Exchange Magazine: Special Edition 2026

EXCHANGE

2026

SPECIAL EDITION

MAGAZINE

LIVING THE CODE:

Past Presidents Reflect on the Principles, Leadership, and Professional

Standards That Continue to Shape Canada’s Real Estate Profession

2 REIC EXCHANGE: SPECIAL EDITION 2026

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We hope you enjoy reading this issue as much as we enjoyed creating it.

WWW.REIC.CA 3

For a few years now there has been a transformation

occurring in the real estate industry and a parallel evo-

lution occurring at the Real Estate Institute of Canada.

In the real estate industry driven by consumers, some

members of the industry, and some of the regulators

there has been a push towards the adoption of higher

levels of professionalism and increased ethics.

During this same period, Don Inouye took over the

helm of REIC and both renovated and changed its

strategic direction ensuring its relevancy and impor-

tance as the industry continues to adapt and change.

As many organizations in real estate have struggled

and attempted to implement some form of code of

ethics and other practices to drive professionalism,

only the REIC has successfully delivered on the col-

lective needs of consumers, realtors, brokerages, and

the needs of the regulators.

As a first mover to certification and verification cre-

dentials, REIC is now recognized as the de facto

organization for both ethics and professionalism

in our industry. Under Inouye’s leadership, profes-

sionalism, ethics, and accountability, are no longer

obscure terms but now central to all discussions on

how industry will operate and evolve going forward.

Don joined REMAX in 2025 with more than three decades of Canadian real estate experience managing

brokerage operations, leading mergers and acquisitions, driving strategic direction, and overseeing

technology, products and services. Prior to joining REMAX as a Senior Vice President and President

of REMAX Canada, he served as President and CEO of Sotheby’s International Realty Canada. A

Toronto native, Don is a Fellow of the Real Estate Institute of Canada (FRI). He is a former Director-at-

Large for both the Canadian Real Estate Association (CREA), where he also served as Chair of the

Broker Involvement Committee and on the Global, Technology and Director Selection committees, and

the Toronto Regional Real Estate Board (TRREB). Additionally, Don is a Past President of Real Estate

Institute of Canada (REIC).

By: Don Kottick, President, REMAX Canada

PROFESSIONALISM

A DEFINING MOMENT FOR

FOREWARD

ABOUT DON KOTTICK

4 REIC EXCHANGE: SPECIAL EDITION 2026

CONTENTS

TABLE OF

GUARDIANS OF A PROFESSIONAL

LEGACY

HOW REIC’S 1955 CODE OF PROFESSIONAL STANDARDS

HELPED SHAPE A PROFESSION

A CODE WORTH CARRYING

FORWARD

EARNED TRUST:

THE VALUE OF CREDENTIALS & ETHICS IN REAL ESTATE

LA CONFIANCE SE MÉRITE:

LA VALEUR DES TITRES PROFESSIONNELS ET DE

L’ÉTHIQUE EN IMMOBILIER

A CODE OF ETHICS, A GUIDE TO LIVE BY,

A TICKET TO A SUCCESSFUL CAREER

PROFESSIONALIM

IS A CHOICE

L-R: Ron Fraser, Don Inouye, Winson Chan, Tim Hudak, Johnmark Roberts, Don Kottick, Neil Fawcett

WWW.REIC.CA 5

LEGACY

GUARDIANS OF A PROFESSIONAL

PUBLISHER’S NOTE

By: Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI) and Robin Hardman, CPM®, CLO, RPA, RSG.D

Past President and Chair, Real Estate Institute of Canada (REIC/ICI)

Some of the most important contributions to a pro-

fession are not about the number of buildings that

were constructed, the transactions completed, or

even industry organizations built. They are the ide-

als, principles, and standards that one generation

chooses to leave behind for the next.

For more than 70 years, the REIC Code of Profes-

sional Standards has been one of those contribu-

tions.

First drafted in 1955, the Code reflects the collective

wisdom of generations of real estate profession-

als who believed our industry should be defined

by more than technical competence alone. They

understood that professionalism requires a com-

mitment to ethics, integrity, fairness, accountability,

lifelong learning, and service to others. Throughout

the decades, the Code has been reviewed, refined,

strengthened, and modernized, not by any one indi-

vidual, but through the dedication of countless REIC

volunteers, Members, Directors, and Presidents

who generously contributed their experience and

leadership to its evolution.

This special edition of Exchange, Living the Code:

Past Presidents Reflect on the Principles, Leader-

ship, and Professional Standards That Continue to

Shape Canada’s Real Estate Profession is both a re-

flection on their legacy and a call to carry it forward.

