Printer Friendly

Maintaining the AMO code of Professional Ethics: if you are the Executive CPM of an AMO firm, you could be responsible for upholding the ethical standards of hundreds of employees-all of whom are subject to the same standards-whether they are IREM members or not.

While conducting day-to-day business and being confronted with many challenges, it may be easy to make the right personal and business decisions based on ethical practices creating integrity and good reputation. But what if you are the Executive CPM of an Accredited Management Organization (AMO) Firm? According to Article 1.6 of the Code, the AMO Firm is responsible for the conduct of its employees and Article 1.7 indicates that any action by an AMO Firm at any of its offices and any of its managed properties is subject to the Minimum Standards and Code of Professional Ethics.

Does that mean that secretaries, accountants, leasing agents, managers, maintenance/janitorial staff and other nonmember staff employed or supervised by an AMO Firm are subject to the same Code of Professional Ethics? When it comes to the AMQ Code of Professional Ethics, an AMO Firm is responsible for every employee--member or nonmember.

Recently, the IREM Ethics Board considered a complaint where nonmember leasing agents of an AMO Firm failed to warn apartment tenants of lead-based paint hazards. The AMO Firm and landlord agreed to pay civil penalties to the federal government and to remove lead paint from its affected units. Although the AMO Firm had company policy in place, some of its leasing agents failed to follow company policy. The Ethics Board determined that the AMO Firm had a legal and ethical duty to inform tenants of pre-1978 buildings about lead-based paint hazards, and that senior management of the AMO Firm was responsible to ensure the Firms policies and procedures are followed by their leasing agents and employees.

The AMO designation is a mark of excellence in the real estate management industry. The minimum standards and ethics required for all employees of an AMO Firm make this designation a true mark of distinction.

[ILLUSTRATION OMITTED]

RELATED ARTICLE: ONE FOR ALL-ALL FOR ONE

The AMO Code of Professional Ethics stipulates that expertise and diligence to clients and customers must be demonstrated by all employees of the Firm. Areas covered by these Standards involve all aspects of property management, including:

* Selecting and placing tenants

* Equal employment and equal professional services to all

* Rent collection

* Marketing

* Purchasing products and services

* Protection and disbursement of clients funds

* Creating and maintaining accurate financial records

* Property inspections and maintenance

* Receiving gifts or rebates from vendors

* Assisting with insurance

* Assisting with possible union contracts

A wide variety of employees provide these function, and in large AMO Firms, that may mean hundreds of the same standards - whether they are IREM members of not.

JEFFREY M. SYMMONDS, CPM. (JEFF@NHSPM.COM) IS VICE PRESIDENT OF NHS PROPERTY MANAGEMENT, INC. IN PEORIA, ILL.

COPYRIGHT 2012 National Association of Realtors
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

 
Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:HIGHER GROUND; Accredited Management Organization, Institute of Real Estate Management, and Certified Property Manager
Comment:Maintaining the AMO code of Professional Ethics: if you are the Executive CPM of an AMO firm, you could be responsible for upholding the ethical standards of hundreds of employees-all of whom are subject to the same standards-whether they are IREM members or not.(HIGHER GROUND)(Accredited Management Organization, Institute of Real
Author:Symmonds, Jeffrey M.
Publication:Journal of Property Management
Geographic Code:1USA
Date:Mar 1, 2012
Words:442
Previous Article:Getting a leg-up on Armageddon.
Next Article:When silent partners attack.
Topics:

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters