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Every real estate agent must abide by the following four professional Duties and Standards.

STANDARDS OF BUSINESS PRACTICE

The 16 Articles below relate to my Duties to you, Clients and Customers, under the STANDARDS OF BUSINESS PRACTICE

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.

Interpretations:

1. A REALTOR should be aware of current legislation and, wherever reasonably possible, be aware of pending legislation (including zoning, government programs, etc.)which could affect trading conditions in the marketplace. (Also applies to Article 4 and Article 14)

2. A REALTOR should attend such educational programs and courses as are made available through his/her Board, Provincial/Territorial Association or CREA, in order to be up-to-date and remain aware of matters that could affect a customer's or client's decisions. (Also applies to Article 14)

3. A REALTOR should be aware of appropriate financing procedures, mortgaging requirements, etc. in order to properly discuss financial obligations on any transaction. (Also applies to Article 14)

4. A REALTOR should be familiar with the contents of forms commonly used in real estate transactions. (Also applies to Article 4)

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 other parties to the transaction.

Interpretations:

1. Any REALTOR, in attempting to obtain a listing, should not misrepresent the potential market value of the property to the seller. (Also applies to Article 4)

2. A REALTOR should fully disclose to his or her client, at the earliest opportunity, any information that could affect the successful completion of the contract. (Also applies to Article 4)

3. A REALTOR, when dealing with a customer, should not mislead the customer as to matters pertaining to a property. (Also applies to Article 4)

4. A REALTOR should not, during or following the relationship with his/her client, reveal confidential information of the client, use confidential information of the client to the client's disadvantage, or use confidential information of the client for a purpose other than that for which the information was obtained except with the client's consent or as required by law. (Also applies to Article 4)

5. A REALTOR should provide competent assistance when dealing with lawyers, mortgage lenders and other third parties needed to ensure the successful completion of any contract entered into between a seller and a buyer.

ARTICLE 3

A REALTOR shall fully disclose in writing to, and is advised to seek written acknowledgment 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.

Interpretations:

1. In common law provinces/territories, the requirement to fully disclose a Realtor's "role" in a transaction requires the REALTOR to identify if he/she is acting as agent for the seller, and/or the buyer or some other party(ies) to the transaction. The requirement to disclose the "nature of service" requires the REALTOR to explain that his or her primary responsibility is to protect and promote his or her client's best interests, but that this primary obligation does not relieve the REALTOR of the responsibility to deal fairly with all parties to the transaction.

2. In the Province of Quebec, the requirement to disclose a REALTOR's "role" in a transaction requires the REALTOR to identify if he or she is rendering services on behalf of the seller and/or the buyer or some other party(ies) to the transaction. The requirement to disclose the "nature of service" requires the REALTOR to explain that his or her primary responsibility is to protect and promote the interests of his or her client, but that this does not preclude fair treatment to all parties to a 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 fulfill his obligation to avoid error, misrepresentation, or concealment of pertinent facts.

Interpretations:

1. The REALTOR should not be party to any agreement in any way to conceal any facts pertaining to a property.

2. Any fact that could affect a person's decision to buy/lease a property, the price that a reasonable person ought to pay for a property and/or a reasonable person's ability to resell/sublet a property at a future date is a "pertinent fact" and, unless prohibited by law, should be disclosed.

3. A REALTOR should be aware of current legislation and, wherever reasonably possible, be aware of pending legislation (including zoning, government programs, etc.)which could affect trading conditions in the marketplace. (Also applies to Article 1 and Article 14)

4. A REALTOR should be familiar with the contents of forms commonly used in real estate transactions. (Also applies to Article 1)

5. Any REALTOR, in attempting to obtain a listing, should not misrepresent the potential market value of property to the seller. (Also applies to Article 2)

6. A REALTOR, when dealing with a customer, should not mislead the customer as to matters pertaining to a property. (Also applies to Article 2)

7. A REALTOR should not, during or following the relationship with his/her client, reveal confidential information of the client, use confidential information of the client to the client's disadvantage, or use confidential information of the client for a purpose other than that for which the information was obtained except with the client's consent or as required by law. (Also applies to Article 2)

ARTICLE 5

REALTORS should ensure written contractual relationships in all matters involving agency whenever possible to avoid misunderstanding with their clients and customers.

ARTICLE 6

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.

Interpretations:

1. Where the distribution of contracts is regulated by the By-Laws and or Rules and Regulations of the Board, such distribution shall be in accordance with the requirements of those By-laws and/or Rules and Regulations.

2. REALTORS should use reasonable care to ensure that documents pertaining to the listing, purchase, sale or lease of real estate are kept current through the use of written extensions or amendments.

ARTICLE 7

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.

