Doing the right thing

[...]some of the first requirements for IREM members were established to avoid the commingling of funds, to properly bond the employees who handled money, and to not benefit from using clients' funds without full disclosure. At least if your practices are ever called into question, you'll be able to show that you've provided regular financial reporting on a schedule commensurate with the management agreement, your company policy, or both. "Don't be afraid to cut a bad owner loose," says Deanne Rymarowicz, legal counsel to the IREM ethics boards and an associate counsel at the National Association of REALTORS®. [...]say an IREM member loses their legal right to engage in real estate activities after being convicted of a crime related to property management or "moral turpitude" (behaving in a way contrary to ethics, morals, and justice).