Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, May 16, 1993 TAG: 9305180139
SECTION: AMERICAN HOME WEEK PAGE: 4 EDITION: METRO
SOURCE: By ANNE PIEDMONT
DATELINE: LENGTH: Medium
REALTORs are held accountable to the Code of Ethics, which is enforceable by the local REALTORs association, of which they are members.
"It is a duty of membership," said Steve Hoover, a Roanoke Valley REALTOR. The code covers "everything you'd do as a REALTOR." The 23 Articles and Standards of Practice provide a guide to which a REALTOR may turn in the course of doing business.
The code, Hoover said, "is written for the protection of the public," and it also sets forth the way REALTORs must conduct their business. The `'acid test" for any part of the code is: "Is it (a particular practice) good for the public?" The Code addresses the qualities of fairness, honesty, knowledge, competency, service to the community and protection of the individual right of real estate ownership and how they fit into the business of real estate.
"Everything in it, even to a lay person reading it, makes perfect sense," Hoover said. "It is basically a guide to fair business practices."
"It tells REALTORs how to treat clients, how to treat fellow REALTORs and how to operate a business," said Laura Benjamin of the Roanoke Valley Association of REALTORs.
The code has been around since the early 1900s, Hoover said, and though it has been amended from time to time, it is the same document.
The Standards of Practice contained in the code give the REALTOR specific instructions as to how to behave in certain circumstances or how to handle various situations. Standards are interpreted at the national level, but enforced locally - "rigidly enforced in the Roanoke Valley," says Hoover.
When he teaches the code to fellow REALTORS, he advises them that if they are concerned that a certain practice might be unethical, it probably is. When in doubt, look it up in the code.
Benjamin says she often hears that for the public - for whose benefit the code is written - knowing that a real estate agent is a REALTOR and that he or she is accountable, the Code of Ethics is a measure of comfort and security.
For instance, because the code covers advertising practices, buyers can feel secure that nothing about the property has been misrepresented. Sellers know that the REALTOR cannot advertise without permission.
"The code provides guidance to the REALTOR and to the public," Benjamin said. "It's an extra level of protection. That protection comes in the way the code is enforced. The Grievance and Professional Standards Committees ensure that the code is not an empty promise.
Should a complaint about a REALTOR be received, either from the public or a fellow REALTOR, the Grievance Committee is the first step in investigating any complaint. Once a complaint is made, it is investigated by a committee member who talks to the parties involved. After all the information is gathered, the committee votes on whether there is a possible violation. It does not determine guilt or blame, just that a violation may have taken place.
If the Grievance Committee finds cause to believe a violation has occurred, the case is referred to the Professional Standards Committee. That committee also arbitrates disputes between REALTORS over commissions.
In the case of a possible ethics violation, Professional Standards heres from both sides and then determines sanctions. Sanctions can range from a letter of reprimand to expulsion. The violator also can be fined, suspended or sent to a training class. The committee cannot, however, award damages.
Parties appearing before Professional Standards may be represented by an attorney - and often are - and may produce witnesses and documentation. The Grievance Committee also may help a member of the public frame his or her complaint.
by CNB