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Standard of Practice 1-10. REALTORS® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises.
The Code prohibits: a. exaggeration¸ misrepresentation and concealment of pertinent facts about the property or the transaction. Licensees can generally rely on the statements of the seller (such as in a Seller Disclosure Statement) unless the licensee has reason to believe the information is not true. a.
The REALTOR® Code of Ethics ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients' best interests. Read the full Code of Ethics and Standards of Practice and access related resources and training.
Learn how NAR’s settlement affects home sellers. The real estate industry has been rampant with unfair practices like proposing unjust property prices, no transaction transparency, etc. To tackle these issues, the National Association of Realtors (NAR) adopted the Code of Ethics in 1913.
The most common code of ethics in real estate is the National Association of REALTORS® (NAR) Code of Ethics. NAR reports that over 1.5 million real estate licensees are REALTORS® and agree to comply with NAR’s Code of Ethics.
The duties the Code of Ethics imposes are applicable whether REALTORS® are acting as agents or in legally recognized non-agency capacities except that any duty imposed exclusively on agents by law or regulation shall not be imposed by this Code of Ethics on REALTORS® acting in non-agency capacities.
REALTORS® are only obligated to discover adverse factors reasonably apparent to someone with expertise in those areas required by their real estate license. Even if a fact is not “pertinent”, Article 1 of the Code of Ethics prohibits intentional misrepresentations by REALTORS®, if directly asked.
Adopted by the NAR as the professional standard of conduct for real estate practitioners in the industry, the Code of Ethics protects the buying and selling public.
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.
Supreme Court of Wisconsin highlights need for developers and property owners to be clear and precise in drafting restrictive covenants in real estate.