Code of Ethics and Standards of Practice
of the NATIONAL ASSOCIATION OF REALTORS ®
Effective January 1, 2011
Where the word REALTORS® is used in this Code and Preamble, it shall be deemed to include REALTOR-ASSOCIATE®s.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.
Preamble
Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.
Such interests impose obligations beyond those of ordinary commerce.
They impose grave social responsibility and a patriotic duty to which
REALTORS® should dedicate themselves, and for which they should be
diligent in preparing themselves. REALTORS®, therefore, are zealous to
maintain and improve the standards of their calling and share with their
fellow REALTORS® a common responsibility for its integrity and honor.
In recognition and appreciation of their obligations to clients, customers,
the public, and each other, REALTORS® continuously strive
to become and remain informed on issues affecting real estate and, as
knowledgeable professionals, they willingly share the fruit of their
experience and study with others. They identify and take steps, through
enforcement of this Code of Ethics and by assisting appropriate
regulatory bodies, to eliminate practices which may damage the public
or which might discredit or bring dishonor to the real estate profession.
REALTORS® having direct personal knowledge of conduct that may
violate the Code of Ethics involving misappropriation of client or
customer funds or property, willful discrimination, or fraud resulting in
substantial economic harm, bring such matters to the attention of the
appropriate Board or Association of REALTORS®. (Amended 1/00)
Realizing that cooperation with other real estate professionals promotes
the best interests of those who utilize their services, REALTORS® urge
exclusive representation of clients; do not attempt to gain any unfair
advantage over their competitors; and they refrain from making
unsolicited comments about other practitioners. In instances where their
opinion is sought, or where REALTORS® believe that comment is
necessary, their opinion is offered in an objective, professional manner,
uninfluenced by any personal motivation or potential advantage or gain.
The term REALTOR® has come to connote competency, fairness, and
high integrity resulting from adherence to a lofty ideal of moral
conduct in business relations. No inducement of profit and no
instruction from clients ever can justify departure from this ideal.
In the interpretation of this obligation, REALTORS® can take no safer
guide than that which has been handed down through the centuries,
embodied in the Golden Rule, “Whatsoever ye would that others
should do to you, do ye even so to them.”
Accepting this standard as their own, REALTORS® pledge to observe its
spirit in all of their activities whether conducted personally, through
associates or others, or via technological means, and to conduct their
business in accordance with the tenets set forth below. (Amended 1/07)
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an
agent, REALTORS® pledge themselves to protect and promote the
interests of their client. This obligation to the client is primary, but it
does not relieve REALTORS® of their obligation to treat all parties
honestly. When serving a buyer, seller, landlord, tenant or other party
in a non-agency capacity, REALTORS® remain obligated to treat all
parties honestly. (Amended 1/01)
• Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate transaction,
remain obligated by the duties imposed by the Code of Ethics.
(Amended 1/93)
• Standard of Practice 1-2
The duties imposed by the Code of Ethics encompass all real estaterelated
activities and transactions whether conducted in person,
electronically, or through any other means.
The duties the Code of Ethics imposes are applicable whether
REALTORS® are acting as agents or in legally recognized non-agency
capacities except that any duty imposed exclusively on agents by law
or regulation shall not be imposed by this Code of Ethics on
REALTORS® acting in non-agency capacities.
As used in this Code of Ethics, “client” means the person(s) or
entity(ies) with whom a REALTOR® or a REALTOR®’s firm has an
agency or legally recognized non-agency relationship; “customer”
means a party to a real estate transaction who receives information,
services, or benefits but has no contractual relationship with the
REALTOR® or the REALTOR®’s firm; “prospect” means a purchaser,
seller, tenant, or landlord who is not subject to a representation
relationship with the REALTOR® or REALTOR®’s firm; “agent” means a
real estate licensee (including brokers and sales associates) acting in
an agency relationship as defined by state law or regulation; and
“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 nonagency
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 their real estate license, or to
disclose facts which are confidential under the scope of agency or
non-agency relationships as defined by state law. (Amended 1/00)
• Standard of Practice 2-1
REALTORS® shall only be obligated to discover and disclose adverse
factors reasonably apparent to someone with expertise in those areas
required by their real estate licensing authority. Article 2 does not
impose upon the REALTOR® the obligation of expertise in other
professional or technical disciplines. (Amended 1/96)
• Standard of Practice 2-2
(Renumbered as Standard of Practice 1-12 1/98)
• Standard of Practice 2-3
(Renumbered as Standard of Practice 1-13 1/98)
• Standard of Practice 2-4
REALTORS® shall not be parties to the naming of a false consideration
in any document, unless it be the naming of an obviously nominal
consideration.
