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REAL ESTATE ETHICS


CODE OF ETHICS OF THE MEXICAN ASSOCIATION OF PROFESSIONALS

INMOBILIARIOS, A.C.

SECTION ONE. RELATIONS WITH THE PUBLIC.

Article 1
It is the primary duty of all real estate professionals to be educated in their specialty: Real Estate.

It is therefore the obligation of the good real estate professional to be up-to-date on everything related to his field of action, being informed of the changes that may affect the real estate property not only within his city but the nation in general. With the knowledge it acquires, it will be able to contribute to public opinion when dealing with tax matters, legislation, better use of land, planning and other aspects related to real estate.

Article 2.
The real estate professional has the obligation to be aware of the conditions of the real estate market, because among others, they occupy the first place in guiding the client on the fair value of real estate.

Article 3.
It is an important function of real estate professionals, protecting the client against fraud, abuse or immoral practices in the field of real estate. Consequently, they have the duty to help prevent any harmful action to the public, as well as any act that attacks the dignity and integrity of the real estate profession.

If the practice of such acts comes from a member of the Mexican Association of Real Estate Professionals, it is the duty of anyone who, in such a case, would be able to provide the necessary evidence to the National Board of Directors of said Association, in order that, in accordance with statutes of the same, proceed to the sanction of the offender of this code of ethics.

Article 4
When accepting a property for administration or sale, the real estate professional should know it before administering it or offering it on the market in order to avoid any error to his client, exaggeration of the good qualities offering and concealment of the same as the veracity of his tatos should be the guideline of the actions of real estate professional.

Article 5
The real estate professional must not carry out operations in which for any reason the interests of some of the contracting parties, or of a third party, or of a real estate professional colleague, are injured.

Article 6
The real estate professional should not contribute to set false data in deeds or other public instruments, nor to falsify statements before any authority. Integrity in all its acts will be the guideline of the good impression that it must cause to its clients, thus corresponding to the trust placed in it.

Article 7
The real estate professional, when using any of the advertising methods, must be very careful of the accuracy of the data that appears in the advertisement, since the chosen method must present and reflect the exact reality and for no reason deform it.

Article 8
The real estate professional, for the protection of the parties involved in an operation, will try to have all the data, promises and agreements related to each transaction in writing. In the relative documents the exact agreement will be consigned to which the interested parties will arrive who will sign in accordance conserving each one one and remaining another one in the power of the real estate professional for its constancy and file.

SECOND SECTION. RELATIONS WITH THE CUSTOMER.

Article 9.
Accepting any business from a client involves the commitment of the real estate professional to promote and protect the interests of the client. This is an obligation of loyalty to those who have entrusted some business. This duty, which is of paramount importance, brings with it the need to act with absolute justice and honesty towards all the parties involved in a transaction.

Article 10.
In the guarantee of the interests that have been placed in the hands of the real estate professional, those will have to inform their clients with absolute veracity about:

Qualities and defects of the real estate that is provided to you or of which you wish.

Of the ease or difficulty of carrying out the propagated operation.

In general of all the circumstances that may surround the business entrusted to it. Likewise, the real estate professional should never object to any of the parties interested in the transaction consulting with a lawyer, notary or other professionals about:

The problems that concern the property, the restrictions or limitations that may weigh on it, the affectations, etc., that could limit the use or enjoyment of the good on which it wishes to operate, if its structural stability is correct, if the materials used in construction are indicated.

In general, the real estate professional will provide facilities to all those technicians in different areas that the client wishes to consult in an operation on any real estate.

Article 11
The fees charged by the real estate professional must be fair compensation for their work and knowledge of the subject in accordance with the custom of the place where the property is located.

These fees may be calculated based on a percentage of the amount of the consideration in the case of purchase or lease, or gross or net income in case of administration, or as a fixed amount in any case.

In no case should charge a "surcharge", as this custom is considered as unfair compensation to the detriment of the interests, in particular the selling customer.

Article 12.
In the event that the real estate professional is interested in acquiring for himself or his company some property that has been proposed for sale by a client, he should inform him of this desire and suggest that some expert practice the appraisal of the property in question and about That basis, if both parties agree, the operation must be carried out.

Article 13
When the real estate professional is granted an exclusive option letter, he contracts with the client to work preferably in this business. Therefore, the real estate professional must instruct his clientele about the advantages that granting said exclusivity will represent for both parties.

Article 14
When the real estate professional to make a payment on behalf of the customer get a discount or discount the bonus will always be for the benefit of the customer.

Article 15
The real estate professional will be extraordinarily jealous in keeping the Professional Secret. For no reason will you express opinions or give confidential information about the situation of your clients or about what your client has entrusted to you under professional secrecy.

Article 16
When making a judgment about the value of a property, the real estate professional must make a careful analysis of all the factors that surround and can effect the business to be treated.

You should never issue opinions of the value of a good in which you have a present interest or may have it unless this circumstance is clarified clearly delimited before the applicant. He should never issue an opinion on the property value of those who have no experience, being obliged in these cases to consult an experienced appraiser in the plaza. All the circumstances that mediate in these cases must be revealed to the client.

Article 17
To advertise a property, the real estate professional must request authorization from the owner. Real estate professionals will never announce properties that have not been offered directly by the owner, because if the offer comes from another partner, they must request authorization in writing from the owner to use any means of advertising on that property.

Article 18
The real estate professional will ensure that the offers made to him on the properties he has for sale are in writing. He will have the obligation to show them to the owner, whatever they may be, in order to regulate their criteria and put him in condition to decide on the bases presented.

THIRD SECTION. RELATIONS WITH OTHER PROFESSIONALS

REAL ESTATE

Article 19
The real estate professional should not look for advantages over other colleagues and it is their obligation to share with them the experience and preparation they have acquired through their studies and practice in different transactions.

Article 20.
If it suggests any difficulty between two Real Estate Professionals of the same organization, the arbitration of the matter must be submitted to a tribunal composed of persons chosen from among the members of the organization in accordance with the statutes of the same and never before courts of the ordinary jurisdiction. The real estate professional must submit to the decision issued by the aforementioned court.

Article 21
When the real estate professional is accused of unethical practices and does not feel guilty, he must voluntarily present the relevant facts to the body indicated in the bylaws to the National Council of Directors.

Article 22
The real estate professional will refrain from commenting on the performance in the business of other real estate professionals of the same association. If your opinion is officially requested, it should be given with absolute attachment to reality with courtesy and professional integrity.

Article 23.
The real estate professional will not accept an exclusive that another real estate professional has in force. You must respect the rights of the former until the term of said exclusive expires, even if the owner wishes to give it the exclusive right. Likewise, the real estate professional who accepts an option undertakes not to assign his rights to a third party without the knowledge and consent of the initial real estate professional and the owner.

Article 24.
The real estate professional must cooperate with other Real Estate Professionals in the sales register, distributing the commissions on the agreed bases. In case of exclusive sale, the real estate professional must deal with his real estate professional partner who gave him the property for sale and not with the owner.

Article 25
A real estate professional should not request the services of an employee of a colleague, without the consent and knowledge of the said colleague.

Article 26
The announcement of the sale, rent or exchange of a property must not be located in it by more than one real estate professional.

Article 27
In the best interest of society, its associates and its own business, the real estate professional must be legal to his local organization of real estate, to his colleagues and active in his work.