2024 REALTOR Code of Ethics
If there are deferred taxes that have not been paid at the time the property is sold or transferred, the buyer must be notified in writing that there is a lien for deferred taxes on the property.
Summary
The 2024 Realtor Code of Ethics by the National Association of REALTORS® establishes the professional standards and ethical guidelines that REALTORS® must follow to ensure integrity, fairness, and transparency in their real estate practices. Here are the key components:
Preamble:
- Foundation: Emphasizes the importance of land and its wise utilization for the survival and growth of free institutions and civilization.
- Social Responsibility: Highlights the REALTOR®’s obligation to uphold the highest standards of conduct beyond ordinary commerce.
- Professional Integrity: Encourages continuous improvement, sharing knowledge, and upholding the honor and integrity of the real estate profession.
Duties to Clients and Customers:
- Primary Obligation: Protect and promote the interests of clients while treating all parties honestly.
- Full Disclosure: Ensure transparency about market value, benefits of services, and any potential conflicts of interest.
- Confidentiality: Maintain confidentiality of client information even after the termination of a professional relationship.
- Competent Management: Competently manage client properties and exercise due diligence to protect against foreseeable risks.
Duties to the Public:
- Non-Discrimination: Provide equal professional services to all persons regardless of race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.
- Honest Communications: Ensure that all advertising, marketing, and communications are truthful and not misleading.
- Professional Competence: Only provide services within the REALTOR®’s field of competence or seek assistance from qualified professionals.
Duties to REALTORS®:
- Respect for Peers: Avoid making false or misleading statements about other real estate professionals.
- Cooperation: Cooperate with other brokers unless it is not in the client’s best interest.
- Exclusive Relationships: Respect exclusive representation agreements and not solicit clients under such agreements with other REALTORS®.
Arbitration and Dispute Resolution:
- Mediation and Arbitration: Resolve disputes through mediation or arbitration rather than litigation, fostering a cooperative and collegial professional environment.
- Binding Agreements: Adhere to the results of mediation or arbitration, ensuring disputes are handled professionally and ethically.
Updates and Explanatory Notes:
- Regular Revisions: The Code is regularly updated to reflect changes in law, technology, and real estate practices.
- Interpretation and Enforcement: Standards of Practice provide detailed guidance on the ethical obligations imposed by the Code and serve to clarify REALTORS®’ responsibilities.
The 2024 Realtor Code of Ethics upholds the principles of honesty, integrity, and professionalism in real estate transactions, ensuring that REALTORS® act in the best interests of their clients, the public, and their peers. By adhering to these standards, REALTORS® contribute to the trust and reliability of the real estate profession.