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UBC Real Estate Trading Services Licensing Course > Chapter 3.2: Code Of Ethics (new) > Flashcards

Chapter 3.2: Code Of Ethics (new) Flashcards

1
Q

_______________: the overall competence of a professional, considering their skills, judgement, and behaviour

A

Professionalism

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2
Q

Professionals do a number of things, such as:

A

1) put the interests of the public ahead of their own
2) have a high level of expertise
3) have initial entry / ongoing training and education
4) maintain objectivity when making decisions
5) follow specific rules of conduct
6) are held accountable for their actions
7) collaborate and work together
8) share knowledge and best practices
9) move the profession forward through continuous improvements

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3
Q

What is golden rule

A

Do unto others as you would have them do unto you

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4
Q

Ethics definition

A

The science of morals!
The department of study concerned with the principle of human duty, and the moral principles by which a person is guided

How spiritual lol

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5
Q

Ethics is a crucial element of the ________________________

A

Larger concept of professionalism

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6
Q

Licensees have a ___________ to hold other licensees to the highest professional and ethics standards

A

Professional duty

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7
Q

Professional ethics standards are often __________ standards compared to legislative standards

A

Higher!

You are held more accountable

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8
Q

Ethics apply when dealing with _______, ____________, and ______________

A

Clients
Non clients
Other real estate professionals

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9
Q

__________________ and _________ are both core concepts to the real estate services act (RESA(

A

Professionalism

And ethics

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10
Q

If you breach the Code of Ethics, what can happen?

A

Cock ball torture, jk

The board can cancel and suspend membership in a real estate board

But they cannot cancel your license (only BCFSA can)

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11
Q

Professionals are subject to the ______________

A

Common law

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12
Q

Professionals must not commit __________ and must fulfil ____________ owed to the client

A

Torts (example: negligence)

Fiduciary duties

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13
Q

______________: A public sector organization under the supervision of the government but administered independently

A

Crown agency

“Council”

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14
Q

Fiduciary duty items include

A

Loyalty
Confidentiality
Full disclosure
Avoiding conflicts of interest

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15
Q

What are the two key types of misconduct

A

Professional Misconduct

Conduct unbecoming a licensee

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16
Q

Professional misconduct

A

Competency in practice and technical breaches of legislation, regulations, and rules

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17
Q

Conduct unbecoming a licensee

A

Is contrary to the best interest of the public

Undermines public confidence in the real estate industry

Brings the real estate industry into disrepute

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18
Q

2 aspects to gain : build trust

A

Honesty

Integrity

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19
Q

Honesty definition

A

Acting in a manner that is sincere and truthful, and free of deceit

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20
Q

Integrity

A

Acting ethically and doing the “right thing”, whether or not anyone is watching and whether or not it benefits you

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21
Q

Licensees role in building and Maintaining trust is?

A

Acting in accordance with broader ethical principles

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22
Q

One way to evaluate whether a decision aligns with honesty and integrity is to use the

A

Headline test!

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23
Q

Headline test

A

A test that one can use to evaluate whether a decision or action aligns with ones overall professionalism that considers how the decision maker would feel if the decision or action were to appear as a headline of a newspaper or new site

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24
Q

Duties to clients are derived from two key sources, what are they

A

Common law

Legislation

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25
Q

Duties to client: common law acronym

A

CAT!

26
Q

3 duties to clients as per common law

A

Contractual duties
Tort law duties
Agent / fiduciary duties

27
Q

Duties to clients, Common law: contractual duties (the C in CAT)

A

Fulfil an obligation within contracts with clients

28
Q

Duties to clients, Common law: tort law duties (T in Cat)

A

To not be negligent

29
Q

Duties to clients, Common law: Agency / fiduciary duties (The A in CAT)

A

Loyalty, solely act for the benefit of client

30
Q

Duties to client, legislation (no acronym)

A

The rules

RESA

31
Q

Duties to client, legislation: The Rules

A

Act in the clients best interest

Duty owed to both client and non client

32
Q

Duties to client, legislation: RESA

A

Professional misconduct and conduct unbecoming an agent

33
Q

10 duties to clients under The Rules (legislation remember)

A

1) act in clients best interest
2) act in accordance with the clients lawful instructions
3) act only within the scope of authority given by the client
4) advise the client to seek independent professional advice on matters outside of the licensees expertise
5) maintain the confidentiality of the clients information
6) disclose all known material information
7) communicate all offers to the client in a timely, objective, and unbiassed manner
8) use reasonable efforts to discover relevant facts
9) act honestly and with reasonable care and skill
10) avoid and disclose conflicts of interest

34
Q

Duties to Clients Under The Rules: Act in clients best interests

A
  • understand what is important to them
  • explain information to them in a way that they understand
  • no the risks that are specific to the transaction and keep the client informed of those risks
  • put enough time and effort towards ensuring that the clients needs are met
  • effectively and efficiently carry out the clients instructions
  • Follow through on what you have said that you will do
  • be honest about the limitations of your experience and expertise and advise the clients to seek a specialized advice
35
Q

Duties to Clients Under The Rules: does not include

A

Unlawful actions!

