- Code of Ethics and Standards of Practice of the
NATIONAL ASSOCIATION OF REALTORS
- Effective January 1, 1995
Where the word REALTORS is used in this Code and Preamble,
it shall be deemed to include REALTOR-ASSOCIATES.
While the Code of Ethics establishes obligations that may be
higher than those mandated by law, in any instance where the Code
of Ethics and the law conflict, the obligations of the law must
take precedence.
Preamble...
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.
Such interests impose obligations beyond those of ordinary commerce.
They impose grave social responsibility and a patriotic duty to
which REALTORS should dedicate themselves, and for which they
should be diligent in preparing themselves. REALTORS, therefore,
are zealous to maintain and improve the standards of their calling
and share with their fellow REALTORS a common responsibility for
its integrity and honor.
In recognition and appreciation of their obligations to clients,
customers, the public, and each other, REALTORS continuously strive
to become and remain informed on issues affecting real estate
and, as knowledgeable professionals, they willingly share the
fruit of their experience and study with others. They identify
and take steps, through enforcement of this Code of Ethics and
by assisting appropriate regulatory bodies, to eliminate practices
which may damage the public or which might discredit or bring
dishonor to the real estate profession.
Realizing that cooperation with other real estate professionals
promotes the best interests of those who utilize their services,
REALTORS urge exclusive representation of clients; do not attempt
to gain any unfair advantage over their competitors; and they
refrain from making unsolicited comments about other practitioners.
In instances where their opinion is sought, or where REALTORS
believe that comment is necessary, their opinion is offered in
an objective, professional manner, uninfluenced by any personal
motivation or potential advantage or gain.
The term REALTOR has come to connote competency, fairness, and
high integrity resulting from adherence to a lofty ideal of moral
conduct in business relations. No inducement of profit and no
instruction from clients ever can justify departure from this
ideal.
In the interpretation of this obligation, REALTORS can take no
safer guide than that which has been handed down through the centuries,
embodied in the Golden Rule, "Whatsoever ye would that others
should do to you, do ye even so to them."
Accepting this standard as their own, REALTORS pledge to observe
its spirit in all of their activities and to conduct their business
in accordance with the tenets set forth below.
DUTIES TO CLIENTS AND CUSTOMERS
- ARTICLE 1
When representing a buyer, seller, landlord, tenant, or
other client as an agent, REALTORS pledge themselves to protect
and promote the interests of their client. This obligation of
absolute fidelity to the client's interests is primary, but it
does not relieve REALTORS of their obligation to treat all parties
honestly. When serving a buyer, seller, landlord, tenant or other
party in a non-agency capacity, REALTORS remain obligated to treat
all parties honestly. (Amended 1/93)
Standard of Practice 1-1
REALTORS, when acting as principals in
a real estate transaction, remain obligated by the duties imposed
by the Code of Ethics. (Amended 1/93)
Standard of Practice 1-2
The duties the Code of Ethics imposes on agents/representatives
are applicable to REALTORS acting as agents, transaction brokers,
facilitators, or in any other recognized capacity except for any
duty specifically exempted by law or regulation. (Adopted 1/95)
Standard of Practice 1-3
REALTORS, in attempting to secure a listing, shall not deliberately
mislead the owner as to market value.
Standard of Practice 1-4
REALTORS, when seeking to become a buyer/tenant representative,
shall not mislead buyers or tenants as to savings or other benefits
that might be realized through use of the REALTOR's services.
