving and new standards are published at regular intervals. This article rounds up relevant standards in valuation and commercial property in the past 12 months. The assessors will be impressed if you can mention the most recent documents and consultations. International Valuation Standards 2017. These form the key guidance for valuation professionals globally and will underpin consistency, transparency and confidence in valuations. The RICS is a key member of the International Valuation Standards Council and the IVS are the main influence on the Red Book requirements. The Red Book – RICS Valuation, Global Standards 2017 – professional statement From 1 July 2017 all written valuations, not subject to the exceptions, need to follow this. The importance of the Red Book can’t be overstated and you must be up to date. Property Measurement (2nd edition) – professional statement. The new edition has an implementation date of 1 May 2018 and incorporates IPMS Residential. For more detail, see the previous article in the APC series at egi.co.uk. Rating Appeals (4th edition) – guidance note. This covers the appeals process and Valuation Tribunal for England. It does not, despite a publication date in February 2017, cover the “check, challenge, appeal” process for the 2017 rating list. The Contractor’s Basis of Valuation for Rating Purposes (2nd edition) – guidance note. This is new guidance which took effect on 1 April 2017 following case law and regulatory changes. The second edition is dated August 2017. Rating Consultancy Code of Practice (4th edition) – code of practice. This has been jointly adopted by the (RICS), the Institute of Revenues, Rating and Valuation (IRRV) and the Rating Surveyors’ Association (RSA). It is effectively terms of engagement guidance for rating work and has mandatory application in relation to rating consultancy work. The code of practice is effective from 1 April 2017. Conflicts of Interest – UK Commercial Property Market Investment Agency (1st edition) – professional statement. This provides RICS members and RICS-regulated firms with mandatory requirements when acting on the open market sale or acquisition of a commercial investment real estate opportunity in the UK, in order to avoid conflicts of interest prejudicial to their clients’ best interests. Conflicts of Interest, Global (1st edition) – professional statement. From 1 January 2018, all RICS professionals and regulated firms are required to follow this global professional statement on conflicts of interest. In March 2017, RICS released a global and a UK-specific professional statement giving RICS professionals time to familiarise themselves with the new rules. Following industry feedback, additional commentary notes have been added. Surveyors Acting as Advocates (2nd edition) – professional statement; 3rd edition guidance note. The current edition is effective from 1 June 2017. The professional statement sets out the core duties expected of the surveyor-advocate. It applies where you agree (whether in writing or orally) to act as a surveyor-advocate before any tribunal in England, Wales or Northern Ireland. Being up to date with the latest standards provides an essential foundation for demonstrating competence at level 1. Candidates should use explicit level 1 language, for example: “I have read the RICS professional statement on global conflicts of interest.” This will have a major impact on the assessor’s holistic overview of the candidate, and help create that all-important “safe impression”. It may seem like there was a lot published in the past 12 months but 2016 was also a bumper year – check out the knowledge tab on the RICS website. Don’t underestimate the importance of the “comfort factor” for assessors – the whole APC is essentially a risk management process and assessors need to feel secure in your knowledge of the standards of the institution you seek to join. Supervisor and counsellor tips Get the candidate to read all the standards listed and update the whole team (gaining some presentation practice at the same time and providing CPD) When proof reading the case study, ensure the correct RICS guidance has been followed Ensure candidates reference RICS documents in their summary of experience at level 1 Useful resources APCeye magazine Critical APC information in a free magazine. www.delever.com My APC Journey Know where you are at any time in the process. Free download: www.delever.co.uk/journey APC presentation Online masterclass discussing key elements of the APC final assessment interview. Hints and tips on best practice. www.delever.co.uk/masterclasses Free timeline wallchart A3 pictorial view of the APC process, based on the RICS guides and Jon Lever’s professional knowledge. www.delever.co.uk/network Free Supervisor and counsellor APC training – formal CPD Tips on how to manage and support your candidates. www.delever.co.uk/masterclasses APC mock interviews Practice your APC final assessment interview, including the presentation and competency-based questioning. www.delever.co.uk/mocks APC commercial property and resi revision guides New for 2018: Commercial Property Revision Guide for RICS APC and puzzle book. www.apctaylormade.co.uk Free trial: myAPCDiary This resource can save up to 60% of a candidate’s day-to-day APC administration. www.apcdiary.com RICS APC guides These should be read at least once every three to four months. Candidates from outside the UK also need to check their regional websites for any local APC requirements. www.rics.org Kate Taylor FRICS is an APC chair and a DeLever APC coach. Follow Kate Taylor and Jon Lever on Twitter: @katetay73593006 and @deleverapc