ASK A REALTOR

Q: My Real Estate Agent says he is an “ampi”. What is this? Is it something I need to worry about? Joe W. Minnesota

A: AMPI is the Mexican Association of Real Estate Professionals. Dedicated to raising professional standards and protecting private property rights, this organization was formed over 50 years ago and currently has a membership of over 350 companies and 1,600 professionals. In the Vallarta area, there are three AMPI chapters, AMPI Vallarta, AMPI Riviera Nayarit and AMPI Compostela.

Currently there are no licensing requirements in place on a national level in order to regulate real estate brokerage and sales.

AMPI however, does have significant requirements in order to be a member broker.

Among them are: one year experience working in real estate in the area, have a diploma from a certified AMPI course (100 hour minimum), show two commercial and one bank reference, proof of legal registration with the city and tax authority, two letters of recommendation by current members, take an AMPI test and orientation and be voted in by peers. Additionally, foreigners are required to submit a diploma from a Spanish language course and immigration authorization in order to legally work in the country.

Associates are required to have valid work permit, a letter of reference from their broker, take a written AMPI exam and attend 40 hours of continuing education per year. AMPI also requires members to follow a strict code of ethics that include articles such as: “Knowledge of tax, legislation, improved use of land, planning and other real estate-related matters.” “Keep abreast of conditions in the real estate market, because it is he or she who guides customers regarding the correct value of real estate, among other things.” “Protect customers against fraud, abuse or immoral practices in the field of real estate.” “Help prevent any acts that could harm the public, as well as any that could undermine the dignity of the real estate profession.”

AMPI also has an honors and justice committee set up in order to penalize members who breach the code of ethics. Sanctions can include monetary penalties, temporary or permanent expulsion from the association. AMPI members also have access to the local multiple listing service (MLS).

This modern and sophisticated searchable database currently has over 1,000 properties listed for sale. Members receive a monthly printed catalog and the public can view the website at www.mlsvallarta.com

In acknowledgment for the above the National Association of Realtors (NAR) has signed its first joint reciprocal membership agreement with a foreign real estate organization (AMPI). Therefore, all AMPI members also belong to NAR, as well as the Canadian Real Estate Association (CREA), and the International Real Estate Association (FIABCI). So be thankful that your Real Estate Agent is in AMPI and good luck in your search.

Do you have a question about Real Estate in Puerto Vallarta? Just ask!
Michael Green here in 1997 to take advantage of the unsurpassed lifestyle PV offers. Mike can be reached by e mail: pvgetaways@hotmail.com