Ontario Yacht Brokers & Dealers (A Committee of the Ontario Marine Operator's Association (herein the “OYBDA”) and will be publicly referred to as THE BOATING ONTARIO DEALER ASSOCIATION)
CODE OF ETHICS
The words "Broker" and “Dealer” in this Code of Ethics refers to a member of the BOATING ONTARIO DEALER ASSOCIATION.
The purpose of this Code of Ethics is to promote the values necessary to reach the objectives of the BOATING ONTARIO DEALER ASSOCIATION as established in the BOATING ONTARIO DEALER Terms of Reference:
- to unite those engaged in the yacht brokerage and recreational marine dealer business in Ontario for the purpose of promoting cooperation and professionalism among its members;
- to create, promote, and maintain a high standard of conduct in the transacting of the yacht brokerage and dealer business;
- to instill into the boating public a greater confidence in yacht brokers and marine dealers;
- to provide a forum to address current issues (whether governmental or commercial) as they arise and pertain to the recreational boating business; and
- to provide a forum for the boat buying/selling public to find a resolution with regard to issues concerning yacht brokers and dealers
In order to promote these objectives Brokers and Dealers are required to:
- exercise good faith, honesty and integrity in all dealings and transactions;
- maintain a superior level of knowledge and skill in order to provide high quality services;
- maintain and protect confidentiality; and
- avoid conflicts of interest and/or the appearance of conflicts of interests.
Brokers and dealers are required to comply with all applicable laws, rules and regulations. At times, this Code of Ethics sets standards which are higher than applicable law. All Brokers and dealers are expected to conduct themselves in accordance with both the language and the spirit which this Code of Ethics sets forth and at all times seek to avoid even the appearance of improper behaviour. This Code of Ethics could not possibly address every possible scenario, duty or obligation which may arise therefore Brokers and dealers should at all times keep in mind the objectives of the BOATING ONTARIO DEALER ASSOCIATION repeated above and attempt to further those objectives in all their words, deeds and actions.
- The BOATING ONTARIO DEALER ASSOCIATION suggests the use of all BOATING ONTARIO DEALER approved forms and the symbol of the BOATING ONTARIO DEALER as an assurance of a qualified yacht broker or dealer. The use of the forms and the symbol are restricted to Members in good standing only.
- The Broker/Dealer shall make every effort at the time of listing a vessel to assure that the vessel is not listed exclusively with another Broker/Dealer and/or that any existing exclusive listing has been formally cancelled.
- All shared commission agreements shall be negotiated and confirmed in writing prior to the submission of any offer to purchase.
RELATIONS WITH THE PUBLIC
- The Broker/Dealer has the duty to protect the public against fraud, misinterpretation, coercion or offensive or unethical practices in the brokering and selling of yachts. The Broker or dealer shall endeavour to eliminate any practices that could be damaging to the public or to the dignity and integrity of the yacht brokerage or selling business, and shall assist the BOATING ONTARIO DEALER ASSOCIATION in regulating the practices of Brokers and Salespersons.
- The Broker/Dealer pledges to be well informed on current market conditions in order to be in a position to advise clients as to the fair market value of vessels.
- The Broker/Dealer shall endeavour to be informed regarding laws, proposed legislation, governmental orders and other essential information and public policies that affect the interests of his client
- The Broker/Dealer shall keep himself informed as to movements affecting yachting in his community, province and nation so that he shall be better able to contribute to public thinking on matters of taxation, legislation, marine use, waterfront planning and other issues affecting yachting interests.
- Where the Broker/Dealer is requested in writing by the customer, the Broker/Dealer should keep in a special bank account, separated from his own funds, monies coming into his possession in trust for other persons, such as escrows, trust funds, clients' monies and other like items.
- The Broker/Dealer shall be careful to present a true presentation in the Broker's/Dealer’s advertising and shall not advertise without identifying the firm or, where applicable, the Broker/Dealer.
- The Broker/Dealer shall encourage written contractual relationships in all matters relating to a brokerage/sales transaction in order to avoid misunderstanding between parties.
- The Broker/Dealer shall ensure that all terms, conditions and financial obligations in respect of a brokerage/sales transaction are in writing and that such writing expresses the true agreement between the parties. The Broker/Dealer shall deliver a copy of such agreement to each of the parties at the time of execution or as soon thereafter as practicable.
- The Broker/Dealer shall not be a party to the naming of false consideration in any document and shall not submit an offer to an owner or co-operating broker/dealer unless the offer is in writing with an adequate deposit from the offer.
- Notwithstanding that the Broker/Dealer may represent more than one party to a transaction; the Broker/Dealer shall not accept compensation from more than one party without full disclosure to all parties to the transaction.