(Amended 1/93)
Standard of Practice 1-5
REALTORS may represent the seller/landlord and buyer/tenant
in the same transaction only after full disclosure to and with
informed consent of both parties. (Adopted 1/93)
Standard of Practice 1-6
REALTORS shall submit offers and counter-offers objectively
and as quickly as possible. (Adopted 1/93, Amended 1/95)
Standard of Practice 1-7
When acting as listing brokers, REALTORS shall continue to
submit to the seller/landlord all offers and counter-offers until
closing or execution of a lease unless the seller/landlord has
waived this obligation in writing. REALTORS shall not be obligated
to continue to market the property after an offer has been accepted
by the seller/landlord. REALTORS shall recommend that sellers/landlords
obtain the advice of legal counsel prior to acceptance of a subsequent
offer except where the acceptance is contingent on the termination of
the pre-existing purchase contract or lease. (Amended 1/93)
Standard of Practice 1-8
REALTORS acting as agents of buyers/tenants shall submit to
buyers/tenants all offers and counter-offers until acceptance
but have no obligation to continue to show properties to their
clients after an offer has been accepted unless otherwise agreed
in writing. REALTORS acting as agents of buyers/tenants shall
recommend that buyers/tenants obtain the advice of legal counsel
if there is a question as to whether a pre-existing contract has
been terminated. (Adopted 1/93)
Standard of Practice 1-9
The obligation of REALTORS to preserve confidential information
provided by their clients continues after the termination of the
agency relationship. REALTORS shall not knowingly, during or following
the termination of a professional relationship with their client:
1) reveal confidential information of the client;
or
2) use confidential information of the client to the disadvantage
of the client; or
3) use confidential information of the client for the REALTOR's
advantage or the advantage of a third party unless the client
consents after full disclosure except where the REALTOR is:
a) required by court order; or
b) it is the intention of the client to commit a crime and the
information is necessary to prevent the crime; or
c) necessary to defend the REALTOR or the REALTOR's employees
or associates against an accusation of wrongful conduct. (Adopted
1/93, Amended 1/95)
Standard of Practice 1-10
REALTORS shall, consistent with the terms
and conditions of their property management agreement, competently
manage the property of clients with due regard for the rights,
responsibilities, benefits, safety and health of tenants and others
lawfully on the premises. (Adopted 1/95)
Standard of Practice 1-11
REALTORS who are employed to maintain or manage a client's
property shall exercise due diligence and make reasonable efforts
to protect it against reasonably foreseeable contingencies and
losses. (Adopted 1/95)
- ARTICLE 2
REALTORS shall avoid exaggeration, misrepresentation,
or concealment of pertinent facts relating to the property or
the transaction. REALTORS shall not, however, be obligated to
discover latent defects in the property, to advise on matters
outside the scope of their real estate license, or to disclose
facts which are confidential under the scope of agency duties
owed to their clients. (Amended 1/93)
Standard of Practice 2-1
REALTORS shall be obligated to discover and disclose adverse
factors reasonably apparent to someone with expertise in only
those areas required by their real estate licensing authority.
Article 2 does not impose upon the REALTOR the obligation of expertise
in other professional or technical disciplines. (Amended 11/86)
Standard of Practice 2-2
When entering into listing contracts, REALTORS must advise
sellers/landlords of:
1) the REALTOR's general company policies regarding cooperation
with subagents, buyer/tenant agents, or both;
2) the fact that buyer/tenant agents, even if compensated by the
listing broker, or by the seller/landlord will represent the interests
of buyers/tenants; and
3) any potential for the listing broker to act as a disclosed
dual agent, e.g. buyer/tenant agent. (Adopted 1/93)
Standard of Practice 2-3
When entering into contracts to represent buyers/tenants,
REALTORS must advise potential clients of:
1) the REALTOR's general company policies regarding cooperation
with other firms; and
2) any potential for the buyer/tenant representative to act as
a disclosed dual agent, e.g. listing broker, subagent, landlord's
agent, etc. (Adopted 1/93)
Standard of Practice 2-4
REALTORS shall not be parties to the naming of a false consideration
in any document, unless it be the naming of an obviously nominal
consideration.
