Real Estate Division

CPD 160 - Law and Ethical Considerations in Real Estate Business

Pre-requisite: None.

Within the real estate services industry, there are certain frameworks that exist to protect real estate practitioners and their clients. These frameworks set standards of performance and outline the real estate practitioner’s duties and responsibilities. This course provides an overview of these frameworks: namely, the main legal matters that effect real estate service providers and the voluntary ethical standards that they are held to.

Lesson 1 reviews the framework of the Canadian legal system, then proceeds to discuss contract law and tort liability – two of the primary legal concerns for those who offer real estate services. This lesson also touches on the civil lawsuit process.

Lesson 2 discusses the ethical duties that apply to most real estate practitioners. Despite the name, voluntary standards are mandatory requirements for members of certain professional groups, such as the Canadian Real Estate Association (CREA) and the Appraisal Institute of Canada (AIC). This lesson examines and explains various ethical requirements, looking specifically at the codes of ethics of these two organizations.

Course Outline

Foreword: Introduction to Professional Development Courses

Lesson 1: Legal Considerations in Real Estate Business

  • Instructor's Comments
  • Sources of Canadian Laws
  • Contract Law
  • Tort Liability
  • Civil Lawsuits
  • Summary

Lesson 2: Legal and Ethical Standards for Real Estate Professionals

  • Instructor's Comments
  • The Competition Act
  • Professional Ethics and Voluntary Standards
  • Sample Codes of Ethics: CREA and AIC
  • Summary

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