Do you offer a friendly guide to the By-Laws of the REALTORS® Association of Jamaica Limited?
Yes, welcome to our easy-to-read guide to the By-Laws of the REALTORS® Association of Jamaica Limited. Whether you’re a seasoned real estate professional or new to the industry, understanding these by-laws is essential for operating within the guidelines set by the association. This guide simplifies the key points and provides an overview of the most important aspects of the by-laws.
1. Interpretation and Definitions
Key Terms
Agent: A REALTOR®-Associate acting in an agency relationship.
Board: The Board of Directors of the REALTORS® Association of Jamaica Limited.
Buyer: A person looking to purchase property, including prospective buyers.
By-Laws: The rules governing the REALTORS® Association of Jamaica Limited.
Chairman: The chairman of the Board of Directors.
Client: A person or entity with whom a dealer or salesman has an agency relationship.
Customer: A party receiving information, services, or benefits without a contractual relationship with a dealer or salesman.
Dealer: A registered real estate dealer.
Realtor®: A professional member of the REALTORS® Association of Jamaica, including both dealers and salesmen.
2. Membership
Classes of Membership
There are four classes of membership:
Professional: Includes registered real estate dealers and salesmen, known as Realtors® and Realtor-Associates®.
Life: Granted to those who have provided notable service to the Association over many years.
Honorary: Awarded to non-members who have performed notable service for the Association or the public.
Affiliate: Includes corporate entities and individuals who contribute to or have a special relationship with the Association.
Membership Pledge
All members must sign a pledge to observe and adhere to the Articles of Incorporation, By-Laws, and Code of Ethics.
Fees and Dues
Membership fees and dues are required and must be kept up to date to maintain good standing. Failure to pay dues may result in suspension or termination of membership.
3. Disciplinary Actions
Powers and Procedures
The Board has the authority to reprimand, fine, suspend, or expel members for violations of the By-Laws, Articles of Incorporation, or Code of Ethics. Complaints can be lodged by any person, and the Board or a designated committee will investigate and adjudicate.
Appeals
Members have the right to appeal decisions made by the Professional Standards Committee or the Board. Appeals must be filed within fourteen days of the decision.
4. The Board of Directors
Role and Composition
The Board manages and controls the affairs of the Association. It consists of ten dealer members and one salesman member elected at the Annual General Meeting, representatives from each chapter, and ex-officio members (two past presidents/chairmen).
Meetings
The Board meets at least six times per year. Decisions are made by majority vote, with the Chairman having a casting vote in case of a tie.
Officers
Officers of the Board, including the Chairman, Vice-Chairmen, and Treasurer, are appointed at the first meeting after elections.
5. Committees
Standing Committees
The Association has several standing committees, each with specific duties:
Membership Committee: Grows membership and manages admissions.
Professional Standards Committee: Ensures ethical practices and handles complaints.
Multiple Listing Service (MLS) Committee: Manages the MLS system.
Education & Communications Committee: Focuses on member education and public relations.
Events, Entertainment & Fundraising Committee: Plans events and fundraising activities.
Finance Committee: Manages the Association’s finances.
Duties and Functions
Committees report to the Board and must have their actions approved by the Board. Each committee is tasked with specific responsibilities relevant to their focus area.
6. Legal and Financial Management
Legal Counsel
The Board may retain an attorney for legal advice.
Auditors
The Association appoints internal and external auditors to review financial accounts and ensure transparency.
Financial Administration
The Board administers the finances of the Association, including the allocation of funds and approval of expenditures. Major financial decisions require approval by a significant majority of the Board.
7. Meetings of the Association
Annual General Meeting (AGM)
The AGM is held within six months of the end of the financial year. Members receive reports, elect Board members, and appoint auditors.
Extraordinary General Meeting (EGM)
The Board can call an EGM as needed. Members can also request an EGM with a written request from ten percent of the membership.
Notice and Quorum
Notices for AGMs and EGMs must be sent at least twenty-one days in advance. A quorum for meetings is twenty-five percent of members in good standing.
8. Chapters
Formation and Purpose
Chapters can be formed to cover specific geographical areas or for special purposes approved by the Board. They function within the Association’s framework and support its goals.
Membership and Governance
Chapter membership is limited to Association members who work or reside in the chapter area. Chapters may adopt their own rules, elect officers, and carry out programs, subject to Board approval.
9. Amendments
By-Laws Amendments
Amendments to the By-Laws require a two-thirds majority vote at a General Meeting. Members must receive notice of proposed amendments at least twenty-one days before the meeting.
10. Indemnity
Protection for Board Members
The Association indemnifies Board members and officers against losses incurred in the proper discharge of their duties. This protection does not apply in cases of fraud or dishonesty.
Conclusion
The By-Laws of the REALTORS® Association of Jamaica Limited provide a structured framework for the governance and operation of the Association. They ensure that members adhere to high ethical standards and professional practices while fostering a collaborative and supportive community. By understanding and following these By-Laws, members contribute to the integrity and success of the real estate profession in Jamaica.
We hope this guide has made the By-Laws more accessible and easier to understand. For further details or specific questions, members are encouraged to refer to the full text of the By-Laws or contact the Association directly.
Disclaimer
This guide is intended to provide a simplified overview of the By-Laws of the REALTORS® Association of Jamaica Limited. It is not a substitute for the official By-Laws document. For comprehensive details and specific legal interpretations, please refer to the full text of the By-Laws or consult with the REALTORS® Association of Jamaica Limited directly. The information provided in this guide is for informational purposes only and does not constitute legal advice.