There’s a code of ethics for practitioners in the real estate industry, with a significant portion of it addressing the conduct of licensed real estate brokers.
Centered on an inimitable commodity, the real estate industry is undeniably lucrative. So, unsurprisingly, it continues to have its share of practitioners who, despite being duly licensed and trained, may ply their trade unscrupulously. The National Code of Ethics for the Real Estate Practice addresses this, helping ensure laws are followed, and all parties involved are protected, in all property uses and transactions.
While governing the rule of conduct of “all natural persons who are performing any act of engaging in the practice of real estate service as defined in Republic Act No. 9646 namely, real estate consultant, appraiser, assessor, broker, and salesperson”, there are particular aspects of the Code of Ethics that licensed brokers may want to take note of and practice.
The Posting and Use of Property Listings
Being the main method for marketing a property as available for purchase or lease, property listings are an integral part of the licensed broker profession. It is important to maintain the integrity the listing market overall by not being haphazard when using listing services, selecting properties to list and how each is shared between brokers, which is addressed by the Rules of Conduct and Practices, which is covered by Section 4, Article III of the Code of Conduct.
Working Within a Brokers’ Organization/Association
For purposes of networking and further governance of the profession within particular areas, brokers are also members of broker organizations and associations. With this comes particular standards when dealing with co-members and even all other brokers, in general, which are also covered by Article III of the Code of Conduct.
Additionally, there is also the matter of how a licensed broker works within his/her organization, and a section of Article III is dedicated to being a guide in abiding by the rules and regulations of the said organization and the national association with which it is affiliated with.
Sanctions
While having particular rules of their own, one of the key roles of most broker organizations or associations is to uphold The National Code of Ethics for the Real Estate Practice. With that comes the authority to impose sanctions on member brokers who violated any of its provisions, in coordination with the Department of Trade and Industry (DTI), as detailed in Article IV of the code.
The National Code of Ethics for the Real Estate Practice in its entirely on the Philippine government’s website, while codes of conduct and other rules specific to that of brokers’ organizations and associations like that of the Real Estate Brokers Association of the Philippines (REBAP) and their chapters should more or less be also available on their respective websites.
Sources: About Philippines, Foreclosure Philippines
