There is no doubt these are evolving times for all real estate professionals. The nature of transactions as well as the regulatory environment are becoming more complex. Observing industry changes, REIC has updated its Code of Professional Standards – a written and sworn contract that defines standards of business practice required of all its Members.
The Code upholds the Institute’s goal of advancing professionalism in the real estate industry, strengthening public trust by providing advanced education, expertise and high ethical standards. By adhering to this Code, REIC Members inspire the confidence, respect and trust of their clients, colleagues and the community.
Below are the highlights of the recent update:
REIC Members represent all areas of the real estate industry across Canada and are subject to legislation and regulation depending on their location. With this update, the Code of Professional Standards continues to align with the varying industry competency and legal requirements found in each province.
Compliance with Other Standards and Codes
Full Disclosure and Duty to ClientTo ensure a consistent level of ethics and professionalism in all business relationships, the updated Code clearly defines fiduciary duties owed to clients, including disclosures, protection of funds, and representation, with an emphasis on always prioritizing the client’s best interest.
Long Term ConfidentialityConfidentiality standards have been expanded upon, ensuring that confidential information remains strictly confidential even after the completion or termination of the client relationship. This protects clients both during and after contractual periods.
Cooperation and Duty to ReportREIC has enhanced the requirement to uphold and comply with the Code by including a duty to report any violations. This creates community accountability, where it is the obligation of REIC and its Members to be vigilant in ensuring that all Members follow the Code of Professional Standards, and that violations are promptly brought to the attention of the Professional Standards Committee.
You can view the updated Code here.