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Cobalt Deals

Realtors Code of Practice and Ethics

Introduction

The enactment of Law 4072/2012 on Real Estate Agents created a basic network of client and Real Estate Agent protection, within the rules set by national law and that of the European Union.
This Code of Conduct aims to strengthen this grid. Through a detailed description of the specific obligations of the Real Estate Agents, which were formed in practice by the application of the above law, the Real Estate Agent is provided with the necessary knowledge for the best practice of his profession and the best safeguarding of the interests of his client.

The law on Real Estate Agents does not limit the quality or the number of services that the Real Estate Agent can offer to his client. Describes the basic structure of obligations and rights within which the parties must move under the agency contract but does not prohibit the provision of additional services by the Real Estate Agent, if the client wishes so.

The Real Estate Agent must respect his client, any other recipients of his services even if he does not engage with them, the public and his colleagues, constantly trying to stay informed on real estate issues.

Through the adoption of this Code of Conduct, Real Estate Agents recognize their operation as part of the economic life of the country, offering their services even to the competent regulators, in order to eliminate practices that are harmful to the public or practices that may devalue or offend the profession of Real Estate Agent.

Article 1

Scope

1. This Code of Ethics establishes the obligations of Real Estate Agents towards their principals, their colleagues and consumers, which are more than those established by law 4072/2012 on Real Estate Agents. Therefore, Real Estate Agents who subscribe to this Code, are obliged to strictly comply with any commitment described by it, in addition to the requirements of the above law.

2. Real Estate Agents who are bound by the provisions of this Code are the natural or legal persons of subsections a and b of the following article, whether they act as representatives of their principal, or with legally recognized qualities beyond representation. However, if a duty is imposed solely on Agents by law or regulation, it will not be imposed by this Code of Conduct on Real Estate Agents acting in properties beyond representation.

3. Real Estate Agents continue to be bound by the duties imposed by this Code, in a real estate transaction even when they act as principals in the name and on behalf of their principal, by proxy.

4. The activities covered are all those related to Real Estate, described in the law and in this Code and which are carried out either in the personal presence of the Real Estate Agent or his partner, or electronically or by any other means.

Indicatively and not restrictively, the covered activities can be residential real estate brokerage, real estate management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate consulting, best development studies, joint ventures, real estate auction, bankruptcies, international real estate etc.

Article 2

Definitions

a. A Real Estate Agent is, in accordance with applicable national law, a natural or legal person providing real estate brokerage services, through the provision of opportunities or mediation for the conclusion of real estate contracts, in particular contracts of sale, exchange, lease, financial leasing, establishment of slavery or consideration of real estate, etc.

b. Collaborating Agent: An Agent with whom there is a cooperation relationship concluded either with a work contract, a service contract, or a franchise agreement and who is bound by this Code of Conduct for the purposes of his cooperation with the Real Estate Agent- member of the Association of the Real Estate Federation of Greece.

c. Real Estate Employee is the natural person who relates to an employee relationship with the Real Estate Agent under a fixed-term or indefinite employment contract. The responsibility for the observance of the terms of this Code by the above persons, lies with the Real Estate Agent, who is obliged to train them in order to better ensure the provision of services to the consumer according to the Code.

d. Consumer within the meaning of article 1 of law 2251/1994 on consumer protection, natural or legal persons or associations of persons without legal personality for whom the services of the Real Estate Agent are intended and who use these services, provided are their final recipient. Consumers are also: a) any recipient of an advertising message, b) any natural or legal person who guarantees in favor of a consumer, if he does not act in the context of his professional or business activity.
For the purposes of this Code, the consumer may be either:

i) Client, ie the natural or legal person who has assigned to the Real Estate Agent the suggestion of opportunity or the mediation for the conclusion of contracts related to real estate, by written order, the type and minimum content of which is described in Law 4072/2012, either

ii) Potential client, ie the prospective buyer, seller, lessee or lessor of a property who has not yet assigned a brokerage order to the Real Estate Agent.

e. Third party is a natural or legal person related to a real estate transaction, who receives information from the Real Estate Agent, but has no contractual relationship with him or his company and who does not owe any remuneration or other compensation to the Real Estate Agent. Such persons are, for example, lawyers, engineers or any other representatives of the principal, who have not given an order to the Real Estate Agent.

