AMPI: Code of Ethics in Mexican Real Estate 2012

28/06/2012 www.vallartanayaritmls.com 1

COMPREHENSIVE TRAINING,
FORMATION EDUCATION

TO DIGNIFY CODE OF
OUR ETHICS, LAWS,
PROFESSION PRACTICES

PROTECTION OF
PRIVATE PROPERTY

WHY A CODE OF ETHICS?


Code of Ethics

In Real Estate ‘Interests’ are
usually measured in
financial terms on both sides
of the transaction


Code of Ethics

PREVENT HARM, DAMAGE OR LOSS
Damages:
 Loss of money
 The disproportionate
profit from or extreme
loss to one party due
to: ignorance, lack of
skills or being
28/06/2012 www.vallartanayaritmls.com uninformed 5

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 Articles…


Code of Ethics Art. 9

 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.


 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.


Code of Ethics Art. 1 & 2

 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. 13 -15, 17-18

Consent & Confidentiality
 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. 6 y 8

Documentation: Keep Records
 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
 Do not make false statement
in deeds
 Do not make false
statements before authorities



Always Be Truthful

 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


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



Protect, Prevent & Report
 Don’t carry out transactions
that would cause damage
 Always protect your clients clients, fellow professionals
or others
 Always prevent fraud, abuse
or unethical practices  Advise the National Council
of such acts and practices
 Always prevent any action
when seen
which would harm the public
 Prevent acts that would
damage the dignity and
honorability of the real
estate profession.

Code of Ethics


Disclose Everything
 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.


Code of Ethics Honoraries 11
Art.

Fees & Comissions: Fair and Ethical

 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.



Professional Opinions are Based on Data & Experience
 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


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.

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

Code of Ethics Art. 19, 24, 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

AMPI: Code of Ethics in Mexican Real Estate 2012

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AMPI: Code of Ethics in Mexican Real Estate 2012