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Your Real-estate Guide - REALTOR's Code of Ethics
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REALTOR's Code of Ethics
Under all is the land. Upon its wise utilization and widely allocated
ownership depend the survival and growth of free institutions and of
our civilization. Through the REALTOR, the land resource of the nation
reaches its highest use and private land ownership its widest
distribution. The REALTOR is instrumental in molding the form of his or
her community and the living and working conditions of its people. Such
functions impose grave social responsibilities, which REALTORS can meet
only by diligent preparation, and considering it a civic duty to
dedicate themselves to the fulfillment of REALTORS obligations to
society. The REALTOR therefore must be zealous to maintain, and
continually strive to improve, the professional standards of his or her
calling:
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By keeping informed as to developments and trends in real estate,
- By endeavoring to protect the public against fraud,
misrepresentation or unethical practice in connection with real estate
transactions,
- By rendering services and opinions based only on the
REALTOR's knowledge, training, qualifications and experience in real
estate,
- By seeking no unfair advantage over, nor injuring directly
or indirectly, the reputation of; nor publicly disparaging the business
practice of other REALTORS, and
- By being loyal to the REALTOR's Real Estate Board and Provincial/Territorial Association and active in their work.
In the interpretation of his or her obligations, the REALTOR can take
no safer guide than that which has been embodied in the Golden Rule -
"Do unto others as you would have them do unto you".
No inducement of profit and no instructions from clients or customers
can ever justify departure from the ideals of fair dealing and high
integrity resulting from adherence to a lofty standard of moral conduct
in business relations.
Accepting this standard as his or her own, each REALTOR pledges to
observe the spirit of the Code in all dealings and to conduct business
in accordance with the Standards of Business Practice as adopted by The
Canadian Real Estate Association.
Duties To Clients And Customers:
ARTICLE 1
REALTORS shall endeavor to be informed regarding the essential facts
which affect current market conditions in order to be in a position to
counsel their clients and/or to assist customers in a responsible
manner.
ARTICLE 2
A REALTOR shall protect and promote the interests of his or her client,
This primary obligation does not relieve the REALTOR of the
responsibility of dealing fairly with all parties to the transaction.
ARTICLE 3
A REALTOR shall fully disclose in writing to, and is advised to seek
written acknowledgement of disclosure from, all parties to a
transaction regarding the role and the nature of service the REALTOR
will be providing to the client versus the customer or other party to
the transaction The REALTOR shall also disclose his or her role to
other REALTORS involved in the transaction.
ARTICLE 4
A REALTOR has an obligation to discover facts pertaining to every
property for which the REALTOR accepts an agency which a reasonably
prudent REALTOR would discover in order to fulfil the obligation to
avoid error, misrepresentation or concealment of pertinent facts.
ARTICLE 5
REALTORS shall endeavor to be informed regarding the essential facts
which affect current market conditions in order to be in a position to
counsel their clients and/or to assist customers in a responsible
manner.
ARTICLE 6
REALTORS should ensure written representation agreements whenever
possible in order to avoid misunderstandings with their clients and
customers.
ARTICLE 7
REALTORS shall ensure that agreements regarding real estate
transactions are in writing in clear and understandable language,
expressing the specific terms, conditions, obligations and commitments
of the parties to the agreement. A copy of each final agreement shall
be furnished to each party upon their signing or initialing, and shall
be dealt with in accordance with the instructions of the parties
involved.
ARTICLE 8
The REALTOR shall, prior to the signing of any agreement, fully inform
the signing party regarding the type of expenses for which he/she may
be normally liable.
ARTICLE 9
A REALTOR shall not accept compensation from more than one party to a
transaction without the written consent of his or her client(s).
ARTICLE 10
REALTORS shall disclose to a client or customer if there is any
financial benefit the REALTOR or his/her firm may receive as a result
of recommending real estate products or services to that party.
ARTICLE 11
The REALTOR shall not discourage parties to a transaction from seeking legal counsel.
ARTICLE 12
The REALTOR shall not knowingly permit any property in his or her charge to be used for unlawful purposes.
ARTICLE 13
A REALTOR shall not present an offer or acquire an interest in property
either directly or indirectly for himself or herself, any member of his
or her immediate family or any entity in which the REALTOR has a
financial interest, without making the REALTOR's position known to the
seller in writing. In selling/leasing property owned by the REALTOR, or
in which the REALTOR has an interest, the interest shall be revealed to
the buyer/tenant in writing.