36
Q

Duties to Clients Under The Rules: act in accordance with the clients lawful instructions

A

-licensees must follow all instructions from their clients, provided that those instructions do not violate the law

37
Q

Duties to Clients Under The Rules: act in accordance with the clients lawful instructions - this duty applies while in the ____________________

A

Client / agency relationship

38
Q

Duties to Clients Under The Rules: act only within the scope of the authority given by the client

A

-seek to establish their scope of authority in writing, starting with the service agreement with the client

Aka don’t guess info

39
Q

Duties to Clients Under The Rules: maintain the confidentiality of the client information

A

-keep confidential any nonpublic information that’s been told to you by your client

40
Q

The duty of confidentiality to a client lasts __________

A

FOREVER, and ever, hallelujah

41
Q

Exceptions to maintaining the confidentiality of your clients information

A
  • you’ve been authorized by the client to disclose it

- you are required by law to disclose the information

42
Q

Duties to Clients Under The Rules: disclose all known material information

A

-any information that might affect the value of the property or the clients decision must be disclosed by the licensee

It is not appropriate for the licensee to make decisions on what information should be disclosed to the client and what information should not

43
Q

Duties to Clients Under The Rules: communicate all offers to the client in a timely, objective, and unbiassed manner

A

The only exception to this is when a client specifically instructs their licensee not to communicate their offers to them promptly, or at all

44
Q

Duties to Clients Under The Rules: use reasonable efforts to discover relevant facts

A

-include physical features of the property, characteristics of the development and or neighborhood, and general market conditions

45
Q

The duty to use reasonable efforts to discover relevant facts applies to both___________________

A

Clients and non clients

46
Q

Duties to Clients Under The Rules: act honestly and with a reasonable care and skill

A
  • if you are not an expert refer your clients to seek an expert
  • if a licensee takes on too many clients at once, they are at risk of not being able to provide real estate services with reasonable care and skill
47
Q

Duties to Clients Under The Rules: avoid and disclose conflicts of interest

A

A conflict of interest arises when there is a substantial risk

Such as duel agency, or a heavy referral fee for recommending certain companies

48
Q

If a real estate professional discovers the misconduct of a licensee at their brokerage, what should they do

A

They should talk to their managing broker

49
Q

If a real estate professional discovers the misconduct of a licensee at a different brokerage

A
  • there is no explicit duty in the rules for licenses to report
  • they should talk to their managing broker anyways
50
Q

The duty to report reflects the fact that ____________________________________________________ is the shared responsibility of the office of the superintendent of real estate, the real estate Council of British Columbia, and members of the profession

A

Maintaining the integrity of the real estate profession

51
Q

The shared duty to report helps to hold every member of the profession to the _______________

A

Highest standards

52
Q

There are ______ steps in the framework for ethical decision making

A

5 steps

53
Q

The five steps in the framework for ethical decision making

A

1) consider the situation and identify the potential ethical issues
2) identify the stakeholders
3) specify feasible alternatives for evaluation
4) Evaluate each alternative in terms of ethical consequences
5) make and justify your choice

54
Q

Step 2: identify the stakeholders

A

Who is my client and what duties do I order them? What do they need/expect from me?

55
Q

Step 3: specify feasible alternatives for evaluation

A

What courses of action are possible in the situation?

56
Q

Step 4: evaluate each alternative in terms of ethical consequences

A

Would I be acting in compliance with the rules?

57
Q

Which of the following is one of an individual licensees role in building and maintaining trust in the real estate profession

A

Act in accordance with broader ethical principles

58
Q

Which of the following is a common law source of duties to clients?

A

Agency/fiduciary law

59
Q

Licenses who accept clients involved in transactions outside of their areas of expertise primarily risk breaching

A

The duty to act with reasonable care and skill

60
Q

The final step of the framework for ethical decision making is to

A

Make and justify your choice

UBC Real Estate Trading Services Licensing Course (24 decks)

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