Standard of Practice 2-5
Factors defined as "non-material" by law or regulation
or which are expressly referenced in law or regulation as not
being subject to disclosure are considered not "pertinent"
for purposes of Article 2. (Adopted 1/93)
- ARTICLE 3
REALTORS shall cooperate with other brokers except when cooperation
is not in the client's best interest. The obligation to cooperate
does not include the obligation to share commissions, fees, or
to otherwise compensate another broker. (Amended 1/95)
Standard of Practice 3-1
REALTORS, acting as exclusive agents of sellers/landlords,
establish the terms and conditions of offers to cooperate. Unless
expressly indicated in offers to cooperate, cooperating brokers
may not assume that the offer of cooperation includes an offer
of compensation. Terms of compensation, if any, shall be ascertained
by cooperating brokers before beginning efforts to accept the
offer of cooperation. (Amended 1/94)
Standard of Practice 3-2
REALTORS shall, with respect to offers of compensation to
another REALTOR, timely communicate any change of compensation
for cooperative services to the other REALTOR prior to the time
such REALTOR produces an offer to purchase/lease the property.
(Amended 1/94)
Standard of Practice 3-3
Standard of Practice 3-2 does not preclude the listing broker
and cooperating broker from entering into an agreement to change
cooperative compensation. (Adopted 1/94)
Standard of Practice 3-4
REALTORS, acting as listing brokers, have an affirmative obligation
to disclose the existence of dual or variable rate commission
arrangements (i.e., listings where one amount of commission is
payable if the listing broker's firm is the procuring cause of
sale/lease and a different amount of commission is payable if
the sale/lease results through the efforts of the seller/landlord
or a cooperating broker). The listing broker shall, as soon as
practical, disclose the existence of such arrangements to potential
cooperating brokers and shall, in response to inquiries from cooperating
brokers, disclose the differential that would result in a cooperative
transaction or in a sale/lease that results through the efforts
of the seller/landlord. If the cooperating broker is a buyer/tenant
representative, the buyer/tenant representative must disclose
such information to their client. (Amended 1/94)
Standard of Practice 3-5
It is the obligation of subagents to promptly disclose all
pertinent facts to the principal's agent prior to as well as after
a purchase or lease agreement is executed. (Amended 1/93)
Standard of Practice 3-6
REALTORS shall disclose the existence of an accepted offer
to any broker seeking cooperation. (Adopted 5/86)
Standard of Practice 3-7
When seeking information from another REALTOR concerning property
under a management or listing agreement, REALTORS shall disclose
their REALTOR status and whether their interest is personal or
on behalf of a client and, if on behalf of a client, their representational
status. (Amended 1/95)
Standard of Practice 3-8
REALTORS shall not misrepresent the availability of access
to show or inspect a listed property. (Amended 11/87)
- ARTICLE 4
REALTORS shall not acquire an interest in or buy or present
offers from themselves, any member of their immediate families,
their firms or any member thereof, or any entities in which they
have any ownership interest, any real property without making
their true position known to the owner or the owner's agent. In
selling property they own, or in which they have any interest,
REALTORS shall reveal their ownership or interest in writing to
the purchaser or the purchaser's representative. (Amended 1/91)
Standard of Practice 4-1
For the protection of all parties, the disclosures required
by Article 4 shall be in writing and provided by REALTORS prior
to the signing of any contract. (Adopted 2/86)
- ARTICLE 5
REALTORS shall not undertake to provide professional services
concerning a property or its value where they have a present or
contemplated interest unless such interest is specifically disclosed
to all affected parties.
- ARTICLE 6
When acting as agents, REALTORS shall not accept any commission,
rebate, or profit on expenditures made for their principal, without
the principal's knowledge and consent. (Amended 1/92)
Standard of Practice 6-1
REALTORS shall not recommend or suggest to a client or a customer
the use of services of another organization or business entity
in which they have a direct interest without disclosing such interest
at the time of the recommendation or suggestion. (Amended 5/88)
Standard of Practice 6-2
When acting as agents or subagents, REALTORS shall disclose
to a client or customer if there is any financial benefit or fee
the REALTOR or the REALTOR's firm may receive as a direct result
of having recommended real estate products or services (e.g.,
homeowner's insurance, warranty programs, mortgage financing,
title insurance, etc.) other than real estate referral fees. (Adopted 5/88)
- ARTICLE 7
In a transaction, REALTORS shall not accept compensation from
more than one party, even if permitted by law, without disclosure
to all parties and the informed consent of the REALTOR's client
or clients. (Amended 1/93)
- ARTICLE 8
REALTORS shall keep in a special account in an appropriate
financial institution, separated from their own funds, monies
coming into their possession in trust for other persons, such
as escrows, trust funds, clients' monies, and other like items.
