What are the key principles of the RERA Code of Ethics?

The Real Estate Regulatory Agency (RERA) in Dubai have developed a well detailed Code of Ethics that seeks to promote professional standards, integrity and effectiveness in the conduct of business in real estate sector. They are useful in sustaining the confidence of clients and working towards establishing a strong and proper platform for property in the emirate. Here are the key principles outlined in the RERA Code of Ethics:

Integrity

Real estate people should operate with professionalism, especially by being truthful and presenting the truth. This means that all the recommendations they offer and all the actions they take should be supported by facts and should be proved to be correct and unbiased and they should ensure that they work in the highest standards of the set ethics.

Confidentiality and Privacy

Pride is an important virtue when it comes to the real estate transactions. The agents and firms are required to maintain the confidentiality of their clients and release information only in situations where it is legal to due so or is permitted by the client. It assists in sustaining the quality of the market and integrity of the clients.

Conflict of Interest

A person experiencing such an it actually, has a conflict of interest must make the interests known to the two parties. In any given transaction, it is the mandate of all stakeholders to operate with transparency before and during transactions to promote the integrity of the market and protect clients’ interests.

Fair Treatment

No discrimination of race, religion or nationality by treating any of the client in a unfair or disrespect way. This principle aligns with the plan of achieving a diversified base of foreign direct investment in Dubai through removing discrimination factor on the companies.

Compliance with Laws

It is mandatory that all the real estate practitioners adhere to all the legal and ethical requirements. This entails compliance with Laws, regulations and RERA standards so as to enable all its transactions to be lawful and over sighted.

Professional Service

Professional services are important and need to be of good quality to the clients. This means having to acquire and update one’s knowledge and skills in relation to the practice within the industry in order to provide the clients with the best advice and service possible.

Transparency

As far as the business relations are concerned it is mandatory to be transparent. Honesty and some ethical standards that should be followed by the professionals include; The professional should not deceive the clients nor obscure some information from them. Disclosing some of the parameters of the service and the conditions of service is therefore helpful in creating goodwill between both parties.

Rights and Assets’, because it is apparent that in many nations, Human rights are not well protected.

Real estate firms should ensure that clients’ rights and property is well protected by working hard and putting all the efforts required of them into practice. This includes guaranteeing that all the transactions done are safe for the company as well as insisting that the clients’ bonuses and other interests are protected right through the various processes.

Social Responsibility

It will be pertinent to mention here that agents that are involved in the sale and rental of real estates should be involved in several social and economic activities that are of benefit to the society of Dubai. The function of the real estate business is presented in this principle through its contribution to the welfare of the society.

Ethical Conduct

One of them is to demonstrate a high level of ethical work in all activities. This include refraining from any conduct that is misleading or involves the use of false statements, and; any action taken is for the benefit of the client as well as the market.