Professional Ethics, Conduct and Regulatory Compliance
What this domain covers
Professional Ethics, Conduct and Regulatory Compliance tests the standards enforced by the Real Estate Board and the obligations that follow from handling other people’s money and trust. It covers fiduciary duties, disclosure, advertising, record-keeping, complaints, and anti-money-laundering controls.
Core rules
- A salesperson owes loyalty, confidentiality, disclosure, and accounting to the client through the registered dealer. The dealer remains responsible for supervision and trust accounts.
- Conflicts of interest must be disclosed in writing and consented to. Undisclosed dual agency is a disciplinary matter.
- Deposits and other client money must be receipted, kept in a designated trust account, and recorded. Commingling with business or personal funds is prohibited.
- Advertising and representations must be truthful. Do not claim a property is “approved,” “beachfront,” or “freehold” without verification.
- Keep transaction records and client identification. Real estate dealers are subject to AML/CFT obligations, including customer due diligence and suspicious transaction reporting to the Financial Investigations Division.
- Complaints can lead to investigation, reprimand, conditions, suspension, or deregistration.
Worked example
A buyer gives a salesperson J$500,000 cash as a deposit “to hold the property.” The salesperson deposits it into a personal account because the deal may fall through. That is wrong: the money must be receipted in the dealer’s name, deposited to the dealer’s trust account, and recorded. If the deal collapses, repayment must follow the contract and the dealer’s records-not the salesperson’s convenience.
Traps
Accepting a deposit without a receipt; promising a loan or legal outcome; failing to disclose a referral fee; and treating AML checks as a bank-only duty.