What does CREA's Privacy Code establish for its members?

CREA's Privacy Code establishes national standards for privacy protection, which is crucial in ensuring that members handle personal and sensitive information responsibly. This code provides a framework for how real estate professionals must collect, use, and disclose personal data, thereby fostering trust with clients and the public.

The emphasis on privacy protection is particularly important in the real estate industry, where detailed personal information is often required for transactions. By adhering to these national standards, CREA members are better equipped to protect consumer data, comply with relevant laws, and address any potential breaches effectively.

While the other options mention important aspects of real estate practice, they do not pertain specifically to privacy concerns. Guidelines for property valuation and rules for advertising and marketing focus on different operational areas of real estate, and procedures for tax compliance deal with financial and tax matters rather than the specific handling of personal information.