What to expect from a Realtor and the ‘Code of Ethics’!
A common misconception among consumers is that real estate agents and Realtors are the same term or title. To use the trademarked title of "Realtor," a real estate licensee must officially join the National Association of Realtors, which represents 1.3 million members. A Realtor must:
- Hold an active real estate license in their state and be part of a real estate firm in their state.
- Have no civil judgments imposed on them in the past seven years.
- Provide mitigating factors for the association to consider if there's been any history of criminal convictions in the past seven years.
- Agree to continuously adhere to the Realtor Code of Ethics.
Abiding by the Code of Ethics is required of all Realtors -- but not real estate agents in general. A real estate licensee agrees to follow the code at the time of their application to become a NAR member.
Code of Ethics:
Duties to Clients and Customers
Article 1: Protect the best interests of the client.
Article 2: No misrepresentation, exaggeration, or hiding facts about the property at hand.
Article 3: Realtors should cooperate with each other unless it's not in the best interest of the client.
Article 4-5: Disclose any personal interest in a property.
Article 6-8: No recommending services for a kickback or collecting money under the table. Keep client funds separate from your own.
Article 9: All documents pertaining to the transaction should be presented to the buyer/seller in understandable terms.
Duties to the Public
Article 10: No denying services on the basis of discrimination.
Article 11: Provide clients with competent services only within a Realtor's professional scope.
Article 12: No false or misleading advertising.
Article 13: Don't break the law.
Article 14: Cooperate with the Realtor board's investigative proceedings if charged with a violation.
Duties to Realtors
Article 15: No false or misleading statements about other Realtors.
Article 16: Don't solicit clients that have already signed an exclusive listing agreement with another Realtor.
Article 17: Contractual disputes will be mediated or arbitrated by the Realtor Board.
The Realtors at Vogel Realty Services Team are always here for you!