Robin Hardman presenting at the 2025 REIC Leadership Retreat in

Quebec City.

Don Inouye presenting at the 2026 BUZZ Greatness Conference in

Toronto.

6 REIC EXCHANGE: SPECIAL EDITION 2026

Within these pages, you will find the perspectives of

REIC Past Presidents whose leadership spans dif-

ferent eras of our profession. While markets, tech-

nologies, regulations, and business practices have

changed dramatically during their careers, a com-

mon theme emerges from their reflections: profes-

sionalism matters. Ethical leadership matters. Char-

acter matters.

Their contributions remind us that stewardship is

one of the most important responsibilities entrusted

to professionals. Each generation inherits a profes-

sion shaped by those who came before and bears a

responsibility to strengthen it for those who will fol-

low. That is precisely what the REIC Code of Profes-

sional Standards represents.

It is the accumulated wisdom of industry leaders

who recognized that public trust must be earned

and protected. It is a framework that helps guide dif-

ficult decisions when answers are not always clear.

It is a reminder that professionalism is not measured

by what we know, but by how we choose to act.

As you read this special edition, we encourage you

to view the Code not simply as a set of standards,

but as a living legacy. The principles within it have

been passed from one generation of professionals

to the next, strengthened by decades of experience

and shaped by leaders who cared deeply about the

future of our industry. The question for all of us is

simple: what legacy will we leave behind?

Whether you are new to real estate or a seasoned

industry leader, each of us has an opportunity to

demonstrate the values embodied in the Code

every day. Through our decisions, our leadership,

our treatment of others, and our commitment to

continuous improvement, we become the custodi-

ans of the profession’s future.

The leaders featured in this edition have passed for-

ward their wisdom. Now it falls to all of us to ensure

those principles continue to guide the next genera-

tion.

Together, let us honour that legacy by living the

Code, advancing professionalism, and strengthen-

ing the trust that underpins our profession.

Don Inouye, RSG.D

Chief Executive Officer

Real Estate Institute of Canada

Robin Hardman, CPM®, CLO, RPA, RSG.D

Past President and Chair

Real Estate Institute of Canada

WWW.REIC.CA 7

In every profession, there is a moment when a group

of practitioners begins to define itself by more than

its work. Law, medicine, and engineering all reached

a point where competence alone was no longer suf-

ficient. What mattered just as much was conduct.

Standards became formalized, expectations were

shared, and accountability followed.

In Canadian real estate, one of those defining mo-

ments came in 1955, when the Real Estate Institute of

Canada introduced its Code of Professional Stand-

ards. This was not simply an internal policy or a sym-

bolic gesture. It was an early and deliberate effort to

bring coherence, credibility, and discipline to an indus-

try that was expanding rapidly but still finding its iden-

tity. It marked a transition from practice to profession.

Nearly seventy years later, the significance of that de-

cision is still playing out.

THE WORLD OF REAL ESTATE IN 1955

To appreciate the importance of the Code, it helps to

step back into Canada in the early 1950s. The country

was in the midst of extraordinary post-war transfor-

mation. Returning veterans, population growth, and a

rising middle class drove demand for housing to un-

precedented levels. Entire suburbs were developed

at speed. Urban cores expanded. Commercial and

industrial real estate followed closely behind.

At the same time, the real estate sector itself remained

highly fragmented. Many practitioners entered the

business through apprenticeship or informal net-

works. Educational standards were uneven. Licens-

ing regimes existed but varied significantly across

provinces, and enforcement mechanisms were still

developing.

Real estate transactions were often local in nature,

influenced by regional customs as much as by formal

regulation. While many individuals operated with in-

tegrity, there was no consistently applied framework

that defined professionalism across the country.

REIC itself had been established in the preceding

decade as part of an effort to bring more structure and

credibility to the field. Its early members recognized

that education alone would not be enough. To elevate

the industry, there needed to be a shared understand-

ing of conduct. This was the environment in which the

Code of Professional Standards emerged.

A CODE ROOTED IN PROFESSIONALIZA-

TION

The introduction of the Code in 1955 by Mr. Jack We-

ber, the Institute’s first President, and inaugural Fellow,

reflected broader trends taking hold across North

America at the time. Professional associations in fi-

nance, insurance, and property management were

formalizing ethical expectations as part of a wider

push toward self-regulation.

In Canada, organized real estate was also evolving.

