RICS CPD day April 2016
-
Upload
simon-wainwright -
Category
Real Estate
-
view
351 -
download
1
Transcript of RICS CPD day April 2016
![Page 1: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/1.jpg)
Introducing the RICS Commercial Real Estate Agency Standards, 2nd edition (Purple Book)Simon Wainwright FRICS Director JPW Real EstateChairman RICS Commercial Property Board
![Page 2: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/2.jpg)
Insert image by clicking here
Insert white RICS logo here
![Page 3: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/3.jpg)
Requires members to act in the public interest
Insert white RICS logo here
RICS Royal Charter
![Page 4: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/4.jpg)
Mandatory, Best Practice or Information
Standards Hierarchy
Standard► International standard MANDATORYProfessional statement► RICS professional statement MANDATORYGuidance► RICS code of practice MANDATORY OR BEST PRACTICE► RICS guidance note (GN) BEST PRACTICEInformation► RICS information paper (IP) INFORMATION► RICS Insights INFORMATION► Economic reports INFORMATION► Consumer guides INFORMATION► Research INFORMATION
![Page 5: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/5.jpg)
RICS Professional Statement - UK Commercial Real Estate Agency
International Standards
►International Valuation Standards►International Property Measurement Standards►International Ethical Standards
![Page 6: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/6.jpg)
There are five standards
Ethical & Professional Standards
What are the five ethical principles which all members must comply with?
![Page 7: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/7.jpg)
There are five ethical standards
Ethical & Professional Standards
►Act with integrity►Always provide a high standard of service►Act in a way that promotes trust in the profession
►Treat others with respect►Take responsibility
![Page 8: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/8.jpg)
Part 1: Real estate agency and brokerage and real estate management: RICS practice statement
Insert white RICS logo here
RICS Professional Statement
![Page 9: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/9.jpg)
You have a duty to comply with a number of standards, official codes, redress schemes and ethical codes.
Real Estate Agency & Brokerage Guidance
These include:
► Real estate agency and brokerage and real estate management: RICS practice statement, 2nd edition (November 2014).
► Real estate agency and brokerage guidance: RICS guidance note, 2nd edition (November 2014).
► http://www.rics.org/uk/knowledge/professional-guidance/practice-statements/real-estate-agency-and-brokerage-guidance-2nd-edition/
![Page 10: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/10.jpg)
This mandatory professional statement applies to all RICS members involved with the sale, letting, leasing and management of real estate, whatever the form of tenure by which it is held or occupied. Members are required:
Real Estate Agency & Brokerage Guidance
1 To conduct business in an honest, fair, transparent and professional manner.2 To carry out work with due skill, care and diligence, and ensure that any staff employed have the
necessary skills to carry out their tasks.3 To ensure that clients are provided with terms of engagement that are fair and clear. These should meet all legal requirements and relevant codes of practice including reference to complaints
handling procedures and, where it exists, an appropriate redress scheme.4 To do the utmost to avoid conflicts of interest and, where they do arise, to deal with them openly, fairly and promptly.5 Not to discriminate unfairly in any dealings.6 In all dealings with clients, to ensure that all communications (both financial and nonfinancial
Subject matters) are fair, clear, timely and transparent.
![Page 11: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/11.jpg)
This mandatory professional statement applies to all RICS members involved with the sale, letting, leasing and management of real estate, whatever the form of tenure by which it is held or occupied. Members are required:
Real Estate Agency & Brokerage Guidance
7 To ensure that all advertising and marketing material is honest, decent and truthful.8 To ensure that all client money is held separately from other monies in appropriately designated
accounts and is covered by adequate insurance.9 To have adequate and appropriate professional indemnity insurance or equivalent in place that
complies with the RICS Rules of Conduct. Having proper cover is a key part of managing your risk.10 To ensure that it is made clear to all parties with whom you are dealing the scope of your obligations to each party.11 Where provided as part of the service, to give a realistic assessment of the likely selling, buying or rental price, associated cost of occupancy or of the likely financial outcome of any issues, using best professional judgment.12 To ensure that all meetings, inspections and viewings are carried out in accordance with the
client's lawful and reasonable wishes, having due regard for the security and personal safety of all parties.
