STANDARDS OF BUSINESS PRACTICE OF THE CANADIAN REAL ESTATE ASSOCIATION AND INTERPRETATIONS

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1 STANDARDS OF BUSINESS PRACTICE OF THE CANADIAN REAL ESTATE ASSOCIATION AND INTERPRETATIONS ARTICLE 1 The Member shall endeavour to be informed regarding the essential facts which affect current market conditions in order to be in a position to counsel the Member's principal in a responsible manner. 1. A Member should be aware of current legislation and, wherever reasonably possible, be aware of pending legislation (including zoning, government programs, etc.) which could affect trading conditions in the marketplace. (also applies to Article 4 and Article 15) 2. The Member should attend such educational programs and courses as are made available through the Member's Board, Provincial Association or CREA, in order to be up to date and remain aware of matters that could affect his or her principal's decisions in matters arising out of the agency. (also applies to Article 15) 3. The Member should be aware of appropriate financing procedures, mortgaging requirements, etc. in order to properly advise and counsel the Member's principal in discussing financial obligations on any transaction. (also applies to Article 15) 4. The Member should be familiar with the contents of forms commonly used in real estate transactions so as to be able to properly advise and counsel the Member's principal on the privileges and obligations to which the principal would become subject upon signing such forms. (also applies to Article 4) ARTICLE 2 In entering into an agency with the vendor of a property or a purchaser for a property, the Member pledges to protect and promote the interests of his or her client. This primary obligation does not relieve the Member of the responsibility of dealing fairly with all other parties to the transaction. 1. Any Member, in attempting to obtain a listing, should not misrepresent the potential market value of the property to the owner. (also applies to Article 4 and Article 5) 2. Any Member receiving an offer from either a prospective purchaser with whom the Member has dealt, or from another Member office, should ensure the presentation of all such offers to the vendor and provide competent advice on each offer considering the best interests of the client. (also applies to Article 17) 3. Each Member should fully disclose to the Member's client, at the earliest opportunity, any information that could affect the successful completion of the contract. 4. Any Member, when dealing with a customer, should not mislead the customer as to any matters pertaining to the property. (also applies to Article 4) 5. Each Member should provide competent counselling and service in the provision of assistance to ensure the successful completion of any contract entered into between a vendor and purchaser when dealing with other parties needed to ensure that completion (i.e. lawyers, mortgage lenders, etc.). CREA Standards of Business Practice and Page 1.

2 ARTICLE 3 The Member should fully disclose to all parties to a transaction as well as other Members involved in the transaction, the existence of a Member's agency relationship and the nature of the service the Member will be providing to the client versus the customer or other party to the transaction. 1. The requirement to fully disclose the "existence" of a Member's agency relationship requires the member to identify if the Member is acting as the agent of the vendor or the purchaser or some other party to the transaction. 2. The requirement to fully disclose the "nature of the service" a Member will be providing to a customer or a client or other party to a transaction requires the Member to explain that in the Member's primary responsibility is to protect and promote the Member's client's interests, but that this primary obligation does not relieve the Member of the responsibility to deal honestly and fairly with other parties to the transaction. 3. It is to be construed that this Article and the have application in strictly true "mandate" situations under the civil law of Quebec, otherwise, this Article and the would not apply under the Civil Code. ARTICLE 4 The Member has an obligation to discover facts pertaining to every property for which the Member accepts an agency which a reasonably prudent REALTOR would discover in order to fulfil the obligation to avoid error, misrepresentation, or concealment of pertinent facts. 1. The Member should not be party to any agreement in any way to conceal any facts pertaining to a property. 2. Article 1, Interpretation 1 also applies to Article Article 1, Interpretation 4 also applies to Article Article 2, Interpretation 1 also applies to Article Article 2, Interpretation 4 also applies to Article 4. ARTICLE 5 The entering into an agency agreement imposes upon the Member the obligation of rendering a skilled and conscientious service; when a Member is unable to render such service either alone or with the aid of other Members, the Member shall not accept the agency. 1. The Member should ensure reception and transmission of all offers on any property to the vendors for their decision, whether such offers are received from another brokerage firm or through the Member's own brokerage firm. (also applies to Article 17) 2. When acting as a listing broker, the Member should submit all offers to the vendor as quickly as possible without creating any unreasonable delay for the purpose of obtaining another offer. (also applies to Article 17) CREA Standards of Business Practice and Page 2.

