1. Absolute Integrity:
Principle: EREPs must act with complete honesty and transparency in all dealings with clients, colleagues, and other stakeholders. Any form of deceit, misrepresentation, or omission of key information is grounds for immediate removal.
2. Client-First Mentality:
Principle: EREPs must prioritize the needs and best interests of their clients above all else. This includes providing unbiased advice, even if it may not result in a direct benefit to the agent.
3. Full Disclosure:
Principle: EREPs are required to fully disclose all relevant information to clients, including potential conflicts of interest, financial incentives, and the true condition of properties. Failure to do so will result in removal from the program.
4. Adherence to Legal Standards:
Principle: EREPs must comply with all applicable local, state, and federal real estate laws and regulations. Any legal violation, whether intentional or accidental, will result in immediate disciplinary action.
5. Professional Conduct:
Principle: EREPs must maintain the highest standards of professional behavior, including treating all parties with respect, avoiding discriminatory practices, and refraining from any actions that could harm the reputation of the EREP designation.
6. Continued Education:
Principle: EREPs are required to engage in continuous professional development to stay informed about industry changes, new regulations, and emerging trends. Failure to complete required education or certifications will result in removal.
7. Confidentiality:
Principle: EREPs must protect the confidentiality of all client information. Sharing client details without explicit permission is a serious breach of trust and grounds for immediate removal.
8. Ethical Marketing:
Principle: EREPs must market properties and their services truthfully, avoiding exaggeration or misleading claims. All marketing materials must adhere to ethical standards and be factually accurate.
9. Conflict of Interest Avoidance:
Principle: EREPs must avoid any situations where their interests could conflict with those of their clients. Any potential conflicts must be disclosed immediately, and if not managed properly, could lead to removal.
10. Accountability and Responsibility:
- Principle: EREPs must take full responsibility for their actions and decisions, including any mistakes or oversights. They are expected to rectify any issues promptly and take corrective actions as needed.
- Enforcement: Failure to adhere to these principles will result in immediate review by the EREP governing body. Depending on the severity of the violation, consequences may range from mandatory re-education to permanent removal from the Ethical Real Estate Professional program.