• Standard of Practice 2-5
Factors defined as “non-material” by law or regulation or which are
expressly referenced in law or regulation as not being subject to
disclosure are considered not “pertinent” for purposes of Article 2.
(Adopted 1/93)
Article 3
REALTORS® shall cooperate with other brokers except when cooperation
is not in the client’s best interest. The obligation to cooperate does not
include the obligation to share commissions, fees, or to otherwise
compensate another broker. (Amended 1/95)
• Standard of Practice 3-1
REALTORS®, acting as exclusive agents or brokers of sellers/
landlords, establish the terms and conditions of offers to cooperate.
Unless expressly indicated in offers to cooperate, cooperating
brokers may not assume that the offer of cooperation includes an
offer of compensation. Terms of compensation, if any, shall be
ascertained by cooperating brokers before beginning efforts to
accept the offer of cooperation. (Amended 1/99)
• Standard of Practice 3-2
To be effective, any change in compensation offered for cooperative
services must be communicated to the other REALTOR® prior to the
time that REALTOR® submits an offer to purchase/lease the property.
(Amended 1/10)
• Standard of Practice 3-3
Standard of Practice 3-2 does not preclude the listing broker and
cooperating broker from entering into an agreement to change
cooperative compensation. (Adopted 1/94)
• Standard of Practice 3-4
REALTORS®, acting as listing brokers, have an affirmative obligation to
disclose the existence of dual or variable rate commission
arrangements (i.e., listings 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). The listing broker shall, as soon as practical, disclose the
existence of such arrangements to potential cooperating brokers and
shall, in response to inquiries from cooperating brokers, disclose the
differential that would result in a cooperative transaction or in a
sale/lease that results through the efforts of the seller/landlord. If the
cooperating broker is a buyer/tenant representative, the buyer/tenant
representative must disclose such information to their client before
the client makes an offer to purchase or lease. (Amended 1/02)
• Standard of Practice 3-5
It is the obligation of subagents to promptly disclose all pertinent
facts to the principal’s agent prior to as well as after a purchase or
lease agreement is executed. (Amended 1/93)
• Standard of Practice 3-6
REALTORS® shall disclose the existence of accepted offers, including
offers with unresolved contingencies, to any broker seeking
cooperation. (Adopted 5/86, Amended 1/04)
• Standard of Practice 3-7
When seeking information from another REALTOR® concerning
property under a management or listing agreement, REALTORS® shall
disclose their REALTOR® status and whether their interest is personal
or on behalf of a client and, if on behalf of a client, their relationship
with the client. (Amended 1/11)
• Standard of Practice 3-8
REALTORS® shall not misrepresent the availability of access to show
or inspect a listed property. (Amended 11/87)
• Standard of Practice 3-9
REALTORS® shall not provide access to listed property on terms
other than those established by the owner or the listing broker.
(Adopted 1/10)
• Standard of Practice 3-10
The duty to cooperate established in Article 3 relates to the obligation
to share information on listed property, and to make property available
to other brokers for showing to prospective purchasers/tenants when
it is in the best interests of sellers/landlords. (Adopted 1/11)
Article 4
REALTORS® shall not acquire an interest in or buy or present offers from
themselves, any member of their immediate families, their firms or any
member thereof, or any entities in which they have any ownership
interest, any real property without making their true position known to
the owner or the owner’s agent or broker. In selling property they own,
or in which they have any interest, REALTORS® shall reveal their
ownership or interest in writing to the purchaser or the purchaser’s
representative. (Amended 1/00)
• Standard of Practice 4-1
For the protection of all parties, the disclosures required by Article 4
shall be in writing and provided by REALTORS® prior to the signing of
any contract. (Adopted 2/86)
Article 5
REALTORS® shall not undertake to provide professional services
concerning a property or its value where they have a present or
contemplated interest unless such interest is specifically disclosed to
all affected parties.