Local boards and emerging national bodies were be-

ginning to discuss consistency in practice. The idea

that real estate professionals should be trusted ad-

By: Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI)

HELPED SHAPE

A PROFESSION

HOW REIC’S 1955 CODE OF PROFESSIONAL STANDARDS

8 REIC EXCHANGE: SPECIAL EDITION 2026

visors, not just transactional intermediaries, was

gaining traction.

REIC’s Code aligned with this shift but also helped

accelerate it.

The Code established that membership in REIC

carried obligations beyond technical compe-

tence. It formalized a commitment to ethical be-

haviour, ongoing education, and responsibility to

clients, colleagues, and the public. It introduced

the expectation that members would be account-

able to one another, not just to external regulators.

This peer-based accountability was especially

important in 1955. Formal regulatory infrastruc-

ture was still maturing, so professional associa-

tions played a critical role in setting expectations

and reinforcing them.

DEFINING THE STANDARD

While the language of the Code has evolved over

time, its foundational principles were clear from

the outset. Competence required members to

maintain a high level of knowledge and skill. In-

tegrity established expectations around honesty,

transparency, and fairness. Accountability en-

sured that these principles were enforceable. Together,

these elements created a shared and enforceable defi-

nition of professionalism that had not previously existed

in a consistent way across the industry.

What made the Code significant was that it moved pro-

fessionalism from aspiration to expectation. It did not

leave ethical conduct to personal preference or individ-

ual interpretation alone. Instead, it provided members

with a common language for what responsible practice

should look like, regardless of market, specialty, or ge-

ography.

Competence meant more than knowing how to com-

plete a transaction. It meant understanding the broader

responsibilities attached to advice, representation, val-

uation, management, and stewardship. In a field where

decisions could affect household wealth, community

development, business investment, and public confi-

dence, professional knowledge had to be treated as an

ongoing obligation.

Integrity gave that knowledge its moral direction. The

Code recognized that real estate professionals often

operate in situations where information is unevenly held,

incentives may conflict, and clients depend heavily on

judgment they cannot easily verify. Honesty, candour,

and fairness were therefore not optional virtues. They

“Throughout my career, I’ve believed that professionalism is not defined by a designation or title, but by

the standards we uphold and the decisions we make every day. The REIC Code of Professional Standards

provides an essential foundation for ethical conduct, accountability, and public trust. As a Past President

of REIC and an educator, I’ve seen firsthand how a commitment to professional standards strengthens

individual careers, elevates our industry, and reinforces the confidence that clients and communities

place in us. Professionalism is not simply something we achieve; it is something we must continually

demonstrate. REIC’s continued leadership in education and professional standards ensures that these

principles remain central to the future of our profession.”

Neil Fawcett is a Past President of REIC whose passion for education helped shape the Institute’s modern

learning landscape. By fostering partnerships with leading academic institutions and advancing educational

excellence, he enhanced the credibility and impact of REIC’s programs for professionals across the country.

PAST PRESIDENT’S CORNER: NEIL FAWCETT 2023-24

WWW.REIC.CA 9

“WHILE THE

LANGUAGE OF THE

CODE HAS EVOLVED

OVER TIME, ITS

FOUNDATIONAL

PRINCIPLES WERE

CLEAR FROM THE

OUTSET.”

were essential conditions of trust.

Accountability completed the framework. A standard

without accountability is little more than a statement

of intent. By tying membership to conduct, REIC rein-

forced the idea that professionals should be answera-

ble not only for outcomes, but for the manner in which

those outcomes are achieved. This helped establish

peer responsibility as a defining feature of professional

life.

In this sense, the Code was more than a list of rules. It

was a statement of identity. It told members, clients,

regulators, and the public that real estate could be

practiced as a profession guided by knowledge, judg-

ment, ethical restraint, and service. That clarity helped

distinguish those who viewed real estate as a calling

from those who saw it only as commerce.

WHY 1955 MATTERED

The introduction of the Code was both timely and

forward-looking, but its significance was larger than

timing alone. In many ways, 1955 marked the birth of

something new in Canadian real estate: a formal idea

of professionalism grounded not only in market knowl-

edge or transactional skill, but in ethics, judgment, and

accountability.

Before that point, real estate in Canada was unques-

tionably important, but it had not yet been consist-

ently defined as a profession in the way Canadians

understood law, medicine, engineering, or account-

ing. Practitioners helped families buy homes, advised

investors, managed property, supported develop-

ment, and shaped communities. Yet the standards

that governed this work were often local, informal,

uneven, or dependent on individual character rather

than a shared professional framework.

