REIA NYC Ethics Provision
The REIA NYC Board of Directors will make and enforce the following Code of Ethics for all individual members &/or groups as a condition of membership. The REIA NYC Board shall have the authority to deny, revoke or suspend membership of any member &/or group:
1. Which fails to comply with the code of ethics adopted by REIA NYC for its members; or
2. Whose membership has engaged in practices concerning its membership or promoted policies toward the general public which reflect poorly or tend to discredit or bring into disrepute the business of real estate investment or of real estate investment associations; activities such as:
a. Artificially inflating the value of any property above margins of 10% to 20% of fair market trading value.
b. Failing to disclose to any buyer conditions that would knowingly reduce the value of a property
c. Taking advantage of new investors trust of seasoned investors by over valuating estimates
d. Factually deceiving any other REIA club member; or
3. Whose purpose or mission is not compatible with the mission of NATIONAL REIA or REIA NYC; or
4. Engages in activities contrary to REIA NYC’s mission; or
5. Engages in any activities or actions which are not in the best interest of REIA NYC.
Any complaint about a member or prospective member shall be submitted in writing to the REIA NYC Board of Directors. No oral complaint shall be accepted. The association about which the complaint has been filed shall have the opportunity to make a written response. The Board of Directors shall make as much investigation as it deems necessary to make a decision on an ethics complaint but shall not conduct any proceeding where it will hear oral arguments from either the complainant or the responding association.
