Preamble

This Code of Ethics has been established by REMAX. It serves the ethical and professional management of the REMAX real estate organization.

All REMAX-Europe Regional Directors, Franchisees and Sales Associates (hereinafter collectively referred to as "REMAX Members") are bound by the provisions of this Code of Ethics and have agreed to abide by its terms and follow the spirit of the Code of Ethics.

This Code of Ethics applies to the conduct of REMAX Members in business in general and in their dealings with clients, other real estate brokers or salespersons, including other REMAX Members, and other business partners (hereinafter referred to as "Real Estate Professionals").

It is the hope of REMAX-Europe that this Code of Ethics will serve as a guide for all REMAX Members to conduct business in a manner that enhances the reputation of the REMAX organization and ensures that REMAX is recognized throughout the public and the real estate industry as the real estate organization that conducts itself ethically and professionally and has superior knowledge, experience and success.

Article #1

All REMAX members should be informed about all important matters concerning the real estate business in their community, city or state.

Article #2

All REMAX Affiliates must be familiar with the relevant laws (in particular the Unfair Competition Act and anti-money laundering regulations), ordinances, regulations, customs, usages, norms and practices pertaining to the real estate business in their community, city or state and must comply with them in their entirety at all times.

Article #3

All REMAX Members agree to regularly participate in training, education and information sessions on technology, tools, skills and other matters that will advance their careers in real estate.

Article #4

All REMAX Affiliates are committed to preventing practices in real estate transactions that may cause public harm or bring the real estate industry into disrepute. In this context, REMAX Members shall only engage in litigation if it is absolutely necessary and unavoidable and other means of dispute resolution have failed.

Article #5

No REMAX member may gain an unfair advantage over another real estate professional.

Article #6

Notwithstanding Article 4, all REMAX Affiliates shall endeavor to avoid disputes with other real estate professionals in the conduct of their business.

Article #7

No REMAX Affiliate shall publicly disparage the business practices of another real estate professional, nor shall any REMAX Affiliate express an opinion about the business activities of another real estate professional on his or her own initiative. If a REMAX Affiliate is asked for his or her opinion and that REMAX Affiliate deems it appropriate to express it, that opinion shall be expressed with the utmost restraint and courtesy.

Article #8

REMAX Members protect and support the interests of their clients at all times. At the same time, they treat all parties involved in a business transaction fairly.

Article #9

No REMAX Affiliate shall deceive a seller, buyer, real estate professional or any other party involved in a transaction or engage in fraudulent practices in the performance of his or her duties.

Article #10

No REMAX Affiliate may exaggerate, make inaccurate statements or disclose relevant facts relating to real estate or its transfer. In doing so, they must point out any defects known to them that significantly impair the value of a property or its intended use. However, REMAX employees are not obliged to uncover hidden defects in the properties or to advise on such matters beyond their expertise.

Article #11

All REMAX Affiliates shall provide true and accurate information in their advertising or statements made to the public and shall not mislead the public in any way.

Article #12

REMAX Affiliates may only acquire a right to real estate for themselves, for their family members, for their companies or their employees or for companies in which they have a significant interest if they disclose their true position to the seller. When selling real estate owned by the REMAX Affiliate or in which the REMAX Affiliate has an ownership interest, the REMAX Affiliate must disclose this to the buyer.

Article #13

REMAX Affiliates may only advise clients to contact an organization or company in which they have an interest if they inform the client at the time of the recommendation.

Article #14

REMAX Affiliates shall advise their clients to seek legal counsel if the client's interests so require.

Article #15

REMAX Affiliates shall not deny equal employment services to any person because of race, color, religion, sex, familial status or disability. No REMAX Affiliate shall engage in any action or agreement that has the purpose of discriminating against any person because of race, color, religion, sex, disability, familial status or national origin.

Article #16

Each REMAX Affiliate shall provide services at least as competent as those normally expected by the public when dealing with a real estate professional. REMAX Members may only advise on matters that do not go beyond their specialist knowledge.

Article #17

Any REMAX Affiliate representing a buyer shall inform the real estate professional representing the seller of such a representation relationship as soon as possible.

Article #18

Any REMAX Affiliate representing a buyer must notify a seller of a non-listed property of such an agency relationship as soon as possible.

