CONDENSED: NAR Code of Ethics and Standards of Practice
How the Articles are organized, and what they deal with:
ARTICLE 1-9: Duties to Clients and Customers.
ARTICLE 10-14: Duties to the Public.
ARTICLE 15-17: Duties to other Realtors.
Customer versus Client: Using the correct term.
Customer: When transacting as a Transaction Broker.
Client: When transacting as a Single Agent.
Deal honestly and fairly.
Submit all offers and counters timely.
Exaggeration, misrepresentation, disclosure.
Advising within the scope of licensure.
Co-operating with other Brokers.
No obligation to share commissions.
No obligation to split commissions 50/50.
Disclosing of real estate licensure, and property ownership interest of self, immediate family, firm, or company.
Realtor shall not provide professional services on a property they have an interest in without disclosing to all affected parties.
Realtor shall not accept third party kickbacks or compensation without full disclosure.
Realtor shall not accept compensation from more than one party without full disclosure to all parties.
Realtor (Broker) may hold escrow, but may not mix with any other funds.
Realtor shall use care, skill, and diligence when dealing with and explaining contracts to customers and clients.
Do not operate outside your real estate scope of engagement.
Honesty in communication and marketing.
Realtor shall not engage in the practice of law in any form.
Realtors must cooperate with Associations regarding ethics and professional standards.
Do not make false/misleading statements regarding other Realtors or Real estate businesses.
Do not interfere with customers or clients that are operating under an exclusive contract with another Realtor.
Realtors must mediate contractual disputes if the Association requires it.
Why did I write this article?
I thought it would be helpful, since all of us Realtors are required to polish up on ethics every four years, for me to write a quick, condensed version of what was covered in class last week.
A a quick disclaimer: Please do not consider this condensed version anything more than class notes, intended to give the reader initial insight on what each article essentially covers. If you've never read the official document, I encourage you to do so (link below). If you find yourself trying to identify whether your moral compass is working properly, then there's a good chance your concern is covered in the official document. Enjoy!