Realty Code of Ethics (III)

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By Roberto A. Capili

Real Estate Updates

Sunday, January 12, 2014


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

(e) The Practitioner shall first exhaust all possible administrative remedies available in the APO with discretion in compliance with due process available under the existing laws, rules and regulations before taking any judicial or quasi-judicial or administrative action outside APO's jurisdiction.

(f) APO's elections of officers and trustees must be carried out with commitments to moral integrity, obligation to serve with sense of responsibility, honorably, unselfishly, diligently and efficiently not being subjected to self-interest, undue use of force, authority and/or abuse of power and discretion. Electioneering in any form shall not be allowed nor tolerated and anyone doing such shall be automatically disqualified as candidate or nomination for any position and the conduct thereof must be harmonious, peaceful, credible and orderly.

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Article IV

Specific Duties and Responsibilities

Section 1. Real Estate Brokers shall:

(a) Make sure that all agreements, terms and conditions, financial obligations and commitments in real estate transactions are in writing, duly signed by all the parties concerned.

(b) Not advertise any property listing and/or inventories without written authority from the Client and shall endeavor to offer the same at the authorized amount granted by the client.

(c) Present all written offers/proposals or counter-offers/proposals to the Client for sound judgment or decision and shall endeavor to make the client conclude to a fair and reasonable contract advantageous to all the parties concerned to the transaction and likewise, assist the client or the other party acquire possession and ownership of the property subject to the transaction in accordance with the agreed terms and conditions of the parties.

(d) Not secure listings/inventories currently exclusively listed with another licensed Real Estate Broker unless said exclusive listing agreement had expired/revoked by the client and the latter offers it to the new licensed Real Estate Broker who did not solicit it or use any unethical means to acquire the said listing agreement.

(e) In accepting listings/inventories from the Listing Broker, respect the listing agreement of the latter until the expiration thereof.

(f) Not transmit to any Third licensed Real Estate Broker vital information about the property listings/inventories via electronic mails, SMS or published it any form of announcements/ advertisements without the written consent of the Listing Broker.

(g) Not accept any listings/inventories from the Client or any third party which inventories has been previously listed to a licensed Real Estate Broker without conducting inquiries and discussion on the reason for the transfer of professional engagement.

(h) Not put signage or notices on a property for sale, rent or lease it not authorized in writing by the client and shall not be placed on any property in more than one licensed Real Estate Broker.

Section 2. Real Estate Appraisers and Real Estate Consultants shall:

(a) Ensure the highest and best use (HABU) of the property and the equitable distribution of ownership, including its environmental preservation and protection irrespective of political beliefs, cultural background, sect, religion or class.

(b) Not accept contingent professional fees based on a predetermined result or direction that favors the cause of the client. The restriction applies on a professional fee where the Practitioner is acting as an independent practitioner that requires impartiality. Bribery and giving of gratuity for undisclosed professional fees or anything of value in exchange for the procurement of appraisal or consulting engagement is unethical.

(c) Not accept any professional engagement if it is beyond the field of his/her expertise and competence unless a professional assistance shall be obtain from an expert familiar with the subject of the engagement and such fact shall be fully disclosed to the client and included in the written report.

(d) Not render opinion on any engagement/study without carefully investigating, thoroughly analysing and interpreting all forces/factors affecting the value of the property subject to the engagement. The Practitioner's opinion/advice constitutes professional service that shall entitle a fair and reasonable professional fee. The Officer signing the written report must be licensed Real Estate Appraiser or Consultant duly licensed and registered with the Professional Regulation Commission (PRC). (to be continued next week)

FLASH!!! You are invited to a QUALITY REVIEW of SCORE EXPONENT TRAINING CENTER - Real Estate Brokers Seminar and Training - REBSAT, in preparation for the PRC Real Estate Brokers Licensure Examination on March 16, 2014. Continuing Professional Development (CPD) credit units for licensed real estate service practitioners in the renewal of their PRC licenses is also offered. REBSAT and CPD sessions will start on January 20, 2014 every weekdays. For more info see us at Unit 306 3/F Antipolo Bldg., Session Road (atop Tea House), Baguio City or call/text us at 0918-222-2653/0938-447-4133/0910-930-2753).

Published in the Sun.Star Baguio newspaper on January 13, 2014.

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