That distinction matters. An industry can exist with-

out a profession. Transactions can occur without a

code. Markets can function without a common eth-

ical language. But a profession requires something

more. It requires a recognized standard of conduct,

a commitment to competence, obligations beyond

self-interest, and some form of accountability to

peers, clients, and the public.

REIC’s 1955 Code helped supply that missing archi-

tecture. It gave members a way to say, collectively

and publicly, that real estate practice should be held

to a higher standard. It asserted that the work car-

ried obligations that extended beyond the closing of

a deal, the collection of a fee, or the completion of a

transaction.

Ethics became central to that architecture. The

Code made clear that professional conduct could

not be reduced to technical compliance or personal

reputation. It required principles that could be taught,

discussed, expected, and upheld. Honesty, fairness,

disclosure, diligence, and responsibility were no

longer simply admirable traits. They became part of

the professional standard.

Accountability was equally important. The Code in-

troduced the idea that members should not only be

answerable to clients or regulators after something

had gone wrong, but to one another as professionals

committed to maintaining public confidence. That

peer expectation helped move the industry beyond

individual good intentions toward collective respon-

sibility.

By establishing a Code early, REIC set expectations

for what the profession could become. It helped

10 REIC EXCHANGE: SPECIAL EDITION 2026

transform real estate from a field defined primarily by opportu-

nity and enterprise into one capable of being defined by stand-

ards, ethics, and trust.

FROM PRINCIPLES TO PRACTICE: NAVIGATING

ETHICAL DILEMMAS

A code of professional standards is most meaningful when it

is tested. The true measure of professionalism is not how one

behaves when decisions are easy, but when they are not. The

real estate industry, both in 1955 and today, presents a steady

stream of ethical dilemmas that require judgment, not just

compliance.

Consider a practitioner representing a seller who becomes

aware of a latent defect that is not immediately visible and may

not legally require disclosure under certain conditions. The

decision is no longer about what is permissible. It is about what

is right. Integrity requires transparency, even when disclosure

may complicate or delay a transaction.

Or consider the pressure of multiple offers in a competitive

market. A professional may be tempted to blur the boundaries

of fairness by selectively disclosing information or subtly influ-

encing outcomes to secure a preferred deal. The Code calls

for impartiality and fairness, reinforcing that short-term gain

should never come at the expense of trust.

Conflicts of interest present another recurring challenge. A

property manager with a financial interest in a vendor, or a bro-

ker with a personal stake in a transaction, must decide wheth-

er disclosure is sufficient or whether recusal is necessary. The

principle of accountability requires more than minimal com-

pliance. It demands careful reflection on how actions will be

perceived and whether they serve the best interests of clients.

There are also quieter dilemmas, less visible but equally im-

portant. The temptation to overstate market conditions to se-

cure a listing. The decision to remain silent when a colleague

engages in questionable conduct. The pressure to prioritize

speed over due diligence in a fast-moving deal.

In each case, the Code provides a framework. It does not pre-

scribe every answer, but it anchors decision-making in princi-

ples that prioritize trust, fairness, and responsibility. These are

not abstract scenarios. They are daily realities. And they are

precisely why the Code introduced in 1955 continues to mat-

ter.

INFLUENCE ACROSS THE IN-

DUSTRY

REIC was not alone in advancing pro-

fessionalism, but its early leadership

contributed to a broader movement

that continues today. What began

as a national commitment to stand-

ards soon became part of a wider

network of professional education,

designation, and ethical practice

across the real estate industry.

In 1961, REIC entered into a formal

partnership with the Institute of Real

Estate Management, connecting

Canadian professionals to an in-

ternationally recognized body of

property management knowledge

and standards. This relationship

broadened REIC’s influence beyond

brokerage and sales, helping es-

tablish property management as a

disciplined professional field with its

own expectations for ethics, compe-

tence, and accountability.

WWW.REIC.CA 11

The partnership also reinforced

a principle that has remained

central to REIC’s identity: profes-

sionalism is strengthened when

Canadian practice is connected

to respected national and inter-

national standards. Through this

alignment, members could see

their work as part of a broader pro-

fessional community, one in which

education, peer recognition, and

ethical conduct were mutually re-

inforcing.

A further milestone came in 1974,

when a structural alignment be-

tween CREA and REIC helped

clarify the complementary roles

of organized real estate and ad-

vanced professional education.

CREA provided national leader-

ship for REALTORS® and real es-

tate boards, while REIC continued

to focus on professional stand-

ards, designations, and the deeper

formation of practitioners commit-

ted to excellence.

That alignment mattered because

it situated REIC within the larger ar-

chitecture of Canadian real estate.

It recognized that professionalism

required more than one institution:

it required trade representation,

member services, public advoca-

cy, education, designation path-

ways, and ethical standards work-

ing in concert. REIC’s contribution

was to ensure that the pursuit of

professional excellence remained

visible, structured, and credible

within that ecosystem.

Together,

these

relationships

helped extend the influence of RE-

IC’s 1955 Code beyond thew Insti-

tute itself. The REALTOR® Code

reinforces duties to clients, the

public, and fellow REALTORS®.

The Institute of Real Estate Man-

agement’s Code of Professional

Ethics emphasizes integrity, dis-

closure, and the advancement of

professional knowledge.

These frameworks differ in scope,

but they reflect a shared under-

standing

that

professionalism

must be clearly defined, taught,

recognized, and upheld. The result

was not a single code or institution

acting alone, but an increasing-

ly connected professional land-

scape in which standards could

travel across roles, markets, and

generations.

FROM RULES TO CODE TO

CULTURE

The lasting value of a professional

code is not found only in the rules

it contains. Rules matter because

they create boundaries. A Code

matters because it gives those

boundaries purpose, language,

and legitimacy. But the highest

aim of any code is cultural: that its

principles eventually become part

of how professionals think, decide,

and conduct themselves when no

one is watching.

This is where REIC’s contribution

has been especially important. By

introducing a formal Code of Pro-

fessional Standards in 1955, REIC

did more than set expectations for

membership. It began the longer

work of shaping professional cul-

ture in Canadian real estate. The

Code created a reference point

around which education, designa-

tion, peer accountability, and ethi-

cal leadership could be built.

Education is the bridge between

the written Code and lived pro-

fessionalism. A standard can de-

fine expectations, but education

helps practitioners understand

why those expectations matter,

how they apply in complex situa-

tions, and what sound profession-

al judgment looks like in practice.

Through courses, designations,

continuing learning, and profes-

sional development, REIC has

helped ensure that ethics are not

treated as a separate subject, but

as part of the core formation of a

real estate professional.

That work could never be com-

pleted in a single moment. As the

industry changes, the Code must

also evolve. New business models,

new technologies, new consumer

expectations, more complex own-

ership structures, and heightened

public scrutiny all create ethical

questions that earlier generations

12 REIC EXCHANGE: SPECIAL EDITION 2026

could not have fully anticipated. A living profession requires a liv-

ing standard.

The goal, however, is not simply to keep adding rules. The deep-

er objective is integration. Over time, the evolving Code should

become less something professionals consult only when chal-

lenged and more something they carry into every decision: how

they communicate, how they disclose, how they manage con-

flicts, how they protect clients, how they treat colleagues, and

how they uphold the public interest.

That is the movement from rules to Code to culture. Rules tell

professionals what is prohibited. A Code tells them what is ex-

pected. Culture shapes what they instinctively understand to

be right. When standards reach that level, professionalism is no

longer an external requirement. It becomes part of identity, rep-

utation, and daily practice.

REIC’s role is to keep that progression alive. Through education,

designations, continuing professional development, member

expectations, partnerships, and ethical leadership, the Institute

continues to translate standards into behav iour. Its educational

work gives professionals the tools to interpret the Code, apply it

to real-world dilemmas, and strengthen the judgment required

to act with integrity when the answer is not obvious.

In that sense, the legacy of 1955 is not only that REIC created a

Code. It is that REIC began the work of helping Canadian real

estate professionals internalize a standard, so that profession-

alism could be practiced not as an obligation imposed from out-

side, but as a commitment carried from within.

A LEGACY THAT ENDURES

The impact of the 1955 Code is reflected in

the generations of professionals who have

chosen to uphold it. It lives in the decisions

made every day, often quietly, where integ-

rity is chosen over convenience and ac-

countability over expediency.

In 1955, REIC made a choice that helped

define the trajectory of real estate pro-

fessionalism in Canada. By establishing a

Code of Professional Standards, it created

a framework that elevated expectations and

strengthened trust. The challenges have

evolved, but the principles have not.

Professionalism still depends on the will-

ingness to act with integrity, to pursue ex-

cellence, and to remain accountable. The

Code continues to guide that commitment.

It is not just a document.

It is a standard that continues to shape the

profession.

Don Inouye is CEO and a long time advocate for professional standards in Canadian

real estate. He serves on industry committees focused on ethics, governance, and talent

development.

ABOUT DON INOUYE

WWW.REIC.CA 13

Leonard “Len” Potechin has witnessed extraordinary

change during his lifetime. He entered the real estate

profession in the 1950s and became involved in the In-

stitute’s advanced education during its earliest years.

