What are the three major sections of the Code of Ethics in Real Estate? (2024)

What are the three major sections of the Code of Ethics in Real Estate?

The Code of Ethics is divided into three major sections, "Duties to Clients and Customers," "Duties to the Public," and "Duties to REALTORS."

What are the 3 major sections of the Code of Ethics?

What are the three main parts of the National Association of REALTORS Code of Ethics?

The NAR Code of Ethics is divided into 4 major sections: Preamble, Duties to the clients, Duties to the Public, and Duties to REALTORS®. It consists of seventeen articles with the respective standard of practice. The standard of practice, support, interpretation, and amplify the article.

What are the three major sections of the Code of Ethics quizlet?

The Code of Ethics is divided into three major sections, titled: "Duties to Clients and Customers," "Duties to the Public," and "Duties to Community."

What is Code of Ethics in real estate?

Principles of the Real Estate Code of Ethics

These tenets prompt you to: Practice honesty and do not mislead clients. Adhere to qualities of fairness. Operate with the highest level of integrity, which entails acting honestly and ethically when dealing with all parties to reduce controversy and avoid going to court.

What are the four sections of the code of ethics in real estate?

The Code of Ethics includes 4 major sections: the Preamble, Duties to Clients and Customers, Duties to the Public, and Duties to Realtors.

What are the three P's of professionalism in real estate?

It's also important that their Realtor practices the three “P's”; Polite, Professional and Persistent. These qualities are important in getting things done, whether it's servicing clients, completing projects with vendors, or just needing something from another party.

What do the first three provisions of the Code of Ethics focus on?

Provisions 1-3, Nurses and Patients

Provisions 1-3 address direct patient care and describe the most fundamental values and commitments of the nurse.

Why is Ethics important in real estate?

Operating with ethics ensures compliance with legal requirements, mitigating risks and liabilities. This not only protects the interests of the clients but also upholds the integrity of the real estate profession.

What does the standard of practice 1 3 of the REALTORS Code of Ethics says that REALTORS should?

Standard of Practice 1-3

REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.

What is the purpose of the Code of Ethics in real estate quizlet?

First adopted in 1913, the purpose of the Code of Ethics was to establish a professional standard of conduct for real estate practitioners.

How many articles are in the Code of Ethics real estate?

The 17 Articles of the Code establish standards of conduct which the REALTOR® must satisfy. These Articles govern the REALTOR®'s conduct in everyday business dealings with clients, customers, and other REALTORS®.

What are the four 4 basic rules of Ethics?

Beneficence, nonmaleficence, autonomy, and justice constitute the 4 principles of ethics.

What is unethical realtor behavior?

Misrepresentation or Concealment of Property Flaws

This could be a selling agent hiding property flaws or a buyer's agent overlooking flaws to progress the real estate transaction. This behavior is considered unethical because buyers rely on their real estate agent's expertise when deciding whether to purchase a home.

Is the golden rule in the realtor Code of Ethics?

For example, the preamble to the National Association of REALTORS® Code of Ethics includes the golden rule, “whatsoever ye would that others should do to you, do ye even so to them.” Its members pledge to use the golden rule as a guide in their ethical practices to fulfill their duties to clients and customers.

What are the 3 characteristics of real estate?

Understanding Real Estate

The physical characteristics of land include its immobility, indestructibility, and uniqueness, where each parcel of land differs geographically.

What are the three most important things to you in real estate?

I believe the three most important things when it comes to real estate are "location, timing, and circ*mstances," and here's why.

What is Article 2 in the Code of Ethics?

Article 2 of the Code of Ethics

REALTORS. ® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts. relating to the property or the transaction. REALTORS.

What is the most important ethical consideration in the real estate industry?

Confidentiality and Disclosure

One of the primary ethical concerns for real estate agents is maintaining confidentiality while ensuring relevant information is disclosed to clients. Agents must respect the confidentiality of their clients' personal and financial information.

What is a code of ethics violation?

In a nutshell, an ethical violation is something that is - spoken, written, actioned - that violates a company's documented code of ethics, mission, vision, values, and culture. We also know that ethical violations laugh in the face of what is considered normal societal behaviour.

What is Article 1 of the Code of Ethics?

Article 1 states: When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS pledge themselves to protect and promote the interest of their client. This obligation to the client is primary, but it does not relieve REALTORS of their obligation to treat all parties honestly.

Does the REALTOR Code of Ethics ever change?

The Code of Ethics of the National Association has survived as a viable and relevant guide because it is a living document. As times have changed, new needs and insights have been recognized and, as the law has developed, the Code has been amended. It has been amended approximately 45 times since its adoption.

What is Article 9 of the Code of Ethics for REALTORS?

Keep the funds of clients and customers in escrow. Article 9: Assure, whenever possible, that transactional details are in writing.

Who primarily enforces the Code of Ethics in real estate?

The authority to enforce the Code is specifically delegated to Member Boards and State Associations acting through their Grievance and Professional Standards Committees. The Professional Standards Committee of the National Association interprets the Code and establishes appropriate enforcement procedures.

What are the three major ethical obligations when it comes to selecting property quizlet?

trustworthiness, honesty and competence.