REALTORS® are committed to telling the truth and providing the most accurate information. Honesty and personal integrity are the core values which affect everything they do on their clients’ behalf. To list a few examples:
When listing a property: A REALTOR® will not deliberately mislead the owner regarding the market value. They will provide a market analysis which clearly states the good, the bad and the why they arrived at the recommended list price.
When assisting a buyer/tenant: REALTORS® will not mislead clients regarding possible benefits which may be realized through use of REALTOR® services.
Preserve confidential information: Such as a seller’s need to quickly sell a property. A Realtor® will not share information which could affect price, terms etc., without seller’s knowledge or permission.
When entering into a listing contract: A REALTOR® must disclose company policies regarding cooperation and compensation in dealing with other real estate agents/brokers. The seller needs to understand the brokers policies regarding splitting of commission. Typically, the seller pays commission to listing brokerage at closing; the buying brokerage and REALTOR® are paid a pre-determined percentage of that commission.
Must disclose to both parties’ dual agency: If they are representing the seller and buyer in the same transaction. All parties must agree to the arrangement. For example, if a buyer touring an open house wants to write and submit a contract on the spot, the seller’s agent is permitted to assist the buyer. They will write a contract; however, they must tell the seller when presenting the offer.
All agreements must be clear: And in understandable language expressing the specific terms, conditions, obligations and commitments of the parties. One of the greatest forms of protections and fairness is requiring agreements in writing. All parties acknowledge understanding of a contract or arrangement as evidenced by their signature.
REALTORS® are bound to providing equal opportunity: To their professional services regardless of race, color, religion, sex, handicap, familial status, national origin, sexual orientation or gender identity.