unit 3 Flashcards
individual concepts that affect ones decision and actions
personal ethics
many professionals associations have these to guide members’ conduct
code of ethics
regulatory requirements for the professional conduct of all real estate professionals
standards of practice
concept that relates to an individuals level of moral development
ethics
individuals’ progression from ego-centric to socially responsible behavior
moral development
an ethical approach that considers the impact of decisions on others
utilitarian
an ethical approach that considers social rules as a guide for decisions
duty-based
situations that can occur while carrying out the business activities of a real estate prof
ethical dilemmas
private civil matters are typically resolved through mediation, arbitration, or legal action through courts. Means a wrong and comes mainly from the common law
Tort law
negligent tort
wrong usually by carelessness, inattentiveness, someone was injured
intentional tort
actions to injure another person’s property, by aggressive conduct, or by design
if someone commits a certain act then that person is responsible for the damages from it, regardless of the level of care exercised (defective/dangerous products)
strict liability tort
intuitive response
may sense that something is not quite right or things don’t add up
real estate assurance fund
provide protection & confidence for consumers wishing to work with industry prof
covers claims from financial losses or damages or negigilance from a real estate profs business practice
errors & omissions
