Code of Professional Ethics for Real Estate Brokers
COFECI Resolution No. 326/92
Approves the Code of Professional Ethics for Real Estate Brokers.
The President of the Federal Council of Real Estate Brokers (COFECI), under the authority granted by Article 10, item VIII of Decree No. 81,871 of June 29, 1978, resolves:
Art. 1 – To approve the annexed CODE OF PROFESSIONAL ETHICS.
Art. 2 – This Resolution enters into force on the date of its publication, revoking previous provisions, especially Resolutions COFECI Nos. 014/78, 037/79, and 145/82.
Brasília-DF, June 25, 1992
Waldyr Francisco Luciano – President
Rubem Ribas – Director 1st Secretary
Code of Professional Ethics
General Principles
Art. 1 – This Code sets the standards of conduct expected from Real Estate Brokers in their professional activities.
Art. 2 – Duties include defending clients’ interests, upholding class dignity, and promoting the advancement of real estate practice.
Relations with the Profession and Colleagues
Art. 3 – Brokers shall:
- Maintain professional dignity and avoid acts that discredit the profession.
- Support class organizations and cooperate with initiatives that promote the profession.
- Maintain active engagement with Regional Councils and defend their role.
- Exercise their mission with dignity, loyalty, discretion, and ethics.
- Respect and collaborate with colleagues, promoting harmony and mutual respect.
- Report infractions responsibly and avoid slanderous references to others.
- Remain informed about applicable laws and help disseminate them.
Relations with Clients
Art. 4 – Brokers shall:
- Thoroughly assess all aspects of a transaction before offering it.
- Provide accurate and transparent information about the property and its risks.
- Refuse participation in illegal or unethical deals.
- Notify clients promptly upon receipt of funds or documents.
- Issue receipts and provide account reports upon request or completion.
- Return unnecessary documents and refrain from charging double commissions.
Liability
Art. 5 – Brokers are civilly and criminally liable for acts of malpractice, negligence, or unethical conduct that harm clients.
Prohibitions
Art. 6 – Brokers are prohibited from:
- Undertaking services without qualification or legal basis.
- Engaging in overpricing, illicit gains, or client exploitation.
- Receiving unauthorized commissions or diverting clients from others.
- Practicing unfair competition or neglecting entrusted responsibilities.
- Failing to respond to Council summons or assisting unlicensed agents.
- Announcing misleading offers or leveraging positions for personal gain.
- Failing to contract or notify prior brokers in joint transactions.
- Retaining unviable deals or collecting deposits without express consent.
Disciplinary Oversight
Art. 7 – The CRECI where the broker is registered is responsible for investigating and sanctioning violations of this Code.
Art. 8 – Violations of key articles are considered serious ethical transgressions. Minor infractions refer to all other violations of this Code.
Art. 9 – These ethical rules are binding upon all professionals registered with the Regional Councils.
Art. 10 – The Boards of COFECI and CRECI shall promote wide dissemination of this Code to ensure compliance and awareness.
Approved in Plenary Session of 08/07/1992