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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 and to conduct
their business in accordance
with the tenets set forth
below.
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 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
Code
of Ethics and Standards
of Practice of the NATIONAL
ASSOCIATION OF REALTORS®
Effective January 1, 2004
"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/ 04)
° 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; and
4) any potential for the
buyer/ tenant representative
to act as a disclosed dual
agent, e. g. listing broker,
subagent, landlord's agent,
etc. (Adopted
1/ 93, Renumbered 1/ 98,
Amended 1/ 04)
° 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, divulge
the existence of offers
on the property. (Adopted
1/ 03)
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 REALTORS®
shall, with respect to offers
of compensation to another
REALTOR® , timely communicate
any change of compensation
for cooperative services
to the other REALTOR® prior
to the time such REALTOR®
produces an offer to purchase/
lease the property.
(Amended
1/ 94)
° 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 representational status.
(Amended
1/ 95)
° Standard
of Practice 3-8 REALTORS®
shall not misrepresent the
availability of access to
show or inspect a listed
property. (Amended
11/ 87)
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. A copy 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)
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, or national
origin. 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, or national
origin. (Amended
1/ 90)
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, or national
origin. (Amended
1/ 00)
° Standard
of Practice 10-1 REALTORS®
shall not volunteer information
regarding the racial, religious
or ethnic composition of
any neighborhood and shall
not engage in any activity
which may result in panic
selling. REALTORS® shall
not print, display or circulate
any statement or advertisement
with respect to the selling
or renting of a property
that indicates any preference,
limitations or discrimination
based on race, color, religion,
sex, handicap, familial
status, or national origin.
(Adopted
1/ 94)
° Standard
of Practice 10-2 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)
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,
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/ 95)
° 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: 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/ 01)
° 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 careful at all
times to present a true
picture in their advertising
and representations to the
public. REALTORS® shall
also ensure that their professional
status (e. g., broker, appraiser,
property manager, etc.)
or status as REALTORS® is
clearly identifiable in
any such advertising.
(Amended
1/ 93)
° 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 listed property
without disclosing the name
of the firm. (Adopted
11/ 86)
° 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)
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)
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 service
unrelated to the type of
service currently being
provided (e. g., property
management as opposed to
brokerage) or from offering
the same type of service
for property not subject
to other brokers' exclusive
agreements. However, information
received through a Multiple
Listing Service or any other
offer of cooperation may
not be used to target clients
of other REALTORS® to whom
such offers to provide services
may be made. (Amended
1/ 04)
° Standard
of Practice 16-4 REALTORS®
shall not solicit a listing
which is currently listed
exclusively with another
broker. However, if the
listing broker, when asked
by the REALTOR® , refuses
to disclose the expiration
date and nature of such
listing; i. e., an exclusive
right to sell, an exclusive
agency, open listing, or
other form of contractual
agreement between the listing
broker and the client, the
REALTOR® may contact the
owner to secure such information
and may discuss the terms
upon which the REALTOR®
might take a future listing
or, alternatively, may take
a listing to become effective
upon expiration of any existing
exclusive listing.
(Amended
1/ 94)
° Standard
of Practice 16-5 REALTORS®
shall not solicit buyer/
tenant agreements from buyers/
tenants who are subject
to exclusive buyer/ tenant
agreements. However, if
asked by a REALTOR® , the
broker refuses to disclose
the expiration date of the
exclusive buyer/ tenant
agreement, the REALTOR®
may contact the buyer/ tenant
to secure such information
and may discuss the terms
upon which the REALTOR®
might enter into a future
buyer/ tenant agreement
or, alternatively, may enter
into a buyer/ tenant agreement
to become effective upon
the expiration of any existing
exclusive buyer/ tenant
agreement. (Adopted
1/ 94, Amended 1/ 98)
° Standard
of Practice 16-6 When
REALTORS® are contacted
by the client of another
REALTOR® regarding the creation
of an exclusive relationship
to provide the same type
of service, and REALTORS®
have not directly or indirectly
initiated such discussions,
they may discuss the terms
upon which they might enter
into a future agreement
or, alternatively, may enter
into an agreement which
becomes effective upon expiration
of any existing exclusive
agreement. (Amended
1/ 98)
° Standard
of Practice 16-7 The
fact that a prospect has
retained a REALTOR® as an
exclusive representative
or exclusive broker in one
or more past transactions
does not preclude other
REALTORS® from seeking such
prospect's future business.
(Amended
1/ 04)
° Standard
of Practice 16-8 The
fact that an exclusive agreement
has been entered into with
a REALTOR® shall not preclude
or inhibit any other REALTOR®
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