Evening star., 1937-10-30
ETHICS STRESSED
IN REALTY COURSE
F. A. Smith, Real Estate
Board Officer, Advises In
vestor Protection.

The Fundamentals and many phases
of the real estate business were dis
cussed by Fred A. Smith, a vice presi"
dent of the Washington Real estate
Board, Monday night as he addressed
the first session of the real estate
course at Southeastern University
The course will cover Is weeks ana
Is sponsored jointly by the university
and the board.
To undertake a discussion OF real
estate. Mr.. Smith said, is to enter into
every field of human endeavor for
directly or indirectly it is the basis
upon which life itself is predicated.
He continued:
True, in highly civilized countries,
the use of real estate and its products
might be varied in the most intricate
manner, which gives rise to the need
of men whose professional ability
places them in a position to advise in
those connections. The right to own,
buy and dispose of real estate is CO.
incident to the right to life and lib
erty. Even where liberty has been
suppressed, very rarely is the right to
own and dispose of land disputed.
Lists Factors Involved.
"Let us consider the factors in
volved in the ownership Of real estate
in order that we may realize the far
reaching problems with which this
ownership is faced. These are:
l. Renting.
2. Leasing.
3. Property management.
4. Construction of homes, office
buildings, apartments, commercial es-
adjustments.
S. Subdividing and city planning.
6. Financing and marketing of Sc
curities.
7. Advertisement and valuation.
s. Market of properties.
g. Taxation and insurance.
Every one of these subdivisions in
wolves manifold aspects and highly
developed technical knowledge and
ability. Needless to say, no layman
could carry on such a business, which
involves billions of dollars every year
In this country alone, and the need of
intelligent and properly trained spe-
cialists in this field is apparent.
Ethics Above Ability.
"Above everything else, because of
the particular fiduciary capacity of
the real estate broker to his clients,
which resembles that of a lawyer or
doctor, highly ethical concept OF
this relationship is fundamental, with
ebility and knowledge ranking next.
On the shoulders OF the real estate
men and women rest this great eco
nomic responsibility-that of bring
ing the buyer and seller together-to
bring about the billions of dollars of
business turnover which annually
forms a large portion of the national
income and prosperity.
"On the real estate profession rests
the responsibility of housing the peo-
pie of the Nation. On them rests the
responsibility of providing, through
sale, purchase or lease, the places on
which are reared out great business
and industrial enterprises as well as
the agricultural enterprise of the
Nation. In general. to the credit OF
the real estate profession. in no small
measure, goes the amazing develop
ment Of our great cities and the open
ing up of our vast country.
The first problem of real estate
organization is to set up on either a
large or small scale q property office
organization, in order that its clients
may be served in an adequate, eff
cient and businesslike manner and
that all the transactions involved may
be conducted in an orderly fashion
and properly completed from the time
of the listing, the time the salesman
meets the clients to the issuance of
the final certificate of title. On such
q procedure is predicated the reputa-
ton of the broker and his organiza-
ton, and the confidence Of his client
In him.
Mus Guard Investment.
"It should be remembered that In
q large number of transactions it is
frenuentlv the first such transaction