Article 3

General duties to the consumer (client or potential client) or to third parties

1. Non-discrimination:

Real Estate Agents will not deny equal professional services to individuals on the grounds of race, color, religion, gender, disability, marital status, ethnic origin, sexual orientation or gender identity. Real Estate Agents will not contribute to a plan or agreement to discriminate against one or more persons based on race, color, religion, sex, disability, marital status, ethnic origin, sexual orientation or gender identity.

Real Estate Agents will not discriminate against one or more persons on the basis of race, color, religion, sex, disability, marital status, ethnic origin, sexual orientation or employment when recruiting staff or assigning work to an independent contractor for the purposes of their business gender identity.

Real Estate Agents will not print, present or circulate any statement or advertisement regarding the sale or rental of any property indicating preference, restrictions or discrimination based on race, color, religion, sex, disability, marital status, ethnic origin, sexual orientation or gender identity.

2. Provision of information:

Real Estate Agents when involved in the sale or rental of a home will not provide uninformed information about the racial, religious or ethnic composition of any neighborhood or engage in activities that may cause panic sales, but have the right to provide other demographic information.

When not involved in the sale or rental of a home, Real Estate Agents may provide demographic information about a property, transaction or business assignment to a party if such information (a) is deemed necessary by the Real Estate Agent to contribute or complete a real estate transaction or business assignment and (b) have been acquired or are sourced from a recognized, trusted, independent and non-discriminatory source. The source of this information as well as any additions, deletions, modifications, interpretations and other changes will be disclosed in detail.

3. Promotion of Real Estate:

Real Estate Agents will be honest and sincere in their contacts regarding real estate and will present a real picture in advertising, promotion and other statements. Real Estate Agents will ensure that their status as professionals in the real estate sector is evident in advertising, promotion and other statements and that the recipients of their notifications are aware or have been notified that such notifications come from a professional active in the real estate sector.

Real Estate Agents may use the term "free" and similar terms in their advertisements and other statements, provided that all terms governing the availability of the product or service offered are clearly disclosed at the same time.

4. Advertising services:

Real Estate Agents can present their services as "free" or free of charge even if they are going to receive a fee from a source other than their client provided that the Real Estate Agent is likely to receive benefits from third parties. at the same time in order to avoid phenomena that violate competition rules.

Offering premiums, prizes, discounts on merchandise and other incentives for the assignment, sale, purchase or lease is not in itself unethical even if the receipt of such benefits depends on the assignment, sale, purchase or lease through the Real Estate Agent offer. However, Real Estate Agents must exercise due diligence and honesty in any such advertisement or other public or private statement so that the interested party in obtaining or benefiting from the Real Estate Agent’s offer has a clear, in-depth prior understanding of all terms and conditions. The offer of incentives for doing business is subject to the limits and restrictions of the relevant legislation and this Code of Conduct.

Real Estate Agents will not advertise or allow employees or associates to advertise real estate or property management services under any mandate (eg electronically, in print, on radio, television, etc.) without notice. brand name of the real estate company in a reasonable and obvious manner.
This Code recognizes that disclosure of company name may not be practical in the electronic display of limited information (eg overview images, text messages, "tweets", etc.). Such illustrations are exempt from the disclosure requirement set forth in this Code but only if they relate to a disclosure that includes all required disclosures.

