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A guide to RICS Global Real Estate Agency and Brokerage Standards

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Raising standards globally As part of its commitment to raising standards in land, property and construction, RICS has launched global real estate agency and brokerage 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 RICS member broker or agent, delivered in a professional manner. They incorporate requirements for professional integrity, competence, excellent service and client protection. Whilst globally applicable, the standards allow members flexibility in following their provisions to take account of local legislative and market requirements. The standards include best practice procedure on practical aspects of property brokerage: ethics, securing instructions, acting for sellers, acting for buyers, ending instructions and agency management. By choosing an RICS member, clients and consumers can be assured of the highest professional competence, service and protection.

Benefits to end users include:

The standards set out 12 core principles which agents and brokers 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 staff employed have the necessary skills to carry out their tasks 3. To ensure that clients are provided with their terms of business which are fair and clear, incorporate details of their complaints handling procedure and, where existing, an appropriate redress scheme and meet all other legal 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

Reassurance

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

RICS standards are recognised by markets and governments across the globe as the best in ethics and technical practice in property.

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

Protection

11. Where provided as part of their service, to give a realistic assessment of the likely selling, buying or rental price or associated cost of occupancy, to the client based on market evidence and using best professional judgement

RICS members are regulated and their conduct and practice is judged against RICS standards. Expertise Our rigorous world-leading qualification demands that all RICS members possess core technical expertise and pursue continuous professional development.

Further information about the Global Real Estate Agency and Brokerage Standards can be found at rics.org/standards

12. To ensure that any property viewings are carried out in accordance with the client’s wishes, having due regard for security and the personal safety of all parties.

RICS members can download RICS standards for free from rics.org The standards are available for purchase by non-members.


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Advancing standards in land, property and construction. RICS is the world’s leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism. Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members. RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector. RICS has a worldwide network. For further information simply contact the relevant RICS office or our Contact Centre.

APRIL 2011/VP/898

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A guide to RICS Global Real Estate Agency and Brokerage Standards  

A guide to RICS Global Real Estate Agency and Brokerage Standards