In 1913 the National Association of REALTORS® adopted a Code of Ethics, following the professions of law, medicine, and engineering.
Real estate professionals who have chosen to join the National Association of REALTORS® take an oath to abide by this strict Code of Ethics.
This means that any< REALTOR® (member of the National Association of REALTORS®) you choose to work with has voluntarily agreed to abide by this Code of Ethics, which is based on protection of the public and professionalism.
Should they violate this Code of Ethics, REALTORS® are subject to disciplinary action and sanctions. A complete copy of The Code of Ethics is available by clicking here. This document spells out in detail the professional responsibilities of every REALTOR®. This Code is your assurance that you are dealing with a professional who has your best interests in mind. Do not hesitate to ask a REALTOR® for a copy of the Code.
The basic principles of the Code consist of 17 Articles and the related Standards of Practice. The Code is summarized here for your convenience. Please note that the following is just a summary of the Code’s key principles. Speak with a REALTOR® or contact the local association of REALTORS® nearest you for additional information about the Code of Ethics and its enforcement.
Duties to Clients and Customers
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.
REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.
REALTORS®</strong shall cooperate with other brokers except when cooperation is not in the client’s best interest.
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.
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.
REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client’s knowledge and consent.
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.
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.
REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties.
Duties to the Public
REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. REALTORS® shall not discriminate in their employment practices.
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.
REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.
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.
REALTORS® willingly participate in ethics investigations and enforcement actions.
Duties to REALTORS®
REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.
REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients.
REALTORS® agree to mediate and arbitrate financial disagreements with other REALTORS® and with their clients.