Real Estate Agents when advertising real estate under assignment for sale / lease in which they have a share of ownership will disclose their status as owners / owners and Real Estate Agents.
Only Real Estate Agents who participated in the transaction as assignment Real Estate Agents or as the seller's representatives can claim to have "sold" the property

5. Internet advertising:

a. The obligation of Real Estate Agents to present a true picture in their advertising and statements to the public includes the content posted on the internet as well as the URLs and domain names they use and prohibits Real Estate Agents from:

  1. involved in misleading or unauthorized presentations of real estate websites,
  2. manipulate (eg present content developed by others) command or other content in a way that has a deceptive and misleading effect,
  3. fraudulently use metatags, keywords or other techniques / methods to direct, drive or divert Internet traffic, or to
  4. present content developed by others either without concession or without distribution, or to
  5. mislead consumers in another way.

b. Real Estate Agents who intend to share or sell consumer information they have collected online will notify the prospect in a reasonable and obvious manner.

c. Real Estate Agents will not:

  1. use URLs or domain names that do not present a real image, or
  2. enter URLs or domain names which, if used, will not present a true picture

d. The obligation to present a true image in advertising, promotion and declarations allows Real Estate Agents to use and present only professional assignments, certifications and other credentials to which they are legally entitled.

6. Website:

a. The obligation to present a true picture in the statements to the public includes the information presented, provided or displayed on the websites of the Real Estate Agents. Real Estate Agents will make reasonable efforts to ensure that the information on their websites is current. When it becomes clear that the information on the Real Estate Agents website is no longer current or accurate, then the Real Estate Agents should update them immediately.

b. The websites of the Real Estate Agent will announce the name of the company and the details of the legal activity (VAT number, Reg. number, etc.) in a reasonable and obvious way.

c. The websites of the Real Estate Agents and the license holders who are not members of the Federation but cooperate with a Real Estate Agent company will announce the name of the company and the Reg. number of the Real Estate Agent in a reasonable and obvious way.

7. Principal protection:

When representing a buyer, seller, lessor, lessee or other principal for the purpose of selling or renting a property, Real Estate Agents are committed to protecting and promoting the interests of their principal in the best possible way.

The services provided by the Real Estate Agents to the principals and the recipients of their services will comply with the standards of good practice and ability that are reasonably required in the real estate related sectors in which they operate.

In particular, Real Estate Agents are prohibited from:

a. make false statements, conceal relevant legal or factual defects or facts relating to the property or relating to the transaction.

b. participate in the reporting of a false price in a document other than that of the brokerage assignment.

c. provide access to contracted property on terms other than those specified by the owner.

d. place indications that a property is for sale, rent, lease or exchange without the consent of the seller / lessor.

e. to access, use or authorize or enable others to access or use the property under assignment or management under terms and conditions other than those approved by the owner or seller.

Instead, Real Estate Agents:

a. they are not obliged to discover any hidden real defects in the property or to provide advice on matters outside the scope of the mandate or power of attorney on real estate or to disclose confidential facts that fall within the scope of representation or not.

b. they only have to disclose inhibitory factors which they are proven to know or should have known based on their real estate experience.

c. will visit the lease only after a pre-arranged meeting for the purposes of displaying or inspecting the registered property.

d. will keep in a special account separately from their own funds in a financial institution, the money that comes into their possession in favor of other persons such as guarantees, trust funds, customers' money, etc.

In any case, the Real Estate Agent must inform his principal that he is subject to the provisions of this Code of Conduct and must have printed or electronic copies of the Code free of charge.

8. Potential client protection:

Real Estate Agents, in their attempt to become representatives of a buyer / tenant, must inform that buyer or tenant of the benefits that he will have in case he chooses to use their services. This information should be given honestly and without using misleading practices.

The Real Estate Agent's obligation to protect the interests of his client is primary but does not relieve him of his obligation to treat all parties involved honestly.

In particular, in the service of a buyer, seller, lessor, lessee or other party without the status of principal under an order contract, Real Estate Agents remain obliged to treat all parties involved honestly, while not harassing the recipient of the service in order to assign a real estate order.

9. Acquisition of interest by a Real Estate Agent:

Real Estate Agents will not acquire an interest or purchase or offer offers for themselves, for a close family member, for their companies or members or for legal entities in which they have a share, in relation to property, without disclosing the their actual intention to the owner or to the owner's agent or Real Estate Agent.

