Code of Ethics
Live by the Code
The Code of Ethics and Standard of Practices are not just a set of lofty ideals. REALTORS® are devoted to practicing these principles in every interaction —it’s a way of life.
The Code of Ethics has existed for over 100 years. As members of RASM, REALTORS® are required to conduct business in a manner that follows a higher standard than mandated by law.
What’s more, the Code of Ethics is a living document. It is continuously reviewed and amended to reflect societal changes and exceed clients’ needs and professional practices among REALTORS®.
A REALTOR® earns their title through commitment to:
- High Integrity
Commitment to these principles is what separates REALTORS® from other state-licensed real estate agents.
REALTORS® practice the three P’s in every transaction. They’ve pledged to protect and promote client’s best interests while treating all parties fairly.
What does the Code of Ethics mean for clients?
REALTORS® are committed to telling the truth and providing the most accurate information. Honesty and personal integrity are the core values which affect everything they do on their clients’ behalf. To list a few examples:
When listing a property: A REALTOR® will not deliberately mislead the owner regarding the market value. They will provide a market analysis which clearly states the good, the bad and the why they arrived at the recommended list price.
When assisting a buyer/tenant: REALTORS® will not mislead clients regarding possible benefits which may be realized through use of REALTOR® services.
Preserve confidential information: Such as a seller’s need to quickly sell a property. A REALTOR® will not share information which could affect price, terms etc., without seller’s knowledge or permission.
When entering into a listing contract: A REALTOR® must disclose company policies regarding cooperation and compensation in dealing with other real estate agents/brokers. The seller needs to understand the brokers policies regarding splitting of commission. Typically, the seller pays commission to listing brokerage at closing; the buying brokerage and REALTOR® are paid a pre-determined percentage of that commission.
Must disclose to both parties’ dual agency: If they are representing the seller and buyer in the same transaction. All parties must agree to the arrangement. For example, if a buyer touring an open house wants to write and submit a contract on the spot, the seller’s agent is permitted to assist the buyer. They will write a contract; however, they must tell the seller when presenting the offer.
All agreements must be clear: And in understandable language expressing the specific terms, conditions, obligations and commitments of the parties. One of the greatest forms of protections and fairness is requiring agreements in writing. All parties acknowledge understanding of a contract or arrangement as evidenced by their signature.
REALTORS® are bound to providing equal opportunity: To their professional services regardless of race, color, religion, sex, handicap, familial status, national origin, sexual orientation or gender identity.
Your REALTOR® promises to treat you with integrity and conduct business at the highest level of professional standards.
Building an honest and reliable partnership with clients is a paramount goal for RASM REALTORS®. Relax about the logistics of the real estate process and lean on your REALTOR® as a trusted advisor. There is no need to go it alone.
Finally, the Code of Ethics is not an empty list of promises. The National Association of REALTORS® has established an accountability process which enables anyone to file a Code of Ethics violation complaint. Though it is rare, rest assured there is a consequence for any RASM REALTOR® who violates the Code of Ethics—it’s that important to consumers and the industry.
Access the Code of Ethics and Standard of Practices
Submit to Dianne@MyRASM.com