All You Need to Know About NAR’s 2018 Code of Ethics & Standards of Practice
The National Association of Realtors (NAR) requires all its members to take a short course on its code of ethics every 2 years (earlier it was quadrennial). As a real estate agent, it’s important to stay up-to-date on these regulations, as customers love to work with professionals who are ethical. If you have taken this course, it tells your clients that you are a trusted and reliable individual with a certain level of commitment to your profession. Here are the biggest takeaways of 2018 Code of Ethics & Standards of Practice from NAR. There are 17 articles in this Code of Ethics that are divided into three categories: Duties to clients - Realtors have a primary responsibility to guard the interests of their clients. They should treat clients honestly and fairly. They should not mislead clients about the fair market value of a property, and should always reveal how clients can save money through their services. They should neither conceal nor exaggerate facts about a property. Duties to the public - Realtors cannot discriminate on the basis of religion, age, sex, or race of a buyer or seller. They should not publish misleading advertisements claiming special competency when they have none. They also should not provide legal advice, as it is prohibited. Duties to other realtors - Realtors should not say bad things about competitors in a bid to get more business. They cannot call up clients of other realtors to impress them in a bid to become their agents. The biggest takeaways of 2018 Code of Ethics from NAR.
Promote interests of your client but treat everyone in a fair and honest manner
Avoid exaggeration, misinterpretation, and concealment of details about a property or transaction.
Cooperate with other realtors.
They should spell out all details about a contract in writing.
They should treat all their clients equally and they should not deny service on grounds of religion, sex, colour of skin, and family status.
They should give accurate information about their competencies in their advertisements.
They should avoid making negative comments about other realtors in front of their clients.
One important factor about the code of ethics is that it is only a set of guidelines, not laws. As such they are not binding upon members of NAR. However, in case of a doubt or conflict of interest, realtors should consult these articles to follow the right course of action.