Standards & Ethics Flashcards

1
Q

Name the legislation an RICS accredited member must comply with.
Acts when acting as an agent

A

-Bribery Act 2010
-Equality Act 2010
-Estate Agents Act 1979
-Consumer Protection from Unfair Trading Reg 2008 (consumers)
-Business Protection from Misleading Marketing Regulations 2008 (businesses)

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2
Q

What governs ethics and professionalism for RICS agents?

A

-Real estate agency and brokerage
-RICS Rules of Conduct

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3
Q

What is duty of care and what does it deem agents should do?

A

That agents carry out work with due skill, care and diligence, applies to every aspect of the service.

-Best endeavours to achieve best possible outcome for your client within the market conditions and the ethical code.
-Not release or misuse confidential info
-Not appoint sub agent without the express client permission
-Ensure all staff are appropriately trained & supervised
-Do not accept instructions which are beyond your field of experience
-Must always ensure instructions are carried out with reasonable care & skill.

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4
Q

Define a COI

A

Conflict of Interest, anything that impedes your ability to focus on the best interests of the client.

-A matter of your judgement, you must avoid any COI that are not in the interest of your client.

-Must deal with COI openly, fairly & immediately if they arise.

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5
Q

What must you do in the case of a COI?

A

-Must disclose any interest in the property promptly & in writing.
-Where multiple agents you must pay equal respect to your clients interests & work in highest possible level of transparency, if a COI can’t be avoided then activities ceased.
-Best practice, disclose all interests to client, take their instructions in writing

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6
Q

What must you ensure when it comes to gifts/incentives?

A

Act in acordance with Bribery Act 2010 & RICS Rules of Conduct.

-Must ensure neither you nor your employees accepts offers or anything that could be construed as a bribe or that could influence current/future professional judgment

**Accepting genuine hospitality that is reasonable & proportionate is acceptable

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7
Q

How must you not discriminate?

A

-Must not discriminate on the basis of gender, age, race, creed, religion, disability, sexual orientation or national origin.
-Must not favour any party because they are likely to instruct you on other matters
-Must not discriminate unfairly on terms the prop is offered, by refusing to lease/sell prop, or in the treatment of the client

Equality act 2010

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8
Q

Define a vulnerable customer & how to deal with a vulnerable customers

A

Vulnerability = anything that may have an impact on a persons ability to make a sound & reasoned decision.

-Must ensure you do not discriminate against vulnerable customers either explicitly or implicitly

-You must be willing & able to offer appropriate advice about the transaction process
-Shouldn’t assume degree of someone’s knowledge
-Should always suggest they seek legal advice

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9
Q

How do you regain possession in regards to a lease inside the act?

A

Provide a S.30 notice stating one of seven grounds

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10
Q

What act regulates EPCs?

A

Minimum Energy efficiency standards Regulation 2018

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11
Q

Who is the AML officer within your firm?

A

Managing director - Mark Pellow

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12
Q

What act relates to AML

A

Anti money laundering act 2018

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13
Q

What is underhand contract

A

Simple contract made verbally/in writing and is not formally executed

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14
Q

What is an under seal contract?

A

Legally binding agreement between two or more parties that is enforced by law

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15
Q

What are the different types of conflict?

A

Party
Personal
Confidential.

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16
Q

What’s the fine for not stopping money laundering?

A

Civil or criminal prosecution

Unlimited fine or prison term

17
Q

Who polices the Estate Agents act?

A

National Trading Standards Estate and Letting Agency Team

18
Q

Who polices the Estate Agents act?

A

National Trading Standards Estate and Letting Agency Team

19
Q

Under the 54 act do you have to have owned the property for a certain period of time prior to regaining possession?

A

Yes five years

20
Q

If you are banned or issued a warning for being an EA can you appeal?

A

Yes, within 28 days of the notice

21
Q

What is a sections 106 agreement?

A

A legally binding agreement (planning obligation) between local council and an applicant (developer). Generally required to mitigate impacts that a development will have on local community.

Sets out financial contributions to be paid by the developer.