Property Rental Ethics
A house is the most expensive asset that most people will own. With homes costing hundreds of thousands or even millions of dollars, there’s a lot that goes into the home buying process. Real estate professionals must be licensed and abide by ethical guidelines.
But is the process different when a person is using a home as a property rental? Do ethics still come into play? If so, what exactly is involved and how are renters affected?
Realtors and property managers must act in an ethical manner at all times. If they engage in activities such as discrimination, fraud or theft, they can face strict penalties. They may be fined or they can even lose their license.
A person who is considering buying properties as investments will want to engage someone who has expert knowledge of the rental market. They want to know about rent rates. They want to find the best tenants. They also want to ensure they know the legal requirements.
That’s where a residential property manager comes in. If a real estate professional is a member of the National Association of Residential Property Managers, they must follow a strict code of ethics not only when dealing with clients, but also the real estate community and the general public as a whole.
The code of ethics helps guide real estate professionals so they can legally conduct business in the single-family rental marketplace. It expects a high standard of morality by promoting fair housing practices and overall professionalism in the property management field. The main responsibility is to protect the public against misrepresentation, fraud and other unethical practices.
There are 12 articles involved in the National Association of Residential Property Managers’ code of ethics. These articles outline various standards of professionalism that real estate professionals must abide by. For example, they must avoid discrimination, be truthful with their advertising, ensure properties are habitable, treat tenants honestly, handle money properly and comply with fair housing laws.
Those who join the National Association of Residential Property Managers must take a three-hour ethics class within 90 days of joining as well as a refresher course every four years. They should take the code of ethics very seriously. It’s also important that real estate professionals understand the regulations involved with property rental management and abide by the guidelines. Complaints regarding property management are common, so property managers must ensure that they treat their clients fairly and have their best interests in mind.
Keep Your License With Help From a Tampa Real Estate Broker and Sales Associate Licensing Lawyer
A real estate professional must be aware of not only the procedures and laws that apply in a real estate transaction, but also ethical issues, statutes and rules. Discrimination, improper money handling and a lack of safety are things that are not allowed.
If you are facing legal issues with your license, seek help from a Tampa real estate broker and sales associate licensing lawyer at The Law Offices of David P. Rankin, P.A. David P. Rankin was the attorney for the Greater Tampa Realtors for more than 16 years. Over the thirty plus years of practice he has been involved in over 300 DBPR/ Division of Real Estate complaint licensing proceedings. He has helped many real estate brokers and sales associates keep their licenses. Schedule a consultation today. Call (813) 968-6633 or fill out the online form.