His surviving credentials trace that involvement to

1958, while REIC records his membership from 1963;

he later served as President from 1978 to 1979. Near-

ly half a century after his presidency, Len reflects on

the evolution of professional education, what the In-

stitute’s Code of Professional Standards meant then,

why it remains important today, and how those prin-

ciples are echoed in his family’s book, Our Family and

Our Legacy.

WHEN YOU SERVED AS PRESIDENT OF REIC

IN 1978–1979, WHAT DID THE CODE OF PRO-

FESSIONAL STANDARDS MEAN TO YOU?

The Code meant that we were not simply people com-

pleting transactions. We were members of a profes-

sion, and there is an important difference.

The law establishes the minimum that a person must

do. A professional code asks more of us. It says that

personal gain must never be placed ahead of the inter-

ests of the client or the public. It requires us to conduct

ourselves in a way that earns the confidence of our cli-

ents, our colleagues and our communities.

A designation was not intended to be a decoration af-

ter your name. It was a promise about how you would

conduct yourself. The Code gave members a com-

mon standard by which our actions could be guided

and measured.

WHICH PRINCIPLES WITHIN THE CODE HAVE

ALWAYS BEEN MOST IMPORTANT TO YOU?

Competence and integrity belong together. Good in-

tentions are not enough if you do not understand your

work. At the same time, knowledge without honesty

can be dangerous.

The Code speaks about quality of service, profession-

al knowledge, full disclosure, fairness, the proper care

of property and the responsibility to recognize when a

matter is beyond one’s own expertise. A true profes-

sional must be willing to say, “I do not know, but I will

find someone who does.”

I used to say that some people have 25 years of expe-

rience, while others have one year of experience mul-

tiplied 25 times. Experience has value only when you

continue learning from it.

YOU BECAME INVOLVED WITH THE INSTI-

TUTE DURING ITS EARLIEST YEARS. WHAT

DO YOU REMEMBER ABOUT THE ORGANIZA-

TION AND THE ARI AND FRI DESIGNATIONS?

When I began, it was called the Canadian Institute of

Realtors. It had been established in 1955 by the Cana-

dian Association of Real Estate Boards, the national

organization later renamed the Canadian Real Estate

Association. Its purpose was to strengthen real estate

education and encourage higher professional stand-

ards across Canada. I became involved very early.

A CONVERSATION WITH WITH LEONARD “LEN” POTECHIN, FRI, CPM®

FORWARD

A CODE WORTH CARRYING

Leonard Potechin reflects on professional standards, public trust and the legacy one genera-

tion leaves to the next.

14 REIC EXCHANGE: SPECIAL EDITION 2026

WWW.REIC.CA 15

16 REIC EXCHANGE: SPECIAL EDITION 2026

The ARI plaque in my office records that I was

admitted as an Associate of the Realtors Insti-

tute on March 10, 1958.

The ARI was the associate-level designation.

I continued with the University of Toronto pro-

gram that led to the Institute’s more advanced

FRI Fellowship. The original certificate confirms

that the Fellowship was formally conferred on

February 25, 1961. At the time, the FRI followed

three years of intensive study and successful

completion of examinations through the Univer-

sity of Toronto. It went well beyond the minimum

education required to enter the profession and

reflected deeper professional knowledge, ethi-

cal conduct and continued progress in the field.

The organization later became the Real Estate

Institute of Canada and developed as a separate

national professional body. The ARI no longer

forms part of the current designation structure,

while the FRI continues as Fellow of the Real Es-

tate Institute. The names changed, but the prin-

ciple did not: a licence allowed you to practise;

a professional designation showed that you had

chosen to go further.

HOW DID YOU TRY TO PUT THOSE PRIN-

CIPLES INTO PRACTICE DURING YOUR

OWN CAREER?

Education was always important to me. I com-

pleted the FRI program through the University

of Toronto, earned the Certified Property Man-

ager designation in 1964, pursued additional

courses and later created courses and lectured

for the Institute of Real Estate Management.

The real estate profession was becoming more

sophisticated, and I believed that education had

to keep pace. Professional development could

not end when a licence or designation was re-

ceived. It had to continue throughout a person’s

career.

Full disclosure was equally important. Real es-

tate syndications can be complicated, and in-

vestors must understand how a transaction is

structured. In the syndications I organized, I made certain

that the arrangements were transparent, including the dis-

closure of my commission when a jointly owned property

was sold.