Article 6
REALTORS® shall not accept any commission, rebate, or profit
on expenditures made for their client, without the client’s knowledge
and consent.
When recommending real estate products or services (e.g.,
homeowner’s insurance, warranty programs, mortgage financing, title
insurance, etc.), REALTORS® shall disclose to the client or customer to
whom the recommendation is made any financial benefits or fees, other
than real estate referral fees, the REALTOR® or REALTOR®’s firm may
receive as a direct result of such recommendation. (Amended 1/99)
• Standard of Practice 6-1
REALTORS® shall not recommend or suggest to a client or a customer
the use of services of another organization or business entity in
which they have a direct interest without disclosing such interest at
the time of the recommendation or suggestion. (Amended 5/88)
Article 7
In a transaction, REALTORS® shall not accept compensation from more
than one party, even if permitted by law, without disclosure to all
parties and the informed consent of the REALTOR®’s client or clients.
(Amended 1/93)
Article 8
REALTORS® shall keep in a special account in an appropriate financial
institution, separated from their own funds, monies coming into their
possession in trust for other persons, such as escrows, trust funds,
clients’ monies, and other like items.
Article 9
REALTORS®, for the protection of all parties, shall assure whenever
possible that all agreements related to real estate transactions including,
but not limited to, listing and representation agreements, purchase
contracts, and leases are in writing in clear and understandable language
expressing the specific terms, conditions, obligations and commitments
of the parties. Acopy of each agreement shall be furnished to each party
to such agreements upon their signing or initialing. (Amended 1/04)
• Standard of Practice 9-1
For the protection of all parties, REALTORS® shall use reasonable care
to ensure that documents pertaining to the purchase, sale, or lease of
real estate are kept current through the use of written extensions or
amendments. (Amended 1/93)
• Standard of Practice 9-2
When assisting or enabling a client or customer in establishing a
contractual relationship (e.g., listing and representation agreements,
purchase agreements, leases, etc.) electronically, REALTORS® shall
make reasonable efforts to explain the nature and disclose the
specific terms of the contractual relationship being established prior
to it being agreed to by a contracting party. (Adopted 1/07)
Duties to the Public
Article 10
REALTORS® shall not deny equal professional services to any person for
reasons of race, color, religion, sex, handicap, familial status, national
origin, or sexual orientation. REALTORS® shall not be parties to any plan
or agreement to discriminate against a person or persons on the basis
of race, color, religion, sex, handicap, familial status, national origin,
or sexual orientation. (Amended 1/11)
REALTORS®, in their real estate employment practices, shall not
discriminate against any person or persons on the basis of race,
color, religion, sex, handicap, familial status, national origin, or sexual
orientation. (Amended 1/11)
• Standard of Practice 10-1
When involved in the sale or lease of a residence, REALTORS®
shall not volunteer information regarding the racial, religious
or ethnic composition of any neighborhood nor shall they engage in
any activity which may result in panic selling, however, REALTORS®
may provide other demographic information. (Adopted 1/94,
Amended 1/06)
• Standard of Practice 10-2
When not involved in the sale or lease of a residence, REALTORS® may
provide demographic information related to a property, transaction or
professional assignment to a party if such demographic information
is (a) deemed by the REALTOR® to be needed to assist with or
complete, in a manner consistent with Article 10, a real estate
transaction or professional assignment and (b) is obtained or derived
from a recognized, reliable, independent, and impartial source. The
source of such information and any additions, deletions,
modifications, interpretations, or other changes shall be disclosed in
reasonable detail. (Adopted 1/05, Renumbered 1/06)
• Standard of Practice 10-3
REALTORS® shall not print, display or circulate any statement or advertisement
with respect to selling or renting of a property that indicates
any preference, limitations or discrimination based on race, color,
religion, sex, handicap, familial status, national origin, or sexual orientation.
