Conflict of Interest
Is there a conflict of interest if a board member in a condo community is out in the community soliciting handyman work for his personal gain?
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Lisam,
Absolutely not as long and the work he is soliciting is not for the association.
Dennis
Disheartening! This is how the guy who could not read or write got on the Board. His heap labor, free food and parties bought votes.
Does this mean that our board, with the majority of members in one facet or another of the real-estate industry, have and can use their inside track on everything from condo unit conditions, and repair history to availability and upcoming sales?
Cynthia,
While there is a conflict of interest provision in law currently it is very weak for these communities, but because a board member works in the real estate industry does not in and of itself constitute a conflict of interest. The board member cannot vote on a contract or action of the board that would benefit themself or any member of their immediate family without declaring the conflict of interest. The board member is not acting in good faith if he/she gives out favors in association business for quid pro quo commitment for financial future gain. This could result in losing their realtors license.
Dennis