a guide to rics global real estate agency and brokerage standards
DESCRIPTION
A guide to RICS Global Real Estate Agency and Brokerage StandardsTRANSCRIPT
A guide to RICS Global Real EstateAgency and Brokerage Standards
rics.org
Raising standards globally
As part of its commitment to raising standards in land, propertyand construction, RICS has launched global real estate agency andbrokerage standards.
The standards set out best practice for RICS members providing selling,buying, leasing or letting services in commercial, residential or rural property– wherever they are in the world.
These standards require that clients receive objective advice from their RICSmember broker or agent, delivered in a professional manner. They incorporaterequirements for professional integrity, competence, excellent service andclient protection.
Whilst globally applicable, the standards allow members flexibility in followingtheir provisions to take account of local legislative and market requirements.
The standards include best practice procedure on practical aspects ofproperty brokerage: ethics, securing instructions, acting for sellers, actingfor buyers, ending instructions and agency management.
By choosing an RICS member, clients and consumers can be assured of thehighest professional competence, service and protection.
Benefits to end users include:
Reassurance
RICS standards are recognised by markets and governments across the globeas the best in ethics and technical practice in property.
Protection
RICS members are regulated and their conduct and practice is judged againstRICS standards.
Expertise
Our rigorous world-leading qualification demands that all RICS members possesscore technical expertise and pursue continuous professional development.
Further information about the Global Real Estate Agency andBrokerage Standards can be found at rics.org/standards
The standards set out 12 core principles which agents andbrokers must observe. These are:
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 staffemployed have the necessary skills to carry out their tasks
3. To ensure that clients are provided with their terms of business which arefair and clear, incorporate details of their complaints handling procedureand, where existing, an appropriate redress scheme and meet all otherlegal requirements and relevant codes of practice
4. To do their utmost to avoid conflicts of interest and, where they do arise,to deal with them openly and fairly
5. Not to discriminate unfairly in any of their dealings
6. To ensure that all their communications are fair, clear and timely,and transparent in all dealings with clients
7. To ensure that all their advertising and marketing material is honest,decent and truthful
8. To ensure that any client money is held separately from other monies,and is covered by adequate insurance
9. To have appropriate professional indemnity/errors or omissions insurance,to ensure their customers do not suffer loss as a result of any negligent act
10. To ensure that they make it clear to all parties for whom they are acting,and the scope of their obligations to each party
11.Where provided as part of their service, to give a realistic assessment of thelikely selling, buying or rental price or associated cost of occupancy, to theclient based on market evidence and using best professional judgement
12. To ensure that any property viewings are carried out in accordance withthe client’s wishes, having due regard for security and the personal safetyof all parties.
RICSmembers can download RICS standards for free from rics.orgThe standards are available for purchase by non-members.
Advancing standards in land, property and construction.
RICS is the world’s leading qualification when it comesto professional standards in land, property and construction.
In a world where more and more people, governments, banksand commercial organisations demand greater certainty ofprofessional standards and ethics, attaining RICS statusis the recognised mark of property professionalism.
Over 100 000 property professionals working in the majorestablished and emerging economies of the world havealready recognised the importance of securing RICS statusby becoming members.
RICS is an independent professional body originallyestablished in the UK by Royal Charter. Since 1868, RICShas been committed to setting and upholding the higheststandards of excellence and integrity – providing impartial,authoritative advice on key issues affecting businessesand society.
RICS is a regulator of both its individual members and firmsenabling it tomaintain the highest standards and providingthe basis for unparalleled client confidence in the sector.
RICS has a worldwide network. For further informationsimply contact the relevant RICS office or our Contact Centre.
Europe(excludingUnited Kingdom)[email protected]
United [email protected]
Middle [email protected]
rics.org
RICS HQ
Parliament SquareLondon SW1P 3ADUnited Kingdom
Worldwide mediaenquiries:e [email protected]
Contact Centre:
e [email protected] +44 (0)870 333 1600f +44 (0)20 7334 3811
APRI
L201
1/VP
/898