Code of Ethics 2017
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The document outlines the Realtor® Code of Ethics, emphasizing the importance of cooperation, honesty, and professional integrity in real estate practices. It details standards of practice regarding disclosure of offers, communication honesty, and refraining from misleading statements about competitors. Realtors® are encouraged to maintain exclusive representation agreements and ensure transparency in their dealings.
Code of Ethics 2017
- 1. The REALTOR® Code of Ethics Real Estate Brokerage Professional Ethics for Residential and Commercial Real Estate Brokerage RE33RC11
- 2. CEU Outline
- 3. Preamble Realizing that cooperation with other real estate professionals promotes the best interests of those who utilize their services, Realtors® urge exclusive representation of clients; do not attempt to gain any unfair advantage over their competitors; and they refrain from making unsolicited comments about other practitioners. In instances where their opinion is sought, or where Realtors® believe that comment is necessary, their opinion is offered in an objective, professional manner, uninfluenced by any personal motivation or potential advantage or gain.
- 4. The term Realtor® has come to connote competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations. Preamble
- 5. Article 1 5 • Standard of Practice 1-15 – REALTORS®, in response to inquires from buyers or cooperating brokers shall, with the sellers’ approval disclose the existence of offers on the property. ¯Where disclosure is authorized, REALTORS® shall also disclose whether offers were obtained by the listing licensee, another licensee in the listing firm or by a cooperating broker.
- 6. Article 1 6 SOP 1-13 5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)
- 7. Article 3 • Standard of Practice 3-1 REALTORS®, acting as exclusive agents or brokers of sellers/ landlords, establish the terms and conditions of offers to cooperate. Unless expressly indicated in offers to cooperate, cooperating brokers may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation. (Amended 1/99) 7
- 9. Article 3 • Standard of Practice 3-6 Realtors® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)
- 12. Article 12 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 ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)
- 14. First Name and personal phone number
- 15. • …shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices. Article 15
- 16. Standard of Practice 15-2 The obligation to refrain from making false or misleading statements about competitors, competitors’ businesses, and competitors’ business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means. (Adopted 1/07, Amended 1/10)
- 17. Standard of Practice 15-3 The obligation to refrain from making false or misleading statements about competitors, competitors’ businesses, and competitors’ business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR® controls once the REALTOR® knows the statement is false or misleading. (Adopted 1/10)
- 18. Article 16 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. (Amended 1/04)
- 19. Standard of Practice 16-13 All dealings concerning property exclusively listed, or with buyer/tenants who are subject to an exclusive agreement shall be carried on with the client’s representative or broker, and not with the client, except with the consent of the client’s representative or broker or except where such dealings are initiated by the client. AND…………..
- 20. Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospects, Realtors® shall ask prospects whether they are a party to any exclusive representation agreement. Realtors® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects’ exclusive representatives or at the direction of prospects. (Adopted 1/93, Amended 1/04)
- 21. Jody O’Brien The RE/Education Company Committed to Professionalism in Real Estate through Education Blog www.reeducator.wordpress.com Presentation www.slideshare.net/ReEducationCompany Social Media www.twitter.com/reeducator www.youtube.com/msreeducator www.facebook.com/reeducator www.linkedin.com/in/reeductor Thank you for Attending