What’s your Competitive Edge? Know and Use the Code to your Advantage.

Each year, the Code of Ethics and Standards of Practice of the National Association are reviewed, revisited and revised when appropriate.  In the 2019 rendition, there has been a change to Article 1, Standard of Practice 1-7, which now reads as follows:

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 advise of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of a pre-existing purchase contract or lease.  (Amended 1/19)

You can view or download a copy of the 2019 Code of Ethics and Standards of Practice here.

There’s also a publication produced by the National Association: Professionalism in Real Estate Practice, available for you to view or download here.  This publication is based upon the Code of Ethics, Standards of Practice & Case Interpretations in effect on January 1, 2019.

Take a moment to read up on these important documents and be in-the-know to sharpen your competitive edge.