(Adopted 1/94, Renumbered 1/05 and 1/06, Amended 1/11)
• Standard of Practice 10-4
As used in Article 10 “real estate employment practices” relates to
employees and independent contractors providing real estate-related
services and the administrative and clerical staff directly supporting
those individuals. (Adopted 1/00, Renumbered 1/05 and 1/06)
Article 11
The services which REALTORS® provide to their clients and customers
shall conform to the standards of practice and competence which are
reasonably expected in the specific real estate disciplines in which
they engage; specifically, residential real estate brokerage, real
property management, commercial and industrial real estate
brokerage, land brokerage, real estate appraisal, real estate
counseling, real estate syndication, real estate auction, and
international real estate.
REALTORS® shall not undertake to provide specialized professional
services concerning a type of property or service that is outside their
field of competence unless they engage the assistance of one who is
competent on such types of property or service, or unless the facts are
fully disclosed to the client. Any persons engaged to provide such
assistance shall be so identified to the client and their contribution to
the assignment should be set forth. (Amended 1/10)
• Standard of Practice 11-1
When REALTORS® prepare opinions of real property value or price, other
than in pursuit of a listing or to assist a potential purchaser in
formulating a purchase offer, such opinions shall include the following
unless the party requesting the opinion requires a specific type of report
or different data set:
1) identification of the subject property
2) date prepared
3) defined value or price
4) limiting conditions, including statements of purpose(s) and
intended user(s)
5) any present or contemplated interest, including the possibility of
representing the seller/landlord or buyers/tenants
6) basis for the opinion, including applicable market data
7) if the opinion is not an appraisal, a statement to that effect
(Amended 1/10)
• Standard of Practice 11-2
The obligations of the Code of Ethics in respect of real estate
disciplines other than appraisal shall be interpreted and applied in
accordance with the standards of competence and practice which
clients and the public reasonably require to protect their rights and
interests considering the complexity of the transaction, the
availability of expert assistance, and, where the REALTOR® is an agent
or subagent, the obligations of a fiduciary. (Adopted 1/95)
• Standard of Practice 11-3
When REALTORS® provide consultive services to clients which
involve advice or counsel for a fee (not a commission), such advice
shall be rendered in an objective manner and the fee shall not be
contingent on the substance of the advice or counsel given. If
brokerage or transaction services are to be provided in addition to
consultive services, a separate compensation may be paid with prior
agreement between the client and REALTOR®. (Adopted 1/96)
• Standard of Practice 11-4
The competency required by Article 11 relates to services contracted
for between REALTORS® and their clients or customers; the duties
expressly imposed by the Code of Ethics; and the duties imposed by
law or regulation. (Adopted 1/02)
Article 12
REALTORS® shall be honest and truthful in their real estate
communications and shall present a true picture in their advertising,
marketing, and other representations. REALTORS® shall ensure that their
status as real estate professionals is readily apparent in their advertising,
marketing, and other representations, and that the recipients of all real
estate communications are, or have been, notified that those
communications are from a real estate professional. (Amended 1/08)
• Standard of Practice 12-1
REALTORS® may use the term “free” and similar terms in their
advertising and in other representations provided that all terms
governing availability of the offered product or service are clearly
disclosed at the same time. (Amended 1/97)
• Standard of Practice 12-2
REALTORS® may represent their services as “free” or without cost
even if they expect to receive compensation from a source other than
their client provided that the potential for the REALTOR® to obtain a
benefit from a third party is clearly disclosed at the same time.
(Amended 1/97)
• Standard of Practice 12-3
The offering of premiums, prizes, merchandise discounts or other
inducements to list, sell, purchase, or lease is not, in itself, unethical
even if receipt of the benefit is contingent on listing, selling,
purchasing, or leasing through the REALTOR® making the offer.
However, REALTORS® must exercise care and candor in any such
advertising or other public or private representations so that any
party interested in receiving or otherwise benefiting from the
REALTOR®’s offer will have clear, thorough, advance understanding
of all the terms and conditions of the offer. The offering of any
inducements to do business is subject to the limitations and
restrictions of state law and the ethical obligations established by any
applicable Standard of Practice. (Amended 1/95)
• Standard of Practice 12-4
REALTORS® shall not offer for sale/lease or advertise property without
authority. When acting as listing brokers or as subagents, REALTORS®
shall not quote a price different from that agreed upon with the
seller/landlord. (Amended 1/93)
• Standard of Practice 12-5
REALTORS® shall not advertise nor permit any person employed by
or affiliated with them to advertise real estate services or listed
property in any medium (e.g., electronically, print, radio,
television, etc.) without disclosing the name of that REALTOR®’s
firm in a reasonable and readily apparent manner. This Standard of
Practice acknowledges that disclosing the name of the firm may
not be practical in electronic displays of limited information
(e.g., “thumbnails”, text messages, “tweets”, etc.). Such displays
are exempt from the disclosure requirement established in this
Standard of Practice, but only when linked to a display that
includes all required disclosures. (Adopted 11/86, Amended 1/11)
• Standard of Practice 12-6
REALTORS®, when advertising unlisted real property for sale/lease
in which they have an ownership interest, shall disclose their status
as both owners/landlords and as REALTORS® or real estate licensees.
(Amended 1/93)
• Standard of Practice 12-7
Only REALTORS® who participated in the transaction as the listing
broker or cooperating broker (selling broker) may claim to have “sold”
the property. Prior to closing, a cooperating broker may post a “sold”
sign only with the consent of the listing broker. (Amended 1/96)
• Standard of Practice 12-8
The obligation to present a true picture in representations to the public
includes information presented, provided, or displayed on REALTORS®’
websites. REALTORS® shall use reasonable efforts to ensure that
information on their websites is current. When it becomes apparent that
information on a REALTOR®’s website is no longer current or accurate,
REALTORS® shall promptly take corrective action. (Adopted 1/07)
• Standard of Practice 12-9
REALTOR® firm websites shall disclose the firm’s name and state(s) of
licensure in a reasonable and readily apparent manner.
Websites of REALTORS® and non-member licensees affiliated with a
REALTOR® firm shall disclose the firm’s name and that REALTOR®’s or
non-member licensee’s state(s) of licensure in a reasonable and
readily apparent manner. (Adopted 1/07)
• Standard of Practice 12-10
REALTORS®’ obligation to present a true picture in their advertising
and representations to the public includes the URLs and domain
names they use, and prohibits REALTORS® from:
1) engaging in deceptive or unauthorized framing of real estate
brokerage websites;
2) manipulating (e.g., presenting content developed by others)
listing content in any way that produces a deceptive or
misleading result; or
3) deceptively using metatags, keywords or other devices/methods
to direct, drive, or divert Internet traffic, or to otherwise mislead
consumers. (Adopted 1/07)
• Standard of Practice 12-11
REALTORS® intending to share or sell consumer information gathered
via the Internet shall disclose that possibility in a reasonable and
readily apparent manner. (Adopted 1/07)
• Standard of Practice 12-12
REALTORS® shall not:
1) use URLs or domain names that present less than a true picture, or
2) register URLs or domain names which, if used, would present
less than a true picture. (Adopted 1/08)
• Standard of Practice 12-13
The obligation to present a true picture in advertising, marketing,
and representations allows REALTORS® to use and display only
professional designations, certifications, and other credentials to
which they are legitimately entitled. (Adopted 1/08)
Article 13
REALTORS® shall not engage in activities that constitute the unauthorized
practice of law and shall recommend that legal counsel be obtained
when the interest of any party to the transaction requires it.
