As a home buyer or seller you should know that all Realtors® are bound by a strict Code of Ethics that was designed to protect you as a consumer. In your dealings with any Realtor®, you should feel confident that you are being dealt with fairly and honestly. Every agent must make a commitment to adhere to a set of rules which are guidelines for dealing with the public as well as with each other.
The Code of Ethics contains 17 Articles and is quite in-depth. As a primer for these tenets, here are some basic guidelines:
Article 1 states that when "representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client."
The agent's first and foremost obligation is to their contractual client; however, this does not relieve their responsibility to treat all parties fairly.
Article 2 - "Realtors® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating the property or to a transaction."
Article 3 covers the fact that "Realtors® must cooperate with other brokers with the exception of cases in which it may not be in the client's best interest."
This rule does not make it mandatory that they compensate other brokers but cooperation involves allowing other agents to show properties that are on the market and show basic cooperation with other real estate agents.
Article 12 states that "Realtors® shall be honest and truthful in their real estate communications and shall present a true picture of themselves in their advertising, marketing, and other representations."
Smart consumers realize that exaggeration and unrealistic claims should be looked upon with a discerning eye.
Article 15 spells out that "Realtors® shall refrain from making false or misleading statements about competitors, competitors' businesses and competitors' business practices."
In today's world of electronic media, it is also the duty of such an agent to publish a clarification or remove any such statements made at once.
In 2013, the NAR Code of Ethics will turn 100 but the relevancy of the issues that it covers has remained constant throughout the years. With periodic updates, the code is there to assure you, the consumer, that when you are working with a professional Realtor® you can rest assured that there are important guidelines that are being followed to be make certain that agents are acting in your best interest and in the best interest of the industry as a whole.
Copyright 2009 - Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
Your Buyer Broker for Massachusetts Since 1992
MLS Property Search With No Registration Required
Ashland, Holliston, Hopkinton, Natick, Newton, Northborough, Framingham, Shrewsbury, Sherborn, Southborough, Sudbury, Wayland, Westborough
Comments(89)