Paper on Changing face of Ethics in Real Estate Augusto B. Agosto Cebu, Philippines
Abstract:
The study aims to contextualize the development of the Code of Ethics for Real Estate Professional between 1960 and 2019. This will examine and identify differences of Philippine Association of Real Estate Board Code of Ethics; 1993 Department of Trade and Industry Code of Ethics and the National Code of Ethics of Real Estate Professionals adopted and promulgated by the Professional Regulation Commission in May 2019. The study will also compare and identify differences with the International Valuation Standards Code of Valuers to have a global framework.
As a discipline of philosophy, ethics is as old as Aristotle. Code of ethics may be in the form of means-end think or deontological thinking. The former can either mean an attention to define ends, and leave the means to the individual or either enumerates practical means that will contribute to given ends. However, the latter attends to human conduct rather that its ends, it is an enumeration of rights and norms for us to respect disregarding their consequences.
PAREB’s first Code of Ethics adopted in 1960 was similar to National Association of Real Estate Board (NAREB), pursuant to International Affiliate Agreement as follows: PAREB shall promulgate and enforce, and cause its Member Boards to adopt and enforce the Code of Ethics substantially similar to the Code of Ethics of the National Association of Real Estate Boards…” The regulatory body that crafted the Code of Ethics was the Department of Trade and Industry (DTI), However at present, the juridical person that is mandated by law to craft the National Code of Ethics is the Accredited Integrated Professional Organization (AIPO). However, due to the absence of the latter, the Professional Regulation Commission through its Professional Regulatory Board of Real Estate Service (PRBRES) promulgates the current National Code of Ethics.
The study finds that the code of ethics studied differ in the following aspects: First, the nature of who crafted the code which were either professional organization, non-government organization and government agency. Second, the role and character of the organization in the implementation of the code. Third, the scope of the fundamental principles which includes the professional duty to its members, client and community or public and organization. While, relation to the government and role of policing the profession is not included sans the role of the government agencies such as the Bureau of Internal Revenue and the local government units, Professional Regulation Commission, and other government agencies. Lastly, the need for adoption of key ethical values of global organization in order to guide the practitioners action.
Real LexEcon 