ARTICLE 14
In providing an opinion of value of real property a REALTOR shall not
undertake to provide such an opinion if it is outside the REALTOR's
field of experience to do so, unless this fact is disclosed to the
client or unless assistance is obtained from another person who has
experience in this area. A REALTOR shall not perform an appraisal
contrary to the terms and conditions of any designation the REALTOR
holds through The Canadian Real Estate Association. In all other
circumstances the REALTOR shall not provide an opinion of value on
property in which the REALTOR has a present or contemplated interest
without first disclosing this fact to the client. Fees charged for
providing an opinion of value shall not be based on the amount of value
reported.
ARTICLE 15
A REALTOR shall present all written offers and counter-offers as objectively and as quickly as possible.
ARTICLE 16
A REALTOR shall not advertise a property if such advertising has been
restricted at the request of the seller/landlord. In any advertisement,
the advertised or offered price of a property shall not be other than
that which was agreed upon with the seller/landlord. (Also applies to
Article 25.)
Duties to the Public:
ARTICLE 17
A REALTOR is obliged to render a skilled and conscientious service, in
conformity with standards of competence which are reasonably expected
in the specific real estate disciplines in which the REALTOR engages.
When a REALTOR is unable to render such service, either alone or with
the aid of other REALTORS, the REALTOR should not accept the assignment
or otherwise provide assistance in connection with the transaction.
ARTICLE 18
REALTORS shall ensure a true presentation in all advertising.
Properties and services shall not be advertised without identifying the
firm, or where applicable, the individual practitioner, in accordance
with provincial licensing legislation.
ARTICLE 19
The REALTOR shall not deny professional services to any person for
reasons of race, creed, colour, sex, familial status, age, or national
origin. The REALTOR shall not be party to any plan or agreement to
discriminate against a person or persons on the basis of race, creed,
colour, sex, familial status, age or national origin.
ARTICLE 20
The REALTOR shall observe the By-laws, Rules and Regulations
established by the REALTOR'S Real Estate Board and/or Association, in
addition to the regulations, terms and conditions associated with any
designation that the REALTOR may hold through membership in The
Canadian Real Estate Association.
ARTICLE 21
The business of a REALTOR shall be conducted m strict accordance with
all statutory and regulatory requirements that apply to that business.
Duties To Clients And Customers:
ARTICLE 22
The REALTOR shall never publicly discredit a competitor. If the
REALTOR's opinion is sought regarding a specific transaction, it should
be rendered with strict professional integrity and courtesy.
ARTICLE 23
The agency or other contractual relationship of a competitor shall be
respected by all REALTORS. Negotiations concerning exclusively listed
property or with any party who is exclusively represented shall be
carried on with the client's agent and not with the client directly,
except with the consent of the client's agent.
ARTICLE 24
A REALTOR shall not seek information about a competitors transaction to
be used for the purpose of closing a transaction himself or herself; or
for the purpose of interfering with any other contractual undertaking.
ARTICLE 25
Signs in respect of the sale, rent, lease, development or exchange
should not be placed on any property by other than the listing broker
unless authorized by the seller/landlord. REALTORS shall not interfere
with another real estate broker's sign.
ARTICLE 26
Should a REALTOR be asked to cooperate in any way in connection with a
disciplinary investigation or proceeding pertaining to alleged
unethical practice, the REALTOR shall place all pertinent facts before
the proper Committee of the Real Estate Board or Association to which
the REALTOR belongs.
ARTICLE 27
In the event of a dispute between REALTORS associated with different
firms of the same local Board/Association regarding the fee or
commission earned or to be earned in connection with a real estate
transaction, the dispute shall be submitted for arbitration in
accordance with the By-Laws, Rules and Regulations of their local
Board/Association.
ARTICLE 28
In the event of a dispute between REALTORS associated with different
firms and belonging to different local Boards/Associations regarding
the fee or commission earned or to be earned in connection with a real
estate transaction, the dispute shall be submitted to arbitration in
accordance with the By-Laws and Rules and Regulations of the
appropriate Provincial/Territorial Association. Should the REALTORS
belong to different Provincial/Territorial Associations, the dispute
shall be arbitrated in accordance with the By-Laws and Rules and
Regulations of The Canadian Real Estate Association.
ARTICLE 29
The business of a REALTOR shall be conducted so as to avoid controversies with other REALTORS.
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