Code of Ethics of the National Association of Realtors
The National Association of Realtors requires its members to operate under the principles detailed in its formal Code of Ethics. The Code of Ethics incorporates 17 separate articles, most with subsections as detailed at the NAR website. Overall, the code seeks to ensure that Realtors act in such a way as to maintain the public perception of Realtors as conducting themselves with fairness, competency and high integrity.
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Client Interest
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A primary element of the National Association of Realtors Code of Ethics involves the principle that the Realtor always acts, to the full extent of his available knowledge, experience and belief, in the best interest of the clients he represents in any dealings regarding the sale or purchase of a real property or properties. Article 1 of the Code of Ethics summarizes this duty on a Realtor's part, and the remaining articles spell out specifics of conduct geared to accomplishing this objective.
Honesty
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A key element of the Realtor's code of ethics involves honest representation. This element includes such things as disclosing property issues mandated under disclosure laws so as to ensure the sellers act within the law, communicating with sellers about possible obstacles to a sale, and avoiding misrepresentations, exaggerations or concealment of pertinent facts relative to a property. This element also requires that real estate agents refrain from exaggeration or misrepresentation in terms of advertising their services or that of the firm they represent.
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Cooperation
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The real estate agent's code of ethics also provides for a requirement that, except in instances when cooperation goes against the client's best interest, an agent will work in cooperation with other brokers. This principle can have application to different brokers in the same real estate brokerage working together. The principle can also apply to such an instance as a seller's broker and a buyer's broker working cooperatively to get the best purchase and sale arrangement possible that will benefit all involved parties.
Nondiscriminatory Work
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The Realtor's code of ethics also requires that agents work with the public in a nondiscriminatory way. That is, the code of ethics binds a Realtor to represent all potential clients on an equal basis, regardless of family status, national origin, color, race, gender or handicap.
Standards and Practices
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The Realtor's code of ethics also requires that an agent perform client services in conformance with the established standards of practice in the field of real estate in which she engages. Such specialized disciplines include appraisal, auction, land brokerage, property management, residential real estate and commercial real estate categories of the real estate profession.
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Resources
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