Standards and Ethics Flashcards by Wendell Tan

appraiser’s commitment to the profession and outlines ethical considerations

code of conduct

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moral principles that guide work. it covers the proper use and management of confidential data, treating clients with respect and fairness and ensuring appraisals are accurate and impartial

ethical conduct

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ideas taken to be true, affecting the subject or approach to valuation

assumptions

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constraints imposed on valuations, imposed by clients, valuers or by local statutory law

limiting conditions

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possesses necessary qualifications, ability, and experience to execute a valuation

valuer

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appropriate degree, suitable experience, competent, aware of, understands, and can correctly employ recognized methods and techniques necessary to produce a credible valuation, member of a recognized national professional valuation body, pursues a program of professional learning throughout his or her career, follows all the requirements of this Code of Conduct

valuer

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a method of identifying the boundaries of a parcel of land by placing stakes or pins in the ground or by painting marks on stone walls or rocks

staking

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valuers should, ___ ,maintain a ___ standard of honesty and integrity and conduct their activities in a manner not detrimental to their clients, the public, their profession, or their respective national professional valuation body.

at all times, high

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Ethical Standards (PVS Code of Conduct)

Integrity
Conflicts of Interest
Confidentiality
Impartiality
Competence
Disclosure
Reporting of Values

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a valuer must not act in a manner that is misleading or fraudulent

integrity

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a valuer must not knowingly develop and communicate a report that contains false, inaccurate, or biased opinions and analysis

integrity

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a valuer must not contribute to, or participate in, a valuation service that other reasonable valuers would not regard to be ethical or justified

integrity

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a valuer must act legally and comply with the laws and regulations of the country in which he or she practices or where an assignment is undertaken

integrity

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a valuer must not claim, or knowingly let pass, erroneous interpretation of professional qualifications that he or she does not posses.

integrity

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a valuer should not knowingly use false, misleading or exaggerated claims or advertising in an effort to secure assignments

integrity

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a valuer shall ensure that any staff, person or subordinate assisting with the assignment adheres to this Code of Conduct

integrity

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a valuer must not act for two or more parties in the same matter, except with the written consent of those concerned

conflicts of interest

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a valuer must take all reasonable precautions to ensure that no conflicts of duty arise between the interests of his or her clients and those of other clients, valuer, his or her firm, relatives, friends or associates

conflicts of interest

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potential conflicts should be ___ before accepting instructions

disclosed in writing

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a valuer must at all times deal with client’s affairs with proper discretion and confidentiality

confidentiality

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a valuer must not disclose sensitive factual data obtained from a client, or the results of an assignment prepared for a client to anyone other than those specifically authorized by the client except when legally required to do so as in situations where a valuer must comply with the certain quasi-judicial proceedings within the recognized national professional valuation body of which the valuer is a member

confidentiality

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a valuer must perform an assignment with the strictest independence, objectivity and impartiality and without accommodation of personal interest

impartiality

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a valuer must not accept an assignment that includes the reporting of predetermined opinions and conclusions

impartiality

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fees connected with an assignment must not depend on the predetermined outcome of any valuation or other independent, objective advice contained in the valuation report

impartiality

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whether the valuer's fee is or is not contingent upon any aspect of the report must be disclosed

impartiality

a valuer must not rely upon critical information supplied by a client, or any other party, without appropriate qualification or confirmation from an independent source unless the nature and extent of such reliance is in specified as a limiting condition

impartiality

a valuer should not accept an assignment report on assumed hypothetical conditions that are unlikely to be realized in any reasonable timescale

impartiality

a valuer should not use or rely on unsupported conclusions based on prejudice of any kind or report conclusions reflecting an opinion that such prejudice is necessary to maintain or maximize value

impartiality

in reviewing another valuer's report, a valuer shall exhibit impartial judgement and justify his or her reasons for agreeing or disagreeing with the conclusion of the report

impartiality

a valuer must have the knowledge, skill and experience to complete the assignment efficiently in relation to an acceptable professional standard

competence

a valuer should make diligent enquiries and investigations to ensure that the data for analysis in the valuation are correct and can be relied upon

competence

instructions should be declined where circumstances preclude sufficient diligent inquiry, quality of work, and completion within a reasonable time

