Know the Code: Real Estate Ethics

By Doris Barrell, GRE, DREI

T: (908) 415-6138 07728

400 West Main Street, Freehold, NJ

www.mulroyschoolofrealestate.com

ETHICS IN TODAYS WORLD

Ethics: Doing What is Right

This text will prepare you for future ethical dilemmas. Real integrity is doing the right thing, knowing that no ones going to know whether you did or not. Oprah Winfrey Ethics vs. Morals

Ethics, Morality & the Law

Ethics are rules set down by man / Morals come from a higher being.

Right vs. Wrong / Good vs. Bad Situational Ethics behavior determined by circumstances. Ethics vs. Law Law draws a firm black and white line between right and wrong. Ethics tend to come in shades of gray.

Albert Schweitzer Reverence for life the name we give for our concern for good behavior.

Stealing is wrong. Stealing a loaf of bread to feed family is: ethical dilemma. Mark Twain: Morals are acquired no one is born with them.

Does a sense of ethics or morality come naturally? Must it be learned?

ETHICS IN TODAYS WORLD

Ethics and the Boardroom: The American public is highly suspicious of big business Enron, WorldCom, etc. (N.J. Politicians) Corporate Scandals: Where do the Wall Street fines go?

Case Study #1 The mighty have fallen

Should family members be personally responsible for corporate debt? What responsibility does the auditor have? Who else should share the responsibility? Why is Mr. X still loved by town?

Corporate Code of Ethics: Guidelines for ethical business operations

Laws: LIC disclosure cis, lead paint, environmental issues Rules and Procedures: Escrows mls lockboxes client representation policy manual Values and Conscience: Come from Broker (giving listing fee to expired broker) Promises: under promise and over deliver Heroes: Are you a hero to your client? Who do you respect?

Professional Associations & Companies: Does your company want to follow these guidelines or is the marketplace a place set apart where we may deceive one another

There are seven professional organizations on page 6 including NAR Ethics & the Classroom

Mark Twain, it is noble to be good nobler to teach others to be good. Every salesperson should take this course.
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ETHICS IN TODAYS WORLD

Case Study # 2 The duo of deceit, everybody does it. Dont let success inflate your ego.

Does wealth lead to unethical behavior? Are students more or less apt to listen to felons? Why were the couple convicted? (fraud tax evasion) Does John Qs teaching imply forgiveness or condoning bad behavior?

Cheating: Have you ever downloaded information for a term paper?

Passing a student because parents are contributors?

Steroids

Ethics and the locker room

ETHICS IN TODAYS WORLD

Case Study # 3 Is winning everything?

If a school is going bankrupt -- should it lower its academic standards?

Would it be right for the broker to provide laptop PDAs cameras cell phones for new agents? Would other agents have the right to complain? Will everyone benefit? What would be a better way to achieve results?

Outlook: a published code of ethics is a good start reading about ethics will not make you do the right thing. Conclusion: time devoted to honest discussion of ethical principals can make a difference mandating continuing education will help.
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ETHICS AND THE REAL ESTATE PROFESSIONAL

Realtors come from other fields: business world (ATT/Lucent), teachers, nurses, retirees, sales. Lessons learned from past experience will be carried into real estate. The Need for Ethical Behavior

Your home is your greatest financial asset Code of standards is required broker appraiser lender closing agent because it represents the hopes and dreams of a better way of life and status in the community National Association of Realtors Code of Ethics Appraisal Institute Code of Professional Ethics & Standards of Professional Appraisal Practice Mortgage Brokers Association Canons of Ethics Primary goal of these associations is to increase publics awareness of the values and integrity that can be expected from dealing with these professionals.
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Professional Associations

ETHICS AND THE REAL ESTATE PROFESSIONAL

State Regulations

A real estate license is required in all 50 states and Canada Membership in state and national associations is voluntary. However, once a member mandate is required (in most states) to take 2.5 hours of ethics training.

