What defines a situation where personal interests conflict with professional duties?

A conflict of interest occurs when an individual's personal interests interfere with their professional responsibilities. This situation can undermine the integrity of decision-making processes and may lead to biased actions that do not align with the best interests of their organization or clients.

In the context of condominium management, a professional may find themselves in a position where personal relationships, financial interests, or other personal factors affect their judgment. For example, if a manager has a personal stake in a vendor's business, they might be tempted to allocate contracts favoring that vendor over others that may offer better services or prices.

Understanding conflict of interest is crucial because it helps ensure that professional conduct is maintained at high ethical standards, avoiding situations where decisions are made that could benefit the individual's personal interests rather than the collective interests of the condominium owners or the community as a whole.