12 - Negligence Flashcards
What is a Duty of Care
This exists to clients and third parties, using a “reasonable care and skill”.
When a duty of care is breached, what happens?
If there is a loss, a claim for damages arises (aka negligence)
How might you avoid claims of negligence made against you?
- Follow RICS guidance
- understand client requirements
- clearly outline these in your scope of works terms of engagement
- ensure competence before proceeding
What is the legally acceptable Margin of Error in Property Valuation?
An acceptable margin of error is +/- 5% for single residential properties, +/- 10% for single commercial properties, and +/- 15% for more complex holdings.
What happened in Yianni v Edwin Evans (1981)
Residential valuer instructed by a mortgage lending insitution could owe a duty of care in tort to a mortagee purchaser relying on a valuation.
What is set out in the limitation act 1980?
In England and Wales, the limitation period may be:
* 6 years frin then the service was provided
* 6 years from when a loss was suffered
* a long-stop position of 15 years if the claimant did not know a loss was suffered earlier or 12 years, depending on the yupes of instruction adn the type of claim