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January 13, 2019

Code of Ethics


Word of the day

Code of Ethics

A written system of standards of ethical conduct. Real estate brokerage is a profession, an occupation that requires special skill and advanced training. Because of the nature of the relationship between a broker and a client or other persons in a real estate transaction, a high standard of ethics is needed to ensure that brokers act in the best interests of both their principal and any third parties. 

Most professional organizations incorporate a set of self-governing rules that also include the application of penalties for inappropriate behavior or negligence. Although technically only members are held to these standards, increasingly, courts look to the profession’s code of ethics. 

Members of the National Association of REALTORS® (NAR) subscribe to a code of ethics that is in a constant state of flux. NAR has published the booklet Interpretation of the Code of Ethics, applying the code to practical situations. There are also approved Standards of Practice, which interpret some of the articles of the Code of Ethics, which may be cited as additional support for alleged violations of the code. REALTORS® are required to complete ethics training within each four-year cycle. The Code is available in six languages: English, Chinese, Korean, Spanish, Tagalog, and Vietnamese at www.realtor.org.
 

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