Arello: association of real estate license law officials promotes uniform standards for administering and enforcing state license laws including ethics. Customer & Client Relationships

National Association of Realtors formed in 1908 first code: 1913. 1924 pledging to subscribe to the code became requirement of membership. Applied to approximately 1,000,000 members today. The code makes who do you represent very clear. Late 1980s legislation required disclosure of agency. 1990s buyer agency became law client/customer. Do you know the difference? Payment of commission can be buyer, seller, LL, tenant, but not both in a dual agency Conflicts of Interest (Dual Agency)
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ETHICS AND THE REAL ESTATE PROFESSIONAL

Agency Issues for Residential Agents

Client = agency relationship. Must be in writing to be enforced. Other party is customer. List & B.A. contracts are an agreement between a broker and client (buyer-seller-LL-tenant) Conflicts may arise when two agents from same office have offers on a company listing Designated Agent: when selling a company listing one agent represents buyer / one represents seller broker = dual

The Agreement

Dual Agent: Sell your own listing: limited dual / or sell a company listing. Disclosure Understanding Ethical Dilemmas through Case Studies

Part 1: residential agents Case Study #1 multiple clients

Should you call (follow-up) with an interested client when you have an offer on a property you have showed to her? For discussion: 1-6, page 16
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ETHICS AND THE REAL ESTATE PROFESSIONAL

Case Study #2 For sale by owner

Should we make clear who is going to pay our commission? When selling your own listing should you always be a dual agent?

Case Study #3 Selling your own listing

Case Study #4 Megans Law

Should we reveal what we know even if it will jeopardize our clients interests?

ETHICS AND THE REAL ESTATE PROFESSIONAL

Other real estate specialties Commercial Real Estate Agents

SIOR Society of Industrial & Office Realtors CCIM Certified Commercial Investment Member CRE Counselors of Real Estate RLI Realtors Land Institute IREM Institute of Real Estate Management Code of Professional Ethics of CPM Code of Professional Ethics of Accredited Management Organization

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ETHICS AND THE REAL ESTATE PROFESSIONAL

Case Study #5 How much must I say?

Whose interest comes first? Property managers who negotiate leases and receive commissions must be licensed In multiple leases financial qualifications come first Everyones green

Property Managers and Leasing Agents

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ETHICS AND THE REAL ESTATE PROFESSIONAL

Case Study #6 The get-out-of-lease card

Whose interest is served if you let her out of the lease?

Can you tie a lease to a buy arrangement? Society of Real Estate Appraisers & American Institute of Real Estate Appraisers share a common goal to elevate the profession by establishing high standards by making business practice and ethics a required course in continuing education carried out by appraisal institute in an area where they are doing an appraisal cannot appraise your own listing. value check. Realtors who are also appraisers should not list property they have prepared an appraisal for.

Case Study #7 Illegal or unethical? Or both?

Real Estate Appraisers

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ETHICS AND THE REAL ESTATE PROFESSIONAL

Case Study #8 Is it worth it?

Should we be totally objective? Home inspectors The American Society of Home Inspectors (ASH) has its own code of ethics Be careful recommend three This is a dilemma Settlement Agents neutral person Title must reveal their interest

Case Study #9 Take it or leave it

Lenders

The Mortgage Bankers Association and the American Association of Mortgage Brokers have a code of ethics RESPA / Reg Z (Apr)

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ETHICS AND THE REAL ESTATE PROFESSIONAL

Case Study #10 Up to the limit

If you are starting out should you maximize the loan to reach the full potential of future growth?

Global Real Estate Practitioners

In Norway the Supreme Court ruled that anti-discrimination laws do not cover real estate agents who sell private property.

Conclusion

Ethics is recognized by state regulators and professional organizations. Many ethical dilemmas revolve around agency and the responsibility of the agent to clients and customers.

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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Introduction: 2.5 mandatory hours how many of you have viewed the DVD? From the beginning: 1913 1st code mandatory 1924 Under all is the land, page 74 A living document: edited every year (NAR Professional Standards Committee), (SOP) Standards of Practice created to clarify intent of article NAR strongly encourages mediation in lieu of arbitration Required ethics training (every article is designed to better serve the public - members of local/state/national NAR must take 2.5 hours of ethics every four years. Available online final exam 75% Enforcement of Code: local level: hearing panels of Professional Standards Committee guidelines: NAR code of ethics and arbitration manual (NAR)
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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

The NAR Code of Ethics

Original (1913) code contained 22 articles. 1970s 5 articles moved to preamble. 17 were grouped into 3 categories (1) duties to clients & customers (2) duties to public (3) duties to realtors The Preamble: model for professional behavior (read page 74) Realtors are challenged to:

