Residential property standards > Ethics
There are a number of global ethical codes relating to international real estate agency. There are also many country specific and professional body specific codes. The formal code that applies to you will depend upon the country and the sector within which you practise. If you are a member of a professional body then you should also refer to the code of practice or conduct for that body.
This chapter considers the overarching ethical responsibilities of real estate agents, notwithstanding your country of practice, and provides guidance to help you to meet the following core principles of the Real Estate Agency Code:
To conduct business in an honest, fair, transparent and professional manner.
To carry out work with due skill, care and diligence, and ensure that staff employed have the necessary skills to carry out their tasks.
To do the utmost to avoid conflicts of interest and, where they do arise, to deal with them openly, fairly and promptly.
Not to discriminate unfairly in any of their dealings.
As a residential estate agent practising in the UK, you have a duty to comply with a number of standards and official and ethical codes. There are also membership requirements for each redress schemes. These include:
- Real Estate Agency Code;
- Real estate agency and brokerage standards (RICS, 2011, incorporated within this guidance)
- Ombudsman Services: Property (OS:P);
- National Association of Estate Agents Rules of Conduct
- Association of Residential Letting Agents (ARLA) Code of Practical;
- The Property Ombudsman: Sales, Code of Practice;
- Association of Retirement Housing Managers codes of practice
- Office of Fair Trading (OFT) Guidance on Unfair Terms in Tenancy Agreements;
- Royal Institution of Chartered Surveyors (RICS) publications:
The specific code that applies to you will depend upon your professional body or redress scheme membership.
This chapter also provides specific guidance for residential agents operating in the UK that will help towards meeting relevant requirements of the legislation summarised in chapter 12. You can read more about these Acts and Regulations in the specific sections listed below.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive