The REALTOR®’s Code of Ethics and Why It Is So Important
The REALTOR®’s code of ethics is one of the best safety measures that ensure the protection of both buyers and sellers of real estate properties. REALTORS® have to respect this code and make sure that they abide by the rules, a thing which makes them preferable to common real estate agents.
What is a REALTOR®?
A REALTOR® is a member of the National Association of REALTORS®, which is by far the largest real estate association in the United States. While many people use the terms REALTOR® and real estate agent interchangeably, the truth is that they are not the same. A REALTOR® is a person who not only is a member of the prestigious NAR, but he is also bound by stricter rules, making him a much better choice. All REALTORS® must abide by the code of ethics and swear to protect the interests of the persons they work for.
The Code of Ethics
The Code of Ethics is 17 articles long, and it contains detailed rules and standards of conduct. The purpose of the code is to ensure that all REALTORS® will act accordingly to a strict set of rules that will both protect the prestigious image of the National Association of REALTORS® while also making sure their clients are protected by acting with competency, integrity and fairness.
Protecting the interests of the client
The first and most important part of the Code of Ethics is the principle that binds REALTORS® to act only in ways that protect all the interests of the client. The REALTOR® must use all his available knowledge and experience and act in the best interest of the client in all transactions that require either selling or buying real estate properties.
The first article from the Code of Ethics is about this principle, emphasizing that it is not only a code, but the very duty of the REALTOR® to conduct activities that work towards obtaining the best results possible for the client. The rest of the articles complete this principle with specifications that are meant to aid the REALTOR® in accomplishing this task.
A few standards and practices
Some of the main standards set by the Code of Ethics deal with honesty, cooperation to the best interest of the client, and nondiscriminatory work. The REALTOR® must first provide an honest representation to the client by disclosing property issues according to the laws and making sure that he will establish good communication while not exaggerating or concealing any information that might provide a disadvantage to the client.
The REALTOR® will also need to cooperate with other real estate brokers in order to obtain the best possible arrangement for the client. Another important conduct deals with the necessity to act nondiscriminatory and to represent all clients equally, regardless of color, race, gender, nationality or status.
The REALTOR®’s code of ethics is extremely important to buyers and sellers of real estate properties, as it protects their interests and ensures that the REALTOR® hired will try to represent them in the best way possible.