3 Professional Obligations Made Clear

Following the Code of Ethics helps keep service standards high:  Updated in January of this year, please check out Standard of Practice 1-7.  This one little paragraph highlights several important obligations. Pat yourself on the back if you do the following three things:

  1. Submit all offers to the seller right up until the closing, unless this obligation is waived in writing
  2. Send a written statement that an offer was submitted/presented, to any cooperating brokers that request it.
  3. Suggest sellers get legal advice before accepting a ‘back up offer”.

Standard of Practice 1-7:  When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/ landlord has waived the obligation to have the offer presented. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/19)