- The Broker/Dealer shall not acquire an interest in, either directly or indirectly for himself, or for any corporation in which he is a shareholder, director or officer, a vessel without making the true position as known to him known to the owner in writing; and in selling a vessel owned by him, or in which he has an interest, his interest as known to him shall be revealed to the purchaser in writing.
- The Broker/Dealer shall recommend the timely employment of an independent marine surveyor, and/or a mechanical inspector.
- The Broker/Dealer shall inform all parties to a transaction that it is not the practice of a member Broker/Dealer to engage in activities (i.e., conveyance and clearing of title) that might be construed as constituting the practice of law and shall recommend legal counsel. If either party declines to seek legal counsel, then the Broker/Dealer should have the declining party or parties sign a waiver which limits the responsibility and liability of the Broker/Dealer in the transaction.
RELATIONS WITH THE CLIENT
- If the Broker/Dealer accepts employment, then the Broker/Dealer is pledged to protect and promote the interests of his client, but notwithstanding such pledge, is obliged to deal fairly with all parties to the transaction. If the Broker/Dealer himself or with the aid of his fellow Broker/Dealer is unable to render a skilled and conscientious service in such employment, he shall not accept the listing.
- The Broker/Dealer shall use his best efforts to ascertain all pertinent facts concerning any vessel for which the Broker accepts a listing so that he may fulfill the obligation to avoid error, exaggeration, misrepresentation or concealment of pertinent facts.
- The Broker/Dealer shall not advertise a vessel without the owner's authority and in any offering the price quoted shall not be other than that agreed upon with the owner.
- If before the owner has accepted any offer on a vessel, another offer is made on that vessel, then, whether or not such other offer is made by a prospective purchaser or a co-operating broker/dealer, such offer shall be presented to the owner for consideration.
- The Broker/dealer shall not undertake to make an appraisal or opinion of value that is outside the Broker's/Dealer’s field of experience or where the Broker/Dealer has an interest or contemplated interest unless the facts are fully disclosed to the client or he obtains the assistance of an authority on such type of vessel and the identity of such authority is disclosed to the client. In no circumstances shall any charge be made which is contingent upon the amount of value reported.
RELATIONS WITH HIS FELLOW BROKERS
- The Broker/Dealer shall respect the rights of a Broker/Dealer who holds an exclusive listing. A Broker/Dealer co-operating with the listing broker shall not invite the participation of a third Broker/Dealer without the express consent of the listing Broker/Dealer.
- Negotiations concerning a vessel listed exclusively with one Broker/Dealer shall be carried on with the listing Broker/Dealer, not the owner, except with the express consent of the listing broker. All shared commission agreements shall be negotiated prior to the submission of any offer to purchase.
- Signs giving notice of any vessel for sale shall not be placed on any vessel by more than one broker unless authorized by the owner. The Broker/Dealer shall not interfere with another Broker's/Dealer’s sign.
- The Broker/Dealer shall seek no unfair advantage over his fellow Brokers/Dealers and shall willingly share with them the lessons of his experience and study.
- A Broker/Dealer shall not seek information about a competitor's transaction to be used for the purpose of closing the transaction himself or for the purpose of interfering with any contractual undertaking.
- The Broker/Dealer shall not voluntarily disparage the business practice of a competitor, nor volunteer an opinion of a competitor's transaction. If such an opinion is sought, it shall be rendered with strict professional integrity and courtesy.
- If a Broker/Dealer is charged with practices which are deemed to be not in the best interests of the BOATING ONTARIO DEALER ASSOCIATION he shall place all pertinent facts before the proper tribunal of the BOATING ONTARIO DEALER ASSOCIATION for investigation and judgments.
- In the best interests of the public, his associates, and his own business, the Broker/Dealer shall be loyal to the BOATING ONTARIO DEALER ASSOCIATION and active in its work.
By applying for and accepting membership in the BOATING ONTARIO DEALER ASSOCIATION, the Broker affirms a commitment on a personal and professional level to the vision, beliefs, values and principles ingrained in this Code of Ethics and in the Code of Ethics of the Ontario Marine Operators Association. All Members have been supplied with a copy of this Code of Ethics and the Code of Ethics of the Ontario Marine Operators Association upon gaining membership into the BOATING ONTARIO DEALER ASSOCIATION. All concerns about adherence to this Code of Ethics should be addressed in writing for review to the Chair of the BOATING ONTARIO DEALER ASSOCIATION at:
Suite # 49, 2 Poyntz St.,
Village Square Mall
Tel: (705) 549-1667 Fax: (705) 549-1670