Though the two terms are often used interchangably, real estate agents and REALTORS have different connotations. While both types of real estate professionals help clients buy and sell property in a similar fashion, REALTORS are members of the National Association of REALTORS. Retaining membership to this prestigious organization requires a strict adherence to seventeen tenets of ethical behavior in real estate transactions.
While evaluating the ethical behavior if each individual real estate professional would prove impossible and the morality of each REALTOR is not guaranteed, it is fact that unaffiliated real estate agents are not required to conform to these policies.
The Seventeen Commandments of REALTORS
1. Treat your clients, buyers, sellers, landlords, or tenants, fairly and honestly while protecting and promoting their interests.
2. Do not misrepresent, exaggerate, or lie about any property. However, you are not responsible for latent defects or providing advice unrelated to real estate. 3. Cooperate with other brokers, except when cooperation is not in your clients best interest. 4. If you have any personal interest in the property (for yourself, friends, family, or co-workers), you must tell the property owner. If selling your own home, you must reveal this information to the buyer. 5. Do not represent a property of which you have marked interest without disclosing this information to all affected parties. 6. Do not take any commissions or additional fees for favors or recommendations without notifying the client when these costs are first mentioned. 7. Do not accept compensation from more than one party per transaction without prior approval from all parties involved.
8. Keep your personal assets in a separate account from your professional funds.
9. Make sure all agreements and contracts are written explicitly in laymens terms that all clients will understand. After signing, give each party a copy of the contract. 10. Do not discriminate based on race, color, religion, gender, handicap, familial status, or national origin. 11. Conform to quality standards of the specific type real estate transaction. Do not undertake a job if it is outside of your field without the assistance of a professional competent in said field. 12. Represent yourself honestly to the public, clearly stating your professional status. 13. Do not pretend you are a lawyer. 14. Cooperate, be honest, and present all facts if you are charged with unethical practice. Do not disrupt the proceedings. 15. Do not engage in slanderous activity against competitors. 16. Do not interfere with other REALTORS exclusive relationships with their clients. 17. In the event of a dispute, go to the REALTOR board for arbitration rather than going to a regular legal court.
Information provided from Realtor.org.
While evaluating the ethical behavior if each individual real estate professional would prove impossible and the morality of each REALTOR is not guaranteed, it is fact that unaffiliated real estate agents are not required to conform to these policies.
The Seventeen Commandments of REALTORS
1. Treat your clients, buyers, sellers, landlords, or tenants, fairly and honestly while protecting and promoting their interests.
2. Do not misrepresent, exaggerate, or lie about any property. However, you are not responsible for latent defects or providing advice unrelated to real estate. 3. Cooperate with other brokers, except when cooperation is not in your clients best interest. 4. If you have any personal interest in the property (for yourself, friends, family, or co-workers), you must tell the property owner. If selling your own home, you must reveal this information to the buyer. 5. Do not represent a property of which you have marked interest without disclosing this information to all affected parties. 6. Do not take any commissions or additional fees for favors or recommendations without notifying the client when these costs are first mentioned. 7. Do not accept compensation from more than one party per transaction without prior approval from all parties involved.
8. Keep your personal assets in a separate account from your professional funds.
9. Make sure all agreements and contracts are written explicitly in laymens terms that all clients will understand. After signing, give each party a copy of the contract. 10. Do not discriminate based on race, color, religion, gender, handicap, familial status, or national origin. 11. Conform to quality standards of the specific type real estate transaction. Do not undertake a job if it is outside of your field without the assistance of a professional competent in said field. 12. Represent yourself honestly to the public, clearly stating your professional status. 13. Do not pretend you are a lawyer. 14. Cooperate, be honest, and present all facts if you are charged with unethical practice. Do not disrupt the proceedings. 15. Do not engage in slanderous activity against competitors. 16. Do not interfere with other REALTORS exclusive relationships with their clients. 17. In the event of a dispute, go to the REALTOR board for arbitration rather than going to a regular legal court.
Information provided from Realtor.org.