Maintain and improve standards of their calling Share responsibility for integrity and honor Strive to remain informed on issues affecting real estate Share experience and study with others Assist regulatory bodies to eliminate practices that damage public or discredit or dishonor the profession Inform board or association of conduct involving misappropriation of funds or property discrimination fraud. Urge exclusive representation of clients Avoid attempting to gain unfair advantage over competitors Refrain from making unsolicited comments about other practitioners Offer objective opinions not influenced by personal motivation or gain Follow the Golden Rule

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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Duties to Clients/Customers (article 1-9)

Article 1: protecting the client / treat all parties honestly SOP 1-2 Customer: non-contractual relationship Agent: license (s.p. broker) Other SOP: prohibit misleading owner regarding market value or buyers as to perceived benefits if using a specific realtor How long realtor must continue to present offers (closing), unless seller objects How long info must remain confidential / continues after termination of agency latent defect is not confidential info 1-10 manage property with due regard for rights safety and health of tenants 1-11 protect against foreseeable contingencies and losses 1-12 listing: advise LL or seller: com splits (2.5/2.5) Buyer agent represents buyer not seller Disclosed dual agency conflict or interest 1-13 appraisers fees shall not be based upon amount of value 1-15 disclose offers with sellers approval and if offer is in list office.
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Client: agency relationship or legal non-agency

NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 2 disclosure avoid exaggeration misrepresentation or concealment of pertinent facts. We are not obligated to discover latent defects. Article 3 cooperation

Realtors shall cooperate with other brokers except when cooperation is not in clients best interest. (multiple offers) Cooperation does not include obligation to share commission. 3-1 cooperating broker shall ascertain compensation before acceptance of offer to cooperate. 3-2 changes in cooperation shall be communicated prior to offer 3-3 broker can agree to change compensation 3-4 disclosure of different splits affirmative obligation 3-5 licensees are obligated to disclose all pertinent facts 3-6 List broker shall disclose existence of accepted offers including offers with unresolved contingencies 3-7 realtors shall disclose status and personal interest 3-8 realtors shall not misrepresent availability or access to show or inspect a listed property
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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 4 & 5 personal interest / buy or sell Article 6 No Kickbacks

No commission rebate profit may be accepted without clients knowledge and consent (respa) service must be rendered referred (mort) home warranty. 1 stop brokerage.

Articles 7 & 8 Commissions & Escrow

(7) informed written consent (disclosure) for dual compensation (8) trust account must be separated from business account
Extensions on mortgage commitment list agreement copies to client immediately. SOP 9-1 Written extensions
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Article 9 get it in writing /if its not in writing it doesnt count

NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Duties to the Public (articles 10-14) Article 10: discrimination equal opportunity in housing

Reiterates fed state and local laws: race, color, religion, nationality or gender handicap familial status marital status Fed laws do not apply to commercial state law applies to all real estate SOP 10-1 realtors shall not volunteer information regarding race / religion Ethnic composition of any neighborhood engage in panic selling 10-2 demographic info is ok 10-31 cannot advertise preference or limitations no Irish 10-4 applies to employees & independent contractors
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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 11: area of expertise: dont try to handle properties beyond your expertise (shopping center)

SOP 11-1 sets info details for buyers & sellers re: value 11-2 sets fiduciary obligations 11-3 fee not a commission for consultation (objective) 11-4 competency is required SOP 12-1 May use free 12-2 free to buyers when compensation comes from seller SOP 12-3 It is not unethical to offer free services however it is against license law to make free offering contingent on list or purchase. 12-4 cannot adv property without authority Cannot quote a different price in an add 12/5 name of firm should be in ad 12/6 ownership interest in unlisted property advertised must mention ad you are a realtor / licensed 12/7 List broker should agree to let sell broker (under contract) sign on property.
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Article 12: advertising: true picture in ads

NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 13: Dont practice law recommend legal counsel when necessary Article 14: code enforcement

Realtors are obligated to cooperate with board or association when charged with unethical practice SOP 14-1 can only be subject to disciplinary proceeding in 1 board for same offense 14-2 shall not make unauthorized disclosure of findings 14-3 shall not obstruct proceedings by instituting or threatening to institute actions for libel-slander etc 14-4 shall not file multiple complaints for the same event

