In Ontario, a registrant answers to two separate codes of ethics at once — the statutory Code of Ethics regulation, O. Reg. 365/22, made under TRESA and enforced by RECO against every registrant, and CREA's REALTOR® Code, a private membership standard tied to use of the REALTOR® trademark.
The statutory code sets the baseline every RECO registrant must meet, whether or not they belong to a real estate board. RECO's own reader-facing guide describes the substance: “your interests take priority over the interests of the brokerage, its agents, and any other party” (undivided loyalty), a duty to disclose “everything they know about the transaction or your client relationship that could have an impact on any decisions you make,” confidentiality that survives the end of the relationship, and an obligation to avoid conflicts of interest or disclose and get written consent before continuing to act. A breach is a matter for RECO's Discipline Committee, not for CREA.
CREA's REALTOR® Code is a different instrument entirely — it applies only to REALTOR® members, not to every licensed registrant. CREA's own page frames it as “setting the standard for professionalism in Canadian real estate” around three values, “Moral Integrity. Competency. Dedication.,” and states plainly that “as a condition of membership, all REALTORS® agree to abide by the Code.” Two obligations CREA names specifically: a REALTOR® “must disclose in writing whom they are representing as an agent in the transaction”, and cannot “acquire an interest in property (either directly or indirectly) without disclosing the fact that they're real estate professionals.” A registrant who is not a REALTOR® member is bound by O. Reg. 365/22 but not by this second code.
A salesperson lists a client's condo, and midway through the listing decides to buy it themselves through a numbered company. Two separate disclosure duties attach at once. Under the statutory Code of Ethics, the conflict-of-interest duty in the RECO Information Guide means the salesperson must disclose the conflict, recommend independent advice, and get written consent before doing anything further — a RECO matter regardless of REALTOR® status. If the salesperson is also a REALTOR®, the Code's personal-interest clause independently requires disclosing “the fact that they're a real estate professional” before acquiring the property — a board-level obligation that exists whether or not the RECO disclosure has already happened. Satisfying one code does not automatically satisfy the other.
See also: Discipline decision, Deceptive marketing practice, the full glossary.
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