Member Estate Agents shall act with discretion and shall at all times observe professional confidentiality.

Members shall endeavour to ensure that they receive in-service training and efficient information about the market, especially about those estates they will be conveying.

Agents shall avoid misleading advertising.

Member agents shall respect other colleagues and their clients scrupulously, especially their exclusive mandates, and shall refrain from taking advantage of the services of assistants working with other agents.

Member agents shall ensure that transactions are carried out within a fair price range, reconciling the interests of both parties to a transaction.

In sales, agents shall receive fees, always announced in advance, from only one of the parties, unless otherwise agreed between the buying and selling parties.

Member agents shall under no circumstances purchase any estate for resale. If member agents are purchasing on their own behalf, they shall make that perfectly clear to the seller.

In administration of funds deposited by third parties, member agents shall open a separate account for each deposit.

Member agents shall never take commission payments or discounts on expenses incurred to the account of property owners, and their fees shall be limited strictly to those agreed, avoiding all possible confusion.

In the sphere of expert valuations, member agents shall never issue any opinion without having undertaken a prior analysis and they shall refrain from taking part in valuation of any estate in which they have a vested interest.

> Approved at the Catalan API Conference held in Barcelona on March 9 and 10, 1992.