Real estate agents play an important role in helping buyers and sellers make the dream of owning a home a reality. Buying and selling a home is a major financial commitment. Therefore, it is vital that these agents put the needs of their clients ahead of their own. This is why they must follow a code of ethics.
The Code of Ethics is a set of guidelines for real estate professionals. It includes 17 articles that address various aspects of the industry. For example, it explains how Realtors can protect themselves from unethical practices. Additionally, the code states that real estate professionals must not provide services that they are not qualified to perform. These professionals also must maintain a strong network of former clients and other professionals.
In addition to following the code of ethics, real estate agents must also adhere to state laws. They must disclose any family relationships and any financial interests they have. Moreover, they must take their state licensing exams. Also, they must join their local chapter of NAR.
While being a real estate agent is an exciting, rewarding job, it is not without its challenges. For instance, agents have to deal with high-pressure situations and work long hours. They must also face a highly competitive market. If they are not successful, they could suffer financially.
The National Association of REALTORS(r) is a professional organization that has a devoted following of members. It was founded in 1908 as the National Association of Real Estate Exchanges. Several years later, the organization adopted a code of ethics. Today, the code is updated annually.
The code of ethics consists of 71 standards of practice, which are divided into 17 articles. Of these, Article 1 is the most notable. It states that a Realtor must be honest and fair. Other articles include those regarding conflict resolution and client treatment.
One of the most important duties of a REALTOR is to protect a seller from possible objections. For example, if a buyer is unsure about financing, a REALTOR can explain different options. He can also suggest ways to accrue a down payment. Furthermore, a REALTOR can evaluate the suitability of a home and advise a prospect on all the features of the home.
To ensure that their business is ethical, Realtors must attend periodic training on the Code of Ethics. Some Realtors may even be required to pass an online course on the code. Another way to protect yourself is to become a member of the National Association of REALTORS(r). A membership fee is $35 for 2015 and 2016. As the largest lobbying group in the country, the NAR is well positioned to defend the rights of consumers.
The Code of Ethics & Professional Standards was established in 1913 and is updated every year. It also covers topics such as advertising and client treatment. Lastly, Realtors must also work with other realtors in a professional manner.
There are many benefits to becoming a Realtor. Besides earning a commission, you will have the opportunity to help countless individuals make their dreams come true.