- ARTICLE 9
REALTORS, for the protection of all parties, shall assure
whenever possible that agreements shall be in writing, and shall
be in clear and understandable language expressing the specific
terms, conditions, obligations and commitments of the parties.
A copy of each agreement shall be furnished to each party upon
their signing or initialing. (Amended 1/95)
Standard of Practice 9-1
For the protection of all parties, REALTORS shall use reasonable
care to ensure that documents pertaining to the purchase, sale,
or lease of real estate are kept current through the use of written
extensions or amendments. (Amended 1/93)
DUTIES TO THE PUBLIC
- ARTICLE 10
REALTORS shall not deny equal professional services to
any person for reasons of race, color, religion, sex, handicap,
familial status, or national origin. REALTORS shall not be parties
to any plan or agreement to discriminate against a person or persons
on the basis of race, color, religion, sex, handicap, familial
status, or national origin. (Amended 1/90)
Standard of Practice 10-1
REALTORS shall not volunteer information regarding the racial,
religious or ethnic composition of any neighborhood and shall
not engage in any activity which may result in panic selling.
REALTORS shall not print, display or circulate any statement or
advertisement with respect to the selling or renting of a property
that indicates any preference, limitations or discrimination based
on race, color, religion, sex, handicap, familial status or national
origin. (Adopted 1/94)
- ARTICLE 11
The services which REALTORS provide to their clients and customers
shall conform to the standards of practice and competence which
are reasonably expected in the specific real estate disciplines
in which they engage; specifically, residential real estate brokerage,
real property management, commercial and industrial real estate
brokerage, real estate appraisal, real estate counseling, real
estate syndication, real estate auction, and international real
estate.
REALTORS shall not undertake to provide specialized professional
services concerning a type of property or service that is outside
their field of competence unless they engage the assistance of
one who is competent on such types of property or service, or
unless the facts are fully disclosed to the client. Any persons
engaged to provide such assistance shall be so identified to the
client and their contribution to the assignment should be set
forth. (Amended 1/95)
Standard of Practice 11-1
The obligations of the Code of Ethics shall be supplemented
by and construed in a manner consistent with the Uniform Standards
of Professional Appraisal Practice (USPAP) promulgated by the
Appraisal Standards Board of the Appraisal Foundation. (Adopted
1/95)
Standard of Practice 11-2
The obligations of the Code of Ethics in respect of real estate
disciplines other than appraisal shall be interpreted and applied
in accordance with the standards of competence and practice which
clients and the public reasonably require to protect their rights
and interests considering the complexity of the transaction, the
availability of expert assistance, and, where the REALTOR is an
agent or subagent, the obligations of a fiduciary. (Adopted 1/95)
- ARTICLE 12
REALTORS shall be careful at all times to present a true picture
in their advertising and representations to the public. REALTORS
shall also ensure that their professional status (e.g., broker,
appraiser, property manager, etc.) or status as REALTORS is clearly
identifiable in any such advertising. (Amended 1/93)
Standard of Practice 12-1
REALTORS shall not offer a service described as "free
of charge" when the rendering of a service is contingent
on the obtaining of a benefit such as a listing or commission.
