Introduction
To establish and maintain public confidence in the honesty, integrity, professionalism, and ability of the professional property manager is fundamental to the future success of the Institute of Real Estate Management and its members. This Code and performance pursuant to its provisions will be beneficial to the general public and contribute to the continued development of a mutually beneficial relationship among Certified Property Manager® members, candidates for membership, Realtors®, clients, employers, and the public.

The Institute of Real Estate Management, as the professional society of property management, seeks to work closely with all other segments of the real estate industry to protect and enhance the interests of the public. To this end, members of the Institute have adopted and, as a condition of membership, subscribe to this Code of Professional Ethics. By doing so, they give notice that they clearly recognize the vital need to preserve and encourage fair and equitable practices and competition among all who are engaged in the profession of property management.

Pledge
Those who are members of the Institute are dedicated individuals who are sincerely concerned with the protection and interests of those who come in contact with the industry. To this end, members of the Institute have subscribed to this professional pledge:

I pledge myself to the advancement of professional property management through the mutual efforts of members of the Institute of Real Estate Management and by any other proper means available to me.

I pledge myself to seek and maintain an equitable, honorable, and cooperative association with fellow members of the Institute and with all others who may become a part of my business and professional life.

I pledge myself to place honesty, integrity, and industriousness above all else; to pursue my gainful efforts with diligent study and education to the end that service to my clients shall always be maintained at the highest possible level.

I pledge myself to comply with the principles and declarations of the Institute of Real Estate Management as set forth in its Bylaws, Regulations, and this Code of Professional Ethics.

Article 1.
Fiduciary Obligation to Clients

A Certified Property Manager® shall at all times exercise loyalty to the interests of the client and shall not engage in any activity which could be reasonably construed as contrary to the best interests of the client. A Certified Property Manager® shall not represent personal or business interests divergent or conflicting with those of the client, unless the client is first notified in writing of the activity or potential conflict of interest, and consents in writing to such representation. A Certified Property Manager®, as a fiduciary for the client, shall not accept, directly or indirectly, any rebate, fee, commission, discount, or other benefit, monetary or otherwise, which has not been fully disclosed to and approved by the client.

Article 2.
Disclosure
A Certified Property Manager® 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 law or regulations.

Article 3.
Accounting and Reporting

A Certified Property Manager® shall at all times keep and maintain accurate financial and business records concerning each property managed for the client, which records shall be available for inspection at all reasonable times by the client. A Certified Property Manager® shall furnish to the client, at mutually agreed upon intervals, regular reports concerning the client's properties.

Article 4.
Protection of Funds

A Certified Property Manager® shall not commingle personal or company funds with the funds of a client or use one client's funds for the benefit of another client, but shall keep the client's funds in a fiduciary account in an insured financial institution or as otherwise directed in writing by the client. A Certified Property Manager® shall at all times exert due diligence for the maintenance and protection of the client's funds against all reasonably foreseeable contingencies and losses.
Article 5.
Relations with Other Members of the Profession

A Certified Property Manager® shall not make, authorize or otherwise encourage any unfounded derogatory or disparaging comments concerning the practices of another Certified Property Manager®. A Certified Property Manager® shall not exaggerate or misrepresent the services offered as compared with the services offered by other property managers. Nothing in this Code, however, shall restrict legal and reasonable business competition by and among property managers.

Article 6.
Contract
Any written contract between a Certified Property Manager® and a client shall be in clear and understandable terms, and shall set forth the specific terms agreed upon between the parties, including a general description of the services to be provided by and the responsibilities of the Certified Property Manager®.

Article 7.
Duty to Firm or Employer A Certified Property Manager® shall at all times exercise loyalty to the interests of the employer or firm with whom the CPM® is affiliated and shall be diligent in the maintenance and protection of the interests and property of the employer or firm. A Certified Property Manager® shall not engage in any activity which could be reasonably construed as contrary to this obligation of loyalty and diligence and shall not accept, directly or indirectly, any rebate, fee, commission, discount, or other benefit, monetary or otherwise, which could reasonably be seen as a conflict with the interests of the employer or firm. A Certified Property Manager® shall at all times exercise due diligence for the protection of the funds of the employer or firm against all reasonably foreseeable contingencies and losses.

Article 8.
Managing the Property of the Client
A Certified Property Manager® shall not exaggerate, misrepresent or conceal material facts concerning the client's property or any related transaction. A Certified Property Manager® shall exercise due diligence in the maintenance and management of the client's property and shall make all reasonable efforts to protect it against all reasonably foreseeable contingencies and losses.

Article 9.
Duty to Former Clients and Former Firms or Employers

All obligations and duties of a Certified Property Manager® to clients, firms, and employers as specified in this Code shall also apply to relationships with former clients and former firms and employers. A Certified Property Manager® shall act in a professional manner when, for whatever reason, relationships are terminated between a Certified Property Manager® and clients and firm or employer. Nothing in this section, however, shall be construed to cause a Certified Property Manager® to breach obligations and duties to current clients and firm or employer.

Article 10.
Compliance with Laws and Regulations A Certified Property Manager® shall at all times conduct business and personal activities with knowledge of and in compliance with applicable federal, state, and local laws and regulations, and shall maintain the highest moral and ethical standards consistent with the membership in and the purposes of the Institute of Real Estate Management.

Article 11.
Equal Opportunity
A Certified Property Manager® shall not deny equal employment opportunity or equal professional services to any person for reasons of race, color, religion, sex, familial status, national origin, age, or handicap.

Article 12.
Duty to Tenants and Others
A Certified Property Manager® shall competently manage the property of the client with due regard for the rights, responsibilities, and benefits of the tenant and others lawfully on the property. A Certified Property Manager® shall not engage in any conduct which is in conscious disregard for the safety and health of those persons lawfully on the premises of the client's property.

Article 13.
Enforcement
Any violation by a Certified Property Manager® of the obligations of this Code shall be determined in accordance with and pursuant to the terms of the bylaws and rules and regulations of the Institute of Real Estate Management. Disciplinary action for violation of any portion of this Code shall be carried out by the Institute of Real Estate Management in accordance with the bylaws and rules and regulations established by the Governing Council of the Institute. The result of such disciplinary action shall be final and binding upon the affected Certified Property Manager®, and without recourse to the Institute, its officers, councillors, members, employees, or agents.