Article One: The
business broker should keep himself/herself informed as
to affecting trends business opportunities.
Article Two: The
business broker shall make a reasonable effort to
protect the public and all parties to a transaction
against fraud, misrepresentation, or unethical practices
in the area of business opportunities.
Article Three: The
business broker shall have a responsibility to recommend
that clients use attorneys and tax accountants for
independent advice on transactions.
Article Four: The
business broker should keep in a special bank account,
separated from his/her own funds, monies coming into
his/her possession in trust for other persons.
Article Five: The
business broker, for the protection of all parties with
whom he/she deals, should see that financial obligations
and commitments regarding business opportunity
transactions of which he/she is a part are in writing,
expressing the exact agreement of the parties. He/she
should also see that copies of such agreements are
placed in the hands of all parties involved.
Article Six: A
business broker, in accepting employment as an agent,
pledges himself/herself to protect and promote the
interests of the client. This obligation of absolute
loyalty and honesty to his/her client’s interest is
primary, but it does not relieve the business broker
from the obligations of dealing fairly with all parties
to the transaction.
Article Seven: Since
the business broker is representing one or another party
to a transaction, he/she should not accept compensation
from more that one party without full knowledge of all
parties to the transaction.
Article Eight: The
business broker shall not serve as both principal and
consultant on a transaction unless a full disclosure is
made in writing to all principals involved.
Article Nine: The
exclusive listing of property should be urged and
practiced by the business broker.
Article Ten: The
business broker, when acting as an agent in the
management of a business, should not accept any
commission, rebate, or profit on expenditures made for
an owner without the owner’s knowledge and consent.
Article Eleven: The
business broker should not undertake to make an
appraisal that is outside or beyond the scope of his/her
experience without first obtaining the assistance of an
authority on such types of property unless the extent or
lack of experience of the business broker is fully
disclosed to the client.
Article Twelve: A
business broker when making a formal appraisal of a
business opportunity should not render an opinion
without careful and thorough analysis and interpretation
of all market and economic factors affecting the value
of the property.
Article Thirteen:
The business broker should not undertake to make an
appraisal or render an opinion of value on any property
when he/she has a present or contemplated interest
unless such an interest is specifically disclosed in the
appraisal when his/her employment or fee is contingent
upon the amount of his/her appraisal.
Article Fourteen:
The business broker should not submit or advertise
business without authority; in any offerings, the price
quoted should not be other that that agreed upon with
the owners as the offering price. A business broker
should always have written authorization to sell or
purchase as the case may be from the prospective seller
or purchaser. Said in writing shall include all the
material of the terms of the sale or purchase, including
price, term of the agreement, and compensation to be
paid to the business broker.
Article Fifteen: All
bona fide written offers will be submitted to the
seller. The decision to accept or reject an offer
remains with the seller at all times.
Article Sixteen: The
business broker will not engage in the practice of
disclosing one buyer's offer to another buyer as a sales
technique.
Article Seventeen:
The business broker should seek no unfair advantage over
his/her fellow brokers, and should willingly share with
them the lessons of his/her experience and study.
Article Eighteen:
The business broker should conduct his/her business to
avoid controversies with his/her fellow brokers,
cooperate with the association and its officers in all
matters, including investigations, censure, discipline,
or dismissal of members who, by their conduct, prejudice
their professional status or the reputation of the
association.
Article Nineteen: In
the best interest of the association, society, and
his/her associates, the business broker should be loyal
to his/her community and active in its work.
Article Twenty: The
business broker shall not deny equal professional
services to any persons for reasons of race, creed, sex,
or country of origin. The business broker shall not be a
party to any plan or agreement to discriminate against a
person or persons on the basis of race, creed, sex, or
country of national origin.
