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The Institute of Real Estate Management (IREM) is best known for education. However, it is important to remember that IREM was formed on a foundation of ethical business practices in the management of real estate. While education may be the heart of the Institute, the IREM Code of Ethics is certainly the backbone. IREM was created in January 1933, when 14 individuals attended a meeting of the National Association of Real Estate Boards in Washington, DC. They expressed concerns about the abuses by real estate firms who had the financial responsibility of managing property for others. Each founding member firm was required to follow certain ethical standards of practice. Although the IREM ethics codes evolved and expanded from the first Mandatory Standards of Practice, IREM ethics have not changed in two crucial areas: the core principle of fiduciary responsibility and the code of ethical conduct in four primary relationships -- duty to clients, duty to owners, duty to tenants and duty to fellow members.
ETHICS | 14 IREM IS BUILT ON ETHICS For 75 years the Institute and its members have subscri
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