April 5th - 2006

Code of Ethics ensures your good name

The Code of Ethics in the new Real Estate and Business Brokers Act (REBBA), 2002 identifies that real estate is a service profession where the consumer relies on the expertise of its members, and takes them at their word.

The Code of Ethics in the new Real Estate and Business Brokers Act (REBBA), 2002 identifies that real estate is a service profession where the consumer relies on the expertise of its members, and takes them at their word. Just as you need to have trust in the expertise of your doctor, consumers and other professionals in any transaction must be able to rely on your good word and knowledge.

Code of Ethics Under REBBA is a new course designed to teach REALTORS about the Code, help you interpret what it says, and help you reach for the high standards of conduct in your own practices within the real estate profession. This seminar will focus exclusively on the sections contained in the Code; a useful, easily-referenced pocket guide issued with the course contains the Code in its entirety, together with suggested interpretations.

Can do and must do
The Code sets out by law what you can do and what you must do to fulfil your obligations as a real estate professional to clients and customers, and to other registrants. For instance, do you have to get sellers to sign a representation agreement? What about buyers: is there any agreement that you must have them sign? And your customers, do they require a written agreement?

The Code says that all agreements to represent buyers, sellers and any customer service agreement must be in writing, signed on behalf of the brokerage, and submitted to a client or customer for signature. You’ve complied with the Code at this point and cannot force clients and customers to sign an agreement…but be sure to make a record of it if they don’t.

What about a situation where you are introduced, perhaps by a client, to potential buyers or sellers who are unhappy with their current representation. Can you encourage them to break the agreement so that you can represent them?

That’s a definite “don’t” that not only could land a complaint against you, it’s just not going to help you win friends and influence people in the REALTOR community.

What you’ll learn
By the end of the three-hour, three-credit Code of Ethics Under REBBA session you will be able to:

  • Have an understanding of the major changes to the practice of real estate;
  • Understand how to apply the Code in the day to day procedures;
  • See how the Code has affected the Standard Forms; and,
  • Describe your duties, obligations and responsibilities to clients, customers and other registrants.

Other resources
Regular updates will be provided on the RECO Web site, www.reco.on.ca and RECO will publish a Registrant Guide to REBBA 2002 to be distributed to all registrants starting in March 2006 (will include REBBA 2002 and the regulations). Questions about the new requirements can be directed to: AsktheRegistrar@reco.on.ca.

For more information on OREA’s Code of Ethics course, check the course listings in the Continuing Education section of www.oreacollege.com or contact your local board to find out when the course will be offered.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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