Ethics Level 2

Question 1

What conflicts of interest do you undertake?

Answer 1

1. Personal conflict
2. Party conflict
3. Sensitive information conflict

Question 2

Which rule do you follow when ensuring you are competent?

Answer 2

Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Question 3

Can you list some headings in your terms of engagement?

Answer 3

• Identification & status of valuer
• Identification of client
• Identification of any other intended users
• Identification of asset to be valued
• Purpose of valuation
• Bases of value
• Valuation date
• Extent of investigations
• Nature and source of information to be relied upon
• Assumptions and special assumptions
• Format of the report
• Restrictions on use, distribution and publication
• Instruction undertaken in accordance with IVS standards
• Fee basis
• Reference to the firms complaints handling procedure
• Statement that compliance with these standards may be subject to monitoring under RICS
• A statement setting out any limitations on liability

Question 4

What is rule 3?

Answer 4

Members and firms must provide a good quality and diligent service

Question 5

Why do you stand back and look as part of a valuation?

Answer 5

To ensure the valuation appears reasonable and ensure I have taken all steps necessary.