A client should never have to discover later what the profes-

sional should have explained at the beginning. Transparen-

cy is not merely a business technique. It is how trust is pro-

tected.

WHY IS THE CODE STILL RELEVANT IN TODAY’S

REAL ESTATE INDUSTRY?

The tools have changed dramatically. I began in an era of list-

ing cards, paper records, telephone calls and face-to-face

negotiations. Today, professionals have immediate access

to enormous amounts of information, digital platforms and

increasingly sophisticated technology.

But information is not the same as judgment, and speed is

not the same as wisdom.

Clients still rely on professionals to identify risks, explain

what the information means, disclose conflicts, protect con-

fidential information and provide impartial advice. Technolo-

gy may make a decision faster, but it cannot make the deci-

sion ethical.

Regional Realty staff, 1964. Archival photograph reproduced in Our Family and

Our Legacy; the original newspaper caption records the F.R.I. and C.P.M. des-

ignations.

WWW.REIC.CA 17

“A CLIENT SHOULD

NEVER HAVE

TO DISCOVER

LATER WHAT THE

PROFESSIONAL

SHOULD HAVE

EXPLAINED AT THE

BEGINNING.”

The Code addresses these responsibilities in practical

terms. It covers competence, disclosure, conflicts of

interest, fees, confidentiality, truthful advertising, com-

pliance with the law and the duty of members to uphold

the standards of the profession. These may appear to

be separate requirements, but they express one central

principle: public trust must be earned by conduct.

HOW DOES THE CODE CONNECT WITH THE

STORY TOLD IN OUR FAMILY AND OUR LEGA-

CY?

Our Family and Our Legacy records the history of our

family and the evolution of Regional through three gen-

erations. It is a business history, but more importantly, it is

a record of the principles we hope will continue to guide

the family.

Those principles include family, education, integrity, hard

work, responsibility, leadership, community and grati-

tude. They are very similar to the qualities required of a

trusted professional.

I have said that what I am proudest of is that the

business is now into its third generation. That

pride is not simply because the company survived

or grew. It is because the next generation accept-

ed the responsibility of stewardship.

A business can be transferred from one genera-

tion to another through legal documents. A repu-

tation cannot. It must be earned again every day.

A legacy is not merely the property, wealth or or-

ganization that someone leaves behind. It is the

standard of conduct that others choose to carry

forward.

WHAT MESSAGE WOULD YOU OFFER TO

TODAY’S REAL ESTATE PROFESSION-

ALS?

Know your work and continue learning. Tell cli-

ents what they need to know, not simply what they

would prefer to hear. Disclose conflicts early. Pro-

tect confidential information. Be fair to every par-

ty, even while representing your client’s interests.

Len’s archival credentials and professional recognition.

18 REIC EXCHANGE: SPECIAL EDITION 2026

ABOUT LEONARD POTECHIN

Leonard “Len” Potechin, FRI, CPM®, is recorded by REIC as a member since

1963 and served as its President from 1978 to 1979. His surviving credentials

document an earlier connection to the Institute’s predecessor organization:

the ARI in 1958 and the FRI Fellowship in 1961. He completed the FRI program

through the University of Toronto and earned the CPM® designation in 1964. A

longtime advocate for professional education, ethical practice and community

leadership, he joined Regional Realty in 1958 and helped establish the founda-

tion for the three-generation family enterprise chronicled in Our Family and Our

Legacy.

Treat the property of others with the same care you would give your own. When someone else is better qualified,

bring that person into the conversation.

Most importantly, do not wait for a complaint or a difficult situation to remind you of the Code. Let it guide your

decisions before a problem arises.

Markets will rise and fall. Technology will change. Cities will grow, and business practices will continue to evolve.

But people will always want to know whether they can trust the person sitting across from them.

That is what the Code of Professional Standards meant to me when I served as President of the Institute. That is

why it remains important today. And that is the professional legacy worth carrying forward.

“A BUSINESS CAN BE TRANSFERRED

FROM ONE GENERATION TO ANOTHER

THROUGH LEGAL DOCUMENTS. A

REPUTATION CANNOT. IT MUST BE

EARNED AGAIN EVERY DAY.”

WWW.REIC.CA 19

In real estate, trust is the asset that never shows up on a

balance sheet, yet every transaction depends on it. Over

my career, nothing has built that trust more reliably than

two things: recognized credentials and a firm commitment

to ethics. I proudly carry the FRI (Fellow of the Real Estate

Institute) and CPM® (Certified Property Manager) desig-

nations from the Real Estate Institute of Canada (REIC),

and both have shaped the professional I am today.