Article #19

Every REMAX Affiliate representing a seller must inform the potential buyer of this representation relationship as soon as possible.

Article #20

Until a transaction is finalized, all REMAX Affiliates must provide all sales offers to the buyer as quickly, objectively and impartially as possible.

Article #21

REMAX members must inform a broker or seller seeking cooperation of an accepted offer.

Article #22

REMAX Members may only receive remuneration from more than one party in a transaction if all other parties are aware of this.

Article #23

REMAX Members must maintain a separate bank account for the amounts they hold in trust for others.

Article #24

Each REMAX member may only advertise properties for sale or have them advertised if they also refer to the name of the REMAX real estate agency in charge.

Article #25

Signs indicating that a property is for sale, rent, lease or exchange may only be displayed with the owner's consent.

Article #26

Only if the REMAX Affiliate was the commissioned (buying) broker or the selling broker may state that he/she "sold" the real estate, even if the sale came about through the involvement of another party. After the transaction has been concluded, the commissioned (= buying) broker or selling broker may not prohibit the contributors from disclosing their "cooperation", "participation" or "support" in the transaction.

Article #27

REMAX Affiliates shall ensure, to the extent possible

• that all agreements regarding financial obligations and commitments between sales associates and clients regarding real estate transactions are in writing,

• that the agreements between the parties are clearly expressed and

• that this also complies with the statutory provisions.

Article #28

REMAX Affiliates must ensure that the parties each receive a copy or duplicate of a document when they sign or initial such a document as an interested party.

Article #29

In the case of cooperation transactions, the entire remuneration is to be paid to the office for which the real estate agent works and not to the individual real estate agent.

Article #30

Negotiations on properties with valid exclusive agency agreements are to be conducted with the exclusive agent and not with the owner, unless the exclusive agent gives his consent.

Article #31

REMAX Members acting as exclusive agents of the seller must clearly define the conditions for offers of cooperation. Cooperating brokers cannot assume that an offer of cooperation includes an offer of compensation. The cooperating agents must agree on remuneration before the property is offered for sale.

Article #32

REMAX Members who receive information from a real estate professional that a property is being offered for sale may only pass on information and offers of cooperation to third parties with the consent of the informant.

Article #33

REMAX Affiliates may only contact clients of other Real Estate Professionals if they are offering them services or contracts for such services that are different from the services being provided by the other Real Estate Professional at that time.

Article #34

REMAX Affiliates may only solicit an assignment for a corresponding property if no one else is exclusively assigned at that time. This shall not prevent a REMAX Affiliate from soliciting such an assignment after the original assignment has expired. If the listing agent refuses to disclose the nature and end date of the assignment, REMAX Affiliates may contact the listing agent to obtain this information in order to negotiate future assignment terms or to arrange an assignment to take effect after the existing exclusive assignment expires.

Article #35

If the seller of a property whose sale is the sole responsibility of another real estate agent contacts a REMAX Affiliate regarding the sale of this property and if the REMAX Affiliate has not taken the initiative, either directly or indirectly, the REMAX Affiliate may negotiate the conditions under which a future order may take place, which shall take effect at the earliest upon expiry of the existing sole order.

Article #36

REMAX Members may not solicit real estate owners as clients, either in person, by telephone or otherwise, if they know that they alone have commissioned another real estate professional to sell their property.

Article #37

REMAX Affiliates may only send mail or other written solicitations to property owners who have exclusively retained other real estate professionals to sell their properties if such solicitations are part of a general mailing and are not sent specifically to property owners with properties for sale with valid exclusive agency agreements.

Article #38

REMAX Affiliates have an express obligation to ensure that no other valid exclusive listing currently exists for the property in question before accepting a listing.

Violations of the Code of Ethics will be dealt with by REMAX in an appropriate and equitable manner. Violations of the Code of Ethics may also constitute violations of certain contractual agreements, which may result in the REMAX Affiliate's separation from the REMAX organization.

The provisions of this REMAX Code of Ethics shall at all times be governed by applicable law. If any provision of the REMAX Code of Ethics conflicts with applicable law, the applicable law shall govern. This REMAX Code of Ethics may be amended by REMAX as necessary to conform to the customs and practices of those engaged in the real estate industry.