The six most challenging articles in the NAR Code of Ethics
- Article 1: Fiduciary duty
To “protect and promote” the client’s interest is to focus on what’s best for the client you represent while being honest with all parties. This includes short sales and foreclosures..
- Article 2: Disclosure of pertinent or material facts
Property condition disclosures are amust. Make sure property defects and adverse factors are disclosed to the buyer or tenant. One way to do this is with the seller property disclosure. Make sure you know all the items that are considered pertinent and material facts.
- Article 3: Cooperation with other brokers
“Cooperation” is not about being polite and is not a synonym for “compensation.” Standard of Practice 3-10 defines cooperation as sharing information about listings and making listings available for showings.
- Article 9: Written agreements
The basic idea of Article 9 is to get everything in writing. Sometimes buyers and sellers have different notions of what should be included or excluded from the sale or lease. Always make sure these inclusions and exclusions are written into the transaction documents so that the parties are not relying on flyers, brochures, disclosure statements, or MLS listing information.
- Article 12: True picture
Always present a true picture in your advertising, marketing, and other representations. This mandate applies not just to traditional marketing but also to Facebook, Google+, Twitter, texts, and other social media. Check out Standard of Practice 12-5 for guidance on the right way to present your identity as a real estate professional in social media venues.
- Article 16: Noninterference
Noninterference covers those difficult “solicitation” and “dealings” issues related to another REALTOR®’s exclusively represented client. While there are exceptions, the Code’s key principle is not to deal directly with or solicit someone involved in an exclusive agreement with another REALTOR®.
If you are looking to buy or sell a home in the Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors