CREA (I) CODE OF CONDUCT & ETHICS

While the Code of Ethics establishes a standard that may be higher than those mandated by law, in any illustration where the Code of Ethics and the law conflict, the obligations of the law must take precedence.

CREA (I) Members should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of sufficient housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.

Such interest imposes obligations beyond those of ordinary commerce. They impose grave social responsibility and a nationalistic duty to which CREA (I) Members should contribute themselves, and for which they should be diligent in preparing themselves. CREA (I) Members, therefore, have to maintain and improve the standards and share with their fellow CREA (I) Members a common responsibility for its integrity and honor.

When representing a buyer, seller, landlord, tenant, as an agent, CREA (I) Members pledge themselves to protect and promote the interests of their client. This obligation to the client is primary. When serving a buyer, seller, landlord, tenant in a non-agency capacity and CREA (I) Members remain obligated to treat all parties honestly.

1. CLIENT AND CUSTOMER CARE
The Realtor must act in the best interests of a client and act in agreement with the client’s instructions unless doing so would be contrary to the law.

The Realtor must not engage in any conduct that would put a prospective client, clients, or customer under undue or unfair pressure.

The Realtor must not mislead customers as to the price expectations of the client.

The Realtor must take due care to. . .

• a. Avoid risks of damage that may arise from customers or clients that are not the owner of the land or property, accessing the land or property.
• b. Unless authorized by a client, through an agency agreement, The Realtor must not offer or market any land or business, including by putting details on any website or by placing a sign on the property.
• c. Operate open listings of properties duly offered by clients through a mail, letter, etc, and advertise the same through the web, media or putting up sign boards at the property.

2. DUTIES AND OBLIGATIONS OF AGENTS
A Realtor must display these rules significantly in the public area of the office.

3. CONFIDENTIALITY
a. The Realtor must not disclose confidential personal information relating to a client unless the client consents in writing; or the Realtor is required by law to disclose the information.

4. DUTY TO REPORT MISCONDUCT OR UNSATISFACTORY CONDUCT
The Realtor who has reasonable grounds to suspect that another realtor has been guilty of unacceptable conduct may make a report to the Association.

The Realtor who has reasonable grounds to suspect that another Realtor has been guilty of misconduct must make a report to the Association.

5. STANDARDS OF PROFESSIONAL CONDUCT
The Realtor must act in accordance with fiduciary obligations to the client.

The Realtor must act in good faith and deal fairly with all parties engaged in a transaction.

The Realtor must not engage in any conduct likely to bring the industry into disrepute.

The Realtor must not deceive a customer or client, nor provide false information, or hold back information that should by law or in fairness be provided to a customer or client.

6. STANDARDS OF PRACTICE
CREA (I) Members, in attempting to secure a listing, shall not intentionally mislead the owner as to market value.

CREA (I) Members, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits that might be realized through the use of the CREA (I) Members services.

CREA (I) Members may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with the informed consent of both parties.

CREA (I) Members shall submit offers and counter-offers objectively and as swiftly as possible.

When acting as CREA (I) Members shall continue to submit to the seller/landlord all offers and counter-offers until the closing or execution of a lease unless the seller/landlord has waived this obligation in writing. CREA (I) Members shall not be compelled to continue to market the property after an offer has been accepted by the seller/landlord. CREA (I) Members shall recommend that sellers/landlords obtain the advice of legal counsel before to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease.

CREA (I) Members, of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. CREA (I) Members.

• a) The obligation of CREA (I) Members to preserve confidential information provided by their clients in the course of any agency relationship continues after the termination of agency relationships recognized by law. It is necessary to defend CREA (I) Members or its employees against an accusation of wrongful conduct.

CREA (I) Members shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises.

When entering into buyer/tenant agreements, CREA (I) Members must advise prospective clients of:

• 1) the CREA (I) Members company policies regarding cooperation
• 2) the amount of commission to be paid by the client

Fees for preparing the assessment or other valuations shall not be conditional upon the amount of the assessment or valuation.

CREA (I) Member’s, in response to inquiries from buyers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized.

CREA (I) Member’s, shall not access or use, or permit or enable others to access or use, listed or managed property on terms or conditions other than those authorized by the owner or seller.

CREA (I) Member’s, shall not disagree with equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. CREA (I) Members shall not be parties to any plan or agreement to discriminate against a person or persons based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.

The services which CREA (I) Members provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage & land brokerage.

