11-12-1997 Council Agenda - Laserfiche WebLink

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Vr Institute of Real Estate Management MINIMUM STANDARDS AND CODE OF ETHICS FOR AN ACCREDITED MANAGEMENT ORGANIZATION Raved November 1995 An ACCREDITED MANAGEMENT ORGANIZATION (AMU). when complying with she following practices and pruxdures. shall be deemed confirming w the minimum seandards and Code of Ethia established by the Institute of Real Estate Management for the ACCREDITED MANAGEMENT ORGANIZATION. Relations with Clients and Public An ACCREDITED MANAGEMENT ORGANIZATION must engage in property management on a Fee basis. M ACCREDITED MANAGEMENT ORGANIZATION shall be capable of performing duties for clients including bur not limited to: Collection of rent and assessments. Supervision of employees at the properties, Contact with tenants and oumen in regard to complaints, Purchase of minor operating supplies and repairr, Hiring and dismissal of employees at the properties, Purchase of major repairs (e.g., roofs, exterior paint, masonry), Purchase of major supplies (e.g.. fuel), Preparation of specifications covering major expenditures. Consultation on major replacements, additions, or remodeling. Negotiation of leases. Ordering and supervision of tenant decorating, Obtaining competitive bid; on major repairs and alterations. Preparation of payroll deductions, social security Taxes. etc.. Payment of real estate and personal property Taxes. Recommendations about rental rates, Preparation of operating budgets, or Other management activities. An ACCREDITED MANAGEMENT ORGANIZATION Shall exert due diligence for the protection of clients funds against ill foreseeable conungencia. The deposit of such funds in an escrow. [ruse or agency account with an FDIC or equivalently insured financial institution, or as otherwise required by the management agreement, shall constitute due diligence. An ACCREDITED MANAGEMENT ORGANIZATION shall not permit any of its employees to make any misleading or inaccurate representations to the public. An ACCREDITED MANAGEMENT ORGANIZATION shall have at last one (1) CERTIFIED PROPERTY MANAGER (CPM) in an executive position who directs and supervises the property management activity of the firm. An ACCREDITED MANAGEMENT ORGANIZATION shall conduct ics Operation in such a manner so as co comply with the Code of Professional Ethics as prescribed for a CERTIFIED PROPERTY MANAGER and shall be responsible for the conduct of its employes and others over whom it KIS supervision Or Camel. Any actions by an ACCREDITED MANAGEMENT ORGANIZATION emanating from is headquarters office or any of is branch offices or occurring at any of the properties it manages shill be subject to these Minimum Standards and Code of Ethics. An ACCREDITED MANAGEMENT ORGANIZATION shall consandy strive to achieve and maintain a sound business reputation in the community and shill encourage is employees and asurlates to rake leadership roles in local. civic, and governmental organizations. Each ACCREDITED MANAGEMENT ORGANIZATION shall, whenever possible. have a written management agreement with each of its clients. ■ `w IREM Operating Practices M ACCREDrrcD MANAGEMENT ORGANIZATION shall use due diligence in selecting and placing tenants for its dents so es co ensure stability of the properties in compliance with ill ( del. sate. and loci laws and regulations. An ACCREDITED MANAGEMENT ORGANIZATION shall not deny nor permit any of its employees co deny equal anploymatt opponuniry or equal proiasiord services to any persona for rams of race. gender, religion. familial status, national origin, age or handicap. An ACCREDITED MANAGEMENT ORGANIZATION shall rigorously and legally pursue the collection of any rental accounts to inwm prompt payment of rents and revenues when due. In accordance with the mumps-mu agreement. an ACCREDITED MANAGEMENT ORGANIZATION shall, on behalf of the diem, demonstrate its apenence, with diligence and imagination, in the makaing and merchandising of rental space. In accordance with the managanem agreement. an ACCREDITED MANAGEMENT ORGANIZATION shill disburse the funds of the client in such a manner so as to make prompt payment of all obligations as they become due or as requested by ahc client. In accordance with the management agreement, an ACCREDITED MANAGEMENT ORGANIZATION shall make reasonable efforts co conserve the resources of the client and shall cake Rill advantage of discounts, purchasing oppormnitia. and other ethical meths ac its disposal when purchasing or contacting for supplies. screica, or material on behalf of the client. An ACCREDITED MANAGEMENT ORGANIZATION shall at all times keep and maintain accurate financial records properly marked for identification canccrnine the properties managed for Indian and shall tender a statement of receipts and disbursements in accordance with the Management agreement in sufficient detail to reflect an account For the funds a the client and the status of the property. Such raards shill be available fa inspection at all rawnablc times ' by each tame-rim client. In accordance with the managemrni agreement. an ACCREDITED MANAGEMENT ORGANIZATION shall make Or came to bc made regular physical insoeaions of the properties of Its clients and shall not neglect to keep its clients informed as to the condition of their properties. The (nquency of regular inspections swill be as mutually agreed upon with the dime. An .ACCREDITED MANAGEMENT ORGANIZATION shall endeavor to expend funds of its clients with wisdom and integrity so as to achieve the greatest benefit For its clients. An ACCREDITED MANAGEMENT ORGANIZATION shill not commingle in funds with any of the funds of its management clients bus shall deposit ill such funds in an FDIC or equivalently insured financial instimdon or as otherwise may be directed in writing by the client. and all such receipts and revenues shall bc deemed to bc trust funds held in Nusr For diem, or +limn' accounts or as athcrvise provided m the management age ecru ea:. An ACCREDITED MANAGEMENT ORGANIZATION shall have sufficient staff and administration to ensure rho amble handling of the clients property during any absence Of the aecutive CEM5FIED PROPERTY MANAGER from also office. Neither an ACCREDITED MANAGEMENT ORGANIZATION nor any person connected with it shall receive from third panne or Suppliers rebates, gifts with a value of more than fifty dollars (S50), or whet consideration in connection with the management or property which is not disclosed to the client. Neither an ACCREDITED MANAGEMENT ORGANIZATION nor others of the organizatio ngaged in psopercT management shall hold themselves out to anyone as being an ACCREDITED MANAGEMENT ORGANIZATION at any time before it is accredited or aria rile capitation or revocation of any accreditation. An ACCREDITED MMUCEMENT ORGANIZATION shall advise the client of the need to obtain proper insurance. M ACCREDITED MANAGEMENT ORGANIZATION shall gain urn the neganauon OF union contracts when alld upon to do so. Relations with the Institute of Real Estate Management An ACCREDrTEO MANAGEMENT ORGANIZATION scull remain in full compliance With all rules and regulations governing the ACCREDITED MANAGEMENT ORGANtunON program and shall report to the Institute of Real Estate Management in a timely fashion any changes within the firm that may affect in status as an ACCREOrsED MANAGEMENT ORGANIZATION. Page 26