In case of sale of their property or property in which they have an interest in the above sense, the Real Estate Agents will disclose their ownership or interest in writing to the buyer or his representative.
Real Estate Agents will not undertake to provide professional services related to the property or its value in case they have an existing or potential interest unless that interest is specifically communicated to all interested parties.

Real Estate Agents inform their client about the profit they can make when promoting their principal's real estate.

Finally, Real Estate Agents will not recommend or recommend to a principal or recipient of services the use of the services of another entity or firm in which they have a direct interest without disclosing that interest at the time of the recommendation or proposal.

10. Double command:

Real Estate Agents can represent the seller / lessor but also the buyer / lessee in the same transaction only under the condition of compliance with the conditions set out in Law 4072/2012.

In no case will they accept remuneration from more than one party, without written notification to all parties and approval of the principal or principals.

11. About offer / counteroffer:

Real Estate Agents can announce the existence of real estate offers for the property as well as the amount of these offers, only with the approval of the owner.

Real Estate Agents must submit bids and counterbids objectively and as soon as possible, while it is forbidden to continue to promote the property after accepting an offer from the seller / lessor.

12. Obligation of confidentiality:

A. The obligation of the Real Estate Agents to keep confidential the information provided to them by their principals during the agency contract still exists after the termination of this contract.

B. Real Estate Agents are prohibited from performing the following acts during or after the termination of the business relationship with their principals:

1) disclosure of confidential information of their principals,

2) use of confidential information of their principals to the detriment of other principals;

3) use of confidential information of principals for their own benefit or for the benefit of third parties other than:

(a) if, after full notification, the principals agree, or

(b) if Real Estate Agents are required to do so by court order, or

(c) if the principal intends to commit a crime and the information is necessary to prevent the crime, or

(d) if it is required the defense of the Real Estate Agent or his employees or associates against any category of misconduct.

Information regarding invisible real or legal defects of the property is not considered confidential in accordance with this Code of Ethics.

13. Property management:

The Real Estate Agents in accordance with the terms and conditions of the relevant written or oral agreement or the relevant power of attorney under which their property management is provided, will diligently manage the clients' property. Real Estate Agents hired to manage the client's real estate will exercise due diligence and make every reasonable effort to protect it against reasonably foreseeable contingencies and losses.

14. Buyer / tenant information:

When concluding agreements with a buyer / tenant, Real Estate Agents must inform potential principals about:

a) the policies of the Real Estate Agent company regarding the cooperation

b) the amount or percentage of the fee to be paid by the principal

c) the possibility of additional or due compensation from other Real Estate Agents, from the seller or lessor or other parties;

d) any possibility for the buyer / lessee's representative to act as a double agent knowingly, eg a lessor's agent, etc. and

e) the likelihood that sellers or sellers' representatives will not treat the existence, terms or conditions of the bids as confidential unless the confidentiality is required by law, regulation, or a confidentiality agreement between the parties.

15. Provision of services outside the scope of competence:

The ability that the Real Estate Agent is required to have in order to provide the services to his client, is related to the services that have been agreed between them as well as to the duties that are explicitly imposed by this Code and those that are imposed by law.

Real Estate Agents will not undertake to provide special professional services regarding any type of property outside their area of responsibility. No obligation to have special experience and knowledge in other professional or technical fields is required.

Real Estate Agents will not engage in legal advice activities and will seek the advice of a legal advisor when it is in the interest of a party to the transaction.

In particular, when the Real Estate Agent's mediation concerns a property outside the geographical boundaries of its headquarters, or a service outside the scope of its competence, it is recommended, in order to carry out its mandate, to seek cooperation with colleagues operating in the area where the above property is located or with colleagues who are responsible for providing that service.

In the above cases, Real Estate Agents should seek the assistance of their fellow Real Estate Agents, specialized in this type of property or in the provision of such service respectively, who according to the lessons of common experience can provide them with decisive assistance, thanks to the immediate perception that logically have for the conditions and peculiarities of the local market or the type of property.

The persons who will be called to provide this assistance will be notified to the client to whom it will be presented in detail and their contribution to the assignment.

