10
The Real Estate Institute of Canada Code of Professional Standards 1955, revision XVII, 2026 edition
Glossary of Key Terms
Fiduciary Duty:
An obligation to act in the best interest of the client.
Due Diligence:
Comprehensive appraisal of a property before a transaction.
Conflict of Interest:
A situation where personal interests could compromise professional judgment.
ESG (Environmental, Social, and Governance): Standards guiding ethical and sustainable business
practices.
Disclosure:
Providing all relevant information to clients and stakeholders.
Dual Agency:
Representation of both buyer and seller in the same transaction, requiring
informed consent.
Material Facts:
Information that could influence a client’s decision in a transaction.
Competence:
Acting within the limits of your professional knowledge and skills.
Fairness:
Treating all parties honestly while prioritizing the client’s best interests.
Confidentiality:
Maintaining strict privacy of client information, even after the relationship ends.
Referral:
Directing a client to another qualified professional when outside your expertise.
Reasonable Fees:
Charges that are fair, transparent, and disclosed upfront.
Advertising Standards: Ensuring all promotional materials are truthful and accurate.
Designations:
Professional credentials granted by REIC, used only in compliance with bylaws.
Professional Standards Committee: The body responsible for enforcing the REIC Code and handling
violations.
Governance:
Oversight and accountability mechanisms ensuring ethical and compliant
operations.
Technology Integration: Responsible adoption of digital tools and AI in real estate practice.
Data Privacy:
Protecting client information against unauthorized access and breaches.
Sustainability:
Aligning practices with environmental and social responsibility principles.