![Page 12: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/12.jpg)
UK Commercial Real Estate Agency
Insert white RICS logo here
RICS Professional Statement
![Page 13: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/13.jpg)
UK Commercial Real Estate Agency
RICS Professional Statement
1. Standards & Ethics2. Securing Instructions3. Disposals Marketing the Property4. Implementing the Disposal5. Acquisitions6. Ending the Instruction
![Page 14: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/14.jpg)
You have a duty to comply with a number of standards, official codes, redress schemes and ethical codes.
1.0 Standards and ethics
These include:
► Real estate agency and brokerage and real estate management: RICS practice statement, 2nd edition (November 2014).
► Real estate agency and brokerage guidance: RICS guidance note, 2nd edition (November 2014).
![Page 15: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/15.jpg)
You have a duty to comply with a number of standards, official codes, redress schemes and ethical codes.
1.0 Standards and ethics
You are also required to comply with relevant legislation including:
► Bribery Act 2010► Equality Act 2010► Estate Agents Act 1979► Consumer Protection from Unfair Trading Regulations 2008 (when dealing
with consumers)► Business Protection from Misleading Marketing Regulations 2008 (when
dealing with businesses).
![Page 16: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/16.jpg)
Your duties and responsibilities
1.0 Standards and Ethics
► Duty of Care as a Real Estate Agent► Conflicts of Interest► Gifts, incentives and hospitality► Discrimination► Vulnerable customers
![Page 17: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/17.jpg)
Securing Instructions & Statutory Compliance
2.0 Securing Instructions
Securing instructions► Legal and regulatory requirements► Matters to be dealt with before taking instructions
► Complaints handling procedure► Handling clients money► Money Laundering compliance ► Information and confidentiality► Health and safety
![Page 18: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/18.jpg)
Terms of Engagement
2.0 Securing Instructions
► Prior to agreement ► Lettings► Fees charges and taxes► Itemised costs► Dual fee liability► Timings► Penalties
► Cooling off period► Receiverships► Types of agency► Finalising terms► Offering services to other parties► Special types of sale or lease► Off-market transactions
![Page 19: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/19.jpg)
You must comply with legislation including:
3.0 Disposals: marketing the property
► Data Protection Act 1998► Estate Agents Act 1979► Landlord and Tenants (Covenants) Act 1995► Misrepresentation Act 1967► Consumer Protection from Unfair Trading Regulations 2008► Business Protection from Misleading Marketing Regulations 2008► Auctions (Bidding Agreements) Act 1927 and 1969
![Page 20: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/20.jpg)
You must comply with legislation including:
3.0 Disposals: marketing the property
► Existing lease arrangements► Inspection and measurement► Market appraisal► Documentation about the property► Marketing the property
► Online marketing► Advertising signs and boards► Viewings► Responding to questions► Keeping the client informed
![Page 21: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/21.jpg)
4.0 Implementing the disposal
► Legal and regulatory requirements► Methods of sale► Sale by tender► Lettings
![Page 22: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/22.jpg)
5.0 Acquisitions
► Legal and regulatory requirements► Property search: buying or leasing► Communication with your client► Dealing with conflicts of interest► Leasehold acquisitions► Progressing purchases► Holding clients money
![Page 23: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/23.jpg)
6.0 Ending the instruction
► Legal and regulatory requirements► Written confirmation► Invoice► If completion does not take place► Retention of records
![Page 24: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/24.jpg)
Conflicts of Interest
Conflicts of Interest►Party conflict►Own interest conflict►Other involvement conflict►Confidential information conflictInformation BarrierInformed consent
![Page 25: RICS CPD day April 2016](https://reader036.fdocuments.in/reader036/viewer/2022070518/58e5894f1a28abdd148b4573/html5/thumbnails/25.jpg)
Introducing the RICS Commercial Real Estate Agency Standards, 2nd edition (Purple Book)Simon Wainwright FRICS Director JPW Real EstateChairman RICS Commercial Property Board