CREDENTIALS ARE A PROMISE

A designation is more than letters after a name. It tells a cli-

ent, a lender or a landlord that the professional across the

table has completed rigorous education, demonstrated

real experience and been assessed by peers. In a market

where anyone can print a business card, credentials sep-

arate verified competence from self-promotion.

For clients, that means confidence. An owner entrusting a

portfolio to a CPM®, or an investor relying on the advice of

an FRI, knows those professionals answer to a standard

set by an institution, not just their own judgment. For our

industry, credentials raise the floor for everyone, because

each qualified practitioner reinforces the public’s expec-

tation of quality.

ETHICS IS THE FOUNDATION

Knowledge makes us capable; ethics makes us trustwor-

thy. Every REIC member commits to a Code of Ethics that

puts the client’s interest, honesty and fair dealing ahead of

the easy commission. Those principles are not abstract.

They show up when a deal is under pressure, when a con-

flict of interest needs to be disclosed, or when the right an-

swer is the one nobody wants to hear.

Throughout my career, I have found that the ethical choice is

also the durable one. Reputations in commercial real estate

are built over decades and can be lost in a single transac-

tion. A shared code gives all of us a common compass, and it

gives our clients a clear standard to hold us to.

GIVING BACK THROUGH THE INSTITUTE

Association work has been one of the most rewarding parts

of my professional life. Serving on the REIC board in several

roles, including Treasurer and President, showed me how

much effort goes into maintaining standards that members

often take for granted: curriculum, governance, ethics en-

forcement and advocacy for the profession.

For more than ten years, I have also served on the REIC

Faculty, teaching the next generation of real estate profes-

sionals. Every class reminds me that education does not

end with a designation. Markets shift, regulations evolve and

new tools reshape how we work. Continuing education is

how we stay worthy of the trust our credentials represent.

AN INVITATION TO COLLEAGUES

I encourage every colleague, whether just starting out or

decades into practice, to pursue a recognized designation,

keep learning and get involved in your professional asso-

ciation. Take a course, mentor a newcomer, volunteer on a

committee. Our clients deserve professionals who are qual-

ified, current and ethical, and our profession is only as strong

as the standards we choose to uphold together.

EARNED TRUST:

THE VALUE OF

CREDENTIALS &

ETHICS IN REAL

ESTATE

By: Georges Renaud, FRI, CPM® · Commercial Real Estate Broker · Past President, Real Estate Institute of Canada · REIC Faculty Member

20 REIC EXCHANGE: SPECIAL EDITION 2026

En immobilier, la confiance est l’ac-

tif qui n’apparaît jamais au bilan, et

pourtant chaque transaction en

dépend. Au fil de ma carrière, rien

n’a bâti cette confiance plus sûre-

ment que deux choses : des titres

professionnels reconnus et un en-

gagement ferme envers l’éthique.

Je porte fièrement les titres FRI

(Fellow of the Real Estate Insti-

tute) et CPM® (Certified Property

Manager) de l’Institut canadien de

l’immobilier (ICI), et tous deux ont

façonné le professionnel que je

suis aujourd’hui.

UN TITRE PROFESSIONNEL

EST UNE PROMESSE

Un titre est bien plus que quelques

lettres après un nom. Il indique

à un client, à un prêteur ou à un

propriétaire que le professionnel

assis en face de lui a suivi une for-

mation rigoureuse, démontré une

expérience réelle et été évalué

par ses pairs. Dans un marché où

n’importe qui peut imprimer une

carte professionnelle, les titres

distinguent la compétence vérifiée

de l’autopromotion.

Pour les clients, cela se traduit par

la confiance. Un propriétaire qui

confie son portefeuille à un CPM®,

ou un investisseur qui s’appuie sur

les conseils d’un FRI, sait que ces

professionnels répondent à une

norme établie par une institution,

et non à leur seul jugement. Pour

LA CONFIANCE SE MÉRITE:

LA VALEUR

DES TITRES

PROFESSIONNELS

ET DE L’ÉTHIQUE

EN IMMOBILIER

Par: Georges Renaud, FRI, CPM® · Courtier immobilier commercial · Ancien président, Institut canadien de l’immobilier · Membre du corps

professoral de l’ICI

ABOUT GEORGES RENAUD

Georges Renaud is a Past President of REIC whose leadership helped guide the Institute through periods

of challenge while strengthening connections across the country. A proud representative of Quebec, he

played an important role in bringing Members together and reinforcing REIC’s national voice in support of

professionalism and excellence.