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Professional StandardsChanges to 2009 Code of Ethics
For the first time in several years, 2009 brings only minor changes to the NAR Code of Ethics. A summary of changes to the Code and related procedures, along with a copy of the 2009 Code of Ethics (effective January 1, 2009) has been posted to the PAR Web site.
There is only one change to the Code for 2009. Standard of Practice 1-15 currently states that where a listing broker is asked about the existence of competing offers on a property, the broker (with the permission of the seller) must disclose whether any other offers have been received and must also automatically disclose the source of the offers (whether they were from the listing agent, another agent in the listing broker’s firm or from a cooperating agent).
The change for 2009 changes the rule to state that buyer or buyer broker must specifically ask about the source of the offer before the listing broker is required to provide that information. Of course, the listing broker is still free to provide the information without a specific request.
The other notable change is not a change to the Code itself, but the addition of four new case interpretations relating to the use of potentially misleading URLs or domain names. A new Standard of Practice 12-12 was adopted in 2008 for the purpose of specifically banning the use of misleading domain names or those that present less than a “true picture” of the business of a broker or agent. These case interpretations help to provide some guidelines for Hearing Panels that may see this issue brought to them. A more detailed review of some of the principles established in these case interpretations will be provided in a later post. In the meantime, feel free to weigh in on whether you think NAR got it right or wrong with these case interpretations.
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About Hank: Hank Lerner, Esq. is the Director of Member & Legal Services at the Pennsylvania Association of REALTORS®. |
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