AMPI: Code of Ethics in Mexican Real Estate 2012

28/06/2012 www.vallartanayaritmls.com 1

COMPREHENSIVE

FORMATION

TRAINING,

EDUCATION

TO DIGNIFY

OUR

PROFESSION

CODE OF

ETHICS, LAWS,

PRACTICES

PROTECTION OF

PRIVATE PROPERTY


WHY A CODE OF ETHICS?


In Real Estate ‘Interests’ are

usually measured in

financial terms on both sides

of the transaction

Code of Ethics


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


Demonstrate Good Morals &

Values

Remember that Real Estate is

a ‘Service’

Make Real Estate Education

and Training a priority

Code of Ethics


Code of Ethics Articles…


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


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.



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


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


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


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


Always Be Truthful


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


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.


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


Code of Ethics


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


Tell Me Everything, Please.

Disclose Everything


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.


Fees & Comissions: Fair and Ethical



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


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


Professional Opinions are Based on Data & Experience


Code of Ethics


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.


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

other agency. 28/06/2012 www.vallartanayaritmls.com 24

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


AMPI: Code of Ethics in Mexican Real Estate 2012

Business

Transcript of AMPI: Code of Ethics in Mexican Real Estate 2012