What are the requirements of CPYB?
In order to be CPYB compliant, applicant must meet the following requirements. Structure a list of questions based on these requirements in lieu of certification if you insist on retaining a non-CPYB broker.
- The applicant must provide proof that he/she has worked for at least 2 years during the past 10 years as a full time yacht broker and that he/she is currently employed as a full time yacht broker and has been for the past 1 year.
- The applicant has not been convicted of a felony offense or equivalent within the previous seven years.
- The brokerage firm/broker of record maintains a dedicated escrow/trust account that is utilized for all client funds in trust.
- The brokerage firm/applicant currently hold all necessary licenses required by all applicable governmental entities.
- All client payments are made payable to the brokerage firm/broker of record and not to individual brokers.
- All client transactions are supported by fully executed, contractually sound written agreements, affording protection to both the buyer and seller.
- All business conducted by the applicant complies in full with the CPYB Code of Ethics.
- The applicant has not been found in violation of any other yacht broker association’s Code of Ethics (of which they are a member) within the previous seven years.
Additionally, they must meet Continuing Education Credits, obtained through seminars, industry affiliations, factory collaborations, general requirements that keep them up to date & informed in their profession.
Now after reading requirements of CPYB to be a Certified Professional Yacht Broker, we hope you understand the importance of what your minimum expectation from a broker should be. So ask yourself, why wouldn’t every broker be CPYB?
Ask questions of your broker. Questions that can reassure you that they are qualified to both sell your current boat or help you in the purchase of a boat. There is no doubt owning a boat brings enjoyment and unifies families. Don’t let the acquisition of your boat become a nightmare.
Engage a Professional Yacht Broker, Certified by CPYB, abiding by industry ethical & professtional standards.