Property Management General Flashcards
What is the purpose of a professional statement in real estate management?
A professional statement outlines the principles that share the culture of fairness and transparency that underpin the activities by real estate managers.
RICS, 2016
Who is the RICS Professional Statement aimed at?
It is aimed at both commercial and residential property managers.
What is the first principle of the RICS Professional Statement?
Act in an honest, fair, transparent and professional manner.
What does the second principle emphasize?
Carry out work with due skill, care and diligence and ensure all staff employed have the necessary skills to carry out their tasks.
What does the third principle require regarding terms of business?
Ensure that clients are provided with terms of business that are fair and clear, with details of the firm’s complaints handling procedure.
What is the focus of the fourth principle?
Do the utmost to avoid conflicts of interests and where they do arise, deal with them openly and fairly.
What does the fifth principle state about discrimination?
Not to discriminate unfairly in any dealings.
What is required in communications with clients according to the sixth principle?
All communications with clients are fair, decent, clear and timely and transparent.
What does the seventh principle say about advertising?
All advertising and marketing material is honest and truthful.
What is stated in the eighth principle regarding client money?
Any client money is held separately and is covered by adequate insurance.
What insurance is mentioned in the ninth principle?
Hold appropriate PIl/errors or omissions insurance to ensure a customer does not suffer loss because of a negligent act.
What does the tenth principle clarify about client identity?
Make it clear the identity of your client and ensure all parties are clear of your obligations to each party.
What is emphasized in the eleventh principle regarding assessments?
Give realistic assessments of selling prices/rents/financial costs having regard to market evidence and using best professional judgment.
What does the twelfth principle state about meetings and inspections?
Ensure all meetings, inspections and viewings are carried out in accordance with the client’s wishes having due regard to security and personal safety.
What is the important note regarding RICS standards?
The core material set out is due to be substantially changed within 2024, following approval of the RICS Property Agency and Management Standards Strategy by the RICS Standards and Regulation Board in 2023.
