What should licensed individuals disclose to their clients?

Licensed individuals are required to disclose potential conflicts of interest to their clients because this practice is fundamental in maintaining transparency and trust in the client-professional relationship. A conflict of interest occurs when a professional has interests that could compromise their judgment or actions regarding their duties toward the client. For example, if a property manager has a financial stake in a contractor's business that they are recommending to the condominium board, they must disclose this information to ensure that the board is aware of any potential bias in the recommendation. By doing so, clients can make informed decisions based on full knowledge of any underlying interests that may affect the professional's advice. This disclosure is a critical aspect of ethical practice in the field of condominium management and is necessary to uphold the integrity of the management profession.