Conflicts of Interest

Question 1

What is a conflict of interest?

Answer 1

A personal interest interferes with the ability to act in the interest of the other person

Question 2

What are the three types of conflict of interest?

Answer 2

Party Conflict
Own interest conflict
Confidential information conflict

Question 3

What is a party conflict?

Answer 3

act in the interests of a client conflicts with a duty owed to another client in the same or related professional assignment.

Question 4

What is an own interest conflict?

Answer 4

act in the interests of a client in a professional assignment conflicts with the interests of that person. i.e. referring siblings company for work

Question 5

What is a confidential information conflict?

Answer 5

providing information to one client, and to keep that same information confidential to another client

Question 6

What does RICS say every member must do, regarding COI?

Answer 6

identify and manage coi

Keep records of the decisions made

Question 7

What are the dates of the RICS Professional Standard: Conflicts of Interest, 1st edition?

Answer 7

March 2017
Effective 1 January 2018

Question 8

When can work be conducted when a COI arises?

Answer 8

Where all of those who are or may be affected have provided their prior informed consent.

Question 9

When can Informed consent be sought?

Answer 9

when interests of all of those who are or may be affected and

is not prohibited by law,

not prevent competent and diligent advice to those that may be affected.

Question 10

What is informed consent?

Answer 10

consent given willingly by a party who may be affected by a Conflict of Interest,

Question 11

What does the client need to demonstrate for informed consent?

Answer 11

a that there is a Conflict of Interest or a significant risk of a Conflict of Interest and

b the facts known are material to the Conflict of Interest and

c what that Conflict of Interest is or may be and

d that a Conflict of Interest may affect the ability to advise or act fully in their interest

Question 12

What is an information barrier?

Answer 12

provisions between individuals in the same firm to prevent confidential information passing between them

Question 13

What is confidential information?

Answer 13

confidential information, whether held or disseminated electronically, verbally or in hard copy.