guide to RICS Global Real Estate Agency and Brokerage Standards by liaoqinmei


									A guide to RICS Global Real Estate
Agency and Brokerage Standards

Raising standards globally                                                         The standards set out 12 core principles which agents and
                                                                                   brokers must observe. These are:
As part of its commitment to raising standards in land, property
and construction, RICS has launched global real estate agency and                  1. To conduct business in an honest, fair, transparent and professional manner
brokerage standards.
                                                                                   2. To carry out work with due skill, care and diligence, and ensure that staff
The standards set out best practice for RICS members providing selling,               employed have the necessary skills to carry out their tasks
buying, leasing or letting services in commercial, residential or rural property
– wherever they are in the world.                                                  3. To ensure that clients are provided with their terms of business which are
                                                                                      fair and clear, incorporate details of their complaints handling procedure
These standards require that clients receive objective advice from their RICS         and, where existing, an appropriate redress scheme and meet all other
member broker or agent, delivered in a professional manner. They incorporate          legal requirements and relevant codes of practice
requirements for professional integrity, competence, excellent service and
client protection.                                                                 4. To do their utmost to avoid conflicts of interest and, where they do arise,
                                                                                      to deal with them openly and fairly
Whilst globally applicable, the standards allow members flexibility in following
their provisions to take account of local legislative and market requirements.     5. Not to discriminate unfairly in any of their dealings

The standards include best practice procedure on practical aspects of              6. To ensure that all their communications are fair, clear and timely,
property brokerage: ethics, securing instructions, acting for sellers, acting         and transparent in all dealings with clients
for buyers, ending instructions and agency management.
                                                                                   7. To ensure that all their advertising and marketing material is honest,
By choosing an RICS member, clients and consumers can be assured of the               decent and truthful
highest professional competence, service and protection.
                                                                                   8. To ensure that any client money is held separately from other monies,
                                                                                      and is covered by adequate insurance
Benefits to end users include:
                                                                                   9. To have appropriate professional indemnity/errors or omissions insurance,
Reassurance                                                                           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          10. To ensure that they make it clear to all parties for whom they are acting,
as the best in ethics and technical practice in property.                              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
RICS members are regulated and their conduct and practice is judged against            likely selling, buying or rental price or associated cost of occupancy, to the
RICS standards.                                                                        client based on market evidence and using best professional judgement
Expertise                                                                          12. To ensure that any property viewings are carried out in accordance with
Our rigorous world-leading qualification demands that all RICS members possess         the client’s wishes, having due regard for security and the personal safety
core technical expertise and pursue continuous professional development.               of all parties.

 Further information about the Global Real Estate Agency and                        RICS members can download RICS standards for free from
 Brokerage Standards can be found at                             The standards are available for purchase by non-members.

RICS HQ                   Advancing standards in land, property and construction.
Parliament Square
London SW1P 3AD
United Kingdom
                          RICS is the world’s leading qualification when it comes
                          to professional standards in land, property and construction.
Worldwide media
e    In a world where more and more people, governments, banks
                          and commercial organisations demand greater certainty of
Contact Centre:
e    professional standards and ethics, attaining RICS status
t +44 (0)870 333 1600     is the recognised mark of property professionalism.
f +44 (0)20 7334 3811

                          Over 100 000 property professionals working in the major
                          established and emerging economies of the world have
Europe                    already recognised the importance of securing RICS status
(excluding                by becoming members.
United Kingdom)
                          RICS is an independent professional body originally
United Kingdom
                          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,
Africa                    authoritative advice on key issues affecting businesses
                          and society.
                          RICS is a regulator of both its individual members and firms
Middle East   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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