3 3. The Member should not attempt to dictate to the vendor the price or other terms of an offer that should be accepted by the vendor, but shall give reasonable and competent counselling as to the obligations and privileges that the acceptance of such an offer would impose, while leaving the final decision as to the acceptability of the offer to the vendor. (also applies to Article 17) 4. A Member should not provide services relating to the sale, purchase, appraisal, management, financing or any other involvement pertaining to any transaction involving real estate where the Member's level of expertise is not on a level that could be reasonably required under the circumstances. Where services are required in such areas and the Member does not have the appropriate level of expertise, such services should not be provided without the aid of another Member who is properly qualified in the area of activity being contemplated. (also applies to Article 15) 5. Where a Member does not possess the appropriate level of experience required that would come about as a result of the entering into an agency agreement and where assistance is unavailable, the Member should not enter into the agency agreement. (also applies to Article 15) 6. Article 2, Interpretation 1 also applies to Article 5. ARTICLE 6 The Member shall present a true presentation in all advertising. Properties and services shall not be advertised without identifying the firm, or where applicable, the Member in accordance with the Provincial Real Estate Act. 1. A Member should ensure that the contents of all advertising accurately and properly reflect the qualities of the property being advertised. 2. A Member should not advertise any properties for sale or lease without authority from the vendor. (also applies to Article 16 and Article 21) 3. A Member should not, in any manner, suggest in any form of advertising that the price acceptable to the vendor is less than the asking price, unless authorized by the vendor. (also applies to Article 16) 4. A Member should not advertise property in any form or in any medium in a manner that is contrary to the requirements of a provincial regulatory act. 5. No Member should advertise any property owned by himself or herself or owned by a principal under an agency agreement without identifying the Member as a real estate practitioner, and such identification shall be in the manner that may be required by the applicable regulatory acts. 6. The contents of a Member's advertising, in any form, should accurately reflect the property or services being advertised, and it shall be unethical for any Member to place any form of advertisement where the intention of the advertisement is to seek potential clients or third parties by use of misleading, exaggerated or untrue statements. (also applies to Article 21) ARTICLE 7 The Member, for the protection of all parties with whom the Member transacts business, shall see that financial obligations and commitments regarding real estate transactions are in writing, expressing exact agreement of the parties; and that copies of such agreements, at the time they are executed, are placed in the hands of all parties to the agreement, and shall be dealt with in accordance with the instructions of parties involved. CREA Standards of Business Practice and Page 3.

4 1. The Member should set out in writing, the terms and conditions the purchaser and vendor have agreed to in a real estate transaction. (also applies to Article 13) 2. Each Member should ensure the distribution of copies of any contracts entered into between vendors and purchasers in a sufficient manner that all parties to the transaction have a copy of same, and where such distribution is regulated by the By-Laws and/or Rules and Regulations of the Board, such distribution shall be in accordance with the requirements of these By-Laws and/or Rules and Regulations. ARTICLE 8 The Member shall not discourage parties to a transaction from seeking legal counsel. 1. The Member should not enter into any practice which would be considered to constitute an unauthorized practice of law and shall seek legal assistance for himself or herself and for all other parties to any agreement where it is beyond the expertise of the Member to set out accurately and appropriately any terms or agreement reached by parties to a transaction. 2. A Member should not enter into any agreement, either written or oral, with any licensed solicitor whereby the Member would receive compensation for successfully directing any member of the public to use the services of that particular solicitor. ARTICLE 9 The Member shall not knowingly permit any property in the Member's charge to be used for unlawful purposes. ARTICLE 10 The Member shall, at the time of the transaction, and prior to the execution of an agreement, fully inform each party regarding the nature of expenses for which they may be normally liable. ARTICLE 11 The Member shall charge for his or her services such fees as are fair and reasonable, commensurate with the services rendered, and the obligations and responsibilities entrusted to the Member. At no time shall the Member accept compensation from more than one party to a transaction without full knowledge and agreement of all parties to the transaction, obtained in writing. 1. The Member should not attempt to set fees for services to be offered by suggesting or implying, directly or indirectly, that the level of fees being suggested is based on direction from a real estate board, institute, society or council to which a Member belongs. (also apples to Article 15) 2. Where a Member is to receive compensation for services rendered from more than one party to the transaction, the Member should disclose such to all parties and should not accept compensation from more than one party without the full knowledge and written agreement of all parties to the transaction. 3. A Member should not accept, without full knowledge and written consent of all parties to the transaction, any fees or other remuneration from mortgage lenders, solicitors, appraisers and property managers or any other person whose services may be reasonably required to complete the terms of the transaction, where such remuneration would be in excess of the remuneration agreed upon by the Member and his/her principal. CREA Standards of Business Practice and Page 4.

