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Code of Ethics for Real Estate Professionals


 

Code of Ethics for Real Estate Professionals

 

 

SECTION ONE. Relations with the Public

 

 

Article 1. It is the basic duty of every real estate professional to obtain education with the specialty of Real Estate. Therefore, the Real Estate Professional has the obligation to be up to date regarding her field by being informed of the changes that could affect the real property, not only in her own city but also in the Nation in general. With the knowledge acquired, he shall be able to contribute an opinion in relation to rules, legislation, better use of the land, planning, and other aspects related to real property. 

 

Article 2. The Real Estate Professional has the obligation to be informed about real estate market conditions, since, among others, his function is to inform his principal about the fair value of real properties.

 

Article 3. One of the most important functions of a Real Estate Professional is to protect his principal against fraud, abuse or immoral practices in the real estate field. Consequently, it is her duty to help prevent harm to the public as well as to prevent any act that could injure the dignity and integrity of the Real Estate profession.If such acts were performed by a member of the Mexican Association of Real Estate Professionals, the person who becomes aware of such an act, must present proof to the National Advisory Council so that, in accordance with AMPI By-Laws AMPI can proceed to penalize the violator of this Code of Ethics. 

 

Article 4. Truth must be the guideline for the actions of the Real Estate Professional. Upon accepting a property to administrate or to sell, the Real Estate Professional shall inspect it before she administrates it or offers it for sale to avoid mistakes, exaggeration of qualities of the property offered, or hiding information about it.

 

Article 5. The Real Estate Professional shall not participate in transactions that for any reason may damage the interests of any of the contracting parties, or a third party, or another Real Estate Professional.


Article 6. The Real Estate Professional shall not contribute to the declaration of false information in deeds or other public documents, nor shall he make false declarations in the presence any authority. Integrity in all actions shall justify the confidence deposited in her by  her principal.

 

Article 7. When using any means of publicity, the Real Estate Professional must be very careful to provide accurate information in the advertisement, since it must reflect the exact reality and by no means should it be distorted.

 

Article 8. The Real Estate Professional, in order to protect the parties to a transaction, must attempt to obtain, in writing, all facts, promises and agreements related to each transaction.  The exact agreement reached by the interested parties shall be stated in the related documents, which shall be signed by them. Each party shall keep a copy of these, including the Real Estate Professional who will keep one for his files.

 

SECTION TWO. Relations with the Client

 

Article 9. Accepting any business from a principal involves the commitment of promoting and protecting said client’s interests. This is an obligation of loyalty towards someone who has entrusted him with business. This duty, which is of utmost importance, involves the need to act with absolute justice and honesty towards all the parties involved in a transaction.

 

Article 10. As guarantee of the interests that have been put in the hands of the Real Estate Professional, the latter must inform his Buyer client truthfully about

                   a) Qualities and defects of on the property proposed or desired.

                   b) The feasibility or complexity of completion of the proposed transaction.

                   c)  All the circumstances involved in the business entrusted to him.

 

Furthermore, the real estate professional must never oppose the wish of any of the parties to the transaction to consult an attorney, notary or any other professional with regard to:

I.  Problems affecting the property.

II. Restrictions or limitations that could affect the property.

III. Encumbrances etc, that could restrict the use or enjoyment of the property.

IV. The structural soundness of the construction.

V. Whether or not the correct materials were used to build the property.

In general, the Real Estate Professional must cooperate with all consultants and advisors that his principal needs to consult with in order be comfortable with her real estate transaction.

 

Article 11. The fees collected by the Real Estate Professional must be fair compensation for her work and knowledge on the subject, in accordance with the policies of the area where the property is located. These fees can be calculated based on a percentage of the purchase price, or can be a fixed amount.An "over-price" (net listing) is unethical. This is considered as unfair compensation that will damage the interests, of the client who is selling. 

 

Article 12. In the event the Real Estate Professional is interested in acquiring, for himself or for his company, a property that a client listed with him, he shall inform his client of his intention and suggest that a professional appraisal be obtained. If both parties agree, the transaction shall be carried out on that basis.

 

Article 13. lf the Real Estate Professional is granted an exclusive right to sell, she shall give priority to said listing. Therefore, the Real Estate Professional may explain to her principal the advantages that said exclusivity grants to both parties.

 

Article 14. If the Real Estate Professional makes a payment on behalf of a client and obtains a discount, said benefit shall always be credited to client.

 

Article 15.The Real Estate Professional shall be extremely careful with respect to confidential information confided by a client. She must not divulge or give opinions or information about clients or about that, which has been said to her in confidence.

 

Article 16. In making a judgment about the value of a property, the Real Estate Professional must carefully analyze all the elements surrounding it, which could affect the business in question. He shall never give an opinion regarding the value of property in which he has or could have an interest unless this circumstance is made clear and is perfectly understood by the client. He shall never give an opinion about the value of properties in which he is not experienced. In these cases, if out of his area of expertise, the professional must consult an appraiser expert in the field. Every circumstance surrounding these cases must be disclosed to the client.

 

Article 17. The Real Estate Professional must obtain authorization from the owner, before advertising a ´property. The Real Estate Professional must never advertise properties that have not been offered to him/her directly by the owner, and if an offer comes from another agent, she must obtain written authorization from the other agent to promote the property.

 

Article 18. The Real Estate Professional must attempt to obtain written offers presented on the properties listed with him. She is obligated to present all written offers to the owner, whatever the offer might be, with the purpose of allowing the owner to compare and be able to decide whether it is acceptable or not based, on the terms presented.

 

SECTION THREE. Relations with other Real Estate Professionals

 

Article 19. The Real Estate Professional shall not take advantage of other colleagues. He has an obligation to share with them the experience and knowledge that has been acquired through studies and experience with different transactions.

 

Article 20. In the event of a conflict between two Real Estate Professionals of the same organization, resolution shall be made by a panel formed by two members of the organization elected in accordance with its Statutes. Said resolution shall never be turned over to an outside court of law. The Real Estate Professional shall accept and submit to the verdict issued by the aforementioned panel.

 

Article 21. If the Real Estate Professional is accused of unethical practices and does not accept guilt, she may voluntarily present the facts to the Directors of the National Advisory Council and to the body stipulated in the Statutes.

 

Article 22. The Real Estate Professional shall abstain from making comments with respect to business actions performed by another Real Estate Professional in the same Association. If his opinion is officially requested, said opinion must be based on the absolute truth and shall be given in a cordial and professional manner. 

 

Article 23. The Real Estate Professional shall not accept an exclusive listing that is currently listed with another Real Estate Professional. She shall respect the rights of the first one until the term of said exclusive listing expires, even if the owner wishes to change. Likewise, the Real Estate Professional who accepts an option is obligated not to transfer her rights to a third party without the consent of the initial Real Estate Professional and the owner.

 

Article 24. The Real Estate Professional should cooperate with other Real Estate Professionals in making sales and in distributing the commissions earned as agreed, in writing. In the event of sale of an exclusive listing, the Real Estate Professional, representing the buyer, must deal with her fellow Real Estate Professional who gave her the property for sale and not with the owner.

 

Article 25. A Real Estate Professional shall not recruit the services of a colleague's employee without previous consent of said colleague.

 

Article 26. A sign offering a property for sale, rent or exchange should not be placed by more than one Real Estate Professional.

 

Article 27. In the best interests of the community, the Real Estate Professional should be loyal to his local real estate organization and to his colleagues, since this will benefit the organization, its associates and his own business.

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