The following is a summary of the REALTORÂ® Code of Ethics.
The NATIONAL ASSOCIATION OF REALTORSÂ® adopted the Code of Ethics in 1913, following the professions of medicine, law, and engineering. REALTORSÂ® are real estate professionals who have chosen to join the National Association and abide by its strict Code of Ethics.
What does this mean to you?
It means that any REALTORÂ® with whom you work has voluntarily agreed to abide by a Code of Ethics, based on professionalism and protection of the public. REALTORSÂ® are subject to disciplinary action and sanctions if they violate the duties imposed by the Code of Ethics.
The Code of Ethics is a detailed document that spells out the professional responsibilities of every REALTORÂ®. Do not hesitate to ask a REALTORÂ® for a copy of the Code, including the Standards of Practice. The Code is your assurance of dealing with a professional who has your best interests in mind.The Code of Ethics consists of seventeen Articles and related Standards of Practice. The basic principles of the Code are summarized below.
Please note that the following is not a substitute for the Code, but simply a general overview of the Codeâ€™s key principles. For additional information about the Code of Ethics and its enforcement, speak with a REALTORÂ® or contact the local association of REALTORSÂ® nearest you.
Duties to Clients and Customers
REALTORSÂ® protect and promote their clientsâ€™ interests while treating all parties honestly.
REALTORSÂ® refrain from exaggeration, mis-representation, or concealment of pertinent facts related to property or transactions.
REALTORSÂ® cooperate with other real estate professionals to advance their clientsâ€™ best interests.
When buying or selling on their own account or for their families or firms, REALTORSÂ® make their true position or interest known.
REALTORSÂ® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.
REALTORSÂ® disclose any fee or financial benefit they may receive from recommending related real estate products or services.
REALTORSÂ® receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.
REALTORSÂ® keep entrusted funds of clients and customers in a separate escrow account.
REALTORSÂ® make sure that contract details are spelled out in writing and that parties receive copies.
Duties to the Public
REALTORSÂ® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, or national origin.
REALTORSÂ® 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.
REALTORSÂ® paint a true picture in their advertising and in other public representations.
REALTORSÂ® do not engage in the unauthorized practice of law.
REALTORSÂ® willingly participate in ethics investigations and enforcement actions. Duties to REALTORS
REALTORSÂ® make only truthful, objective comments about other real estate profes-sionals.
Respect the exclusive representation or exclusive brokerage relationship agreements that other REALTORSÂ® have with their clients.
REALTORSÂ® arbitrate financial disagreements with other REALTORSÂ® and with their clients.
Categories: Bennington VT, REALTORÂ® Code of Ethics