5 ARTICLE 12 The Member shall not acquire an interest in property either directly or indirectly for himself or herself, or for any corporation in which the Member is a shareholder, director or officer, without making the true position as known to the Member known to the owner in writing; and in selling property owned by the Member, or in which the Member has interest, the interest as known to the Member shall be revealed to the purchaser in writing. 1. Where such disclosure is also required pursuant to provincial regulatory acts such disclosures with regard to acquiring or disposing of property shall be made in accordance with the terms of such act. 2. The Member, when acting as a principal in a real estate transaction, cannot avoid his or her responsibilities under the CREA Code of Ethics. ARTICLE 13 The Member should ensure written contractual relationships in all matters involving agency whenever possible in order to avoid misunderstanding and to assure better service to the Member's clients. 1. Article 7 and Interpretation 1 thereof also apply to Article 13. ARTICLE 14 When acting as agent, the Member shall not accept any rebate or profit on expenditures made for a client without the client's consent or accept any rebate or profit on expenditures for a customer without the customer's knowledge. 1. The Member should not recommend or suggest to a principal or a third party the use of services of any other organization or business in which the Member has a direct or indirect interest, without disclosing such interest, in writing, at the time of the recommendation or suggestion. 2. A Member should, at all times, be able to render a proper accounting to the Member's principal with respect to monies and other properties of the principal which have been entrusted to the care of the Member. ARTICLE 15 In providing an opinion of value of real property a Member shall not undertake to provide such an opinion if it is outside the Member's field of experience to do so, unless this fact is disclosed to the client or unless assistance is obtained from another person who has experience in this area. A Member shall not perform an appraisal contrary to the terms and conditions of any designation the Member holds through the Canadian Real Estate Association. In all other circumstances, a Member shall not provide an opinion of value on property in which the Member has a present or contemplated interest without first disclosing this fact to the client. Fees charged for providing an opinion of value shall not be based on the amount of value reported. 1. Article 1, Interpretation 1 and Article 4, Interpretation 2 also apply to Article 15. CREA Standards of Business Practice and Page 5.

6 2. Article 1, Interpretation 2 also applies to Article Article 1, Interpretation 3 also applies to Article Article 5, Interpretation 4 also applies to Article Article 5, Interpretation 5 also applies to Article Article 11, Interpretation 1 also applies to Article 15. ARTICLE 16 The Member shall not advertise a property, including placing a sign thereon, without the vendor's authority, nor shall the price advertised, or otherwise offered, be other than that which was agreed upon with the vendor. 1. Article 6, Interpretation 2 and Article 21, Interpretation 1 also apply to Article Article 6, Interpretation 3 also applies to Article 16. ARTICLE 17 All written offers and counter offers shall be presented to the client or customer for their consideration, as soon as possible after receipt in order to obtain the best possible result for the Member's client. 1. Each Member, in the presentation of an offer or counter offer to the vendor or purchaser, whether acting as Listing Broker, Selling Broker, or Purchaser's Broker, should disclose to the Member's client all pertinent facts in the Member's possession with respect to the offer or counter offer. 2. Article 2, Interpretation 2 also applies to Article Article 5, Interpretation 1 also applies to Article Article 5, Interpretation 2 also applies to Article Article 5, Interpretation 3 also applies to Article 17. ARTICLE 18 The Member shall never publicly discredit a competitor. If the Member's opinion is sought regarding the specific transaction it should be rendered with strict professional integrity and courtesy. 1. The Member should not comment in a derogatory manner as to the capacity, integrity, and competence of any other Member. 2. Where any Member is asked to comment on the business practices of another Member, such comments should be given with strict professional integrity, objectivity, and courtesy. ARTICLE 19 CREA Standards of Business Practice and Page 6.

