Professional ethics in the real estate industry help preserve the right to use, own, and transfer real property. Real estate professionals must abide by ethical standards to avoid discrimination in real estate transactions.
Real estate ethics refers to practices in this field that are honest, protect customers, and follow the law.
Ethics importance in real estate is that it makes strong bonding and builds trust between two parties. for example when you buy any property for customers they totally rely on you and you have to build strong relationship with your customer and build trust with customers and satisfy them with good ethical practices and agree them to invest in proper societies which have proper NOC`S. so that they are satisfied from your services. And also buy them the property that are worth it and from which they can easily earned profit and get happy from you.
The real estate industry encourages the highest level of ethics in business practice to promote and preserve the right to own, use, exchange, and transfer real property. It’s imperative that practitioners within the industry know ethical standards, understand why they’re important, and abide by them. It’s essential that practitioners avoid discrimination in real estate transactions as well as any act of misrepresentation, exaggeration, or intentional act of deception, also known as fraud. Unethical practice is prohibited in all aspects of real estate practice, including advertising, property disclosure, listing agreements, inducements, the holding of earnest money, and contract facilitation.
The legal duty of the realtor and licensed real estate practitioner is to promote and protect the rights and interests of the buying and selling public. Agency laws also mandate respect for agency relationships. A practitioner has duties that discourage unscrupulous and corrupt practices that dishonor the real estate profession or create unfair advantage over competitors.