Code of Ethics-Duties to Clients and Customers
Posted in REALTORS Code of Ethics by Karen Rhodes on November 10th, 2006 Standard of Practice 1-13
- When entering into buyer/tenant agreements, REALTORS®
1. the REALTOR®’s company policies regarding cooperation;
Cooperation, in this case, refers to how the company gets paid. Either by accepting cooperation thru the MLS or from the buyer based on the contract the buyer has with the firm.
2. the amount of compensation to be paid by the client;
Item 1 addressed how the firm gets paid. Item 2 addresses how much.
3. the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties;
Is there potential for compensation over and above what has been addressed in items 1 and 2? Such as a selling bonus.
4. any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g. listing broker, subagent, landlord’s agent, etc., and
Potential for dual agency which as we discussed previously, we do not practice.
5. the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)
Obvious.
