Code of Ethics-Duties to Clients and Customers: Article 4
Posted in REALTORS Code of Ethics by Karen Rhodes on December 27th, 2006 · Article 4
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)
· Standard of Practice 4-1
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)
If I, as a professional, have anything whatsoever to do with a real estate transaction I must disclose it in writing to the other parties. This article applies not only if I have a personal interest in the property but if a member of my family or firm that I have an interest in. The thinking being that as a professional I have knowledge and training in the real estate market that the general public doesn’t. It would be unfair if I wanted to buy a FSBO but didn’t tell them I am a REALTOR®. It could look like I was taking advantage of them.
