Code of Ethics and Standards of Practice NMAR

While the code of ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.

NMAR PROFESSIONAL MEMBERS should recognize that the interests of the nation and its citizens require the highest and the best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful and sustainable environment.

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which NMAR PROFESSIONAL MEMBERS should dedicate themselves and for which they should be diligent in preparing themselves. NMAR PROFESSIONAL MEMBERS therefore, are zealous to maintain and improve the standards of their calling and share with their fellow NMAR PROFESSIONAL MEMBERS a common responsibility for its integrity and honour.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, NMAR PROFESSIONAL MEMBERS continuously strive to become and remain informed on issues affecting real estate and, knowledgeable professionals; they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession. NMAR PROFESSIONAL MEMBERS having direct professional knowledge of conduct that may violate the Code of Ethics involving misappropriation of client or customer funds or property, willful discrimination or fraud resulting in substantial economic harm, bring such matters to the attention of the appropriate local Real Estate Association in which they hold membership in good standing.

Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, NMAR PROFESSIONAL MEMBERS must urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where NARI - PROFESSIONAL PRACTITIONER believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.

The term NMAR PROFESSIONAL MEMBER has come to the connote competency, fairness and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. No inducement of profit and no instruction from clients ever can justify departure from this ideal.

In the interpretation of this obligation, NMAR PROFESSIONAL MEMBERS can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, “Whatsoever you would desire that others should do to you, you should do to them”.

Accepting this standard as their own, NMAR PROFESSIONAL MEMBERS who have successfully attended and passed the entrance pre-requisite educational requirement and training course and who have joined as a member of the respected city based Member Association of NMAR and who now pledge to observe its spirit in all their activities and to conduct their business in accordance with the tenets set forth below.

Duties to Clients and Customers

» When representing a buyer, seller, landlord, tenant, or other client as an agent, NMAR PROFESSIONAL MEMBERS pledge themselves to protect and promote the interests of    their client. This obligation to the client is primary, but it does not relieve NMAR PROFESSIONAL MEMBERS of their obligation to treat all parties honestly. When serving a    buyer, seller, landlord, tenant or other party in a non-agency capacity, NMAR PROFESSIONAL MEMBERS must remain obligated to treat all parties honestly.

» NMAR PROFESSIONAL MEMBERS shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. NMAR    PROFESSIONAL MEMBERS shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of their real estate business    knowledge or to disclose facts which are confidential under the scope of their agency agreement if any.

» NMAR PROFESSIONAL MEMBERS shall cooperate with other brokers / other NMAR PROFESSIONAL MEMBERS, except when cooperation is not in the client's best    interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker.

» NMAR PROFESSIONAL MEMBERS shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any    member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner's broker. In    selling property they own, or in which they have any interest, NMAR PROFESSIONAL MEMBERS shall reveal their ownership or interest in writing to the purchaser or the    purchaser's representative.

» NMAR PROFESSIONAL MEMBERS shall not undertake to provide professional services concerning a property or its value where they have a present or contemplated    interest unless such interest is specifically disclosed to all affected parties.

» NMAR PROFESSIONAL MEMBERS shall not accept any commission, rebate, or profit on expenditures made for their client, without the client's knowledge and consent.

» In a transaction, NMAR PROFESSIONAL MEMBERS shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and    the informed consent of the BROKERS' client or clients.

» NMAR PROFESSIONAL MEMBERS shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into possession in    trust for other persons, such as escrows, trust funds, clients monies, and other like items.

» NMAR PROFESSIONAL MEMBERS for the protection of all parties, shall assure whenever possible that agreements shall be writing, and shall be in clear and understandable    language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party upon their signing    or initialing.

» NMAR PROFESSIONAL MEMBERS shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national    origin. NMAR PROFESSIONAL MEMBERS shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex,    handicap, familial status, or national origin.

» The services which NMAR PROFESSIONAL MEMBERS provide to their clients and customers shall conform to the standards of practice and competence which are    reasonably expected in the specific real estate disciplines in which they engage; specifically residential real estate brokerage, real property management, commercial and    industrial real estate brokerage, real estate Appraisal, real estate counseling, real estate syndication, real estate auction and international real estate.

» NMAR PROFESSIONAL MEMBERS shall not undertake to provide specialized professional services concerning a type of property or service that is outside the field of    competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any    engaged to provide such assistance shall be so identified to the client and the contribution to the assignment should be set forth.

» NMAR PROFESSIONAL MEMBERS shall be careful at all times to present a true picture in their advertising and representation to the public. NMAR PROFESSIONAL    MEMBERS shall also ensure that their professional status (eg. Broker, appraiser, property manager, etc.) or their actual status is clearly identifiable in any such advertising.

» NMAR PROFESSIONAL MEMBERS shall not engage in activities that constitute unauthorized practice of law and shall recommend that legal counsel be obtained when the    interest of any party to the transaction requires it.

» If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, NMAR    PROFESSIONAL MEMBERS shall place all pertinent facts before the proper tribunals / arbitration boards of the Member Association or Affiliated institute, society or council    in which membership is held and shall take no action or disrupt or obstruct such processes.

» NMAR PROFESSIONAL MEMBERS shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.

» NMAR PROFESSIONAL MEMBERS shall not engage in any practice or take any action inconsistent with the agency or other exclusive relationship recognized by law that    other NMAR PROFESSIONAL MEMBERS have with clients.

» NMAR PROFESSIONAL MEMBERS shall not engage in any practice or take any action inconsistent with the laws of the land.

» NMAR PROFESSIONAL MEMBERS shall give optimum service to their clients and should not charge more than the recommended brokerage fixed by the repective city    association.

NMAR is the credible voice of realtors in Navi Mumbai.

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