Conflict Avoidance

Question 1

What is the main RICS guidance documentation regarding conflicts of interest ?

Answer 1

RIC - Professional Statement - Conflicts of Interest (1st Edition March, 2017)

Question 2

Failure to avoid conflicts can result in?

Answer 2

• Incurring costs
• Negative reputation for the company and RICS

Question 3

How can a surveyor avoid ‘conflicts’ ?

Answer 3

• Ensure all contracts are clear and concise
• Under take a risk analysis
• Manage expectations
• Keep details records

Question 4

What are the 3 main stages of Dispute Resolution

Answer 4

1. Negotiation - problem solve
2. Mediation - 3rd party intervention
3. Adjudicative Process - litigation / arbitration

Question 5

What are Alternative Dispute Resolutions (ADR) ?

Answer 5

These are dispute resolution processes that fall outside the scope of court. They include: Mediation, Arbitration, Independent Expert.

Question 6

What does mediation refer to?

Answer 6

A neutral mediator. A confidential and informal process.

Question 7

What does arbitration refer to?

Answer 7

It a quick and cost effective method of dispute resolution. Both parties are bound by the decision.

Question 8

What are the main documents discussing Conflict Resolution ? and what is in it ?

Answer 8

RICS: Conflicts of Interest (March 2017)

3 part:

1. RICS mandatory rules
2. General commentary notes on how to apply professional statement.
3. Supporting commentary notes.

RICS:

Question 9

You can different types of conflict what are they?

Answer 9

• Financial
• Personal
• Commercial
• Dual Agency

Question 10

How can conflicts be avoided or managed ?

Answer 10

1. Avoidance
2. Written advice to both parties
3. Set up conflict management procedures

Question 11

How do you check for conflicts of interest ?

Answer 11

Internal data base. Checked property and client. If loan security also the borrower

Question 12

What is the main RICS notes on Conflicts of interest ? and what does it consist of?

Answer 12

RICS: Conflicts of Interest (2017)

• Introduction
• Part 1: Professional Statement (conflicts of interest and confidentiality)
• Part 2: General Commentary Notes
• Part 3: Supporting Commentary notes

(examples: Record keeping, competing bidders, information barriers)

Question 13

What are the 3 types of conflict ?

Answer 13

• Party
• Own interests
• Confidential Information

Question 14

What documentation is available specifically for conflicts of interest in commercial agency ? and what does it consist of?

Answer 14

1. RICS: Conflicts of Interest UK Commercial Property Market Investment Agency ( March 2017).

• Into
• Dual Agency
• Multiple Introductions
  -Incremental Advice

Question 15

What is the Savills complaints handling procedure ?

Answer 15

1. Complaint received in writing. This must be acknowledged within 5 days and sent onto our CHO. Complaint Investigation and resolved in 28 days.
2. Redress scheme - RICS redress scheme

Vs RICS

You must acknowledge in 7 days and respond in 28 days

Question 16

What are the benefits of ‘Alternative Dispute Resolution’?

Answer 16

• Speed
• Informal
• Greater opportunity for negotiation
• Less costly
• Confidential

Question 17

What does the ‘Adjudicative Process’ involve ?

Answer 17

• Expert Witness (who has duty to the court and must not be conflicted)
• Advocate (Represents the client in judicial hearing, must be competent)

Question 18

Benefits of Alternative Dispute Resolution? SICC

Answer 18

• Speed
• Informal
• Cost effective
• Confidential