1. In explaining fees for services, the REALTOR shall not state or suggest that the type or level of fees is based on direction from a real estate board, association, institute or society or council to which the REALTOR belongs. (Also applies to Article 14)

ARTICLE 8

A REALTOR shall not accept compensation from more than one party to a transaction without written consent of his or her client(s).

ARTICLE 9

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.

1. The REALTOR should not recommend or suggest to a client or a customer the use of services or products of any other organization or business in which the REALTOR has a direct or indirect interest without disclosing such interest in writing at the time of the recommendation or suggestion (Also applies to Article 10)

2. Without limiting the generality of Article 9, reference to real estate products or services includes lending institutions, solicitors, appraisers and moving companies, but does not include other real estate brokerage firms from which the REALTOR may receive a referral fee.

ARTICLE 10

A REALTOR shall not accept any rebate or profit on expenditure made for a client without the client's consent or accept any rebate or profit on expenditures for a customer without the customer's knowledge.

Interpretations:

1. A REALTOR should, at all times, be able to render a proper accounting to the Realtor's client with respect to monies and other properties of the client which have been entrusted to the care of the REALTOR.

2. The REALTOR should not recommend or suggest to a client or a customer the use of services or products of any other organization or business in which the REALTOR has a direct or indirect interest without disclosing such interest in writing at the time of the recommendation or suggestion (Also applies to Article 9)

ARTICLE 11

The REALTOR shall not discourage parties to a transaction from seeking legal counsel.

Interpretations:

1. The REALTOR should seek legal assistance for himself or herself and for other parties to any agreement where it is beyond the expertise of the REALTOR to set out accurately and appropriately any terms or agreement reached by the parties to a transaction.

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.

Interpretations:

1. Where disclosure regarding the acquisition or disposition is also required pursuant to provincial licensing legislation, such additional disclosure shall be made in accordance with that legislation.

2. The REALTOR, when acting as a principal in a real estate transaction, remains obligated by the duties imposed by the Code of Ethics and Standards of Business Practice.

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.

Interpretations:

1. A REALTOR should be aware of current legislation and, wherever reasonably possible, be aware of pending legislation (including zoning, government programs, etc.)which could affect trading conditions in the marketplace. (Also applies to Article 1 and Article 4)

2. A REALTOR should attend such educational programs and courses as are made available through his/her Board, Provincial/Territorial Association or CREA, in order to be up-to-date and remain aware of matters that could affect a customer's or client's decisions. (Also applies to Article 1)

3. A REALTOR should be aware of appropriate financing procedures, mortgaging requirements, etc. in order to properly advise financial obligations on any transaction. (Also applies to Article 1)

4. A REALTOR should not provide services relating to the sale, purchase, appraisal, management, financing or other involvement pertaining to a real estate transaction where the Realtor's level of expertise is not on a level that could be reasonably required under the circumstances. Where services are required in such areas and the REALTOR does not have the appropriate level of expertise, such services should not be provide without the aid of another REALTOR who is properly qualified in the area of activity being contemplated.

5. In explaining fees for services, the REALTOR shall not state or suggest that the type or level of fees is based on direction from a real estate board, association, institute or society or council to which the REALTOR belongs. (Also applies to Article 14)

ARTICLE 15

A REALTOR shall present all written offers and counter offers as objectively and as quickly as possible.

Interpretations:

1. The REALTOR, in the presentation of an offer or a counter-offer to his/her client all pertinent facts within the REALTORS possession or knowledge with respect to that offer or counteroffer unless there is a written agreement signed by both parties limiting the disclosure the REALTOR is to make (e.g.. Dual agency agreement)

2. The REALTOR should ensure reception and transmission of any offer or counter offers are received from another brokerage firm or through the Realtor's own brokerage firm.

3. The REALTOR should not delay the presentation of any offer or counter offer for the purpose of obtaining another offer or counter offer without the express consent of the seller.

4. The REALTOR should not attempt to dictate to his/her client the price or other terms of an offer or counter offer that should be accepted by the client, but shall give reasonable and competent counseling as to the obligations and privileges that the acceptance of such an offer or counter offer would impose, while leaving the final decision as to the acceptability of the offer or counter offer to the client.

5. Although there is no obligation to continue to market a property after an unconditional offer or counter offer has been accepted, any REALTOR acting as a listing agent should continue to submit all offers and counter offers to the seller until closing, unless the seller has waived this obligation in writing.

6. Where there are competing offers or counter offers, a REALTOR acting as the listing agent should inform the other REALTORS and/or parties involved of the existence of the other offers or counter offers, without disclosing their specific terms and conditions.

ARTICLE 16

A REALTOR shall not advertise a property without the seller's/landlord's authority; nor shall the advertised or offered price of a property be other than that which was agreed upon with the seller/landlord.