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Standard of Practice 3-6

Posted by PRO Wed, 20 Jun 2007 19:23:00 GMT

REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)

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Standard of Practice 3-7

Posted by PRO Wed, 20 Jun 2007 19:24:00 GMT

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)

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Standard of Practice 3-8

Posted by PRO Wed, 20 Jun 2007 19:26:00 GMT

REALTORS® shall not misrepresent the availability of access to show or inspect a listed property. (Amended 11/87)

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Standard of Practice 3-9

Posted by PRO Mon, 01 Feb 2010 22:28:00 GMT

REALTORS® shall not provide access to listed property on terms other than those established by the owner or the listing broker.
(Adopted 1/10)

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Standard of Practice 3-10

Posted by PRO Mon, 10 Jan 2011 16:17:00 GMT

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 when it is in the best interests of the seller. 
 (Adopted 1/10)

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Article 4

Posted by PRO Wed, 20 Jun 2007 19:36:00 GMT

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)

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Standard of Practice 4-1

Posted by PRO Wed, 20 Jun 2007 19:37:00 GMT

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)

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Article 5

Posted by PRO Wed, 20 Jun 2007 19:39:00 GMT

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.

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Article 6

Posted by PRO Wed, 20 Jun 2007 19:41:00 GMT

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)

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Standard of Practice 6-1

Posted by PRO Wed, 20 Jun 2007 19:42:00 GMT

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)

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Article 7

Posted by PRO Wed, 20 Jun 2007 19:43:00 GMT

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)

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Article 8

Posted by PRO Wed, 20 Jun 2007 19:45:00 GMT

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.

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Article 9

Posted by PRO Wed, 20 Jun 2007 19:45:00 GMT

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)

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Standard of Practice 9-1

Posted by PRO Wed, 20 Jun 2007 19:47:00 GMT

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)

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Standard of Practice 9-2

Posted by PRO Wed, 20 Jun 2007 19:48:00 GMT

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)

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Duties to the Public

Posted by PRO Tue, 23 Sep 2008 16:25:00 GMT

This section includes Articles 10 - 14


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Article 10

Posted by PRO Wed, 20 Jun 2007 19:50:00 GMT

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.

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)

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Standard of Practice 10-1

Posted by PRO Wed, 20 Jun 2007 19:52:00 GMT

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)

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Standard of Practice 10-2

Posted by PRO Wed, 20 Jun 2007 19:53:00 GMT

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)

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Standard of Practice 10-3

Posted by PRO Wed, 20 Jun 2007 19:55:00 GMT

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.
(Amended 1/11)

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Standard or Practice 10-4

Posted by PRO Wed, 20 Jun 2007 19:56:00 GMT

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)

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Article 11

Posted by PRO Wed, 20 Jun 2007 19:57:00 GMT

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)

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Standard of Practice 11-1

Posted by PRO Wed, 20 Jun 2007 19:59:00 GMT

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:

  • identification of the subject property
  • date prepared
  • defined value or price
  • limiting conditions, including statements of purpose(s) and intended user(s)
  • any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants
  • basis for the opinion, including applicable market data
  • if the opinion is not an appraisal, a statement to that effect

    (Amended 1/10)

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Standard of Practice 11-2

Posted by PRO Wed, 20 Jun 2007 20:04:00 GMT

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)

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Standard of Practice 11-3

Posted by PRO Wed, 20 Jun 2007 20:05:00 GMT

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)

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Standard of Practice 11-4

Posted by PRO Wed, 20 Jun 2007 20:06:00 GMT

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)

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Article 12

Posted by PRO Wed, 20 Jun 2007 20:17:00 GMT

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)

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Standard of Practice 12-1

Posted by PRO Wed, 20 Jun 2007 20:19:00 GMT

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)

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Standard of Practice 12-2

Posted by PRO Wed, 20 Jun 2007 20:20:00 GMT

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)

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Standard of Practice 12-3

Posted by PRO Wed, 20 Jun 2007 20:22:00 GMT

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)

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