Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

UBC Real Estate Licensing Exam > 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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is golden rule

A

Do unto others as you would have them do unto you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Ethics is a crucial element of the ________________________

A

Larger concept of professionalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

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

A

Professional duty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Professional ethics standards are often __________ standards compared to legislative standards

A

Higher!

You are held more accountable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Ethics apply when dealing with _______, ____________, and ______________

A

Clients
Non clients
Other real estate professionals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

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

A

Professionalism

And ethics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

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

But they cannot cancel your license (only BCFSA can)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Professionals are subject to the ______________

A

Common law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

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

A

Torts (example: negligence)

Fiduciary duties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

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

A

Crown agency

“Council”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Fiduciary duty items include

A

Loyalty
Confidentiality
Full disclosure
Avoiding conflicts of interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are the two key types of misconduct

A

Professional Misconduct

Conduct unbecoming a licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Professional misconduct

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

2 aspects to gain : build trust

A

Honesty

Integrity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Honesty definition

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Integrity

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Licensees role in building and Maintaining trust is?

A

Acting in accordance with broader ethical principles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

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

A

Headline test!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

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

A

Common law

Legislation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Duties to client: common law acronym
CAT!
26
3 duties to clients as per common law
Contractual duties Tort law duties Agent / fiduciary duties
27
Duties to clients, Common law: contractual duties (the C in CAT)
Fulfil an obligation within contracts with clients
28
Duties to clients, Common law: tort law duties (T in Cat)
To not be negligent
29
Duties to clients, Common law: Agency / fiduciary duties (The A in CAT)
Loyalty, solely act for the benefit of client
30
Duties to client, legislation (no acronym)
The rules RESA
31
Duties to client, legislation: The Rules
Act in the clients best interest Duty owed to both client and non client
32
Duties to client, legislation: RESA
Professional misconduct and conduct unbecoming an agent
33
10 duties to clients under The Rules (legislation remember)
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
Duties to Clients Under The Rules: Act in clients best interests
- 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
Duties to Clients Under The Rules: does not include
Unlawful actions!
36
Duties to Clients Under The Rules: act in accordance with the clients lawful instructions
-licensees must follow all instructions from their clients, provided that those instructions do not violate the law
37
Duties to Clients Under The Rules: act in accordance with the clients lawful instructions - this duty applies while in the ____________________
Client / agency relationship
38
Duties to Clients Under The Rules: act only within the scope of the authority given by the client
-seek to establish their scope of authority in writing, starting with the service agreement with the client Aka don’t guess info
39
Duties to Clients Under The Rules: maintain the confidentiality of the client information
-keep confidential any nonpublic information that’s been told to you by your client
40
The duty of confidentiality to a client lasts __________
FOREVER, and ever, hallelujah
41
Exceptions to maintaining the confidentiality of your clients information
- you’ve been authorized by the client to disclose it | - you are required by law to disclose the information
42
Duties to Clients Under The Rules: disclose all known material information
-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
Duties to Clients Under The Rules: communicate all offers to the client in a timely, objective, and unbiassed manner
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
Duties to Clients Under The Rules: use reasonable efforts to discover relevant facts
-include physical features of the property, characteristics of the development and or neighborhood, and general market conditions
45
The duty to use reasonable efforts to discover relevant facts applies to both___________________
Clients and non clients
46
Duties to Clients Under The Rules: act honestly and with a reasonable care and skill
- 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
Duties to Clients Under The Rules: avoid and disclose conflicts of interest
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
If a real estate professional discovers the misconduct of a licensee at their brokerage, what should they do
They should talk to their managing broker
49
If a real estate professional discovers the misconduct of a licensee at a different brokerage
- there is no explicit duty in the rules for licenses to report - they should talk to their managing broker anyways
50
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
Maintaining the integrity of the real estate profession
51
The shared duty to report helps to hold every member of the profession to the _______________
Highest standards
52
There are ______ steps in the framework for ethical decision making
5 steps
53
The five steps in the framework for ethical decision making
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
Step 2: identify the stakeholders
Who is my client and what duties do I order them? What do they need/expect from me?
55
Step 3: specify feasible alternatives for evaluation
What courses of action are possible in the situation?
56
Step 4: evaluate each alternative in terms of ethical consequences
Would I be acting in compliance with the rules?
57
Which of the following is one of an individual licensees role in building and maintaining trust in the real estate profession
Act in accordance with broader ethical principles
58
Which of the following is a common law source of duties to clients?
Agency/fiduciary law
59
Licenses who accept clients involved in transactions outside of their areas of expertise primarily risk breaching
The duty to act with reasonable care and skill
60
The final step of the framework for ethical decision making is to
Make and justify your choice

UBC Real Estate Licensing Exam (24 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions