The 5 Canons Contained in the Canons of Professional Ethics and Conduct

Question 1

What do the 5 canons do?

Answer 1

They have the force and effect of law in TX

Question 2

What are the 5 canons?

Answer 2

1. Fidelity
2. Integrity
3. Competency
4. Consumer Info Notice Form CN 1-2
5. Discriminatory Practices

Question 3

Explain Fidelity

Answer 3

• the primary duty of the agent is to represent the interests of his/her client
• the agent must be faithful and observant to the trust placed in him/her
• the agent must never place his/her own interests above that of the client

Question 4

Explain Integrity

Answer 4

• the agent has a special responsibility to be honest when performing his/her duties

Question 5

Explain Competency

Answer 5

• the licensee must be informed of market conditions and continue his/her education with regard to marketing properties
• the licensee must stay informed of developments in the real estate industry on all levels: local, state, and national
• the licensee must exercise skill and judgment in performing duties

Question 6

Explain Consumer Info Notice Form CN 1-2

Answer 6

• all licensed real estate brokers will prominently display this sign in every one of his/her business locations. This sign is a notice regarding the Real Estate Recovery Trust Account

Question 7

Explain Discriminatory Practices

Answer 7

• an agent may not discriminate with regard to the legally protected classes