Professional Ethics and Client Relations Flashcards

What code of ethics does RERA establish for licensed real estate brokers?

Answer: Honesty and transparency, avoiding conflicts of interest, fair dealing, client confidentiality, accurate property representation, and professional competence

RERA's code of ethics requires brokers to maintain honesty and transparency, avoid conflicts of interest, deal fairly with all parties, maintain client confidentiality, accurately represent properties, and maintain professional competence.

What are the RERA regulations on dual agency (representing both buyer and seller)?

Answer: Dual agency must be disclosed to both parties with their informed consent, ensuring fair representation and avoiding conflicts of interest

While not outright prohibited, dual agency requires full disclosure to both parties, informed consent from each, and the broker must ensure fair representation without favoring either party, avoiding any conflict of interest.

What client fund handling requirements does RERA establish for brokers?

Answer: Client funds (deposits, security deposits) must be held in designated escrow or trust accounts separate from the broker's business or personal accounts

RERA requires that all client funds including deposits and security deposits be held in separate designated accounts (escrow or trust), completely segregated from the broker's business or personal accounts for client protection.

What disclosure obligations do RERA brokers have to clients?

Answer: Disclose all material facts about a property, any conflicts of interest, commission arrangements, and any information that could affect the client's decision

RERA requires brokers to disclose all material facts that could influence a client's decision, including property defects, encumbrances, conflicts of interest, commission arrangements, and any adverse information.

What continuing professional development does RERA require for licensed brokers?

Answer: Ongoing training and education to maintain market knowledge, regulatory awareness, and professional competence for license renewal

RERA requires licensed brokers to participate in continuing professional development to maintain current market knowledge, stay updated on regulatory changes, and demonstrate ongoing professional competence for license renewal.

How should RERA brokers handle confidential client information?

Answer: Maintain strict confidentiality of client financial information, negotiating positions, and personal details, only sharing with authorized parties with client consent

RERA requires brokers to maintain strict confidentiality of all client information including financial details, negotiating positions, personal circumstances, and transaction details, sharing only with explicit client authorization.