Unit 8 - Professional Conduct Flashcards
The REALTOR code of ethics applies to which sales peoples?
Only realtors who are members of organized real estate (NSAR members, and therefore CREA)
What are the 5 general obligations the REALTOR code of ethics sets out in the preamble?
- Professional Competent Service
- Absolute honesty and integrity in business dealings
- Utmost civility
- Co-operation with and fairness to all
- Personal accountability through compliance with the stands of business practice
What are the Standards of Business Practice?
29 articles with each containing specific obligations. They are in the NSREC bylaw. They expand on the REALTOR code of ethics.
Unlike the REALTOR code of ethics (in regards to NSAR members), the Standards of Business Practice are mandated and enforced.
Layout the AIDA formula?
A: Attention with strong headline and lead-in
I: Interest readers with features
D: Desire is fostered by describing benefits of property
A: Action is prompted with call-to-action
Where can you look for advertising guidelines, which are all-important for creating ads for homes and yourself?
Nova Scotia Real Estate Commission Advertising Guidelines found at nsrec.ns.ca
If a complaint is deemed worthy of investigation, what are the two ultimate resolutions?
- No action taken: subject to right of review by the complainant (the complainer)
- Action Required: can result in a settlement, penalty, or formal hearing
How does a hearing procedure work if a formal hearing is required?
If a formal hearing is required after a complaint, a Discipline hearing panel is chosen from the Discipline Committee.
They then follow strict procedural rules and can levy penalties.
There are 6 roles in the complaint/discipline process. Explain them…
- Registrar
- Compliance Manager
- Compliance Investigators
- Discipline Committee
- Discipline Hearing Panel
- Complaint Review Committee
- Registrar
They receive a compliant and determine if an action is needed based on the NSREC compliance investigator’s findings - Compliance Manager
This is a commission employee who oversees compliance issues - Compliance Investigators
Their job is to complete an investigation and file report with the registrar - Discipline Committee
Deals is a group appointed by commission who is pulled to deal with discipline matters - Discipline Hearing Panel
This is a panel with no less than 3 people appointed for all formal hearings. - Complaint Review Committee
This committee reviews all decisions of those above including registrar and proposed settlement agreements
What is the main difference between ethics, morals, and professional standards?
Morals are broad principles. Ethics relate to cultural rules and guidelines. And professional standards are specific procedures within a business environment
What are the three components to the REALTOR code?
- Code of ethics
- Standards of business practice
- Interpretations-Standards of business practice
What is institutional advertising?
This is the type of advertising that hfxrealestate.ca is. It’s not to promote a specific property, but the services offered in general.
When dealing with other realtors, what should you do?
Always identify yourself as a REALTOR when dealing with other realtors. When in doubt, disclose.
In NS, what is the requirement for displaying your brokerage on your website?
You must display your brokerage on every page of the website and their logo should be bigger than yours.
What are the 4 main common risk areas for salespersons and brokers?
What is the acronym to remember these by?
DAMM
- Documentation
Prep errors and mistakes - Agency
Disclosure and responsibilities - (verbal) Misunderstandings
Confusion during listings, showings, and negotiations - Misrepresentation
Non-verified facts, inadequate knowledge, lack of reliance on other professionals
Define Tort
Tort is a breach of duty
So if you give bad professional advice that leads to a loss
