The International Ethics Standards Coalition has now announced the selection of a committee of independent global experts to write the standards.
The committee includes representatives from the US, the UK, China, Japan, Germany, France, Russia, Brazil, Malaysia and Canada.
This is the first step in a process that began in October 2014 when the international coalition was launched at the United Nations.
Real estate transactions are becoming increasingly globalised, so the coalition believes that an international set of values needs to be established.
The standards setting committee plans to review the many existing ethical codes, identify common themes and bring greater consistency to how ethics are used across real estate.
The 50 real estate professional bodies that make up the international coalition also include the Real Estate Institute of Australia, as well as representatives from India, Hong Kong, Indonesia, Singapore, the Philippines and South Africa.
Coalition chair Peter Bolton King said that once international standards are codified, real estate associations will be able to improve the role that ethics plays in real estate.
[Related: Agents judged less honest than politicians]