Article 15: competitors do not make false or misleading statements about competitors

SOP 15-1 Shall not file false or unfounded ethics complaints

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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 16 representation

Shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other realtors have with clients. SOP 16-1 not intended to prohibit ethical innovative business practices 16-2 general announcements tel marketing mailing etc ok 16-3 calling another brokers client to offer different services (prop manager) is ok 16-4 cannot solicit a listed property however if list broker does not reveal ex. date or type of listing it is ok to call seller. 16-5 ditto for buyer agency 16-6 realtor who did not initiate call may discuss listing 16-7 realtors can prospect for future business 16-8 realtors can prospect expired listings 16-9 realtors should make sure buyer/seller does not have obligation on a prior agency 16-10 disclosure of agency (buyer/sellers agent must be made prior to contract
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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 16, contd

16-11 written disclosure to unlisted property owners upon first contact 16-12 written disclosure to buyers / sellers of agency with seller /(cis) must be presented at contract 16-13 all dealings shall be between buy or sell agent 16-14 informed consent for dual compensation 16-15 compensation from your broker only 16-16 shall not offer to change compensation with offer 16-17 shall not extend listing broker compensation to other brokers 16-18 shall not refer listing brokers clients to other realtors 16-19 signs placed on property only with seller / LL consent
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NATIONAL ASSOCIATION OF REALTORS CODE OF ETHICS

Article 17: arbitration mandates resolution of money disputes through arbitration not litigation

Procuring clause 17-1 filing of litigation = refusal to arbitrate 17-2 not required to arbitrate if all parties agree 17-3 realtors who are principles do not have to arbitrate 17-4 listing broker may not have to be involved

Mediation all boards offer mediation as a way to resolve disputes

Mediation may result in both brokers receiving a part of the commission, Arbitration results in procuring cause receiving all the money. Pathways to Professionalism
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Conclusion

ENFORCEMENT OF THE NAR CODE OF ETHICS

Introduction: NAR Code of Ethics handled local / sometimes state level by grievance and professional standards committees. NAR provides policies and procedures in NAR Code of Ethics and arbitration manual / purpose is to ensure due process for all parties. Due Process: Rights Include:

Right to know nature of complaint / arbitration in advance Opportunity to prepare defense. Right to call witnesses Right to present evidence Right to cross-examine Right to have legal counsel Right to have panel of impartial peers.
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ENFORCEMENT OF THE NAR CODE OF ETHICS

Role of the Grievance Committee

Complaints can come from realtors or general public SOP can be cited as evidence Grievance committee reviews and may dismiss or forward to professional standards hearing panel. In a request for arbitration complaint goes to arbitration hearing panel. Members chosen based on experience and ability to provide unbiased and objective resolution. Hearing panel made up of uneven number selected from professional standards committee Both parties given opportunity to present their side and may bring legal or realtor counsel. Standards of proof: clear, strong and convincing evidence. Decision may be appealed to local board of directors. Recommended Sanctions No specific sanction or discipline is mandated. However recommended sanctions can be found in the Code of Ethics and arbitration manual.
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Professional Standards Hearing Panel

ENFORCEMENT OF THE NAR CODE OF ETHICS

Professional Standards Hearing Panel, contd

Sanction imposed may be influenced by past track record of ethics: Letter of Warning in member file Letter of reprimand to member file Requirement to attend ethics portion of board indoctrination course: Or other appropriate ethics course Appropriate and reasonable fine up to $5,000 Probation 30 days 1 year Suspension 30 days 1 year Expulsion 1- 3 years Suspension of MLS rights 30 days 1 year Termination of MLS rights 30 days 1 year Processing fees up to $500
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ENFORCEMENT OF THE NAR CODE OF ETHICS

Arbitration Hearing Panel Article 17 requires members to resolve financial disputes through arbitration rather than court. Based on C of E arbitration manual panel will determine which of the 2 parties was the procuring cause. Proof is preponderance of the evidence decision is not subject to appeal. NAR case interpretations: Case #1-28 (article 1 Case #28) (violation of 1-15 to reveal all offers). Case #2-7 (article 2 case 7) (you are committed to avoid misrepresentation) Case #3-7 (article 2 duty to cooperate) timely communicate (no violation) Case #11-4 Disclosure of Limited Appraisal Experience No violation a client was aware of realtors lack of experience Case # 16-18 Assumed consent for direct contact. Violation of Article 16 realtors shall not engage in any practice or take any action inconsistent with exclusive representation. Case #17-1 Obligation to submit arbitration. Violation board of realtors is a voluntary members accept binding arbitration.

