Conflict of Interest

Question 2

what is a CoF ?

Answer 2

1. Any financial interests
2. A personal Intrest
3. Commercial Relationships
4. Acting on both sides of the transaction.

Question 3

what is conflict avoidance?

Answer 3

when the instruction is not accepted in order to avoid a conflict.

Question 4

what is conflict management ?

Answer 4

when steps are in place to manage the conflict.

Question 5

what RICS guidance is there on Conflicts of Interest?

Answer 5

RICS global professional standards on CoF 2017

Question 6

when did RICS global professional standards on CoF 2017 come into effect?

Answer 6

1st Jan 2018

Question 7

what is an important RICS standard rule -

Answer 7

A member or firm must not represent or advise a client where there is a CoF

Question 8

3 types of conflict ?

Answer 8

1.A party conflict
2. An own intrest conflict
3. a Confidential info conflict.

Question 9

what is Informed consent?

Answer 9

Consent is given in writing by the party explaining the conflict transparently.

Question 10

when should a surveyor seek informed consent ?

Answer 10

Surveyors should only seek consent if they believe the client’s best interests are served.

Question 11

What does RICS say about compliance ?

Answer 11

All firms should keep records of compliance with regards to CoF

Question 12

what does the RICS CONFLICT OF INTREST DOCUMENT SAY?

Answer 12

Conflicts should be managed in accordance with the RICS professional standards - Conflict of interest 2017.