Code of Good Practice of the Estonian Chamber of Real Estate Agents

The aim of the Code of Good Practice of the Estonian Chamber of Real Estate Agents is to create an ethical basis for members of the Estonian Chamber of Real Estate Agents in their activities and mutual communication related to brokerage operations.

• A member of the Chamber is obliged to adhere to the Articles of Association of the Estonian Chamber of Real Estate Agents (hereinafter: Chamber), as well as other precepts imposed by the Chamber (operational standards, professional skill requirements and other issued documents).
• A member of the Chamber, discovering a breach of the Code of Good Practice of the Estonian Chamber of Real Estate Agents (hereinafter: Code) by another member, is obliged to inform the Chamber of the other Chamber member’s breach and to justify that belief.
• A member of the Chamber whose rights under the Chamber’s Articles of Association or Code have been violated, is obliged first to approach the Board of the Chamber, who shall, if necessary, refer the case to the Court of Honour. After receiving the decision of the Board or the settlement of the Court of Honour, the member of the Chamber shall have the right to approach the public and the media.
• Members of the Chamber have a duty to maintain the confidentiality of client information in their possession to the extent agreed with the client, except in cases that arise from legislation.
• Members of the Chamber must make all information known to the Member that pertains to a client’s transaction available to the client.
• In the completion of the professional duties, members of the Chamber must use their full name and employer’s name, or in the provision of brokerage services, the name of the partner to the concluded contract.
• It is considered good practice for a member of the Chamber to advertise him/herself in the media and elsewhere as a member of the Chamber.
• If it becomes apparent to a member of the Chamber that he/she lacks the required skills and knowledge for the proper execution of a transaction of sufficiently high quality and with best practice, the member of the Chamber will not undertake or continue with that transaction.
• Members of the Chamber do not provide deliberately false information on real estate assets and/or the real estate market.
• Members of the Chamber may not issue derogatory statements to the public regarding the Chamber, other members, the Board, the Court of Honour, and office bearers.
• Members of the Chamber may not advertise themselves or their services using misleading advertising.
• Members of the Chamber may not intentionally cause or encourage the emergence of misunderstandings and misconceptions in their communications with clients or other members of the Chamber.
• Members of the Chamber may not take advantage of a client’s limited knowledge of the execution of a transaction, the legislation, and the state of the market.
• A member of the Chamber does not have the right to demand compensation in the form of gifts or cash payments beyond the fees agreed upon.
• Members of the Chamber must be familiar with the relevant legislation on immovable property.
• Members of the Chamber are obliged to protect the good name of their profession in public.
• In the contractual relationship, members of the Chamber are obliged to act in the interests of their client first and foremost.
• Members of the Chamber may take a fee for brokering a transaction only if the parties to the contract have agreed to this.
• Members of the Chamber must always recommend following the legal and normative ethical norms, and, if necessary, must recommend the use of professional legal assistance.
• Members of the Chamber must follow the convention that all agreements related to financial obligations are to be put into writing, and that the agreed-upon terms are clearly expressed.
• Breaches of this Code, the Chamber’s Articles of Association, and precepts issued by the Chamber are processed by and, if necessary, sanctioned in the Chamber’s Court of Honour. Any person who believes that a member of the Chamber has breached the Code may approach the Court of Honour.
• A member of the Chamber shall share previously agreed-upon brokerage fees according to best practice with another member of the Chamber collectively for services rendered.