Conflicts Of Interest

Question 1

If there’s a conflict of interest what does this mean for a RICS Member or Firm

Answer 1

RICS Members of Firms should not advise or represent a client where doing so would be a conflict of interest.

May be able to get informed consent-consent given willingly by a party who may be affected by a conflict of interest

Question 2

Why would you avoid a conflict of interest?

Answer 2

Prevent anything getting in the way of my duty to advise and represent each client objectively and independently without regard to consequences to another client- client and public can then be confident I’m doing so

Question 3

What is the definition of a conflict of interest?

Answer 3

As a RICS member you must act in the interests of a party in a professional assignment. It cannot conflict with duty owed to another client or party

Question 4

What are the three types of conflicts?

Answer 4

Party conflict- conflicting between 2 different parties
Personal conflict-conflicting between the RICS members own beliefs
Confidential information conflict- conflict between 2 clients as you are aware of confidential information