ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, April 13, 1996 TAG: 9604160124
SECTION: OPEN HOUSE PAGE: OH-18 EDITION: METRO
SOURCE: LOUISE BAKER PROFESSIONAL STANDARDS CHAIRPERSON
As purchasers consider the first steps in the home-buying process, one of the most important decisions will be is deal with a REALTOR, not just someone who is licensed to sell real estate.
Look for the REALTOR "R" on all the firm's advertising. This registered trademark means that the firm and the agents have agreed to adhere to a code of ethics as set forth by the National Association of REALTORS.
The code of ethics was first adopted in 1913 and made a requirement of membership in 1924. The original draft of the code had 35 articles and over the years has been continually updated and condensed to 17.
The REALTOR code of ethics is designed to give real estate agents guidance in 3 different areas.
Duties to customers and clients
Duties to the public
Duties to fellow REALTORS
From the code of Ethics preamble. . .
"In recognition and appreciation of the obligation to clients, customers, the public, and each other, REALTORS continuously strive to become and remain informed on issues affecting real estate and as knowledgeable professions, they willingly share the fruit of their experience and study with others. They identify and take steps, through enforcement of this Code of Ethics and by assisting appropriate regulatory bodies to eliminate practices which may damage the public or which might discredit or bring dishonor to the real estate profession . . ."
The basic principles of the code:
Protect and promote your client's interest, but be honest with all parties.
Avoid exaggeration, misrepresentation and concealment of pertinent facts.
Cooperate with other real estate professionals to advance your client's best interest.
When buying or selling, make your position in the transaction or interest known.
Disclose present or contemplated interest in any property to all parties.
Avoid side deals without your client's informed consent.
Accept compensation from only one party, except with full disclosure and informed consent.
Keep the funds of clients and customers in escrow.
Assure, whenever possible, that transactional details are in writing.
Provide equal service to all clients and customers.
Be knowledgeable and competent in the fields of practice in which you ordinarily engage.
When providing service in fields you are unfamiliar with, obtain assistance from a knowledgeable professional or, at a minimum, disclose your lack of expertise to your client
Present a true picture in your advertising and other public representations.
Do not engage in the unauthorized practice of law.
Be a willing participant in Code enforcement procedures.
Ensure that your comments about other real estate professionals are truthful, and not misleading.
Respect the agency relationships of other REALTORS.
Arbitrate contractual disagreements with other and REALTORS and with your clients.
From the code preamble . . .
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. No inducement of profit and no instruction from clients can ever justify departure from this ideal.
In the interpretation of this obligation, REALTORS can take no safer guide than that which has been handed down through the centuries, embodied in the Golden Rule, "Whatsoever ye would that others should do to you, do ye even so the them."
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