Important Things You Need to Know about the Realtors Code of Ethics
Find the complete Code of Ethics along with information on education and arbitration at the National Association of Realtors website.
Selling your own property
REALTORS® must disclose their true position to prospective buyers when listing a property that they have any ownership interest in. In presenting offers for themselves, an immediate family member or any entity in which they have ownership, REALTORS®must also comply with this requirement. This disclosure must be given in writing before a contract is signed. In addition, assuming the REALTOR®is acting in his or her licensed capacity, the broker or agent may want to provide a No Brokerage Relationship Agency Disclosure to the other party. (REALTORS® Code of Ethics, Article 4, Standard of Practice 4-1).
Contacting a seller directly
If an exclusive agency agreement has been entered into, a REALTOR® working as a buyer’s agent may communicate with the seller only through the listing office. If the agent wishes to communicate with the seller directly, he or she must get permission from the listing brokerage. We recommend that they get this permission in writing. (REALTORS® Code of Ethics, Article 16, Standard of Practice 16-13)
Dual/variable rate commission
A dual or variable rate commission arrangement is a listing where one amount of commission is payable if the listing broker’s firm is the procuring cause of sale/lease and a different amount of commission is payable if the sale/lease results through the efforts of the seller/landlord or a cooperating broker. (REALTORS® Code of Ethics, Article 3, Standard of Practice 3-4)