The NATIONAL ASSOCIATION OF REALTORS®’ Board of Directors last year made several enhancements to the NAR Code of Ethics that take effect this year to help ensure the Code remains up-to-date as practitioners confront new situations. Here are four changes you’ll want to make note of.
2. False statements against others Article 15’s obligation to refrain from knowingly or recklessly making false or misleading statements was expanded to cover “other real estate professionals, their businesses, and their business practices.” These changes are also reflected in Standards of Practice 15-2 and 15-3.
Don’t Wait Until the 11th Hour… Dec. 31, 2012, is the deadline for completing your NAR Code of Ethics training. All REALTORS® must complete the training every four years to maintain their membership. An online training course at REALTOR.org fulfills the requirement and is free of charge. Go to REALTOR.org/COETraining.
3. Mediating disputes The dispute resolution scope of Article 17 was enhanced to include the duty to mediate otherwise-arbitrable disputes in cases where the association of REALTORS® has established a duty to mediate.
4. Waiving mediation and arbitration Standard of Practice 17-2 (which interprets and explains Article 17) was amended to make it clear that REALTORS® are not obligated to mediate or arbitrate in cases where all parties to the dispute choose not to have it mediated or arbitrated through the association.