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.