Learning Objectives
Lesson 1: Getting Started
This course prepares real estate managers to meet the stringent ethical standards that are associated with accomplished, respected business professionals.
In this lesson, you will learn how to:
- Explain the purpose of the course
- Assess existing knowledge of ethics and the Institute’s IREM Code of Professional Ethics
Lesson 2: Introduction to Ethics
First and foremost, ethics refers to well-founded standards of right and wrong that tell us what we ought to do. Ethics, for example, refers to standards that impose obligations to refrain from acts such as stealing or fraud. Ethical standards also demand virtues such as honesty, compassion, and loyalty.
In this lesson, you will learn how to:
- Define the concept of Ethics, and its relationship to morality and the law
- Explain the history of IREM
- Understand the purpose of the IREM Code of Professional Ethics
Lesson 3: Ethical Decision Making
Ethical issues can arise in everyday life and can sometimes be confusing. The “Five Question Method” is a valuable framework for clarifying and examining ethical decisions, in addition to referencing the IREM Code of Professional Ethics.
In this lesson, you will learn how to:
- Identify excuses and justifications for conducting unethical business practices
- Recognize strategies for resolving ethical dilemmas
Lesson 4: IREM Code of Professional Ethics
IREM was founded in 1933 with ethics as its cornerstone to establish an organization of responsible real estate managers opposed to unethical business practices. Those early standards of the 1930s have evolved into what today is the IREM® Code of Professional Ethics.
In this lesson, you will learn how to:
- Understand the articles of the IREM Code of Professional Ethics and apply them to real world situations
Lesson 5: Conflict of Interest
A fiduciary relationship assures your clients and fellow professionals that they can trust and depend on you whenever you conduct business together. Because of the importance of fiduciary relationships, conflicts of interest must be avoided. A conflict of interest is a situation in which a professional has a personal, usually financial, interest sufficient to appear to influence the objective exercise of his or her official duties
In this lesson, you will learn how to:
- Explain what a fiduciary relationship means
- Identify factors that contribute to conflicts of interest
Lesson 6: Enforcement: Detailed Case Study
Unless enforced, codes of ethics have little meaning. IREM enforces the code vigorously. Enforcement of the IREM code of ethics is conducted within a defined structure by an established peer review process that may result in disciplinary actions. The three boards responsible for enforcing the code are: the Ethics Inquiry Board, the Ethics Hearing and Discipline Board, and the Ethics Appeal board.
In this lesson, you will learn how to:
- Explain how the IREM Code of Professional Ethics is enforced
- Evaluate real ethics violations and determine outcomes through a detailed case study
Lesson 7: Summary
Ethics is more than just a set of rules. It is a personal commitment to determine the right thing to do and then to do just that. It's good for you, your business, and our industry. Good luck with your exam today, and with your future as an ethical IREM member and real estate management professional.
In this lesson, you will learn how to:
- Review concepts learned during “Ethics for the Real Estate Manager (ETH800)”
