Every profession has its own ethical standards to adhere to. Some are simple, others are strict. In the real estate industry, a Realtor’s advanced education starts upon acquiring a license. However, the learning process is a continuing thing that can be achieved by adopting the practices of seasoned colleagues as well as undertaking a continuing education program to earn your reputation and boost the trust of your clients.
The laws that govern the real estate business are well structured, however, some of the rules are flexible which can be interpreted by a Canadian Realtor openly. In a controversial business environment, it is simple to convey an insight into wrongdoing or bias. Real estate professionals are affected by ethical issues every day; thus, it is essential to know the ethical responsibilities of the industry to protect yourself from this possibility.
The following are the major ethical standards of real estate professionals:
- Client Responsibility – as a professional agent representing the buyer or the seller, your major responsibility is to promote and protect the interest of your clients. This rule includes the detail of the property and other relevant information that when disclosed, may turn out be at the detriment of your client.
- Limitations to Information and Expertise – you should always be cautious about giving your thoughts on the properties that you offer. You are likely not in the position to appraise the quality of the building constructed and carelessly disclose any information about it. Let your client seek professional advice from an engineer or architect about the construction. If you are not confident handling a situation, seek the assistance of your colleagues.
- Full Disclosure – you must be aware of all the details of the property whether you represent your buyer or seller. If you are the seller’s agent, it is your duty to give complete details on the location of the property as well as important neighborhood information. On the other hand, if you are the buyer’s agent, you are also responsible for the complete details of the property, but you are restricted from giving your opinion about the neighborhood conditions. Instead, let your buyer ask from reliable sources for the statistics of the location.
- Code of Conduct – you must diligently study and apply the set rules of the Code of Conduct. Further, never stop learning.
A reputable Realtor is honest in his business dealings, respectful to his clients and colleagues, and practices integrity in dealing with the business.