A code of ethics for Realtors?
Did you know that when a REALTOR® signs up with the NAR (National Association of Realtors) they are bound to a code of ethics adopted in 1913. The whole document can be found easily online. In a nutshell, we have a responsibility to our clients/customers, communities and other realtors to behave ethically. The preamble of this document begins with this paragraph,
"Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment."
I had little idea of an ethical code governing realtors prior to becoming one. It does make me want to puff my chest with pride as I think about how glad I am to be part of this. These are the 17 articles that were made to help guide us along the way.
Duties to Clients and Customers
Article 1
REALTORS® protect and promote their clients’ interests while treating all parties honestly.Article 2
REALTORS® refrain from exaggeration, misrepresentation, or concealment of pertinent facts related to property or transactions.Article 3
REALTORS® cooperate with other real estate professionals to advance their clients’ best interests.Article 4
When buying or selling on their own account or for their families or firms, REALTORS® make their true position or interest known.Article 5
REALTORS® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.Article 6
REALTORS® disclose any fee or financial benefit they may receive from recommending related real estate products or services.Article 7
REALTORS® accept compensation from only one party, except where they make full disclosure to all parties and receive informed consent from their client.Article 8
REALTORS® keep the funds of clients and customers in a separate escrow account.Article 9
REALTORS® make sure that details of agreements are spelled out in writing whenever possible and that parties receive copies.Duties to the Public
Article 10
REALTORS® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. REALTORS® do not discriminate in their employment practices.Article 11
REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional, or disclose any lack of expertise to their client.Article 12
REALTORS® are honest and truthful in their communications and present a true picture in their advertising, marketing, and in other public representations.Article 13
REALTORS® do not engage in the unauthorized practice of law.Article 14
REALTORS® willingly participate in ethics investigations and enforcement actions.Duties to REALTORS®
Article 15
REALTORS® make only truthful, not misleading, comments about other real estate professionals.Article 16
REALTORS® respect the exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with their clients.Article 17
REALTORS® arbitrate and mediate financial disagreements with other REALTORS® and with their clients.Not only do we have a fiduciary responsibility to our client, we have an ethical one as well. Make sure when you consider hiring a Realtor that they will live up to these standards.