When CREA (I) Members prepare opinions of real property value or the price they must:

• 1) be knowledgeable about the type of property being valued
• 2) have access to the information and resources necessary to formulate a precise opinion, and
• 3) be familiar with the area where the subject property is located

7. CONFLICTS OF INTEREST
The Realtor must not act in a capacity that would attract more than 1 commission in the same transaction.

The Realtor must not engage in business or professional activity other than real estate agency work where the business or activity would, or could reasonably be expected to, compromise the discharge of his obligations.

8. SUPERVISION AND MANAGEMENT OF SALESPERSONS
An agent who is operating as a business must ensure that all salespersons employed or engaged by the agent are properly supervised and managed.

An agent who is operating as a business must ensure that all employed or engaged by the agent have a sound knowledge of the real-estate practice, regulations, rules issued by the competent Association and other Government legislation relevant to the real estate Industry from time to time.

A Realtor who is operating as a business must ensure that his employees engaged are aware of and have the opportunity to undertake any continuing education required by the Association.

9. AGENCY AGREEMENTS AND CONTRACTUAL DOCUMENTS
Before a prospective client, client, or customer signs an agency agreement, a sale and purchase agreement, or another contractual document, The Realtor must

Recommend that the person seek legal advice; and

Ensure that the person is aware that he or she can, and may need to, seek technical or other advice and information; and

Allow that person a reasonable opportunity to obtain the advice.

The Realtor must not take advantage of a prospective client’s, clients, or customer’s inability to understand relevant documents where such inability is reasonably apparent.

The Realtor must not submit an agency agreement or a sale and purchase agreement or another contractual document to any person for signature unless all material particulars have been inserted into or attached to the document.

The Agent must direct the client, in writing, the confirmation by the client the realtor would claim a commission, were the customer to conclude a transaction with the client.

When authorized by a client to incur expenses, The Realtor must seek to obtain the best value for the client.

10.CLIENT AND CUSTOMER CARE FOR SELLERS’ AGENTS
This rule applies to an agent (and any realtor employed or engaged by the Realtor) who is entering, or has entered, into an agency agreement with a client for the grant, sale, or another disposal of land or a business.

11.APPRAISALS AND PRICING.
An evaluation of land or a business must—

• (a)Be provided in writing through mail to a client by the Realtor;
• (b)Realistically reflect current market conditions;
• (c)Be supported by comparable information on sales of similar land in similar locations or businesses.

Where no directly comparable or semi-comparable sales data exists, The Realtor must explain this, in writing, to a client.

An advertised price must clearly replicate the pricing expectations agreed upon with the client.

Relationship between prospective client’s choices about how to sell and Realtor’s benefits.

Before a prospective client signs an agency agreement, the Realtor must explain to the prospective client how choices that the prospective client may make about how to sell or otherwise dispose of his or her land or business could impact the individual benefits that the Realtor may receive.

12.AGENCY AGREEMENTS.
Before a prospective client signs an agency agreement, The Realtor must explain to the prospective client and set out in writing

• a. The conditions under which commission must be paid and how the commission is calculated, including an estimated cost of the commission payable by the client.
• b. when the realtor agreement ends;
• c. how the land or business will be marketed and advertised, including any additional expenses that such advertising and marketing will incur:

13.INFORMATION ABOUT COMPLAINTS
An agent must develop and maintain written in-house procedures for dealing with complaints and dispute resolution. A copy of these procedures must be available to clients and consumers.

The Realtor must ensure that prospective clients and customers are aware of these procedures before they enter into any contractual agreements.

14.BROKERAGE
All CREA (I) Members should by default have written communication with all developer/landlords and customers on the realtor fee that has to be paid, also clearly mentioning the Government levied taxes as well. However, if there is a special brokerage package offered by builders the same would be apply to all CREA (I) members To incorporate in the documentation that we enter into with our customers, the current standard clauses or particulars are as prescribed by CREA (I) Bangalore’s executive committee.

15.CONTRACTUAL DOCUMENTATION AND RECORD KEEPING.
The Realtor must submit to the client all offers concerning the lease/rent, sale, or another disposal of any land or property, provided that such offer are in writing.

A Realtor must retain, for a period of 12 months, a copy of every written offers submitted. This rule applies regardless of whether the offer was submitted by the realtor regardless of whether the offer resulted in a business.

16.DISCLOSURE OF DEFECTS.
The Realtor is required to discover hidden or fundamental defects in land and property and disclose known defects to a customer. Where it would appear likely to a reasonably competent or Obtain confirmation from the client, supported by evidence or expert advice, that the land/property in question is not subject to defect; in the title, etc.

17.ADVERTISING AND MARKETING.
The Realtor advertises any land or business on terms that are those authorized by the client.