7 The agency of a Member who holds an exclusive listing shall be respected by all other Members, and negotiations concerning the property which is listed exclusively shall be carried on with the listing broker and not with the vendor, except with the consent of the listing broker. ARTICLE 20 A Member shall not seek information about a competitor's transaction to be used for the purpose of closing a transaction himself or herself or for the purpose of interfering with any other contractual undertaking. 1. A Member should not in any manner by specific direction or suggestion, advise a party to a contract that the party should attempt to breach the contract. 2. A Member should not suggest that a party negate the terms of a contract into which that party has entered for the purpose, either suggested or implied, of entering into another similar contract with another party. ARTICLE 21 Signs giving notice of sale, rent, lease, development or exchange should not be placed on any property by more than one Member, unless authorized by the owner. Members shall not interfere with another real estate broker's sign. 1. Article 6, Interpretation 2 and Article 16, Interpretation 1 also apply to Article Article 6, Interpretation 6 also applies to Article 21. ARTICLE 22 The Member shall observe the By-Laws, Rules and Regulations established by the Member's Real Estate Board and/or Association, in addition to the regulations, terms and conditions associated with any designation that the Member may hold through membership in The Canadian Real Estate Association. ARTICLE 23 Should a Member be charged with unethical practice, or asked to assist the proper Committee in the resolution of a charge of unethical practice, the Member shall place all pertinent facts before the proper Committee of the Real Estate Board or Association to which the Member belongs for investigation or judgment. 1. A Member who has been charged with unethical conduct and is being investigated by an appropriate Committee should fully and frankly inform the Committee of all facts and knowledge in the Member's possession surrounding the matter being investigated. 2. Where a Member is asked to assist the appropriate Committee in the resolution of any alleged unethical conduct with which another Member has been charged, the Member should assist the Committee by providing whatever material, facts and knowledge are in that Member's possession, and such assistance should not be deemed a "controversy" within the meaning and intent of Article Where a Member is aware that another Member is acting unethically or improperly in any manner, such Member should advise the appropriate Committee of such alleged misconduct. CREA Standards of Business Practice and Page 7.

8 ARTICLE 24 The business of a Member shall be conducted so as to avoid controversies or disputes with other Members; but in the event of a controversy or dispute between Members, such controversy or dispute shall be submitted for arbitration in accordance with regulations of their Real Estate Board and/or Association. 1. Any Member having a dispute with another Member resulting from the alleged misconduct or impropriety of another Member, should place such matters before the appropriate Committee for resolution in order that the matter may be resolved in accordance with the Rules and Regulations of the Board, Association, Society or Council to which the Member belongs. 2. A Member having a dispute with another Member regarding the disposition or distribution of any commission earned or to be earned as a result of a real estate transaction should place such dispute before the appropriate Committee for resolution prior to entering into any form of litigation. ARTICLE 25 In the event that controversy or dispute should arise between Members of different Real Estate Boards, the controversy or dispute shall be submitted to arbitration in accordance with the By-Laws, Rules and Regulations of the appropriate Provincial Association. Should the Members belong to different Provincial Associations, the controversy or dispute shall be arbitrated in accordance with the By-Laws, Rules and Regulations of the Canadian Real Estate Association. ARTICLE 26 The business of a Member shall be conducted in strict accordance with the current terms and conditions of the Real Estate Act and Regulations of the Member's Province. 1. The Member should not be party to any discussion or agreement where the intent of such discussion or agreement is to circumvent any statutes or regulations affecting the real estate industry. 2. In the operation of the Member's own business, the Member should adhere to all the statutory requirements pertaining to that business and without limiting the generality of the foregoing, this will include observance of the requirements of the Corporation Act, Income Act, Income Tax Act, and By- Laws, Rules, and Regulations of the Board or Provincial Association to which the Member belongs. ARTICLE 27 The Member shall not deny professional services to any person for reasons of race, creed, colour, sex, marital status, age, or country of national origin. The Member shall not be party to any plan or agreement to discriminate against a person or persons on the basis of race, creed, colour, sex, marital status, age, or country of national origin. CREA Standards of Business Practice and Page 8.

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