Ethics And The Agent
(Part 1 of 2)
Yes. In each state, the licensing procedure includes a code of ethics. In addition, agents who are members of the National Association of Realtors are bound by that organization’s code of ethics.
What unethical practices are listed in codes of ethics?
Your agent cannot do the following:
- Make false promises to you or “substantially” misrepresent a property.
- Represent both you and a seller in a deal, without your written consent.
- Deposit your money in a manner violating code requirements, for example., in his name rather than in that of his supervising broker.
- Accept compensation for your deal from anyone except his supervising broker.
- Discriminate against you because of race, color, religious creed, sex, ancestry, national origin, or physical handicap.
Although some agents engage in pressure tactics, or “salesmanship”, few cross the line into unethical behavior. To do so could mean loss of license.
What are the most common types of unethical, or borderline, practices?
Most of the unethical behavior comes from ignorance, often caused by inexperience. Not depositing your money in exactly the prescribed manner is an example.Some unethical behavior stems from lack of communication with the buyer. For example, if you see a house with one agent, you cannot go back to that house with another agent. However, if the latter agent doesn’t know you’ve been there, he won’t know he is violating the code by accompanying you. This Tip was excerpted from: How To Buy A House by Cyrus A. Yoakam, Stackpole Books, 1988 ISBN # 0-8117-2252-X |
