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Real Estate Code of Ethics, Budapest, Hungary - Capital Real Estate Budapest
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Code of Ethics - Real Estate Agents

Introducing the Capital Real Estate Budapest Ethics Codex, we are proud to be part of the new generation of young EU entrepreneurs striving to give world-class services with corporate integrity well above European standards. Feel free to look at our Ethics Codex below.

§ 1 General

In the execution of their profession, employees of Capital Real Estate Ltd. shall behave correctly, honestly and in accordance with generally accepted standards of estate agency. Generally accepted standards of estate agency imply that agency assignments must be executed in agreement with the ethical and professional principles recognized and adhered to by competent and responsible real estate agents at any given time.

Members have a duty to comply with the laws and regulations relating to real estate agents in force at any given time.

§ 2 Acceptance of Agency Assignments

Members shall not accept assignments offered on terms that are in conflict with laws and regulations, the Code of Professional Ethics for Members of the Hungarian Chamber of Commerce, or terms that are obviously unreasonable.

Members should not accept assignments in which they may have an economic interest beyond the claim for payment associated with the assignment. The parties must be informed in writing, clearly and unambiguously, about any self-interest beyond the claim for payment. Similarly, if the member receives payment in connection with the assignment from anybody but the client, the member has a duty to inform the parties about this.

On receiving an assignment, members are obliged to make the necessary inquiries concerning the object of the assignment. Provided that no special circumstances exist, the property must be inspected. If the estate agent himself or someone else employed by the enterprise has not inspected the property, this must appear clearly from the sales prospectus. If the inspection has been assigned to someone else, this, as well as who has performed the inspection, must appear in the same way.

§ 3 Execution of the Agency Assignment

Members are not entitled to refuse any client professional assistance on the basis of race, religion, gender, nationality or other ulterior considerations.

Within the framework of the law and to the best of their ability, members have duty to look after the interest of both parties.

Members shall carry out the agency assignment in an appropriate and responsible way without unnecessary delay.

Members are not allowed to accept such a high number of assignments that it adversely affects the professional standard of their work. 

§ 4 Transactions through own company

If an employee, a member of the board or a person with not inconsiderable ownership interests in Capital Real Estate Ltd. or someone closely associated with these, gives the agency an assignment, all parties must be informed in writing about the client association with the firm (in the sales prospectus).

If any of the same persons become interested in the assignments of Capital Real Estate Ltd., all parties, including bidders, must immediately be informed in writing, and the client is free to cancel the assignment. 

§ 5 Own transactions

When working as real estate agents, employees of Capital Real Estate shall not themselves, or through closely associated, or fully or partly owned enterprises, trade in real property on a speculative basis. This shall not prevent the agent to purchase real property for his/her own use or the use of someone closely associated with the estate agent; nor shall it be an obstacle to long-term investments in real property. 

§ 6 Advice

Members have a duty to provide the parties with all the information, both legal and factual, which is of any importance to the parties.

Members must not give advice or make recommendations on matters or in areas beyond their competence. Members who are not experts in particular areas should refrain from comment and refer clients to specialists in such areas.

In the case of a dispute between the parties, a member, without siding with any of the parties, shall provide guidance regarding the procedure for the settlement of disputes.

§ 7 Marketing

When obtaining an assignment the seller must not be given the impression of a different market price for the property that is to be sold than the price Capital Real Estate Ltd. expects it will fetch in the open market. The marketing of services by Capital Real Estate, including advertisements for assignments and other applications to the public, must contain nothing incorrect or misleading. In their marketing employees of Capital Real Estate must ensure that the parties, clearly and unambiguously, are informed about the agency’s role as an intermediary.

If a member advertises that his firm will provide special benefits for the clients, this must be documented.

Advertisements describing the object of the assignment shall be objective and provide correct information. If previous identifiable transactions are used in the marketing, this must be consented to in advance by the parties to each transaction.

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