Why Use A REALTOR®
Not every real estate agent or broker is a REALTOR®. That term and the familiar Block R logo are trademarked by the National Association of Realtors® and can only be used by those that are REALTOR® members through their local association of REALTORS®.
While all REALTORS® are state-issued licensees as agents or brokers, the major difference between a “real estate licensee” and a REALTOR® is that REALTORS® have taken an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Non-member licensees have taken no such oath and are not morally bound to the ethical practices and principles set for in the REALTOR® Code.
For that extra measure of peace of mind, ensure the individual seeking to represent you is both a real estate licensee and a REALTOR®.
REALTORS® Pledge of Performance and Service
- The National Association of REALTORS® adopted the Code of Ethics in 1913, following the professions of medicine, law and engineering.
- REALTORS® are Real Estate Professionals who have chosen to join the National Association and abide by its strict Code of Ethics based on professionalism and protection of the public.
- REALTORS® are subject to disciplinary action and sanctions if they violate the duties imposed by the Code of Ethics.
- The Code of Ethics is a detailed document that spells out the professional responsibilities of every REALTOR®.
- Do not hesitate to ask a REALTOR® for copy of the Code including the Standards of Practice. The Code is your assurance of dealing with a professional who has your best interests in mind.
- The Code of Ethics Consists of 17 Articles and related Standards of Practice. The basic principles of the Code are summarized below.
- Please note that the following is not a substitute for the Code but simply a general overview of the Code’s key principles. For Additional information about the Code of Ethics and its enforcement, speak with a REALTOR or contact the local association of REALTORS® nearest you.
Duties to Clients and Customers
- Article 1: REALTORS® protect and promote their clients’ interests while treating all parties honestly.
- Article 2: REALTORS® refrain from exaggeration, misrepresentation, or concealment of pertinent facts related to properties or transactions.
- Article 3: REALTORS® cooperate with other Real Estate professionals to advance their clients’ best interests.
- Article 4: When buying or selling on their own account or for their families or firms, REALTORS® make their true position or interest known.
- Article 5: REALTORS® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.
- Article 6: REALTORS® disclose any fee or financial benefit they may receive from recommending real estate products or services.
- Article 7: REALTORS® receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.
- Article 8: REALTORS® keep entrusted funds of clients and customers in a separate escrow account.
- Article 9: REALTORS® make sure the contract details are spelled out in writing and that parties receive copies.
- Article 10: REALTORS® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, or national origin.
- Article 11: REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional, or disclose any lack of expertise to their client.
- Article 12: REALTORS® paint a true picture in their advertising and in other public representations.
- Article 13: REALTORS® do not engage in unauthorized practice of law.
- Article 14: REALTORS® willingly participate in ethics investigations and enforcement actions.
- Duties to REALTORS®
- Article 15: REALTORS® make only truthful, objective comments about other real estate professionals.
- Article 16: Respect the exclusive brokerage relationship agreements that other REALTORS® have with their clients.
- Article 17: REALTORS® arbitrate financial disagreements with other REALTORS® and with their clients.