Standard of Practice 12-2
REALTORS shall not represent that their services are free
or without cost if they expect to receive compensation from any
source other than their client. (Adopted 1/95)
Standard of Practice 12-3
The offering of premiums, prizes, merchandise discounts or
other inducements to list, sell, purchase, or lease is not, in
itself, unethical even if receipt of the benefit is contingent
on listing, selling, purchasing, or leasing through the REALTOR
making the offer. However, REALTORS must exercise care and candor
in any such advertising or other public or private representations
so that any party interested in receiving or otherwise benefiting
from the REALTOR's offer will have clear, thorough, advance understanding
of all the terms and conditions of the offer. The offering of
any inducements to do business is subject to the limitations and
restrictions of state law and the ethical obligations established
by any applicable Standard of Practice. (Amended 1/95)
Standard of Practice 12-4
REALTORS shall not offer for sale/lease or advertise property
without authority. When acting as listing brokers or as subagents,
REALTORS shall not quote a price different from that agreed upon
with the seller/landlord. (Amended 1/93)
Standard of Practice 12-5
REALTORS shall not advertise nor permit any person employed
by or affiliated with them to advertise listed property without
disclosing the name of the firm. (Adopted 11/86)
Standard of Practice 12-6
REALTORS, when advertising unlisted real property for sale/lease
in which they have an ownership interest, shall disclose their
status as both owners/landlords and as REALTORS or real estate
licensees. (Amended 1/93)
Standard of Practice 12-7
Only REALTORS as listing brokers may claim to have "sold"
the property, even when the sale resulted through the cooperative
efforts of another broker. However, after transactions have closed,
listing brokers may not prohibit successful cooperating brokers
from advertising their "cooperation," "participation,"
or "assistance" in the transaction, or from making similar
representations.
Only listing brokers are entitled to use the term "sold"
on signs, in advertisements, and in other public representations.
(Amended 1/90)
- ARTICLE 13
REALTORS shall not engage in activities that constitute the
unauthorized practice of law and shall recommend that legal counsel
be obtained when the interest of any party to the transaction
requires it.
- ARTICLE 14
If charged with unethical practice or asked to present evidence
or to cooperate in any other way, in any disciplinary proceeding
or investigation, REALTORS shall place all pertinent facts before
the proper tribunals of the Member Board or affiliated institute,
society, or council in which membership is held and shall take
no action to disrupt or obstruct such processes. (Amended 1/90)
Standard of Practice 14-1
REALTORS shall not be subject to disciplinary proceedings
in more than one Board of REALTORS or affiliated institute, society
or council in which they hold membership with respect to alleged
violations of the Code of Ethics relating to the same transaction
or event. (Amended 1/95)
Standard of Practice 14-2
REALTORS shall not make any unauthorized disclosure or dissemination
of the allegations, findings, or decision developed in connection
with an ethics hearing or appeal or in connection with an arbitration
hearing or procedural review. (Amended 1/92)
Standard of Practice 14-3
REALTORS shall not obstruct the Board's investigative or disciplinary
proceedings by instituting or threatening to institute actions
for libel, slander or defamation against any party to a professional
standards proceeding or their witnesses. (Adopted 11/87)
Standard of Practice 14-4
REALTORS shall not intentionally impede the Board's investigative
or disciplinary proceedings by filing multiple ethics complaints
based on the same event or transaction. (Adopted 11/88)
DUTIES TO REALTORS
- ARTICLE 15
REALTORS shall not knowingly or recklessly make false
or misleading statements about competitors, their businesses,
or their business practices. (Amended 1/92)
- ARTICLE 16
REALTORS shall not engage in any practice or take any action
inconsistent with the agency of other REALTORS.
Standard of Practice 16-1
Article 16 is not intended to prohibit aggressive or innovative
business practices which are otherwise ethical and does not prohibit
disagreements with other REALTORS involving commission, fees,
compensation or other forms of payment or expenses. (Adopted 1/93,
Amended 1/95)
Standard of Practice 16-2
Article 16 does not preclude REALTORS from making general
announcements to prospective clients describing their services
and the terms of their availability even though some recipients
may have entered into agency agreements with another REALTOR.
A general telephone canvass,general mailing or distribution addressed
to all prospective clients in a given geographical area or in
a given profession, business, club, or organization, or other
classification or group is deemed "general" for purposes
of this standard.
