Ethics, rules of conduct and professionalism - lvl 3 Flashcards
Tell me about when you have provided a high standard of care.
103 Lensbury Way - I was instructed on a compulsory purchase valuation and negotations by a residential owner occupier.
The client did not want to part with the property because they owned it for their lifetime. It was a personal and sensitive matter to them.
I showed tact and empathy to my client when advising them on the valuation and advising them on negotiations.
Give me an example of when you have acted with integrity.
City and Southwark Retail Portfolio - I advised on Market Rent to the landlord my client for shops on retail parades.
My client was worried about the effect of the pandemic on their tenants and asked me to make allowances for this in the rental valuations.
I advised my client that I was not able to do this because I had to provide them with objective and independent advice regarding the rental valuation.
I advised them that they could instruct us to issue rent review notices to tenants at concessionary rents to make allowances for hardship.
Tell me about how you have promoted trust in the profession.
59 1/2 Southwark Street - I was contacted by a tenant for a rent review on their office. After discussion and reception of the lease I became aware that we were instructed by the same landlord on shop properties in the local area.
This was a potential party conflict. I obtained the informed consent from the client and the landlord to go ahead with the instruction.
OR
Landlord and tenant work.
When serving a notice onto another unrepresented party I ensure that I cite the RICS Find a Surveyor Service.
This gives them an opportunity to instruct their own surveyor to seek Market Rent and negotiate on their behalf. This allows them to clarify that I am seeking a fair Market Rent for the transaction.
Explain how you have taken responsibility in your current role.
I undertake pre instruction checks before accepting an instruction. I ensure that I am competent to carry out the instruction, check for any conflicts of interest, and issue ToE for a written record of the instruction. In the ToE I reference CH’s CHP and detail the fee basis.
Tell me about how you treat your clients with respect.
I undertake pre instruction checks before accepting an instruction. I ensure that I am competent to carry out the instruction, check for any conflicts of interest, and issue ToE for a written record of the instruction. In the ToE I reference CH’s CHP and detail the fee basis.
Tell me how you treat other surveyors with respect.
I ensure that I treat other surveyors with respect. I try to respond to queries prompty, succinctly, and accurately.
I regularly engage with other surveyor through email, telephone calls, online video calls and face to face meetings.
Explain the key steps you would take if you decided to set up in practice as a sole trader after qualifying.
CHART
Obtain PII
CHP
Handling money
Follow RICS professional standards (mandatory) and practice information (guidance)
Register with RICS
Train staff (to ensure competency)
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
I would not be able to take this into account when considering the offer. I would comply with my company’s written policy and inform the senior person in my company responsible for this. I am not allowed to accept a bribe, I comply with the law, and would report this to the NCA and/or police if appropriate.
I would have reference to the Bribery Act 2010 (CPDTAR).
What would you do if you were asked by a client to reduce a fee proposal to win new work?
I would refuse as fees should be market based and I would not undercut other firms. I do not engage in aggressive price cuts, price fixing or collusion with other firms.
I would potentially look at the scope of services provided and look to reduce this down if the client wanted a lower overall fee.
What would you do if you became suspicious that a client was involved in terrorist activities?
I would not carry out any transaction before carrying out checks, report this if required. I would comply with my firms written policy and inform the senior person in my company of this.
SDD, EDD
If you were to set up in practice on your own, tell me about the types of insurance you would need.
Professional Indemnity insurance – to cover the economic loss which you could be sued for in the case of negligence.
Employer’s liability insurance – if business employs anyone you need at least £5m cover.
Third party liability insurance - to cover harm carried out on a third party not directly employed or a client of the firm.
Building and contents insurance? (Optional)
City and Southwark - How would you advise on a high volume instruction.
I compiled all of the information in a tracker which uses Microsoft Excel to report to the client on Market Rent and negotiations. I updated the tracker when I received any offers from tenants. I was always reachable by email or telephone. I had monthly Miccrosoft Teams meetings to updatte the client on all of the L&T work.
City and Southwark - Why did you refuse to amend you opinion of value?
I was instructed on Rent Reviews for this client. I had to report under Market Rent. I advised my opinion of rental value to the client for the subject properties according to hypothetical lease terms on an objective and independent basis.
City and Southwark - How did you act with integrity?
I was honest, open and reliable throughout our communications and negotiations. I always informed the client of any offers I received from the tenants over the course of negotiations.
City and Southwark - How did you provide a high standard of service?
Complied with pre-instruction checks (COT)
Kept in regular contact with the client.
Ensured I was open and transparent.
I always informed the client of any offers I received from the tenants over the course of negotiations.
