Level 2 - RR Isleworth Flashcards
Tell me about the Property?
Ground floor office in Isleworth
Brick construction with double glazing
4,000 sq ft
Recently refurbished
Grade B specification with raised access, suspended ceilings and LEDs
Good transport communications
Can you summarise the RR?
LL actioned the RR
It was for a notional term of the unexpired term (5years) and I negotiated on rental level
Gathered evidence of surrounding comparable and negotiated a fair market reflection of the property
Due to refurbished nature and rents moving on in the area, uplift in rent to tone of the estate
How did you undertake a conflict of interest check?
Used BAIT - C&W internal conflict management system
Searched for the property which produces any recent involvement with the property
No recent activity here that would conflict with my instruction
Also personal check
What would you consider to be a conflict on a rent review?
If myself or colleague were acting for the landlord leading the asset
If C&W were acting on a key comparable
If i had a personal interest with the property or the clients operations
Why is impartial and independent advice important?
Adheres to Rule 1 and 2 of Rules of Conduct
In line with role of RICS
Provides best quality service to the client
Does not conflict with other instructions so fair market representation
Is there and RICS document for Conflicts?
RICS Conflicts of Interest, Global, 2017 Professional Standard
What guidance did you following from the RICS PS?
Ensuring no type of conflict
- Party, Own Interest or Confidential information
Ensured systems and controls in place in line with C&W
Kept records to show compliance
How would you handle a Conflict of Interest?
1 - Conflict Avoidance - consider where if irresolvable because impartiality compromised
2 - Written advice to both parties - Disclose nature of conflict, be clear as possible, request written information - clients best interest
3 - Conflict management - set up information barrier
What are the types of conflict management systems?
Information - All information securely stored separately, Clear audit trail of communications, compliance officer oversee actions
Ethical - physical separation of individuals and teams, no discussions
What is a conflict of interest?
Something that potentially compromises objectivity and ability to make impartial decisions.
Does not influence duty to client or public
Whats the difference between conflict avoidance and conflict management?
Avoidance - do not accept instruction
Management - instruction accepts and steps agrees and in place to manage
How would you confirm that a conflict management is in place?
Written agreement by all parties within the Terms of Engagement outlining details of conflict and management
What is integrity?
Being honest, transparent and moral in ones actions and behaviours.
Having good ethical values and adhering to them even when faced with challenging situations.
In line with Rule 1