Article 16 is intended to recognize as unethical two basic types
of solicitations:
First, telephone or personal solicitations of property owners
who have been identified by a real estate sign, multiple listing
compilation, or other information service as having exclusively
listed their property with another REALTOR; and
Second, mail or other forms of written solicitations of prospective
clients whose properties are exclusively listed with another REALTOR
when such solicitations are not part of a general mailing but
are directed specifically to property owners identified through
compilations of current listings, "for sale" or "for
rent" signs, or other sources of information required by
Article 3 and Multiple Listing Service rules to be made available
to other REALTORS under offers of subagency or cooperation. (Amended
1/93)
Standard of Practice 16-3
Article 16 does not preclude REALTORS from contacting the
client of another broker for the purpose of offering to provide,
or entering into a contract to provide, a different type of real
estate service unrelated to the type of service currently being
provided (e.g., property management as opposed to brokerage).
However, information received through a Multiple Listing Service
or any other offer of cooperation may not be used to target clients
of other REALTORS to whom such offers to provide services may
be made. (Amended 1/93)
Standard of Practice 16-4
REALTORS shall not solicit a listing which is currently listed
exclusively with another broker. However, if the listing broker,
when asked by the REALTOR, refuses to disclose the expiration
date and nature of such listing; i.e., an exclusive right to sell,
an exclusive agency, open listing, or other form of contractual
agreement between the listing broker and the client, the REALTOR
may contact the owner to secure such information and may discuss
the terms upon which the REALTOR might take a future listing or,
alternatively, may take a listing to become effective upon expiration
of any existing exclusive listing. (Amended 1/94)
Standard of Practice 16-5
REALTORS shall not solicit buyer/tenant agency agreements
from buyers/tenants who are subject to exclusive buyer/tenant
agency agreements. However, if a buyer/tenant agent, when asked
by a REALTOR, refuses to disclose the expiration date of the exclusive
buyer/tenant agency agreement, the REALTOR may contact the buyer/tenant
to secure such information and may discuss the terms upon which
the REALTOR might enter into a future buyer/tenant agency agreement
or, alternatively, may enter into a buyer/tenant agency agreement
to become effective upon the expiration of any existing exclusive
buyer/tenant agency agreement. (Adopted 1/94)
Standard of Practice 16-6
When REALTORS are contacted by the client of another REALTOR
regarding the creation of an agency relationship to provide the
same type of service, and REALTORS have not directly or indirectly
initiated such discussions, they may discuss the terms upon which
they might enter into a future agency agreement or, alternatively,
may enter into an agency agreement which becomes effective upon
expiration of any existing exclusive agreement. (Amended 1/93)
Standard of Practice 16-7
The fact that a client has retained a REALTOR as an agent
in one or more past transactions does not preclude other REALTORS
from seeking such former client's future business. (Amended 1/93)
Standard of Practice 16-8
The fact that an agency agreement has been entered into with
a REALTOR shall not preclude or inhibit any other REALTOR from entering
into a similar agreement after the expiration of the prior agreement.
(Amended 1/93)
Standard of Practice 16-9
REALTORS, prior to entering into an agency agreement, have
an affirmative obligation to make reasonable efforts to determine
whether the client is subject to a current, valid exclusive agreement
to provide the same type of real estate service. (Amended 1/93)
Standard of Practice 16-10
REALTORS, acting as agents of buyers or tenants, shall disclose
that relationship to the seller/landlord's agent at first contact
and shall provide written confirmation of that disclosure to the
seller/landlord's agent not later than execution of a purchase
agreement or lease. (Amended 1/93)
Standard of Practice 16-11
On unlisted property, REALTORS acting as buyer/tenant agents
shall disclose that relationship to the seller/landlord at first
contact for that client and shall provide written confirmation
of such disclosure to the seller/landlord not later than execution
of any purchase or lease agreement.
