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CODE OF PRACTICE
Our company is a member of the FIMAA (Federazione Italiana Mediatori Agenti d'Affari, Italian federation of agents and brokers) and has adopted the Federation’s Code of Practice.
SECTION 1: GENERAL PRINCIPLES AND AIMS
Art. 1 – Code of Practice: General Principles
a. The guiding principles of this Code are correctness, respect, clarity, professionalism and protection of all the interests involved;
b. The rules of conduct contained in this Code are binding for all Member Brokers of the FIMAA; being a member of a provincial association of the FIMAA automatically means that Member Brokers are subject to this Code of Practice.
Art. 2 – Code of Practice: Aims
The FIMAA Code of Practice sets out the rules and provides various suggestions as to the conduct for the business activities of professional Member Brokers who are members of the federation, according to the principles of correctness, respect, professionalism, clarity and protection of Clients, of Member Brokers and the Category as a whole.
SECTION 2: RULES OF CONDUCT
Art. 3 – General Rules of Conduct
Member Brokers must:
1. act with ordinary due diligence and care, according to the moral principles of honesty and loyalty to the Association and to the national Federation, respecting the rules and norms of correctness and professionalism;
2. act within the laws of the land, and in particular abide by those that regulate the profession, demonstrating to any Client who so requests that they are listed on the Brokers Roll and have provided all necessary documents to the Chamber of Commerce;
3. demand and strictly respect professional secrecy (confidentiality) and require that all Assistants, Employees and Colleagues who work alongside Member Brokers also comply with the rules and regulations relating to the national Protection of Personal Data law;
4. keep abreast of developments in the profession (through ongoing training) so that their professional activities are always high-quality and proficient;
5. act with clarity and precision, avoiding any possible misunderstanding on either side and avoiding any situations which might bring disrepute to the profession;
6. avoid using any kind of unfair or untruthful advertising, bearing in mind that it is illegal to omit facts and details that are essential for Clients to assess a product, a business or a service properly.
Art. 4 – Rules of Conduct: Relationships between Brokers (Business-to-Business)
a. It is forbidden to have business dealings with anyone who carries out the profession unlawfully;
b. It is forbidden to have business dealings with persons bound to other companies, either as Employees or as Assistants to other Colleagues, if such dealings have not previously been approved by the owners of the respective Companies;
c. It is the duty of all Brokers to present themselves as such, not only with Clients, but also with Colleagues in the case of dealings in which more than one Broker is involved;
d. It is forbidden to use any means that may cause misunderstandings or confusion among Colleagues relating to the market;
e. In the case that a deal is finalized with a number of Brokers being involved, the subdivision of commission must be agreed by the parties beforehand, preferably in writing; in the absence of such agreement, commission will be subdivided in accordance with the rules contained in the Italian Civil Code and with local customs and habits;
f. In the case of a number of Brokers being involved, and where exclusive rights have been conferred on one of them, all entitlements are due to the appointed exclusive Broker;
g. When carrying out their professional activities, Brokers must not be involved in any form of unfair competition;
h. In particular, Member Brokers must refrain from using the FIMAA trade mark (and any other distinguishing sign that indicates membership of the FIMAA) to encourage any form of unfair competition in respect of Colleagues;
i. All Member Brokers are obliged to report to the competent body of individual provincial associations as well as to those of the Chamber of Commerce all occasions when they witness any form of unfair competition, untruthful advertising, unauthorised use of the FIMAA trade mark or documents, or any other situation or action that may damage the image of the profession and/or of the Federation
Art. 5 – Rules of Conduct: Relationships between Brokers and Clients (Business-to-Consumer)
a. Member Brokers must always respect the rules and norms contained in the present Code of Conduct, the relevant current laws in force and the principles underlying content of FIMAA forms and documents;
b. All Member Brokers must give a fair and unbiased assessment of property being handled and – when required – they must be available to provide assistance to the Client until such time as the contract has been completed (e.g. in the property sector, this means up until the moment of the exchange of deeds or the registration of the rental agreement);
c. All Member Brokers must refrain from accepting assignments that they are unable to carry out adequately (e.g. if they do not know the relevant laws / norms / regulations or parameters for assessing certain kinds of sales, such as business activities, plots of land, etc.) unless they declare that for such assignments they will employ the services of other Colleagues and/or industry professionals;
d. For all assignments entrusted to Member Brokers, preferably in writing, Member Brokers shall locate all documents and all other items necessary and/or helpful to carry out their brokering activities in the best way possible;
e. Member Brokers must inform Clients of all possible difficulties that may emerge in relation to the business deal being handled;
f. After having established the basic conditions for an offer to buy or rent a property, Member Brokers are obliged to: 1) refrain from seeking further offers when an offer has been received that corresponds precisely with that requested, until the outcome of such offer is known; 2) inform any person who makes an offer lower than that requested that if any further better offers are made Member Brokers shall put them to the seller / renter; and in any case Member Brokers undertake to keep all parties constantly informed of the development of dealings;
g. Member Brokers must never confuse their payment (commission) with money received from third parties (deposits), in other words they must never collect amounts other than those which are due to them;
h. In the case of a direct sale of property made by a Member Broker, the Member Broker must declare that they are the seller and not an intermediary.
Art. 6 – Rules of Conduct: Relationships between Employer Brokers and Employee Brokers and/or Assistant Brokers
As well as adhering to the rules in Art. 3, point 3. of the present Code, Member Brokers must guarantee Clients and the FIMAA that they have informed Employee Brokers and/or Assistant Brokers that work for their company of the contents of this Code of Self-Discipline, assuming all responsibility for any violation of this Code carried out by their Employees or Assistants during the course of their brokerage activities.
SECTION 3: APPLICATIONS
Art. 7 – Controlling Bodies
Each and every provincial association may set up its own controlling bodies to ensure that the rules and guidelines contained in this Code of Practice are adhered to and to establish sanctions to be applied to individual members who infringe the Code.
In all cases, any infringement of the Code of Practice always involves the bringing of the honour of the Federation into disrepute, regardless of proof of actual damage;
As far as sanctions are concerned, they may take the following forms: 1) written reproof (a notice or warning with a formal request to abide by the decisions of the controlling body); 2. suspension from the Federation (for a period of between one and six months) and a consequent ban on using the trade mark, forms and documents, and any other distinguishing signs of the FIMAA for the period of the sanction; 3) expulsion from the Federation with a consequent immediate ban on using the trade mark, forms and documents, and any other distinguishing signs of the FIMAA.