Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
A code of ethics refers to a set of principles designed for professionals that help them to conduct business with honesty and integrity. A code of ethics documentation may represent the mission and vision undertaken by an agency. This code of ethics guides how the professionals should behave and the values this organization holds.
There are three basic types of code of ethics:
• Ethics Based On Compliance
This type of ethics is legal in nature. Hiring and safety standards are examples of compliance-based ethics. Such ethics also hold penalties for any violation.
• Ethics Based On Values
A value-based code of ethics introduces an organization internal values. Their commitment to health and safety regulations over financial profit is an example of a value-based code of ethics.
• Code Of Ethics For Professionals
There are specific codes of ethics for professionals who operate in particular fields. For example, financial advisers working with the Securities and Exchange Commission must follow a code of ethics called Fiduciary Duty.
A code of ethics is integral to managing a successful real estate business. To sustain and prosper in this domain, agents and property owners must adhere to industry ethics. The agents working in this field have responsibilities to their clients. In serving their clients, these professionals must follow a set of principles.
ü The interest of the client is their priority over individual interest. Here, they must treat all parties fairly, honestly, and equally. Agents must not misguide any buyer or property owner regarding the market value of a property. While making a real estate transaction, agents must provide transparent information to the clients on financial aspects.
ü Real estate agents cannot practice discrimination and deny services based on race, color, family status, religion, sex, or nationality.
ü Real estate agents must not make any incorrect statements about their competitors. They must refrain from targeting other agents' clients by making phone calls or sending emails.
