What is the purpose of the Code of Ethics for real estate brokers?

The purpose of the Code of Ethics for real estate brokers is to establish standards for professional conduct and ensure fairness in the industry. This Code serves as a framework that guides brokers in their interactions with clients, colleagues, and the public. It emphasizes integrity, accountability, and professionalism, which are essential for maintaining trust in real estate transactions. By adhering to these ethical standards, brokers can promote a fair and transparent environment, which ultimately benefits all parties involved in real estate dealings.

Additionally, while the other options touch upon important aspects of the real estate profession, they do not encapsulate the primary function of the Code of Ethics. For instance, maximizing profits or defining commission rates does not adequately capture the ethical responsibilities brokers have towards their clients and the community. Legal guidelines for contracts are crucial as well, but they are primarily focused on the legal aspects rather than the ethical conduct that governs relationships and promotes fair practices in the industry.