Standards & Ethics Flashcards
Name the legislation an RICS accredited member must comply with.
Acts
-Bribery Act 2010
-Equality Act 2010
-Estate Agents Act 1979
-Consumer Protection from Unfair Trading Reg 2008 (consumers)
-Business Protection from Misleading Marketing Regulations 2008 (businesses)
What governs ethics and professionalism for RICS agents?
-Real estate agency and brokerage
-RICS Rules of Conduct
What is duty of care and what does it deem agents should do?
That agents carry out work with due skill, care and diligence, applies to every aspect of the service.
-Best endeavours to achieve best possible outcome for your client within the market conditions and the ethical code.
-Not release or misuse confidential info
-Not appoint sub agent without the express client permission
-Ensure all staff are appropriately trained & supervised
-Do not accept instructions which are beyond your field of experience
-Must always ensure instructions are carried out with reasonable care & skill.
Define a COI
Conflict of Interest, anything that impedes your ability to focus on the best interests of the client.
-A matter of your judgement, you must avoid any COI that are not in the interest of your client.
-Must deal with COI openly, fairly & immediately if they arise.
What must you do in the case of a COI?
-Must disclose any interest in the property promptly & in writing.
-Where multiple agents you must pay equal respect to your clients interests & work in highest possible level of transparency, if a COI can’t be avoided then activities ceased.
-Best practice, disclose all interests to client, take their instructions in writing
What must you ensure when it comes to gifts/incentives?
Act in acordance with Bribery Act 2010 & RICS Rules of Conduct.
-Must ensure neither you nor your employees accepts offers or anything that could be construed as a bribe or that could influence current/future professional judgment
**Accepting genuine hospitality that is reasonable & proportionate is acceptable
How must you not discriminate?
-Must not discriminate on the basis of gender, age, race, creed, religion, disability, sexual orientation or national origin.
-Must not favour any party because they are likely to instruct you on other matters
-Must not discriminate unfairly on terms the prop is offered, by refusing to lease/sell prop, or in the treatment of the client
Equality act 2010
Define a vulnerable customer & how to deal with a vulnerable customers
Vulnerability = anything that may have an impact on a persons ability to make a sound & reasoned decision.
-Must ensure you do not discriminate against vulnerable customers either explicitly or implicitly
-You must be willing & able to offer appropriate advice about the transaction process
-Shouldn’t assume degree of someone’s knowledge
-Should always suggest they seek legal advice
How do you regain possession in regards to a lease inside the act?
Provide a S.30 notice stating one of seven grounds
What act regulates EPCs?
Minimum Energy efficiency standards Regulation 2018
Who is the AML officer within your firm?
Managing director - Mark Pellow
What act relates to AML
Anti money laundering act 2001
What is underhand contract
Simple contract made verbally/in writing and is not formally executed
What is an under seal contract?
Legally binding agreement between two or more parties that is enforced by law
What are the different types of conflict?
Party
Personal
Confidential.
