The National Association of Realtors (NAR) is committed to upholding the highest ethical standards in the real estate industry. To ensure that Realtors abide by these standards, NAR has implemented a Code of Ethics that all members must adhere to. The Code of Ethics serves as a guide for Realtors to conduct themselves professionally and ethically in their interactions with clients, colleagues, and the public.
Understanding NAR’s Code of Ethics
The Code of Ethics consists of a set of principles and guidelines that provide a framework for ethical behavior in the real estate profession. It covers a wide range of topics, including professionalism, integrity, honesty, and fair treatment of all parties involved in a real estate transaction.
Pathways to Professionalism
One of the key aspects of NAR’s Code of Ethics is the emphasis on professionalism and courtesy. Realtors are expected to behave in a manner that is respectful and considerate towards their clients, colleagues, and the public. This includes being punctual, maintaining confidentiality, and treating all parties with fairness and respect.
Compliance and Enforcement
NAR takes the enforcement of its Code of Ethics seriously. It has established policies and procedures to ensure that Realtors are held accountable for any violations. Association executives play a vital role in administering and implementing the Code of Ethics training requirement, ensuring that all members are aware of their obligations.
Addressing Global Business and State Laws
The real estate industry is constantly evolving, and NAR’s Code of Ethics reflects this by addressing issues related to global business and state laws. Realtors must stay updated on these laws and regulations to ensure that they conduct their business in compliance with legal requirements.
The Role of the Code of Ethics during Challenging Times
In times of crisis, such as the COVID-19 pandemic, NAR’s Code of Ethics continues to guide Realtors in their professional conduct. As Realtors navigate through shelter-in-place orders and government recommendations, they must prioritize the health and safety of their clients while still upholding ethical standards.
Compliance and Enforcement of the Code of Ethics
NAR has established several measures to ensure compliance with its Code of Ethics. These measures include training requirements, enforcement procedures, and support for state associations in enforcing the Code of Ethics.
Code of Ethics Training Requirement
To maintain their membership in NAR, Realtors are required to complete training on the Code of Ethics. This training helps Realtors understand their ethical obligations and provides guidance on how to handle various ethical dilemmas they may encounter in their practice.
Duty to Adopt and Enforce the Code of Ethics
NAR’s Bylaws outline the Association’s duty to adopt and enforce the Code of Ethics. The Leadership Team recommends that state associations play an active role in ensuring that the Code of Ethics is enforced and that members are held accountable for any violations.
Support for State Associations
NAR provides resources and support to state associations to help them fulfill their obligation to enforce the Code of Ethics. These resources include specific articles and sections of NAR’s Bylaws that support the Leadership Team’s recommendation for active enforcement.
Additional Resources for Realtors
NAR offers a range of resources to help Realtors understand and comply with the Code of Ethics. These resources can be found in the REALTOR® Magazine and the REALTOR® Store.
REALTOR® Magazine
REALTOR® Magazine provides additional articles and information on various topics related to the Code of Ethics. Realtors can access these resources to deepen their understanding of ethical considerations in the real estate industry.
REALTOR® Store
The REALTOR® Store offers Code of Ethics products that can assist Realtors in their compliance efforts. The Code of Ethics product bundle includes pamphlets, manuals, and handbooks that provide comprehensive guidance on ethical practices and procedures.
By adhering to NAR’s Code of Ethics, Realtors demonstrate their commitment to professionalism, integrity, and ethical conduct. The Code of Ethics serves as a foundation for building trust with clients and colleagues, ultimately contributing to the overall reputation and success of the real estate industry.
Remember, as a Realtor, it is not only your legal obligation but also your professional responsibility to uphold the highest ethical standards in all your business dealings. By doing so, you not only protect your clients’ interests but also maintain the integrity and credibility of the real estate profession as a whole.
