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    Real Estate
    Tuesday, May 07, 2024

    When is a real estate agent a REALTOR® - Part 2

    In the Oct. 30, 2015 column you learned that a real estate agent is a REALTOR® when he or she becomes a member of the National Association of REALTORS®. What sets REALTORS® apart from other licensees is that they are required to adhere to a strict Code of Ethics.

    The Code of Ethics contains 17 articles that are divided into three sections: Duties to Clients and Customers, Duties to the Public, and Duties to REALTORS®. Most of the articles have Standards of Practice that clarify the intent of the article.

    The first five of the nine Duties to Clients and Customers articles were presented in the Oct. 30 article. Today's article contains the balance of the summarized Duties to Clients and Customers Articles as well as those provisions that deal with Duties to the Public.

    For a complete copy of the Code of Ethics go to easternctrealtors.com/code-of-ethics-and-standards-of-practice.html.

    Article 6: REALTORS® disclose any fee or financial benefit they may receive from recommending related real estate products or services.

    Article 7: REALTORS®· receive compensation from only one party, except where they make full  disclosure and receive informed consent from their client.

    Article 8: REALTORS® keep entrusted funds of clients and customers in a separate escrow account.

    Article 9: REALTORS® make sure that contract details are spelled out in writing and that parties receive copies.

    Duties to the Public

    Article 10: REALTORS® give equal professional service to all clients and customers irrespective of race, color, religion, sex, handicap, familial status, sexual orientation, or national origin.

    Article 11: REALTORS® are knowledgeable and competent in the fields of practice in which they engage or they get assistance from a knowledgeable professional or disclose any lack of expertise to their client.

    Article 12: REALTORS® are truthful in their communications and paint a true picture in their advertising and in other public representations.

    Article 13: REALTORS® do not engage in the unauthorized practice of law.

    Article 14: REALTORS® willingly participate in ethics investigations and enforcement actions.

    Visit our web site at easternctrealtors.com and our blog at ECARVoice.com.

    Merry Cassabria is president and state director of the Eastern Connecticut Association of REALTORS®

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