In a transaction, REALTORS® shall not accept compensation from more than one party, even if permitted by law, without disclosure to all parties and the informed consent of the REALTOR®’s client or clients. The filing of litigation and refusal to withdraw from it by REALTORS® in an arbitrable matter constitutes a refusal to arbitrate. Called the "Golden Rule" by the original authors, it consists of 17 articles and standards of practice intended to enhance professionalism and uphold the goal of protecting the public.NAR members are required to complete their ethics training within one year of joining the association. When seeking information from another REALTOR® concerning property under a management or listing agreement, REALTORS® shall disclose their REALTOR® status and whether their interest is personal or on behalf of a client and, if on behalf of a client, their relationship with the client.REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. Agents should also be careful not to provide "specialized services" in fields they are not competent. REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. Because clients trust real estate agents with the largest financial decisions of their lives, agents at that time — and even today — wanted a way to signal their professionalism. They wanted to say, “We can be trusted.” Today, the National Association of REALTORS® adheres by a modernized version of the code which you can view in its entirety While the code is helpful for all real estate agents, the specific NAR code is something that licensed REALTORS® subscribe to. REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client’s knowledge and consent.When recommending real estate products or services (e.g., homeowner’s insurance, warranty programs, mortgage financing, title insurance, etc. REALTOR® firm websites shall disclose the firm’s name and state(s) of licensure in a reasonable and readily apparent manner.Websites of REALTORS® and non-member licensees affiliated with a REALTOR® firm shall disclose the firm’s name and that REALTOR®’s or non-member licensee’s state(s) of licensure in a reasonable and readily apparent manner. The original Code of Ethics (drafted, ahem, for quote “Real Estate Men,” ironic considering now 63% of all Realtors are female) was adopted in 1913 as a much leaner list of rules. REALTORS® shall keep in a special account in an appropriate financial institution, separated from their own funds, monies coming into their possession in trust for other persons, such as escrows, trust funds, clients’ monies, and other like items.
However, REALTORS® must exercise care and candor in any such advertising or other public or private representations so that any party interested in receiving or otherwise benefiting from the REALTOR®’s offer will have clear, thorough, advance understanding of all the terms and conditions of the offer. It is fine to offer property management services to the existing client of an agent who is offering brokerage services, for example.A code of ethics is not the same as federal or state law in real estate.
NAR’s strict code of ethics differentiates its members from real estate agents who do not belong to a board. REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties.
In cooperative transactions REALTORS® shall compensate cooperating REALTORS® (principal brokers) and shall not compensate nor offer to compensate, directly or indirectly, any of the sales licensees employed by or affiliated with other REALTORS® without the prior express knowledge and consent of the cooperating broker.REALTORS®, acting as subagents or buyer/tenant representatives or brokers, shall not use the terms of an offer to purchase/lease to attempt to modify the listing broker’s offer of compensation to subagents or buyer/tenant representatives or brokers nor make the submission of an executed offer to purchase/lease contingent on the listing broker’s agreement to modify the offer of compensation. The offering of any inducements to do business is subject to the limitations and restrictions of state law and the ethical obligations established by any applicable Standard of Practice.
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real estate code of ethics