Ethics Level 2 - Auction sale, Acting with Integrity Flashcards
Please provide an example of when you have acted in line with Rule 1 of the Rules of Conduct?
Where a potential purchaser rang to discuss buying through auction and I reminded them that the auction contract was unconditional so if they had any hesitation my advice would be not to bid.
What is another example?
What is the professional standard relating to Auctions?
RICS Professional Standard on Auctioneers Selling Real Estate, 2018
What is an RICS professional standard?
set requirements or expectations for members and regulated firms about how they provide services or the outcomes of their actions.
What is RICS practice information?
to support the practice, knowledge and performance of RICS members and regulated firms, and the demand for professional services.
What is the reserve price?
The reserve price is the minimum price at which the auctioneer is authorised by the seller to sell the lot at auction. The lot may be sold to the bidder at or above the reserve price but the auctioneer is not authorised to sell at a figure below the reserve price.