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CURRENT ETHICAL ISSUES

Unethical or Just Aggressive: the hot market is cooling -

Pocket Listings: Not unethical if seller allows brokers to market this way does not meet standard of broker cooperation see article 3 also agency whose interest is served by not going to MLS No offers considered until next Tuesday: Article 1, SOP 1-6 all offers shall be presented objectively and as quickly as possible Raising the Ante escalation addendum, see app. B, page 83 Cannot counter at the max price if you do not have a matching offer. Multiple Offer Protocol: All offers should be presented objectively & fairly price, financing terms & contingencies closing date should be considered. Highest & Best primary contract should be set. Shopping the Contract When Demand outreaches supply- auction atmosphere can be created. Highest price is not always the best offer.
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CURRENT ETHICAL ISSUES

Case Study #1 shopping the contract

Not illegal Not unethical Sellers are not obligated to accept any offer highest & best and designate 1 offer as primary. Habla Espanol / treat all people honestly

Case Study #2 -- ESL Clients (English as second language)

Raising listing price $30,000 not ok Negotiating for things not in listing ok 9.5 rate in 6% market 6 points on mortgage HVD 1 - misc repairs - seller blaming listing agent It is unethical and illegal to bad mouth a broker because of a different business model.
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New Real Estate Business Models:

CURRENT ETHICAL ISSUES

The A Team $150 million 600 units / tell the truth if this is a team effort. Is Bigger Better: Mega Firms have been created thru mergers / buy outs w/ 80-150 agents Discount Brokers: discount to client only contributing to a charity / supporting local school, ok Fee-for-service: Menu MLS ADV Open House Contract Negotiation advantage is to knowledgeable buyer or seller Helping the Owner: Limited service for FSBOs / not full services Unethical, Illegal or What? Boycotting limited service brokers is unethical buyer agent should be prepared to do all the work not fair But its the law: do not call is ethical no longer legal. Dont Call Me: 10/1/03 FTC FCC Do not call list

Does not apply to: existing relationship 18 months after transaction or 3 months after inquiry. As of 1/1/05 broker is required to search every 31 days $11,000 fine broker has to have a do not call policy Poster: www.realtor.org FSBOs are ok to discuss potential purchase not to solicit listing
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CURRENT ETHICAL ISSUES

Youve Got Mail: email-junk use only if necessary

However buyers want listings Legal however can spam act requires all commercial messages include: Return email and P.O. address Opt out with 30 days notice Message in an advertisement is a solicitation

General Mailings

To Fax or Not to Fax: 7/9/05 Junk Fax Prevention Act unsolicited fax messages illegal Ill Never Tell: we must keep confidential info received even beyond termination of the relationship. FACTA: (Fair & Accurate Credit Transaction Act 6/1/05) Requires all CO and individuals to destroy sensitive info prior to disposing.
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CURRENT ETHICAL ISSUES

Understanding RESPA old dog, new tricks 1974 purpose: to provide consumers with disclosures of closing costs and eliminate kickbacks and referral fees Dept of HUD is responsible for administering RESPA Entities Subject to RESPA Real estate brokers and agents Mortgage bankers and brokers Title company and agents Home warrant companies Hazard insurance agents Appraisers Flood and tax service providers Home and pest inspectors RESPA: prohibits re agent from receiving a thing of value for referring business A realtor shall not accept any commission, rebate or profit or expenditures made for their client without clients knowledge and consent. When recommending products or services realtor shall disclose any financial benefits or fees (other than referral fees).
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CURRENT ETHICAL ISSUES

Exceptions to RESPA Rules: RESPA prohibits splitting of fees except for a service performed.

