Harriet Murray, President of AMPI answers your questions regarding the ethics, responsibilities and best practices of our local AMPI real estate professionals.
“Let a man practice the profession which he best knows.”
~ Cicero c. 76 B.C.
What does the AMPI* Code of Ethics say about loyalty of a real estate professional to his local organization and his colleagues?
The real estate professional has an obligation to share his experience and knowledge with his colleagues. A real estate professional should not make comments with respect to business actions performed by another Real Estate Professional unless his opinion is official requested. Such opinion must be based on truth and not rumor.
Is there a procedure for resolution of conflicts between AMPI members?
Yes, there is a commission of Honor and Justice, which receives information and makes decisions using the AMPI guidelines. If a real estate professional is accused of unethical practices and does not accept guilt, he may appeal to the National Advisory council.
Can a real estate professional accept an exclusive listing, which is currently listed with another professional?
No, the professional shall respect the term of the exclusive listing, even if the owner wishes to change. To change the listing agency while the property is under this contract requires the consent of the listing agent and the owner.
How do real estate professional share commissions?
The AMPI members agree in writing to cooperate with other members in making sales and distributing commissions earned. Upon a sale, the AMPI member representing the buyer must deal with the member who has the property listed.
What is the agreement among AMPI members for signage on a property?
There should be one sign for sale, rent or exchange.
Is education in real estate a requirement of an AMPI member?
Yes, it is the basic and primary duty of every member to obtain special knowledge of real estate. Therefore, the professional has an obligation to be up to date regarding the field of real estate and changes that could affect the property, not only locally, but also nationally. This knowledge is what gives the agent value in his chosen field. Included in this, is the ability to inform his principal about the fair market value of a property.
What is one of the most important responsibilities an AMPI member has to his client and the public in general?
One of the most important responsibilities of a professional is to protect his client and the public against, fraud, abuse or immoral practices in the real estate field. If a member performs such acts, the person who becomes aware of such an act, must present proof to the National Advisory Council.
Should an AMPI member take a listing to a property he has never seen?
No, upon accepting a property to manage or sell, the professional shall inspect it first in order to avoid misrepresentation of the property.
What are three rules an AMPI member agrees to follow regarding the truth in his real estate dealings?
- The professional shall not participate in transactions that for any reason may damage the interest of another party to the transaction, a third party, or another AMPI member.
- The professional shall not make false statements in deeds or other public documents; no shall he make false declarations in the presence of any legal authority. The real estate professional should demonstrate integrity to his principal at all times.
- When publicizing a property, any promotion or advertisement must reflect the true facts, not distortions.
Should an offer be in writing?
Yes, the offer as well as any agreements or promises in a transaction should be in writing. The exact agreement should have all related documents attached and signed by the interested parties.
The AMPI Code of Ethics
The purpose of AMPI membership is to bring real estate professionals together in a private, non-governmental organization. These members agree to provide real estate services in Mexico through a voluntary agreement in which they abide by the AMPI statues and code of ethics. They additionally agree to acquire ongoing education and training, and to promote proper real estate practices in order to safeguard the rights of private property.
*ASOCIACION MEXICANA DE PROFESIONALES INMOBILIARIOS (MEXICAN ASSOCATION OF REAL ESTATE PROFESSIONALS)
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This article is based upon Flex MLS reporting, legal opinions, current practices and my personal experiences in the Puerto Vallarta-Bahia de Banderas areas. I recommend that each potential buyer or seller of Mexican real estate conduct his own due diligence and review. If you have any other questions, contact me through my website.Harriet Murray