As the real estate industry adopts a global perspective for local market activity, real estate academics and practitioners across geography are making deliberate efforts to understand the views of their international colleagues …
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This study focuses attention on real estate academics and practitioners, process to identify important real estate topics. First, while we explore the natural descriptions and definitions of various terms, we aim to interpret and describe a specific case study raising concerns on professional ethics. Then, in the second phase, the full list of potential solution, responses are collated from different perspectives and for the benefit of various stakeholders - clients, public and the real estate associate.The primary focus here is to be reflective about values, ethics and professionalism in daily practice of real estate. This article not only considers the development of national and international standards for valuers, it also examines briefly the variations and differences in market practice arising from variations in law, culture and custom while acknowledging the general acceptance internationally of the prevalent meaning of market value and ethics by global standards.While urban development is always political and about values, power is present in all decisions, which might be productive or otherwise and the general assumption in terms of democracy that a public good can be achieved.There is a conscious effort to conceptualise the meaning of ethics and values in real estate, and debate what would constitute ethical practice in a variety of ethical dilemmas; appreciate the meaning of professionalism and ethics to deeply understand the implicit and explicit expectations and responsibilities placed upon professionals in real estate and finally to acknowledge the specific duties owed by professionals to clients, customers and the wider community and understand the concept of professional liability in the context of all the related and relevant laws. The attempt ideally should be to acknowledge and respect social diversity, and critically understand how planning and real estate practice impacts upon different groups in society.
Primarily, seeking other counsel; working through informal networks; exposing assumptions; bargain for information; being doubly sure, and negotiate for more clarity should be defined purpose of every ethical attempt in a profession.
Code of Ethics in the profession of Real Estate
It is very important to recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership, upon which depend the survival and growth of free institutions. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.
Such varied interests impose obligations beyond those of ordinary commerce and deals. They evoke serious social responsibility and a duty to which real estate associates should dedicate themselves, appropriately well prepared.
In recognition and appreciation of their obligations to clients, customers, the public, the real estate associates continuously strive and aim to remain informed on issues affecting real estate. They should identify and take steps, through enforcement of Code of Ethics and by assisting appropriate regulatory bodies, to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate
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According to research study carried over by Reading University which has recognised that as a result of due diligence enquiries, about 30% of property transactions in UK are always bargained and this reveals that 30% of real agents in UK will always prefer to be not ingenuous as regards to the offer price of an asset.( Sayce et al :36).
It can also be defines as the following of a profession for gain or livelihood. Professionalism brings about a tone of responsibilities to a professional. Therefore being an architect carries immense responsibility and the issues which arise in the course of the lives of a professional architect should be approached with inherent understanding.
For their long term viability it is imperative that businesses carry out their activities in an ethical manner which is acceptable to the society. Whether ethics is derived from religion, traditions or culture there are always some universally acceptable and desired ethical practices.
While Dubai, considered as the commercial and investment hub, has emerged as the forerunner in the tourism and construction sectors. These two emirates (Abu Dhabi and Dubai) are still the dominant economic players in the country.
The UAE is extremely rich in oil and, even though it lacks other natural resources, it expects current additional economic diversification to portray new financial as well as banking firms.
Transferring property from one person to the other involves transferring the documents of ownership to the new owner (Abts, 2002).
There are several rights of ownership that are recognized by law as far as real estate is concerned. The