16. Consulting services:

When Real Estate Agents provide advisory services to principals that include opinions and advice for a fee (not commission), such advice will be provided in an objective manner.

If brokerage or transaction services are to be provided in conjunction with consulting services, a separate fee may be paid by prior agreement between the client and the Real Estate Agent.

When the Real Estate Agent provides products or services related to real estate (e.g. homeowner insurance, guarantee schemes, mortgage financing, title insurance, etc.), he must notify the customer or the recipient of the services to which the recommendation any financial benefits or fees in addition to the mediation fees that the Real Estate Agent or his company may receive as a direct result of such referral.

17. Assessments / evaluations - Opinions / Expertise:

For the preparation of appraisals or other appraisals the Agents' fees will not depend on the amount of appraisal or appraisal.

Real Estate Agents when preparing opinions on the value or price of real estate must:

a. be qualified for the type of property under assessment,

b. have access to the necessary information and resources to formulate an accurate opinion; and

c. be familiar with the area where the property is located, or, if it is not, be informed by a partner agent who has the relevant familiarity, unless the lack of any of this information is notified in advance to the person requesting the opinion. If the Real Estate Agent has undertaken to prepare an opinion or expertise on the value or price of a property, for reasons other than those stated in the assignment order, this opinion will include at least the following items under a to j.

The Real Estate Agent has the same obligation if the above opinion or expertise is not conducted to provide assistance to a potential buyer to form a purchase offer.

a. verification of such property

b. date of preparation

c. specified value or price

d. restrictive terms, including statements of purpose and persons to whom it is addressed

e. existing or future interest, including the possibility of representing the seller / lessor or buyers / tenants

f. basis of opinion, including applicable market data

g. in case the opinion is not an assessment, a relevant statement

h. notification on whether and when an autopsy of the outside of the property was carried out

i. notification on whether and when an autopsy of the interior of the property was carried out

j. notification on whether there is a conflict of interest in the person of the Real Estate Agent

The above conditions must be met, unless the requesting Contracting Party requires a specific reference type or different set of data.

The obligations of the Code of Conduct regarding the real estate sectors, in addition to valuation, will be interpreted and applied in accordance with the standards of competence and practice reasonably required by customers, to protect their rights and interests, taking into account the complexity of the transaction, the availability of assistance from experts and in case the Real Estate Real Estate Agent is a representative or deputy representative, the obligations of an agent.

18. Communication with the parties / access to documents:

For the protection of all parties, notifications will be made in writing including email and fax and will be provided by Real Estate Agents prior to the signing of any contract.

Real Estate Agents, for the protection of all parties, will ensure that all real estate transactions, including power of attorney, lease and lease agreements, are written in clear and comprehensible language, expressing specific terms and conditions. and commitments of the parties. A copy of each agreement will be given to each party after signing or initialing.

For the protection of all parties, Real Estate Agents shall exercise due diligence to ensure the availability to all parties of documents relating to the purchase, sale or lease of real estate and in particular, at least, title deeds, the building permit as well as the documents of the Horizontal Property Recommendation and Regulation of the Building as well as the attached blueprints, as well as their amendments.

Real Estate Agents, when assisting or enabling a customer or service recipient to establish a contractual relationship (e.g., power of attorney agreements, purchase agreements, leases, etc.) electronically, will make a reasonable effort to explain the nature of and disclose the specific terms of the contractual relationship before a party agrees to them.

Article 4

Cooperation with public authorities

In the event that they are accused of unethical conduct or asked to provide evidence or otherwise cooperate in any professional process or investigation, the Real Estate Agents will bring all relevant facts to the attention of the law enforcement agencies and will not act in accordance with intended to interrupt or obstruct the proceedings.

Real Estate Agents will not make unauthorized disclosure or dissemination of claims, findings or decision related to the hearing, the appeal, the arbitration hearing. Real Estate Agents will not obstruct the proceedings by acting or threatening defamation, defamation or harassment against any party to any of the above proceedings based on a request for arbitration, a complaint against ethics or a witness before any court.

