CODE OF ETHICS OF REAL ESTATE SERVICE PRACTICE

CODE OF ETHICS OF REAL ESTATE SERVICE PRACTICERODRIGO B. MALLONGACE, REB, REA, REC, EnP, MBA, LLB, DPAAccredited Lecturer / Speaker on Real Estate Trainings / Programs, PRC # 113Accredited Real Estate Training Service Provider,DTI # 001 dated August 18, 2009REALTY PRACTICE A noble profession, calling or an occupation dedicated to the promotions, development and conservation of land and natural resources for the benefit and enjoyment of the Filipino people (DOJ Opinion 113, S 1995)

REALTY PRACTICEAnd since it is a noble profession

Those who engage in it are mandated by the Code of Conduct, morals and values in the performance of their duties and obligations to the government, public and co-practitioners.

It is a noble profession, calling or occupation

Those engaged thereto must abide and comply with all the existing government laws, decrees, orders, rules and regulations

Practitioners must observe the following in relation to Clients, Public and Government: Utmost Fidelity Sincerity Respect for ColleaguesHonesty

DECLARED POLICIESDeclared PoliciesMaintenance of adequate, competent knowledge and expertise in realty developments and management vis--vis the improvement practice standardsProfessional camaraderie, cooperation, respect and relationship shall be promoted and maintained by respecting the rights of other practitionersProfessionals must always perform functions and conduct dealings with fairness, honesty and justice; andLive by the Golden Rule

RULES OF CONDUCT IN DEALING WITH:

Client/Customer

Government

Public

RE Organizations/Realtor Boards

Fellow Practitioners

PractitionerRELATIONSHIP WITH THE GOVERNMENTSecure the necessary licenses or permits

Payment of all taxes, fees, dues, or other government fees

Support government projects & land development activities

Non-tolerance and participation on evasion of taxes, fees, dues, levies or other payment of govt. charges

Non-splitting of Commission to a non-license practitioner

Indicating License number in ALL realty transactions--letterhead, signboard, call cards, dry seal, advertising materials and the like.

Relationship with the PUBLICAlways remember social responsibility

Ensure best & highest use of land and equitable ownership distribution

Updated knowledge affecting realty in the community

Cooperate and support in protecting public against deceptive, unfair & unscrupulous acts and practice

Ascertainment of all relevant & material facts affecting every property

Avoid introduction of means that will impair or erode property value within the community

Relationship with the PUBLICShould not be a party to naming of false consideration in a deed or instrument

Keep segregate and separate funds for trust

Advertisements must reflect truth on the property, its improvements, rights, liens and encumbrances

Should always indicate his/her name, firm name and license number in every advertisement and placements made - In case of Salesperson, Brokers name, and license number whom employed

See to it that all agreements, terms and conditions are in writing and duly signed by all the parties and is properly authenticated by a Notary Public

Relationship with the CLIENTS/CUSTOMERS Protect and promote clients/customers interest with utmost fidelity and good faith

Endeavor to update knowledge on the latest legislations, policies on realty programs which may affect clients interest

Not to accept commission from any party, unless with clients consent

Should not introduce or work for an overprice

Relationship with the CLIENTS/CUSTOMERS Collects reasonable and fair professional fees

None advertisement of property without proper Authority and price quoted shall be an agreed price

Present all formal offers to the property owner for sound decision

Endeavor to mediate Client and Customer-Buyer to agree on a fair and reasonable priceRelationship with the CLIENTS/CUSTOMERSProvide proper customers assistance for acquisition, possession and ownership of the acquired property relative to the agreed terms and conditions; Be a witness on judicial proceeding, if needed-- give most unbiased, honest, truthful and professional testimonies

Relationship with the FELLOW PRACTITIONERSNot to solicit listings exclusively listed with another Broker unless revoked or expired

In accepting listing from another Broker, the agency of the Listing Broker must be respected

Signboards on any property should not be placed by more than one Broker unless authorized

Relationship with the FELLOW PRACTITIONERSShould not use obtained information from a listing broker on multiple-listed properties

Should cooperate with other Brokers on the sale of multiple listed properties

Share commission on agreed rate

Negotiations relative to exclusive listed properties should be carried by the listing Broker and not by the owner, except with Brokers consent

Relationship with the FELLOW PRACTITIONERSNot to solicit or use the services of other Brokers employees Avoid giving negative criticisms against competitor/fellow practitioners nor volunteer an opinion of the competitors transaction- if ever sought should rendered it with professional integrity and courtesy

Relationship with the FELLOW PRACTITIONERSShould not seek unfair advantage over his fellow practitioners and should willingly share the lessons of his/her experience and study

Observance to proper conduct of the realty practice and business to avoid controversy

In case of conflict, should submit and exhaust all administrative remedies for Arbitration for the settlement of the dispute (Arbitration Board, DTI and other proper authorities)

Relationship with the ORGANIZATION/REALTORS BOARDAbide the abide Organizations Constitution and by-laws

Non-practice of electioneering activities

Provide moral and financial support to the organizations plans and programs

Abide associations rules on exhaustion of all administrative Remedies

THANK YOU & GOD BLESS18