Professional Code of Ethics
Real Estate Investors Training Club
Effective July 1, 2005
Real Estate Investors Training Center Club also known by the acronym REITC Club, takes the position that our Professional Code of Ethics establishes obligations that may be more stringent than law requires, but we feel it is to the highest ethical standards to ensure that we gain the trust of the public, our clients, customers and other Members.
♦ Professional real estate investing should be regarded in the same manner as other professional occupations in which Members are held to required standards of behavior, as described in a Professional Code of Ethics. We, as responsible citizens of our communities and as professional real estate investors, agree that everyone will be treated with honesty and respect.
♦ Appreciating that we have obligations to customers, the public, and each other, Members of the REITC Club will make every attempt to stay up to date and informed on issues affecting the real estate investing industry. If any Member becomes aware of practices by another Member which may damage the public or which might discredit or bring dishonor to the Real Estate Investors Training Center Club, fellow Members, or the real estate investing profession, they should bring this to the attention of the President or Director who will launch an investigation.
♦ Any Member found to have committed an act of fraud will be subject to immediate expulsion from the REITC Club and immediate referral to local, state or federal law enforcement. Fraud includes, but is not limited to, collusion by a Member with a lender, appraiser, investor or contractor for the purpose of deceiving a home buyer, seller, tenant, or another investor in any fashion. Members will not knowingly engage in activities that would bring discredit to their fellow Members or to the REITC Club.
♦ We understand that cooperation with other real estate investors is for the good of all, and as such, Members shall deal honestly with their customers, will not attempt to gain any unfair advantage over their competitors, and will refrain from making unsolicited comments or disparaging remarks about other Members. In instances where an opinion is sought, or where Members believe that comment is necessary, it shall be delivered in a professional manner without regard to any personal motivation or potential advantage or gain.
♦ Investors/Members, in attempting to secure a real estate transaction, will not deliberately mislead the customer in any manner.
♦ Investors/Members, when acting in the capacity as a landlord, will abide by any state Landlord Tenant Act or statute governing the property.
♦ Investors/Members will only provide information or advice to others if they are qualified or capable to do so. It is strongly suggested that Members not offer legal advice to anyone unless the Member is also an attorney. Furthermore, Members should always advise the customer of other Members that they should obtain the professional advice of attorneys, accountants and the like, when it comes to questions related to those matters.
When entering into any contracts with customers, Investors should:
· Advise the customer that a legal review of any contract is an option that the Member agrees to and encourages;
· Advise of the Due on Sale clause, if applicable to the transaction;
· Advise of any latent material defects involving the property;
· Advise of options and resources available to the customer, if known, of obtaining new or future financing.
General Rules and Guidelines
♦ Real estate deals, opportunities or potential partners are not endorsed or approved by REITC Club. Members must take responsibility for doing complete due diligence ensuring that the partner and property fit their business model.
♦ Members will deal with other Members with respect and in the spirit of cooperation.
♦ Members will refrain from unjust comment or criticism about fellow Members in public forums of the REITC Club or through email communications. Profanity is not acceptable in any electronic forum or email communication provided by the REITC Club.
♦ Members will respect all Realtors, and other Professionals and will not waste their time nor expect services to be provided without compensation or a fair exchange of services.
♦ Members agree to abide by Fair Housing laws and 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. This includes not advertising in any manner that would violate the Fair Housing law.
♦ Members shall not knowingly make disparaging, false, or misleading statements about competitors, their businesses, or their business practices nor should they knowingly interfere or impede the business of another Member.
♦ Members shall not destroy or remove advertisements of any kind which belong to or were posted by fellow Members or of other competitors.
♦ Members who have a complaint shall abide by the procedures set forth herein. In filing a charge of a violation of the professional Code of Conduct by a Member, the charge must pertain to a violation of one or more of the standards described in The Professional Code of Ethics. A letter making the allegation must be sent to the President of the REITC Club. All complaints shall be resolved fairly and promptly. Members shall refrain from publicly announcing a complaint via the discussion forum. The complaint shall be held confidential until a resolution is made.
♦ A written complaint must be submitted within 15 calendar days of the date of the violation. After a complaint is received, the President of the REITC Club will gather information regarding the violation. This means that the President of the REITC Club will contact all parties involved or mentioned in the complaint. This will ensure that all pertinent information will be gathered from the parties involved. A discussion will ensue after such information is gathered in order to come to the best possible resolution. If such resolution is not acceptable to all parties involved, then the President of the REITC Club will make an executive decision based solely on the facts.
♦ From the time a complaint is submitted and until a final decision is made, a Member must not fail to comply with the provisions of the complaint procedures. An example of non-compliance is publicly announcing the complaint to fellow Members verbally or via a post in the discussion forum. Members must comply with the requirements of the complaint procedure so that a fair resolution can be made.
This document has been approved by the President of the Real Estate Investors Training Center Club. Modifications are approved from time to time. Readers are cautioned to ensure that the most recent publications are utilized.
Website Use Agreement
♦ The information on the REITC Club website is for educational and informational purposes only. By publishing this information, REITC Club President and Board Members of the REITC Club are not rendering legal, accounting or other professional advice. It is your responsibility to seek professional advice for any specific transaction from an investor or from those licensed to render such advice. If you require specific legal, tax or accounting advice, seek the advice of a qualified professional.
♦ REITC Club makes use of a discussion forum. Access to the discussion forum is granted on an individual basis after a Membership application is made. REITC Club is open to investors who reside within the state of Texas, Oklahoma and Louisiana. Email abuse within the discussion forum will not be tolerated. The definition of “Email abuse” is as follows: a) spam, b) third party advertisements, c) derogatory language, d) slander, and /or e) making threats. Violators will be expelled from the REITC Club and may face prosecution depending upon the level of abuse.
♦ The discussion forum is a password-protected extension of the REITC Club website. The discussion forum is monitored for unauthorized access. Only Members of the REITC Club are allowed to enter the discussion forum. Members who give their username and password to another individual are in violation. Violators of this policy will be expelled from the REITC Club.
♦ The President of the REITC Club encourages the open exchange of information and ideas. All posts must remain on-topic. Members can post leads and deals in the discussion forum. The general public does not have access to the discussion forum and therefore can not read a post nor post a message. If a Member wishes to offer a property within the discussion forum, they may do so.
♦ If a member has a question related to the REITC Club, it may be posted to the group. If a Member wishes to post advice, they may also do so. We constantly monitor all messages and information passed along within the discussion forum. We do not necessarily support, endorse, agree with or guarantee the accuracy of any posts made within the discussion forum. Before using or implementing any forum of information or advice, use judgment and talk with a qualified professional.
♦ Messages posted within the REITC Club discussion forum should remain in-house, meaning; no Members may cut-and-paste a message into another post of another news group or forward the email message to any non-member without the expressed written permission of the original author and the President of the REITC Club.
♦ Blatant third party commercial advertisements or solicitations within the entire discussion forum are prohibited. Vendor Members may advertise in the Vendor section of the forum. The discussion forum is strictly moderated and monitored. Posts involving any email abuse will be deleted immediately from the discussion forum. Adherence to the rules is essential. We will not edit or delete postings on the basis of content, even if we disagree with the author’s opinion. The President of REITC Club reserves the right, but is not required to review, edit or delete any material posted in the forum.