Real Estate Agents will not obstruct investigative or disciplinary proceedings by filing multiple complaints about ethical issues based on the same event or transaction.

Article 5

Duties towards other Real Estate Agents

1. Statements / complaints about other Real Estate Agents:

Real Estate Agents are not allowed to make misleading statements about other real estate professionals, about their work or professional practices.

The obligation to avoid false or misleading statements by other real estate professionals, for their work or professional practices includes the duty to publish, repeat, retransmit or republish false, inaccurate or misleading statements of others. This duty applies whether false, inaccurate or misleading statements are repeated in person, in writing, by technological means (e.g. internet) or by any other means.

The obligation to avoid false, inaccurate or misleading statements about other real estate professionals, for their work or professional practices includes the duty of publishing a relevant clarification or withdrawing statements on electronic means controlled by the Real Estate Agent, as soon as the Real Estate Agent knowledge that the statement is false, inaccurate or misleading.

Real Estate Agents are prohibited from making false or unfounded complaints about ethical issues.

2. About the exclusive order of another Real Estate Agent:

Real Estate Agents will not engage in any activity nor will they engage in operations that are incompatible with the exclusive representation or agency agreements that other Real Estate Agents have entered into with their clients.

The above obligation does not aim to prohibit innovative professional practices that are otherwise ethical or disagreements with other Real Estate Agents regarding commission, fees, compensation or other forms of payments or expenses.

It is not prohibited to make general prospect announcements describing their services and their terms of availability even if some recipients have entered into agreements or other exclusive relationships with another Real Estate Agent. A general telephone survey, general emailing, or distribution addressed to all potential customers in a geographic area or in a particular profession, business, club or organization, other categorization or group is considered "general" for the purposes of this Code.

Real Estate Agents are not prohibited from contacting the client of another  agent for the purpose of offering or concluding a contract that provides a different type of service in the real estate sector, which is not related to the type of service provided at the time (e.g. management property as opposed to brokerage) or offering the same type of service for property that does not fall within the scope of exclusive agreements with other agents.

Real Estate Agents will not seek agreements with buyers / tenants that are subject to exclusive agreements. However, if requested by the Real Estate  Agent  and the  Agent refuses to disclose the expiration date of the exclusive agreement with the Buyer / Tenant, then the Real Estate Agent may contact the Buyer / Tenant to obtain such information and to discuss the terms under which this Real Estate Agent may enter into a future contract with him or alternatively enter into an agreement that will enter into force upon the expiration of the existing exclusive agreement.

In the event that the client of a Real Estate  Agent comes into contact with other Real Estate Agents regarding the creation of an exclusive relationship for the provision of the same type of service and the Real Estate Agents have not directly or indirectly initiated such discussions, they can discuss the terms may enter into a future agreement or alternatively enter into an agreement which will enter into force upon the expiry of the existing exclusive agreement.

The fact that a potential client has retained a Real Estate Agent as the sole representative or Real Estate Agent in one or more transactions in the past does not preclude other Real Estate Agents from pursuing a future business relationship with that prospect.

The fact that an exclusive agreement has been concluded with a Real Estate Agent does not preclude or prevent any other Real Estate Agent from entering into a similar agreement after the expiration of the previous agreement.

Real Estate Agents, prior to entering into a representation agreement, have a positive obligation to make reasonable efforts to clarify whether the potential client already has an exclusive and valid agreement to provide the same real estate service.

All transactions that are subject to an exclusive agreement will be conducted with the customer's representative or agent and not with the customer himself, unless there is the consent of that customer's representative or agent or such transactions are initiated by the customer.

Prior to providing essential services (such as preparing a written purchase offer or presenting a comparative market analysis) to potential clients, Real Estate Agents will ask them if they are parties to an exclusive representation agreement. Real Estate Agents will not knowingly provide substantial transactional services to prospective clients who are parties to exclusive representation arrangements, unless there is the consent of the exclusive representatives of the prospective clients or at the initiative of the prospective clients.

