With the current world situation, ethics are needed more than ever before.
AMPI Real Estate Ethical Practices
What does the AMPI (the National Association of Real Estate Professionals) Code of Ethics say about the loyalty and obligation of a real estate professional to his local organization and his colleagues?
The real estate professional has an obligation to share his experience and knowledge with his colleagues. A real estate professional should not make comments with respect to business actions performed by another Real Estate Professional unless his opinion is requested. Such opinion must be based on truth and not rumor.
Is there a procedure for resolution of conflicts between AMPI members?
Yes, there is a commission of Honor and Justice, which receives information and makes decisions using the AMPI guidelines. If a real estate professional is accused of unethical practices and does not accept the decision of the Commission, he may appeal to the National Advisory council. To be effective and timely, it’s best to start conciliation.
Can a real estate professional accept an exclusive listing, which is currently listed with another professional?
No, the professional shall respect the term of the exclusive listing which requires consent by both principles. Of course, if there are ethical or legal laws abused by either party, the agreement can be terminated, and legal action may be taken. To change the listing agency while the property is under this contract requires the consent of the listing agent and the owner.
How do real estate professionals share commissions?
The AMPI members agree in writing to cooperate with other members in making sales and distributing commissions earned.
Upon a sale, the AMPI member representing the buyer must deal with the member who has the property listed. The listing agent agrees the fee coming out of his commission to be paid with his fellow agent.
What is the agreement among AMPI members for signage on a property?
There should be one sign for sale, rent, or exchange.
Is education in real estate a requirement of an AMPI member?
Yes, it is the basic and primary duty of every member to obtain special knowledge of real estate. In the AMPI Vallarta chapter, continuing education requirements are 25 hours of education and attending a minimum of 50% of the meetings each year to be able to keep their membership.
We also have education requirements for Associates before they are qualified to sponsor other agents and run an agency.
The professional must be up to date regarding the real estate field and changes that could affect the property locally and nationally.
This knowledge is what gives the agent value in his chosen field. Included is the ability to inform his principal about the fair market value of a property.
On a personal note, I wish for my fellow agents to follow these wise rules, making us all fairer and more equitable. And to the public.
As a buyer or seller, you need to think for yourself and ask more questions than you ever imagined. You will become a more thoughtful person for it.
And it would help if you learned a new culture to enrich your life. We need to be wiser on how to judge people fairly.
I recommend every buyer or seller use professional advice before doing any transactions.