There are certain duties and requirements imposed upon registrants. Here are the primary ones under the existing Code:
Existing Code of Ethics (REBBA)
Fairness, honesty, etc.
3. A registrant shall treat every person the registrant deals with in the course of a trade in real estate fairly, honestly and with integrity. O. Reg. 580/05, s. 3.
Best interests
4. A registrant shall promote and protect the best interests of the registrant’s clients. O. Reg. 580/05, s. 4.
Conscientious and competent service, etc.
5. A registrant shall provide conscientious service to the registrant’s clients and customers and shall demonstrate reasonable knowledge, skill, judgment and competence in providing those services. O. Reg. 580/05, s. 5.
Providing opinions, etc.
6. (1) A registrant shall demonstrate reasonable knowledge, skill, judgment and competence in providing opinions, advice or information to any person in respect of a trade in real estate. O. Reg. 580/05, s. 6 (1).
(2) Without limiting the generality of subsection (1) or section 5,
(a) a brokerage shall not provide an opinion or advice about the value of real estate to any person unless the opinion or advice is provided on behalf of the brokerage by a broker or salesperson who has education or experience related to the valuation of real estate; and
(b) a broker or salesperson shall not provide an opinion or advice about the value of real estate to any person unless the broker or salesperson has education or experience related to the valuation of real estate. O. Reg. 580/05, s. 6 (2).
Services from others
8. (1) A registrant shall advise a client or customer to obtain services from another person if the registrantis not able to provide the services with reasonable knowledge, skill, judgment and competence or is not authorized by law to provide the services. O. Reg. 580/05, s. 8 (1).
(2) A registrant shall not discourage a client or customer from seeking a particular kind of service if the registrantis not able to provide the service with reasonable knowledge, skill, judgment and competence or is not authorized by law to provide the service. O. Reg. 580/05, s. 8 (2).
Material facts
21. (1) A broker or salesperson who has a client in respect of the acquisition or disposition of a particular interest in real estate shall take reasonable steps to determine the material facts relating to the acquisition or disposition and, at the earliest practicable opportunity, shall disclose the material facts to the client. O. Reg. 580/05, s. 21 (1).
(2) A broker or salesperson who has a customer in respect of the acquisition or disposition of a particular interest in real estate shall, at the earliest practicable opportunity, disclose to the customer the material facts relating to the acquisition or disposition that are known by or ought to be known by the broker or salesperson. O. Reg. 580/05, s. 21 (2).
Steps taken by registrant
23. A registrant shall inform a client of all significant steps that the registrant takes in the course of representing the client. O. Reg. 580/05, s. 23.
Financial responsibility
35. A registrant shall be financially responsible in the conduct of business. O. Reg. 580/05, s. 35.
Inaccurate representations
37. (1) A registrant shall not knowingly make an inaccurate representation in respect of a trade in real estate. O. Reg. 580/05, s. 37 (1).
(2) A registrant shall not knowingly make an inaccurate representation about services provided by the registrant. O. Reg. 580/05, s. 37 (2).
Error, misrepresentation, fraud, etc.
38. A registrant shall use the registrant’s best efforts to prevent error, misrepresentation, fraud or any unethical practice in respect of a trade in real estate. O. Reg. 580/05, s. 38.
Unprofessional conduct, etc.
39. A registrant shall not, in the course of trading in real estate, engage in any act or omission that, having regard to all of the circumstances, would reasonably be regarded as disgraceful, dishonourable, unprofessional or unbecoming a registrant. O. Reg. 580/05, s. 39.
Abuse and harassment
40. A registrant shall not abuse or harass any person in the course of trading in real estate. O. Reg. 580/05, s. 40.
Duty to ensure compliance
41. (1) A brokerage shall ensure that every salesperson and brokerthat the brokerage employs is carrying out their duties in compliance with this Regulation. O. Reg. 580/05, s. 41 (1).
(2) A broker of record shall ensure that the brokerage complies with this Regulation. O. Reg. 580/05, s. 41 (2).
COMMENT
Effectively, those were most of the duties, at least all of the ones which dealt with “ethics”.
Some have been transferred to the New Code of Ethics under TRESA. It will be important to note particularly what has actually changed.
Brian Madigan LL.B., Broker