competence

a valuer should prepare a work file for each assignment which, upon completion, should contain a true copy, in paper or electronic form (suitably backed-up), of all written reports, correspondence, and memoranda plus adequate file notes which substantiate the valuer's opinion by way of enquiry, objective comparison, deduction and calculation

competence

the work file for each assignment should be retained for a period of ___ after completion of the assignment

at least five years

it is essential that valuers develop and communicate their analyses, opinions and conclusions to users of their services through reports that are meaningful and not misleading and that disclose anything that might be taken to affect objectively

disclosure

the valuation report should set out clear and accurate description of the scope of the assignment and its purpose and intended use, disclosing any assumptions, hypothetical scenarios, limiting conditions that directly affect the valuations and, where appropriate, indicating their effect on the value

disclosure

the valuation report must provide sufficient information to describe the work performed, the conclusions reached, and the context in which they were shaped

disclosure

a valuer must disclose any direct or indirect personal or corporate relationship with the property or company that is the subject of any assignment and that might lead to a potential conflict of interest

disclosure

valuation reports should be customized to the assignment and client's needs, while meeting ____

minimum content requirements

the level of detail and content in the report may vary based on ___

the valuation's use and the complexity of the property or portfolio being valued

the latin abbreviation signifying "and husband" in legal term is

et con

the realty service practice, a ____, ____ or _____ is dedicated to the promotion, development and conservation of land and natural resources including improvements, rights and interest appurtenant thereto for the benefit and enjoyment of the Filipino people

profession, calling or occupation

govern the role of conduct of those who will engage in real estate service practice

National Code of Ethics for Realty Service Practice

the realty service practice is a ___, ___ or ____ and those engaged therein shall abide by and comply with all the laws, decrees, orders by the duly-constituted government authorities

noble profession, calling or occupation

utmost ___, ____ and ____ shall be observed at all times by those in realty service practice in their relation with the client, the community and the nation and general

fidelity, sincerity and honesty

adequate ___, ___ and ___ in real estate development and management shall be maintained; and the upgrading of the standards of practice shall be affected when the need arises: all these for and in interest of the social and economic progress of the country

knowledge, competence and expertise

the spirit of ___, ___ and ____ among practitioners shall be promoted and every organization to which they shall be encouraged to join and shall have such aims and purposes as will set up, upgrade and maintain a high level of integrity, honesty and confidence in the profession for the best interests of the community and the nation

camaraderie, cooperation and professional relationship

the golden rule which says, ___ shall be observed in all the dealings and relation with each other always be fair, honest and just

"Treat others as you like them to treat you"

the realty service practice shall embrace and include all persons, partnerships and corporations who are duly licensed by the BTRCP in accordance by ACT No. 3715 and 3969 and MO No. 39, Series of 1985 as ___, ___, ___ , ___ and such other practitioner as the Director if BTRCP may now or after license pursuant to any law. They shall be called Realty Service practitioners hereinafter known as Practitioners

real estate salesman, broker, appraiser, consultant

The practitioner shall be governed by the following rules of conduct and practice (obligations in relation to)

relation to Government relation to the Public relation to the Client/Customer relation to Fellow Practitioners relation to his Organization

National Code of Ethics for Realty Service Practice Effectivity. this code shall take effect 15 days after publication in a newspaper of general circulation. Done in Makati on

September 19, 1986

National Code of Ethics for Realty Service Practice. Effectivity - this code shall take effect immediately after publication in a newspaper of general circulation. Done in Makati on _____ (as amended)

September 29, 1993

PRBRES Res. No. 39, series of 2019 done on

May 6, 2019

PRBRES Res. No. 39, series of 2019 date of publication on the official gazette

July 29, 2019

PRBRES Res. No. 39, series of 2019 Date of Effectivity

August 14, 2019

PRBRES Res. No. 39, series of 2019 has ___ articles

PRBRES Res. No. 39, series of 2019, in pursuant to ___ and ___ of RA 9646

Sec. 5 of Art II and Sec. 35 of Art IV

New code of ethics (PRBRES Res. No. 39, series of 2019) Scope and Coverage of the Code of Ethics Real Estate Service profession

Real Estate Consultants Real Estate Appraisers Real Estate Assessors Real Estate Brokers Real Estate Salespersons

