Standards and Ethics Flashcards
appraiser’s commitment to the profession and outlines ethical considerations
code of conduct
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
ideas taken to be true, affecting the subject or approach to valuation
assumptions
constraints imposed on valuations, imposed by clients, valuers or by local statutory law
limiting conditions
possesses necessary qualifications, ability, and experience to execute a valuation
valuer
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
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
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
Ethical Standards (PVS Code of Conduct)
Integrity
Conflicts of Interest
Confidentiality
Impartiality
Competence
Disclosure
Reporting of Values
a valuer must not act in a manner that is misleading or fraudulent
integrity
a valuer must not knowingly develop and communicate a report that contains false, inaccurate, or biased opinions and analysis
integrity
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
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
a valuer must not claim, or knowingly let pass, erroneous interpretation of professional qualifications that he or she does not posses.
integrity
a valuer should not knowingly use false, misleading or exaggerated claims or advertising in an effort to secure assignments
integrity
a valuer shall ensure that any staff, person or subordinate assisting with the assignment adheres to this Code of Conduct
integrity
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
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
potential conflicts should be ___ before accepting instructions
disclosed in writing
a valuer must at all times deal with client’s affairs with proper discretion and confidentiality
confidentiality
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
a valuer must perform an assignment with the strictest independence, objectivity and impartiality and without accommodation of personal interest
impartiality
a valuer must not accept an assignment that includes the reporting of predetermined opinions and conclusions
impartiality
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
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
6
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
