Maintenance of the reputation of the Cayman Islands Real Estate Brokers Association and of the high standard of ethical practice which it promotes is the direct responsibility of every CIREBA Member.
The confidence and responsible nature of a real estate professional’s work makes it a matter of public concern that the reputation of Members of CIREBA for integrity and efficiency should be beyond reproach.
The prestige of any professional body depends to a very great extent upon the ethical standards observed by its Members, both in their association with one another and in their relationships with the community in general. The duty therefore devolves upon every Member of CIREBA to conduct their business in a competent and fair manner with the highest level of integrity, which shall effectively uphold and enhance the reputation of the Real Estate Profession.
CIREBA Members pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the terms set forth.
Duties to Principals and the Public Generally
The duties imposed by the Code of Ethics encompass all real estate-related activities and transactions whether conducted in person, electronically, or through any other means.
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 under Cayman law must take precedence.
A Member must always protect and promote the interests of their principal. This obligation of good faith means that the principal’s interests must be put above all other persons, including the Member’s own interests. However, in any dealings, Members pledge themselves to treat all parties honestly and fairly.
A Member’s relationship with his principal shall always be confidential.
However, in the event a complaint or dispute, Members are bound to provide the Complaint & Penalty Board and/or the Board of Directors as the case may be, with any and all information requested, including access to the principal, subject to the laws of the Cayman Islands.
Any and all information provided shall be kept in confidence by the relevant body and used only for the express purpose for which it is requested.
It is the duty of a Member to act in a professional, competent and fair manner with the highest level of integrity and to ascertain all relevant information concerning the property for which they accept the listing, so that in offering the property they may avoid error, exaggeration, misrepresentation or concealment of pertinent facts relating to the property or transaction.
However, Members are not obliged to discover latent defects in the property or to disclose facts which are confidential under the scope of the agency relationship.
Members shall be careful at all times to present a true picture in their advertising and representations to the public. Members shall also ensure that their membership of CIREBA is clearly stated in any such advertising.
In justice to those who place their interests in a members hands, or seek a members services, a Member shall endeavour to be informed always regarding the law, proposed legislation, and other essential facts, and public policies which affect those interests. This includes the willingness of all Members to take part in CIREBA training and development programmes and to demonstrate a level of competence through the taking of CIREBA examinations.
A Member acting for a principal in relation to the sale, purchase or renting of a property should not act for or accept a further commission from another principal without the knowledge and consent of those principals.
A Member must not offer a property for sale without the written authority of all the owners endorsed on the CIREBA MLS listing form.
When advice is requested concerning real estate, a Member shall never offer an unconsidered opinion. His counsel constitutes a professional service which he should not render prior to conducting a full proper investigation of all the relevant facts and circumstances.
A Member may make an appropriate professional charge for such advice, but any Member in the employment of another must have the approval of his Broker Member before making such a charge.
It is the duty of a Member to protect the public against fraud, misrepresentation or unethical practices in connection with real estate transactions of which they are a part of at all times.
A Broker Member shall, at all times, be responsible for the actions of their employees/independent contractor in their business relations with fellow Members, principals and members of the public, in accordance with the Rules & Regulations and this Code of Ethics.
If any Member has any beneficial interest in a transaction other than solely in their capacity to earn a real estate commission, they must disclose such interest in writing to all interested parties at the earliest opportunity.
Money coming into a Member’s possession, such as deposits and/or purchase funds, are to be held in trust. Broker Members shall keep special accounts for each currency in a Class A Licensed Cayman Bank, separate from their own funds. These escrow accounts must be designated expressly as "Client Trust Accounts".