Preamble
The real estate securities owner/investor relies upon the integrity and expertise of a number of different parties in his/her involvement in a given transaction. As a result, in developing the Code of Ethics for REISA consideration was given to the relationship between the sponsor, distribution network, lender, tax/legal advisor and qualified intermediary to ensure that the real estate securities industry is accountable for its integrity and standards of practice to the real estate owner/investor. REISA agrees to observe the letter and spirit of the Code of Ethics and to conduct business in accordance with the Code.

Article I
Each member agrees to a standard of business conduct that demonstrates professionalism, integrity, honesty and competence.

Article II
Members will make reasonable efforts to be informed of laws, regulations and legislation which affect the real estate securities industry. Members will comply with all applicable local, state and federal laws relating to the structure, purchase, sale, management and disposal of securitized real estate interests.

Article III
Members will make reasonable efforts to make available to prospective owners/investors and their advisors all material information necessary to form a suitable investment decision with respect to each real estate securities offering and which does not distort, mislead, misrepresent or omit any material fact.

Article IV
Members will have an affirmative duty of care, loyalty, honesty and good faith conduct in connection with their participation in the real estate securities industry. Members will also maintain, uphold and conform to this Code of Ethics, as well as, positively reflect the professional standards of practice set forth herein. Members are strongly encouraged to take an active part in the work of the Association. Each member will pursue appropriate education as well as maintain professional licenses or certifications that are necessary to conduct business in the real estate securities industry.

Article V
This Code may be amended from time to time by the Ethics Committee, subject to ratification by the REISA Board of Directors.