Exceptions: Promotional and education activities Payments in return for goods and services see table 5.1 page 62 Affiliated business arrangement. Referral brokers and agents are permitted to own an interest in a mortgage and title company as long as relationship is disclosed and customer is not obligated to use the company no payments can be received other than those based on ownership interest. See: NAR website: www.realtor.org under RESPA dos and donts See: 5.1 page 62 for prohibited activities.

On the web: 75% of people use the internet to find a new house Realtor.com Cannot copy info from another brokers listing without permission. Such a Deal I Have for You Predatory lending: characteristics: high interest rates, unnecessary fees, pre-payment penalties, premium credit insurance. Lender may encourage borrower to falsify income or debt.
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CURRENT ETHICAL ISSUES

Sub Prime Lending: (high risk borrowers) high interest / more down / shorter term / bad credit Interest can be lowered with prompt payment. Ethics become involved when a lender forces a borrower into a subprime loan when he can qualify for a regular loan. The Role of the Realtor: We have a duty and a responsibility to assist our clients in finding a good mortgage source. Source: center for responsible lending. www.responsiblelenaing.org

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MAKING ETHICAL DECISIONS

Behaving in an ethical manner is easy as long as you go by the Golden Rule: Do unto others as you would have them do unto you. The Platinum Rule Do unto others as they would like to be done unto. Self-Testing for Ethical Decisions: Whenever faced with making an ethical decision take a good look at yourself. Start by answering questions Tom Morris Six Tests fir Ethical Action Six Tests for Ethical Action: Tom Morris is a philosopher / consultant NAR

The publicity test: Would I want to see this action in press The transparency test: Do I have a clear explanation for action What are my motives? The moral mentor test: What would my mentor do? The admired observer test: would he/she be proud of decision? The man/woman in the mirror test: Will I be able to look myself in the mirror and respect the person I see? The Golden Rule test: Would I like to be on the receiving end of this action and consequences?
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MAKING ETHICAL DECISIONS

Into the Looking Glass: View ethical dilemma from 4 perspectives: Look at yourself do you have ulterior motives do you stand to gain or lose by outcome are you letting previous experience influence your thinking. Look at the parties involved: do you favor one over the other. Is there a pattern to behavior is this influencing your decision are outside influences affecting the actions of parties. Look at the circumstances. Do you know all the details that led to the problem. Are there extenuating circumstances. Have you personally experienced a similar situation. Look at the outcome how will each party be affected by your decision. Will this decision have an ongoing effect on other parties. Will your decision alter your relationship with any of parties. The Bottom Line: Can I make a fair and unbiased decision that I am willing to live with? If there is even the slightest hint that there could be a perceived conflict of interest the problem should be turned over to someone else. Real estate conflict of interest actual or perceived Dual agency has the potential for conflict of interest. To consumer perception is reality.
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MAKING ETHICAL DECISIONS

Avoiding Conflict of Interest

Consider: Can you make the same unbiased independent judgment that would be expected from anyone in your position. Is there anything about this situation that someone might question your ability to be objective. Do you have a personal interest in the outcome? Could you defend your decision?

Right vs. Wrong or Right vs. Right

Killing vs. war stealing vs. eating

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MAKING ETHICAL DECISIONS

Principles for Decision Making The most commonly used principles for decision making fall into three categories

Ends-Based doing what is the greatest good for the most people Rule-Based following established rules regardless of consequences Care-Based following the Golden Rule

Applying the Principles: Truth vs. Loyalty Megan's Law -- Case #4, page 18 Gloria could make a rule based decision by saying nothing. An end-based decision would require her to take into consideration what is best for all parties. Individual vs. Community: - How much must I say? Case #5 , page 20 Katherine could continue with sale - say nothing and consider her rule based decision ok. Trying to work out the best solution for the greatest number of persons would be end-based. Short Term vs. Long Term: joint vs. common when 1 of clients is getting married consider common suggest discussion with attorney. Justice vs. mercy: when one of your clients dies. Read M/M Hamiltons story.
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MAKING ETHICAL DECISIONS

Help in Making Decisions When in doubt disclose) seek help (ethical decision) Code of ethics state laws rules and regspublished standards of conduct Results from previous cases can provide guidance A Final Word: After careful study and thoughtful consideration you should reach a decision that you feel in your heart is fair and unbiased and conforms to the best standards of ethical business practice. Learn to live with your decision and be ready for the next ethical challenge.
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