“broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 1/95, Amended 1/07)
• Standard of Practice 1-3
Realtors®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.
• Standard of Practice 1-4
Realtors®, when seeking to become a buyer/tenant representative, shall not mislead buyers or tenants as to savings or other benefits
that might be realized through use of the Realtor®’s services.
(Amended 1/93)
• Standard of Practice 1-5
Realtors® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties. (Adopted 1/93)
• Standard of Practice 1-6
Realtors® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
• Standard of Practice 1-7
When acting as listing brokers, Realtors® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. Realtors® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. Realtors® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)
• Standard of Practice 1-8
Realtors®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Realtors®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)
• Standard of Practice 1-9
The obligation of Realtors® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency relationship or non-agency relationship recognized by law continues after termination of agency relationships or any non-agency relationships recognized by law. Realtors® shall not knowingly, during or following the termination of professional relationships with their clients:
1) reveal confidential information of clients; or
2) use confidential information of clients to the disadvantage of
clients; or
3) use confidential information of clients for the Realtor®’s
advantage or the advantage of third parties unless:
a) clients consent after full disclosure; or
b) Realtors® are required by court order; or
c) it is the intention of a client to commit a crime and the information
is necessary to prevent the crime; or
d) it is necessary to defend a Realtor® or the Realtor®’s employees
or associates against an accusation of wrongful conduct.
Information concerning latent material defects is not considered confidential information under this Code of Ethics. (Adopted 1/93, Amended 1/01)
• Standard of Practice 1-10
Realtors® shall, consistent with the terms and conditions of their real estate licensure and their property management agreement, competently manage the property of clients with due regard for the rights, safety and health of tenants and others lawfully on the premises. (Adopted 1/95, Amended 1/00)
• Standard of Practice 1-11
Realtors® who are employed to maintain or manage a client’s property shall exercise due diligence and make reasonable efforts to protect it against reasonably foreseeable contingencies and losses. (Adopted 1/95)
• Standard of Practice 1-12
When entering into listing contracts, Realtors® must advise sellers/ landlords of:
1) the Realtor®’s company policies regarding cooperation and the
amount(s) of any compensation that will be offered to subagents,
buyer/tenant agents, and/or brokers acting in legally recognized
non-agency capacities;
2) the fact that buyer/tenant agents or brokers, even if compensated by
listing brokers, or by sellers/landlords may represent the interests of
buyers/tenants; and
3) any potential for listing brokers to act as disclosed dual agents,
e.g. buyer/tenant agents. (Adopted 1/93, Renumbered 1/98,
Amended 1/03)
• Standard of Practice 1-13
When entering into buyer/tenant agreements, Realtors® must advise potential clients of:
1) the Realtor®’s company policies regarding cooperation;
2) the amount of compensation to be paid by the client;
3) the potential for additional or offsetting compensation from other
brokers, from the seller or landlord, or from other parties;
4) any potential for the buyer/tenant representative to act as a
disclosed dual agent, e.g. listing broker, subagent, landlord’s agent,
etc., and
5) the possibility that sellers or sellers’ representatives may not treat
the existence, terms, or conditions of offers as confidential unless
confidentiality is required by law, regulation, or by any
confidentiality agreement between the parties. (Adopted 1/93,
Renumbered 1/98, Amended 1/06)
• Standard of Practice 1-14
Fees for preparing appraisals or other valuations shall not be contingent upon the amount of the appraisal or valuation.
(Adopted 1/02)
• Standard of Practice 1-15
Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, Realtors® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)
Article 2
Realtors® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction. Realtors® shall not, however, be obligated to discover latent defects in the property, to advise on matters outside the scope of
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