Code of Standards & Ethics (Condensed)

CRDA and its members are committed to supporting the highest standards and ethics in the resort and vacation industry in Canada for the benefit, enjoyment and protection of the public. To demonstrate this commitment, the Association has adopted the following Code of Standards and Ethics which all members of CRDA, and all those who use CRDA services, pledge to uphold:

Honesty

To make honesty and integrity the standards in all representations, whether oral or written.

Written Documentation

To express financial and contractual obligations in written documents that complies with all applicable laws.

Full Disclosure

To ensure that consumers receive full, accurate and complete disclosure of all pertinent information relating to security given, and to the project or vacation club in general. To endeavor to ensure, wherever practical or reasonable, that prospective purchasers shall make an on-site inspection or, in the case of a vacation club, are encouraged to visit participating resorts.

The Consumer’s Interest

To ensure that their personnel and agents observe this Code and recognize the consumer’s interest.

Make No False Claim

To pledge to make no misleading descriptions, false or extravagant claims with respect to a project. To return securities or deposits in the event of legal misrepresentation.

Approved Developments

To offer such developments are in compliance with all laws, ordinances and regulations applicable thereto.

Dignity and Propriety

To conduct all business affairs with dignity and propriety, avoiding conflicts of interest and promoting integrity as the highest ideal to be followed by their employees.

Exchange Privileges

Those members of CRDA who offer to exchange resort properties will provide to prospective purchasers all relevant information, in a responsible manner, consistent with the practices of the suppliers of such programs. The consumer is to be told: how the exchange system works; how to effect and exchange; what benefits, privileges and limitation may apply to any specific unit purchase and season; the duration of membership fees, that the contract with the exchange company is separate and distinct from that between the consumer and the developer; and whether exchange membership is voluntary or mandatory.

Reputation

In essence, all activities subject to the Code are to be conducted with proper attention to the consumer’s interest and with due regard for the reputation of the industry which members of CRDA represent.