Real Estate Agent's Code of Ethics
Real estate professionals who are members of NAR, the National Association of Realtors, register to some well-established and honored code of integrity. NAR’s strict code of ethics distinguishes its members from realtors who do not belong to a board. NAR’s code is often accepted by professionals, attorneys and consumers alike as the indicator of true professionalism in the real estate market.
NAR adopted its code of ethics in 1913, following the standards established in the professions of medicine, law and engineering. Called the”Golden Rule” by the original writers, it consists of 17 articles and standards of practice intended to boost professionalism and uphold the objective of protecting the general public.
NAR members are required to finish their integrity training within a year of joining the institution. Additionally, it is compulsory that all NAR members continue their training by completing a code of ethics course of less 2 1/2 hours of instructional time once every four decades.
The code of ethics is a comprehensive article that details about the professional responsibilities of an NAR member. These professionals are subject to punitive sanctions and activities if they disregard the NAR code.
Having a professional code of ethics affects real estate practices and consumers in numerous ways. When working with an NAR member who adheres to the code of integrity, you can expect honesty and integrity from a broker who is knowledgeable and competent in his field. Additionally, National Association of Realtors members who are dedicated to their profession and upholding the integrity of their industry are enthusiastic in their efforts to preserve and advance those criteria. They adopt a frequent duty with their fellow associates for ethics and honor.
Here is a sample of the NAR code of integrity’ key principles: Duties to Clients and Customers Article 1–Safeguard and promote customers’ interests while treating all parties honestly. Article 2–Refrain from exaggeration, misrepresentation or concealment of pertinent facts related to property or transactions. Duties to the Public Article 10–Give equivalent professional service to all customers and clients irrespective of race, colour, religion, sex, handicap, familial status or national origin. Obligations to NAR members Article 15–Be just truthful, objective comments about other real estate professionals.
The NAR code of ethics institutes responsibilities that often may be greater than those mandated by governing laws. In any situation where the code of ethics and the law clash, the obligations of the law should always take priority.