The REALTOR® Code, created by the Canadian Real Estate Association (CREA), is universally recognized by real estate professionals and consumers alike, and has been the measure of professionalism in real estate for over 40 years. The REALTOR® Code is intended to define the high standard of performance the public has a right to expect from those licensed to display the REALTOR® trademark.
A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. By setting high standards of professional conduct for REALTORS®, the Code helps to protect Canadians’ rights and interests. It also creates a level of trust between REALTORS® and their clients.
REALTORS® are committed to:
- professional competent service;
- absolute honesty and integrity in business dealings;
- co-operation with and fairness to all; and
- personal accountability through compliance with CREA’s Standards of Business Practice.
To meet their obligations, REALTORS® pledge to observe the spirit of the Code in all of their activities and conduct their business in accordance with the Standards of Business Practice and the Golden Rule, “Do unto others as you would have them do unto you.”
The REALTOR® Code has been amended many times over the years to reflect the changing needs of the public and the values of society, and to act as an assurance of higher professional standards.
A Strict Standard of Conduct
The REALTOR® Code establishes a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures the protection of the rights and interests of consumers of real estate services. As a condition of Membership, all REALTORS® agree to abide by the Code.
Some of the key items of the Code include:
- REALTORS® must disclose in writing whom they are representing as an agent in the transaction, and explain to parties in a transaction the details of the agency relationship; and
- REALTORS® can’t acquire an interest in property (either directly or indirectly) without disclosing the fact that they’re a real estate professional.