Article 14
If charged with unethical practice or asked to present evidence or to
cooperate in any other way, in any professional standards proceeding
or investigation, REALTORS® shall place all pertinent facts before the
proper tribunals of the Member Board or affiliated institute, society, or
council in which membership is held and shall take no action to disrupt
or obstruct such processes. (Amended 1/99)
• Standard of Practice 14-1
REALTORS® shall not be subject to disciplinary proceedings in more
than one Board of REALTORS® or affiliated institute, society, or
council in which they hold membership with respect to alleged
violations of the Code of Ethics relating to the same transaction
or event. (Amended 1/95)
• Standard of Practice 14-2
REALTORS® shall not make any unauthorized disclosure or
dissemination of the allegations, findings, or decision developed in
connection with an ethics hearing or appeal or in connection with an
arbitration hearing or procedural review. (Amended 1/92)
• Standard of Practice 14-3
REALTORS® shall not obstruct the Board’s investigative or
professional standards proceedings by instituting or threatening to
institute actions for libel, slander, or defamation against any party to
a professional standards proceeding or their witnesses based on the
filing of an arbitration request, an ethics complaint, or testimony
given before any tribunal. (Adopted 11/87, Amended 1/99)
• Standard of Practice 14-4
REALTORS® shall not intentionally impede the Board’s investigative
or disciplinary proceedings by filing multiple ethics complaints
based on the same event or transaction. (Adopted 11/88)
Duties to REALTORS®
Article 15
REALTORS® shall not knowingly or recklessly make false or misleading
statements about competitors, their businesses, or their business
practices. (Amended 1/92)
• Standard of Practice 15-1
REALTORS® shall not knowingly or recklessly file false or unfounded
ethics complaints. (Adopted 1/00)
• Standard of Practice 15-2
The obligation to refrain from making false or misleading statements
about competitors, competitors’ businesses, and competitors’
business practices includes the duty to not knowingly or recklessly
publish, repeat, retransmit, or republish false or misleading
statements made by others. This duty applies whether false or
misleading statements are repeated in person, in writing, by
technological means (e.g., the Internet), or by any other means.
(Adopted 1/07, Amended 1/10)
• Standard of Practice 15-3
The obligation to refrain from making false or misleading statements
about competitors, competitors’ businesses, and competitors’
business practices includes the duty to publish a clarification about
or to remove statements made by others on electronic media the
REALTOR® controls once the REALTOR® knows the statement is false
or misleading. (Adopted 1/10)
Article 16
REALTORS® shall not engage in any practice or take any action
inconsistent with exclusive representation or exclusive brokerage
relationship agreements that other REALTORS® have with clients.
(Amended 1/04)
• Standard of Practice 16-1
Article 16 is not intended to prohibit aggressive or innovative
business practices which are otherwise ethical and does not prohibit
disagreements with other REALTORS® involving commission, fees,
compensation or other forms of payment or expenses. (Adopted
1/93, Amended 1/95)
• Standard of Practice 16-2
Article 16 does not preclude REALTORS® from making general
announcements to prospects describing their services and the terms
of their availability even though some recipients may have entered
into agency agreements or other exclusive relationships with another
REALTOR®. A general telephone canvass, general mailing or
distribution addressed to all prospects in a given geographical area
or in a given profession, business, club, or organization, or other
classification or group is deemed “general” for purposes of this
standard. (Amended 1/04)
Article 16 is intended to recognize as unethical two basic types of
solicitations:
First, telephone or personal solicitations of property owners who
have been identified by a real estate sign, multiple listing
compilation, or other information service as having exclusively
listed their property with another REALTOR® and
Second, mail or other forms of written solicitations of prospects
whose properties are exclusively listed with another REALTOR® when
such solicitations are not part of a general mailing but are directed
specifically to property owners identified through compilations of
current listings, “for sale” or “for rent” signs, or other sources of
information required by Article 3 and Multiple Listing Service rules
to be made available to other REALTORS® under offers of subagency
or cooperation. (Amended 1/04)
• Standard of Practice 16-3
Article 16 does not preclude REALTORS® from contacting the client of
another broker for the purpose of offering to provide, or entering into
a contract to provide, a different type of real estate serv