General Provisions and Declaration of Principles for Real Estate Service Profession. Practitioner shall exercise the profession with utmost ___, ___, ___, ___, ___, ___, ___

Courtesy Integrity Sincerity Fidelity Responsibility Respect

General Provisions and Declaration of Principles for Real Estate Service Profession. Practitioner shall promote the values of ___, ___, ____ and ___ in his/her professional relationship

Camaraderie Unity Solidarity Synergy

Professional Rules of Ethics and Responsibilities. To the Client - be honest and trustworthy and observe ___, ___, ___ and ___ in his/her profession

Fairness Impartiality Loyalty Sincerity

which of these is not part of the PVS Code of Conduct for the appraisers? a. Confidentiality b. Integrity c. Conflict of Interest d. Collaboration

d. Collaboration

to whom this Professional Rules of Ethics and Responsibilities applies? "The practitioner shall fully and truthfully disclose all pertinent and material facts involved in the engagement a. the general public b. the government c. fellow practitioners d. the client

d. the client

which of the following is the responsibility of the Real Estate Practitioner's Professional Rules of Ethics and Responsibilities as to Fellow Practitioners? a. The Practitioner shall always set a good example as a responsible law-abiding citizen b. The Practitioner shall respect the dignity, reputation and privacy of fellow practitioners c. The practitioners shall always maintain transparency in all dealings with the Client d. The Practitioner shall strictly observe client-practitioner confidentiality

b. The Practitioner shall respect the dignity, reputation and privacy of fellow practitioners

in matters of impartiality, a real estate appraiser / valuer must a. at all times deal with client's affair with proper discretion and confidentiality b. not act in a manner that is misleading or fraudulent c. at all times maintain a high standard of honesty and integrity and conduct their activities in a manner not detrimental to their clients d. perform an assignment with the strictest independence, objectivity and impartiality and without accommodation of personal interest

d. perform an assignment with the strictest independence, objectivity and impartiality and without accommodation of personal interest

it is the fundamental to the process of the Philippine Valuation Standards (PVS) that valuation or appraisal performed in compliance with PVS should be provided by Professional Valuers or Real Estate Appraisers who are a. honest and competent, free of bias or self-interest, whose report are clear, will mislead and will not disclose all materials essential to the proper understanding if the valuation / appraisal b. honest and competent, free of bias or self-interest, whose report are representative of client's interest, and shall not disclose all materials essential to the proper understanding if the valuation / appraisal c. dishonest and incompetent, free of bias or self-interest, whose report are clear, will mislead and will not disclose all materials essential to the proper understanding if the valuation / appraisal d. honest and competent, free of bias or self-interest, whose report are clear, will not mislead and not disclose all materials essential to the proper understanding if the valuation / appraisal

d. honest and competent, free of bias or self-interest, whose report are clear, will not mislead and not disclose all materials essential to the proper understanding if the valuation / appraisal

in professional practice, which of the following will address the ethical competency obligations of the valuers / Real estate appraisers a. Ethical conduct b. Moral conduct c. Code of conduct d. Professional conduct

c. Code of conduct

what shall govern the professional and ethical conduct of the real estate service practitioners? a. The Golden Rule b. Continuing Professional Development c. The Real Estate Service Laws d. Code of Ethics and Responsibilities

d. Code of Ethics and Responsibilities

Real Estate Appraiser shall be honest and trustworthy and shall observe a. objectivity, impartiality, fairness, loyalty b. sincerity, impartiality, detachment, and loyalty c. sincerity, impartiality, fairness, and loyalty d. sincerity, impartiality, authenticity, and loyalty

c. sincerity, impartiality, fairness, and loyalty

on the Professional Rules of Conduct and Responsibilities, the practitioners shall be governed by the following: a. Relation to Government & Public b. Relation to Principals c. Relation to Fellow Practitioners and AIPO d. All of the above

d. All of the above

you are a licensed appraiser who has been asked to help sell a small family farm. The client specifically needs help with a marketing plan, deciding what improvement should be made to the property, and how to handle an offer when one comes in, if you accept this assignment, you are a. Not competent to perform the assignment b. Acting as a consultant, not an appraiser c. Acting as an appraiser d. Violating the code of ethics for appraisers

d. Violating the code of ethics for appraisers