Ethics

Question 1

L2 ex 1

Answer 1

1. Instruction of a valuation of a residential property in Streatham.
2. I ran a conflict check, i was transparent with the client and outlined the fee proposal and my company’s terms of business.
3. Once terms of engagement were signed and returned i progressed the valuation.

Question 2

L2 ex 2

Answer 2

1. Management of a property in Borehamwood.
2. A tenant approached me to assign their lease and wanted advice from me.
3. I knew this would be a conflict of interest because i act on behalf of the landlord therefore i was honest and stated that they must seek independent advice.

Question 3

L3 ex 1

Answer 3

1. Management of a property in Wigan.
2. My client asked me to allocate some money against a particular invoice. I advised them and stated that i would need tenant approval before doing this.
3. My client pushed back and asked me again to allocate it per their request.
4. I acted with integrity and advised that because the money was paid by the tenant, they must approve. I obtained approval from the tenant of which invoice to allocate the payment to and advised my client.

Question 4

L3 ex 2

Answer 4

1. Loan security valuation of a property in Homerton.
2. This property had previous desktop valuations.
3. In undertaking the valuation I kept in mind the previous valuations but I undertook my own comparable evidence and having peer reviewed with my director, the value had increased.
4. I advised the client of the increase and provided my evidence and analysis to ensure that i acted to a high standard of service and to ensure that they were well informed.