Case Study Flashcards
Why is it important to establish there are no conflicts of interest?
Important to establish in order to prevent anything getting in the way of your duty to advise and represent each client objectively and independently, without regard to the consequences to another client, any third party, or your own interests and that the clients and in turn the public can be confident you are doing so.
What did you include on the terms of engagement you drafted?
1 - Identity of client
2 - Conflict of interest checks
3 - Description of assignment and end purpose
5 - Relevant legislation, standards and regulations to be adhered to
6 - Scope of inspections, data collection, enquiries and any limitations
7 - Assumptions
8 - Limitations
9 - Fee Proposal
10 - CPH
How was the fee negotiated for this instruction?
The fee proposal was included in the terms of engagement and followed market standard. The client agreed to the fee proposal on an ad hoc basis.
Did you follow up after the initial conference call to establish that the aims and objectives set were clear between all parties?
Yes after giving the client adequate time to consider the aims and objectives. I organised a follow up call to confirm the aims and objectives were clear.
How do you define a reliable buyer?
I would define it as someone has the financial capability and willingness to purchase the property and who will follow through with the transaction in a timely and responsible manner.
Additionally, a reliable buyer is one who communicates clearly and honestly with the seller and other parties involved in the transaction, and who is willing to work together to resolve any issues or concerns that may arise during the process.
How did you manage communications between all parties involved?
I considered which appropriate type of communication whether via phone, email, zoom/physical meetings. Communication was always maintained and the client was kept updated when I had made contact with the other parties.
We had a weekly call to discuss an updates.
How did you manage the information collated and exchanged during this instruction?
