Code of Ethics

Code of Ethics Elika Associates recognizes that an Exclusive Buyer agency must be established upon strict adherence to legal principles, including ethical standards that might surpass the minimum legal requirements. Therefore, agency relationships require that Elika Associates serve their Clients through providing five (5) measurable commitments of its ethical principles, as indicated below. Through Elika’s commitment to these principles, its integrity, and professionalism, Elika serves clients, community, and country.

Elika Associates sets forth, therefore, the following Code of Ethics

Article 1: Fiduciary Responsibility

A Buyer’s Agent owes to his Client a commitment to act in a trustworthy manner, and in a manner that results in the Client’s confidence that his/her best interests are being met.

1.01 – An Elika Buyer’s Agent will act only in the best interest of the Client while serving as the Client’s agent, in any matter relating to the purchase of property or real estate.

1.02 – An Elika Buyer’s Agent will not represent a Client if it would result in a conflict of interest.

1.03 – An Elika Buyer’s Agent will not direct his/her Client into a service, knowing that it is not in the best interest of the Client.


Article 2: Duty of Accounting

An Exclusive Buyer’s Agent shall be required to produce a true account of property or money entrusted to, received, or put out on the behalf of the Client at whatever point it shall be requested. 2.01 – An Elika Buyer’s Agent will be employed through written agreement between Agent and Client, the contents of such agreement specifically stating the services provided, the service fee agreement, the method of payment of such fee, and the initiation and completion dates of the agreement.

2.02 – An Elika Buyer’s Agent is not to accept remuneration beyond that which is specified in the written agreement, whether this shall be monetary or in the form of gifts.

2.03 – An Elika Buyer’s Agent is responsible to his Client in disclosing any income that comes from referring said Client to a Listing Agent.


Article 3: Duty of “Care” or Competence

An Exclusive Buyer’s Agent is expected to show reasonable technical expertise, diligence and professionalism when acting on behalf of a Client.

3.01 – An Elika Buyer’s Agent must hold a valid real estate license from a New York State governing agency.

3.02 – An Elika Buyer’s Agent is accountable for his/her actions. Therefore, he/she is expected to record or otherwise document events that occur throughout the working relationship.

3.03 – An Elika Buyer’s Agent will work at the request of his/her Client when negotiating terms and price.

3.04 – An Elika Buyer’s Agent must research the target property and all that surrounds it to discover important information. This shall be done whenever possible.

3.05 – An Elika Buyer’s Agent shall inform other agents and/or those individuals without a license that he/she serves as the Buyer’s agent.

3.06 – An Elika Buyer’s Agent cannot perform any kind of service, specialized or otherwise, for which they are unqualified.


Article 4: Duty of Loyalty

An Exclusive Buyer’s Agent shall stay loyal to his/her Client throughout any purchase of real estate and won’t lower his/her level of loyalty through “informed consent.”

4.01 – An Elika Buyer’s Agent will remain loyal and not do anything that could put at risk the Client’s bargaining ability or other interest.

4.02 – An Elika Buyer’s Agent will keep information, sensitive or otherwise, regarding his/her Client confidential, unless he/she has been authorized to share it by the Client, or is required to share it by Law.

4.03 – An Elika Buyer’s Agent must share all known information about the Seller that is considered material to his/her Client.


Article 5: Duty of Obedience

Elika agents must acknowledge and accept their responsibility to follow all reasonable and lawful directions of their Client in determining how to follow through with the agreed-upon services. They must also advise their Client when his/her action might be unwise, considering the Agent’s professional judgment and experience.

5.01 – An Elika Buyer’s Agent must follow all lawful directions of the Client.

5.02 – An Elika Buyer’s Agent must follow all State regulations and laws under the jurisdiction for which they do business.


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New York, NY, 10013


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