Real Estate Agents are free to enter into contractual relationships or negotiate with sellers / landlords, buyers / tenants or others who are not subject to an exclusive agreement but will not knowingly oblige them to pay more than one commission unless they have given their informed consent.

Real Estate Agents are obliged to cooperate with other Real Estate Agents unless the cooperation is for the benefit of the client. The obligation to cooperate does not include the obligation to share commissions, fees or otherwise compensate another Real Estate Agent.

3. Unethical practices of inclination:

Telephone or personal attractions of owners who have given an exclusive order to transfer their property to another Real Estate Agent as well as

Any correspondence or other forms of electronic attraction to potential clients whose properties are solely assigned to another Real Estate Agent when such attractions are not part of a general mail order but are targeted at specific owners

4. Cooperation issues:

Real Estate Agents, acting as Buyer / Lessee or Seller / Lessor Representatives, will notify this relationship to the Contractor's representative or Real Estate Agent at their first contact.

Real Estate Agents before or after the termination of their relationship with the company with which they cooperate with an employment contract or project, will not cause its clients to cancel exclusive contractual agreements between them and the said company. This does not prevent Real Estate Agents (principals) from concluding agreements with the cooperating licensees that govern the possibility of assigning exclusive agreements.

Real Estate Agents acting on behalf of the sellers / landlords determine the terms and conditions of the cooperation offers. Collaborating Real Estate Agents should not assume that the offer of cooperation includes a reward offer, unless explicitly stated in the offer of cooperation. The terms of the fee, if any, will be verified by the cooperating Real Estate Agents before the start of the acceptance efforts of the cooperation offer.

It is the obligation of the sub-agents to inform in time all the relevant facts to the agent of the principal before and after the conclusion of the sale or lease agreement.

Real Estate Agents will announce the existence of acceptable offers, including offers with unresolved issues to any Real Estate Agent seeking cooperation.

When requesting information from another Real Estate Agent about the property under management, the Real Estate Agents will disclose their real estate status and whether their interest is personal or on behalf of a client and in the latter case their relationship with the client.

The duty of cooperation is related to the obligation to exchange information about the registered property and to make it available to other agents in order to show it to potential buyers / tenants in case it is in the interest of the sellers / landlords.

5. Remuneration issues:

In the case of cooperation of more than one Real Estate Agents, the distribution of fees is based on the principle that the fee of each of them is paid by the contracting party he served and based on the specific services provided, with the following specific differences:

The Real Estate Agent who provides a simple information - client recommendation (client name and phone number or real estate details) without participating in the suggestions and advertising actions, after a written agreement with the other party receives what is mutually agreed.

Reductions in fees or payment by securities, made for any reason without the prior agreement between the colleagues involved, are borne only by the colleague who agreed to them.

In case a licensed Agent is involved who works as an Associate in a Real Estate Office, the responsibility for the distribution of the fee lies first with the Real Estate Offices and then in the second stage the distribution of the fee corresponding to each Office between him and his Associates takes place.

Any commissions from loans are collected by the Real Estate Agent representing the buyer unless there is a different agreement, in writing. Any changes in the fee offered for co-op services must be notified to the Real Estate Agent before submitting a property purchase / lease offer. After the Real Estate Agent submits an offer to buy or lease the property, the listing Real Estate Agent may not attempt to unilaterally modify the offered fee in relation to the transaction for which they are cooperating.

Article 6

Mediation or Arbitration between Real Estate Agents 

A. Conditions

1. In case of contractual disputes or specific non-contractual disputes as defined below between Real Estate Agents arising from their relationship as Real Estate Agents, the latter will resort to mediation in accordance with the statutes of the Federation, in case the Federation requires such from its members. If the dispute is not resolved through mediation the Real Estate Agents can submit the dispute to arbitration instead of arguing on the issue.

2. The obligation to participate in mediation or arbitration includes the obligation of the Real Estate Agents to force their companies to mediate or arbitrate and to be bound by the result of the arbitral award.