REALTORS shall make any request for anticipated compensation from
the seller/landlord at first contact. (Amended 1/93)
Standard of Practice 16-12
REALTORS, acting as agents of sellers/landlords or as subagents
of listing brokers, shall disclose that relationship to buyers/tenants
as soon as practicable and shall provide written confirmation
of such disclosure to buyers/tenants not later than execution
of any purchase or lease agreement. (Amended 1/93)
Standard of Practice 16-13
All dealings concerning property exclusively listed, or with
buyer/tenants who are exclusively represented shall be carried
on with the client's agent, and not with the client, except with
the consent of the client's agent. (Adopted 1/93)
Standard of Practice 16-14
REALTORS are free to enter into contractual relationships
or to negotiate with sellers/landlords, buyers/tenants or others
who are not represented by an exclusive agent but shall not knowingly
obligate them to pay more than one commission except with their
informed consent. (Amended 1/94)
Standard of Practice 16-15
In cooperative transactions REALTORS shall compensate cooperating
REALTORS (principal brokers) and shall not compensate nor offer
to compensate, directly or indirectly, any of the sales licensees
employed by or affiliated with other REALTORS without the prior
express knowledge and consent of the cooperating broker.
Standard of Practice 16-16
REALTORS, acting as subagents or buyer/tenant agents, shall
not use the terms of an offer to purchase/lease to attempt to
modify the listing broker's offer of compensation to subagents
or buyer's agents nor make the submission of an executed offer
to purchase/lease contingent on the listing broker's agreement
to modify the offer of compensation. (Amended 1/93)
Standard of Practice 16-17
REALTORS acting as subagents, or as buyer/tenant agents shall
not attempt to extend a listing broker's offer of cooperation
and/or compensation to other brokers without the consent of the
listing broker. (Amended 1/93)
Standard of Practice 16-18
REALTORS shall not use information obtained by them from the
listing broker, through offers to cooperate received through Multiple
Listing Services or other sources authorized by the listing broker,
for the purpose of creating a referral prospect to a third broker,
or for creating a buyer/tenant prospect unless such use is authorized
by the listing broker. (Amended 1/93)
Standard of Practice 16-19
Signs giving notice of property for sale, rent, lease, or
exchange shall not be placed on property without consent of the
seller/landlord. (Amended 1/93)
- ARTICLE 17
In the event of a contractual dispute between REALTORS associated
with different firms, arising out of their relationship as REALTORS,
the REALTORS shall submit the dispute to arbitration in accordance
with the regulations of their Board or Boards rather than litigate
the matter.
In the event clients of REALTORS wish to arbitrate contractual
disputes arising out of real estate transactions, REALTORS shall
arbitrate those disputes in accordance with the regulations of
their Board, provided the clients agree to be bound by the decision.
(Amended 1/94)
Standard of Practice 17-1
The filing of litigation and refusal to withdraw from it by
REALTORS in an arbitrable matter constitutes a refusal to arbitrate.
(Adopted 2/86)
Standard of Practice 17-2
Article 17 does not require REALTORS to arbitrate in those
circumstances when all parties to the dispute advise the Board
in writing that they choose not to arbitrate before the Board.
(Amended 1/93)
- The Code of Ethics was adopted in 1913. Amended at the Annual
Convention in 1924, 1928, 1950, 1951, 1952, 1955, 1956, 1961,
1962, 1974, 1982, 1986, 1987, 1989, 1990, 1991, 1992, 1993, and
1994.
EXPLANATORY NOTES
The reader should be aware of the following policies which
have been approved by the Board of Directors of the National Association:
In filing a charge of an alleged violation of the Code of Ethics
by a REALTOR, the charge must read as an alleged violation of
one or more Articles of the Code. Standards of Practice may be
cited in support of the charge.
The Standards of Practice serve to clarify the ethical obligations
imposed by the various Articles and supplement, and do not substitute for,
the Case Interpretations in Interpretations of the Code of Ethics.
Modifications to existing Standards of Practice and additional
new Standards of Practice are approved from time to time. Readers
are cautioned to ensure that the most recent publications are
utilized.
*Charges of unethical conduct by members of the National Association
of Realtors are handled by the local Board of Realtors to which
such member belongs. Contact the local Board for more information
about this process.*
Back To Home Page
WebMaster......This Site was developed by WiLTech Computers
© 1999 Copyright wiltechy8