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NAR, or the National Association of Realtors, is asking real estate agents to complete the ethics training requirement necessary for membership. Although this may seem like a review of information you already know, read up on these basics and make sure you know whether you are violating real estate business ethics.
Cracking Down On Ethics -- Be Swift And Honest
Article 1 of the NAR Code of Ethics states that Realtors must put the interests of clients above their own while dealing with all involved parties honestly, which is fairly obvious.
It also says that real estate agents have a duty to submit offers and counteroffers as quickly as possible without bias. Ethically speaking, you should avoid verbally accepting any offers or waiting to put in your offer.
National Association Of Realtors Ethics -- Agreements And Amendments
All contracts, leases and so on must be in writing according to Code of Ethics Article 9, which is the law in most states anyway. You also need to keep documents current by using extensions and amendments.
This means that next time you are dealing with an agent who missed a contractual deadline and tries to produce an extension or amendment for the client afterwards, you need to remind him that the client is violating ethics and failing to follow the agreements terms.
NAR Cracks Down On Ethics -- No False Advertising
Article 12 in the Code indicates that real estate agents need to be truthful about their advertising. You need to always ensure that anything regarding you or your business is current, and if it is not, to change it immediately. This includes keeping up your website, since it presents “accurate” information about your business. Take the time to update it and take off the sold listings.
Every business has its set of rules. With so much uncertainty in the housing market, it pays to reduce risk by being ethical. Go to Realtor.org and find a copy of the code of ethics to check up on some of the details and avoid receiving any formal complaints from other agents.
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