Magazine article Journal of Property Management

Know Your IREM Code of Professional Ethics

Magazine article Journal of Property Management

Know Your IREM Code of Professional Ethics

Article excerpt

Article 2: Confidentiality.

A member shall not disclose to a third party any confidential or proprietary information which would be injurious or damaging to a client concerning the client's business or personal affairs without the client's prior written consent, unless such disclosure is required or compelled by applicable laws and regulations.

Recognizing that information is the key to economic and strategic advantage, how does one disseminate information in an ethical manner? The Security Exchange Commission (SEC) created Regulation FD, which stipulates that any information not publicly available, once made available, must be made available to the entire public.

If you are an IREM Member, you are subject to the IREM Code of Ethics. If you convey or release any information that is not already public, you have created a risk of breaching a faith of confidentiality. If the information one intends to convey is already public, it will likely not be subject to a risk of breaching confidentiality.

On the other hand, most of what an IREM Member receives, or has available to him or her from other parties, is the result of privately conveyed discussions, papers and activities that one has had the privileged opportunity to access. It is clear from the code that there is no way that one can release the facts or any part of the information to any other party. This is so because any conveyance of information to others may or will give an advantages of information to others who are not party to the original relationship. …

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