Getting confused or forgetting what the specific articles are in NAR’s Code of Ethics? Here’s a simple breakdown of the code by section:
In summary, here are the main takeaways from each section of articles:
- Articles 1-9: 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 to the client 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. 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, or to advise on matters outside the scope of their real estate license. And, finally, make sure all agreements made – listing and representation agreements, purchase contracts and leases – are in writing in clear and understandable language expressing the specific terms and conditions.
- Articles 10-14: Agents will not discriminate, and will provide to their clients and customers the standards of practice and competence, which are reasonably expected. Agents will be honest and truthful, and ensure that their status as real estate professionals is readily apparent in their advertising, marketing and other representations
- Articles 15-17: Agents should not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses or their business practices. When it comes to contractual disputes between agents with different firms, the dispute will be put in front of the board, which will require its members to mediate and come to a decision. If the dispute is not resolved through mediation, or if mediation is not required, agents can submit the dispute to arbitration in accordance with the policies of their board, rather than litigate the matter.
Also: How can you prevent agent lawsuits? Click here to find out.