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AMPI Education Course from June 2012: Why Ethics matter in
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28/06/2012 www.vallartanayaritmls.com 1
COMPREHENSIVE
FORMATION
TRAINING,
EDUCATION
TO DIGNIFY
OUR
PROFESSION
CODE OF
ETHICS, LAWS,
PRACTICES
PROTECTION OF
PRIVATE PROPERTY
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WHY A CODE OF ETHICS?
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In Real Estate ‘Interests’ are
usually measured in
financial terms on both sides
of the transaction
Code of Ethics
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Damages:
Loss of money
The disproportionate
profit from or extreme
loss to one party due
to: ignorance, lack of
skills or being
uninformed
PREVENT HARM, DAMAGE OR LOSS
Code of Ethics
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Demonstrate Good Morals &
Values
Remember that Real Estate is
a ‘Service’
Make Real Estate Education
and Training a priority
Code of Ethics
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Code of Ethics Articles…
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Implies that the Real Estate Professional is
committed to promote and protect the
Client’s interest.
Implies an obligation of loyalty toward those
who have put their trust in the Real Estate
Professional.
This duty is of capital importance: as the
necesity to act in absolute fairness and
honesty with all parties involved in a
transaction is implied.
Code of Ethics Art. 9
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The Real Estate
Professional should
not engage in
transactions that,
could cause harm to
the interests of the
contracting parties,
to a third party or to
a fellow professional.
Code of Ethics Art. 9
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It’s our duty to constantly
update ourselves about our
profession.
It’s our duty to be informed and
updated about real estate
news: local and national
It’s our duty to inform the
public about what we know.
Code of Ethics Art. 1 & 2
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Advertise properties only with the consent of the owner
Advertise other Agents’ listing only with their consent
All offers must be in writing, all offers must be presented to
clients
Any discounts or rebates should be in favor of your clients
Seek Listings to be Exclusive
Be zealous about Confidentiality
Code of Ethics Art. 13 -15, 17-18
Consent & Confidentiality
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Everything should be in writing: offers, listings, etc…
Recording of agreements must be exact
Give signed documents to all participating parties and keep
one for your records
Code of Ethics Art. 6 y 8
Do not make false statement
in deeds
Do not make false
statements before authorities
Documentation: Keep Records
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Do not exagerate the
qualities of a property
Do not hide reports
about a property
Be truthful in ads and
publicity
Be truthful in your
conduct with other
agents
Code of Ethics Art. 4 y 7
Always Be Truthful
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Avoid Mistakes: Due Diligence
Get to know the property before taking the listing or
administration
Review all Documents Related to the Property
Visit the Property and Take Notes
Code of Ethics Art. 4 y 7
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Code of Ethics
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Always protect your clients
Always prevent fraud, abuse
or unethical practices
Always prevent any action
which would harm the public
Prevent acts that would
damage the dignity and
honorability of the real
estate profession.
Code of Ethics Art. 3 y 5
Don’t carry out transactions
that would cause damage
clients, fellow professionals
or others
Advise the National Council
of such acts and practices
when seen
Protect, Prevent & Report
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Code of Ethics
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Always Keep the client informed
Do not oppose clients checking
with other professionals or
Notaries
Disclose all circumstances
around the business in question
Disclose all qualities and
defects of a property or
transaction
Code of Ethics Art. 10
Tell Me Everything, Please.
Disclose Everything
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Honoraries
Compensation must be fair for the work and knowledge
provided by the Real Estate Professional
Compensation should be based on a percentage or fixed
amount
Compensation should never
be based on “overpricing” a
property.
Code of Ethics Art. 11
Fees & Comissions: Fair and Ethical
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Code of Ethics Art. 12 & 16
Opinions should be based on Careful Analysis of Concrete
data
Do not state an opinion about a property in which the
professional has a personal interest, or disclose this fact
before making the opinion.
In case the Professional has an interest in adquiring the
property in question, they should request an independent
opinion
Professional Opinions are Based on Data & Experience
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Never issue an opinion of value on properties on which you
have no experience
If your client requests it, get an opinion from an
experienced third party
Advise your client of the above situation
Code of Ethics Art. 12 & 16
Professional Opinions are Based on Data & Experience
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Code of Ethics
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Code of Ethics Art. 19,24,25
Sharing and Ethical Conduct
We are obligated to share our experience and knowledge
with others.
Cooperate with other collegues in sales efforts and distribute
commissions as per agreements
In exclusive listing situations: only deal with the listing agent
never with property owner.
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Code of Ethics Art. 19,24,25
Courtesy and Ethical Conduct
Do not ask the employee of
another agent or broker to perform
work for you without the consent
of their employer.
Do not accept an exclusive listing
if it is still under contract to
another RE Professional
When an exclusive listing is
passed from one agency to
another you should advise the
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Code of Ethics Art. 19, 24, 25
Conflicts Between Professionals:
Refrain from commenting on the
actions of other Colleagues
If your opinion is formally requested,
your comments/opinions must be
based on actual knowledge or first
hand information. Always be
professional
In case of conflicts between members,
present the issue to the Honor and
Justice committee for Arbitration 28/06/2012 www.vallartanayaritmls.com 25
Seek asstance from AMPI national if there are
accusations of unethical Conduct
Signage: Do not post signs to sell or to rent for more
than one Real Estate Professional on a property
When an exclusive listing agreement is signed with
an agency: it is a commitment to work with that
agency exclusively.
EL PROFESIONAL INMOBILIARIOS debe ser legal a
la organzición local, a sus compañeros y activo en su
trabajo
Code of Ethics Art. 19, 24, 25
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