3. Recourse to mediation is not required in cases where all parties to the dispute inform the Federation in writing that they choose not to mediate at its premises. The fact that all parties refuse to participate in mediation does not exempt real estate agents from the possibility of resorting to arbitration.

B. Subjective differences

Specific non-contractual differences that are subject to mediation according to the above are:

1. When an agent who has been instructed (principal Real Estate Agent) has compensated a cooperating Real Estate Agent and another cooperating Real Estate Agent subsequently claims to have been the cause of the sale or lease. In these cases, the applicant can turn against the first cooperating agent and the mediation can proceed without turning the application against the main Real Estate Agent.

2. In case of arbitration between two (or more) cooperating Real Estate Agents where the main agent is not part, the amount in dispute as well as the amount to be awarded by the mediation decision is limited to the amount paid to the defendant by the main agent and to any amount paid or credited to a party in a transaction in accordance with the instructions of the defendant. Alternatively, if the application is directed against the principal agent, the latter may call on the first cooperating agent. In any case, the decision of the mediation committee on the reason that caused the sale or lease will be irrevocable with respect to all existing or subsequent claims of the parties for compensation arising from the specific transaction.

3. In the event that the representative of the buyer or lessee is compensated by the seller or lessor and not by the Real Estate Agent and therefore reduces the commission due by the seller or lessor and after such actions, another cooperating Real Estate Agent claims that it was the cause that caused the sale or lease. In these cases, the applicant can turn against the first cooperating Real Estate Agent and the mediation can start without turning the request against the main agent.

4. In case of mediation between two (or more) cooperating  Real Estate Agents where the main  agent is not part, the disputed amount as well as the amount to be awarded by the mediation decision is limited to the amount paid to the defendant by the main  agent and to any amount paid or credited to a party in a transaction in accordance with the instructions of the defendant. Alternatively, if the application is directed against the principal agent, the latter may call on the first cooperating agent. In any case, the decision of the mediation committee on the reason that caused the sale or lease will be irrevocable with respect to all existing or subsequent claims of the parties for compensation arising from the specific transaction.

5. In the event that the buyer or lessee's representative is compensated by the buyer or lessee and therefore the Real Estate Agent reduces the commission due from the seller or lessor and another cooperating  agent subsequently claims to have been the cause of the sale or lease. In these cases the applicant can turn against the first cooperating agent and the mediation can proceed without turning the application against the main agent. Alternatively, if the application is directed against the principal agent, the latter may call on the first cooperating agent. In any case, the decision of the mediation committee on the reason that caused the sale or lease will be irrevocable with respect to all existing or subsequent claims of the parties for compensation arising from the specific transaction.

Article 7

Certification / List of Certified Agents

The Real Estate Agents who adhere to this Code, after ascertaining their full compliance with its provisions, receive relevant certification and are registered in a special list of Certified Real Estate Agents that is kept electronically and posted publicly on the website of the Real Estate Federation of Greece.

In order to start the certification process, the interested parties must submit a relevant application to the Real Estate Federation of Greece, in which they undertake to comply with its terms, as well as to facilitate the competent bodies of the Real Estate Federation of Greece during the control of their observance.

Article 8

Mechanism for control and enforcement of sanctions

Real Estate Federation of Greece through its competent bodies must ensure the control of the observance of all the terms of this as well as the imposition of sanctions in case of any violation of these terms.

The control for the observance of the terms of the present is done

a. either following a written complaint from a consumer, a third party, or another agent, or

b. following a sampling on an annual basis.

The penalties for non-compliance with these terms are:

a. Deletion of the Real Estate Agent from the List of certified Real Estate Agents 

b. Posting a relevant announcement for the deletion, on the Real Estate Federation of Greece website.
The same sanction is imposed in the event that the Real Estate Agent refuses or obstructs the conduct of the above audit by the bodies of Real Estate Federation of Greece.

In the event that in the future the Federation establishes an arbitration body, all Real Estate Agents must respect and obey the decisions of the Arbitration Committee, on the penalty of disciplinary misconduct otherwise.

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