Realty Code of Ethics (II)

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Sunday, January 5, 2014


WE ARE publishing hereunder in installments the draft of the CODE OF ETHICS AND RESPONSIBILITIES for Real Estate Service Practitioners, for possible comments especially from our colleagues in the profession.

Section 2. To the Public

(a) The Practitioner shall be imbued with a social responsibility and conscience being part of society with duties and responsibilities for the promotion of the common good.

(b) The Practitioner shall cooperate with the government in protecting the public against deceit, misrepresentation, unfair, relevant information and other related unethical and immoral practices and malpractices of unlicensed and unauthorized real estate service practitioners.

(c) The Practitioner shall endeavour to present the full disclosure of pertinent and material facts on the subject property in advertisements (i.e., brochures, flyers and press release (whether in tri-media or electronic media/means).

Section 3. To the Clients

(a) The Practitioner in accepting any authority, listing and/or assignment to act for and in behalf of a client shall be obliged with prudence, integrity, loyalty, fidelity and good faith in protecting and promoting the interest of the client without sacrificing the legitimate interest of the other party in the transaction which shall not be contrary to the law, good morals and public interest.

(b) The Practitioner shall not accept any professional fee or valuable consideration from any party of the real estate transactions except from his/her client unless with the full knowledge and consent of all the parties.

(c) The Practitioner shall charge or collect standard professional fees which are fair and reasonable in accordance with real estate industry practice in similar transactions but not lower than the agreed minimum professional fee as recommended by the accredited and integrated professional organization based on the existing standards of real estate service practice.

Section 4. To Fellow Practitioners

(a) The Practitioner shall not use any vital documents relative to the professional conduct without written consent by the other Practitioner.

(b) The Practitioner may coordinate with other Fellow Practitioners and agree on their respective reasonable professional fees in accordance with the Tariff of Professional Fees prescribed by the Accredited and Integrated Professional Organization (APO).

(c) The Practitioner shall not use or solicit the services of the employee of another Practitioner without the written consent by the latter.

(d) The Practitioner shall not engage in slander, oral defamation, gossip, or criticize publicly a fellow practitioner and/or competitor nor volunteer a negative and damaging opinions of a competitor and/or fellow practitioner in any means (SMS, electronic mails or letters, etc. of similar nature). And if one’s opinion is essentially sought for common good, the Practitioner shall render it with prudence, truth with professional integrity, courtesy and respect to a fellow practitioner cautious in safeguarding the latter’s human rights and good reputation and credibility.

(e) The Practitioner shall not seek unjust and unfair advantage over his/her fellow practitioners by organizing or sowing discord, spreading and bad mouthing against other practitioners particularly officers and members of their association or APO or even other associations.

(f) The Practitioner shall willingly share, contribute, write and publish articles for the benefit of fellow practitioners and for the good of the real estate industry by imparting knowledge, technical training, experiences, studies or research without prejudice to classified or confidential information from client.

(g) The Practitioner shall conduct ethical and professional practice with honor, dignity and integrity to avoid any controversies with fellow practitioners.

Section 5. To the Accredited and Integrated Professional Organization (APO)

(a) The Practitioner shall abide by the articles of incorporation and by-laws of the accredited and integrated professional organization (APO) pursuant to with Section 34 of R. A. 9646.

(b) The Practitioner shall swear under oath to support the APO financially and morally and shall actively participate in the programs and activities for the benefit and welfare of the general membership and the real estate industry.

(c) The Practitioner shall strictly observe and comply with the APO’s approved Code of Ethics and Responsibilities.

(d) In the event of controversy between members of the accredited and integrated professional organization (APO), such shall be submitted for arbitration to the APO whose decision shall be binding, if accepted by both parties. However, if the APO arbitration body cannot settle the controversy, the Commission through the PRBRES shall assume jurisdiction over the said controversy in accordance with Section 5 paragraph (c) &

(g) of R.A. 9646 and its implementing rules and regulations. All forms of complaint shall be substantiated with pertinent facts and documents as required by law in compliance of due process. (to be continued next week)

Published in the Sun.Star Baguio newspaper on January 06, 2014.

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