2013 will mark the 100th year members of the National Association of REALTORS® have subscribed to a strict Code of Ethics. Though the real estate industry itself has evolved over the past century, NAR’s core values and commitment to excellence have remained constant.
As members of an association that’s more than a century old, REALTORS® bring a wealth of resources to consumers so that they can give their clients the best possible representation during the transaction process. NAR members have access to advanced educational opportunities and training in real estate specialties, and they also subscribe to the REALTOR® Code of Ethics.
NAR President Moe Veissi explained the difference between a REALTOR® and a real estate agent. “The term REALTOR® is a registered collective membership mark that identifies a licensed real estate professional who is a member of NAR,” says Veissi. “Only members of NAR can call themselves REALTORS®, and as a condition of membership, REALTORS® subscribe to NAR’s strict Code of Ethics. REALTORS® are the heart of the deal, and the Code of Ethics is our guiding principle.”
All REALTORS® must take quadrennial Code of Ethics training to retain their membership. The Code identifies professional responsibilities owed to clients, customers, other REALTORS® and the general public. When NAR adopted its Code of Ethics in 1913, it was only the second trade or business group in the U.S. to adopt mandatory ethical standards.
“The Code of Ethics is one way REALTORS® demonstrate value to home buyers, sellers and investors,” says Veissi. “Buying a home is one of the most important investments people will make in their lifetimes, so having a REALTOR® who abides by a Code of Ethics can provide an added layer of security.”
Most of today’s buyers and sellers see the value in professional real estate assistance. According to the 2012 NAR Profile of Home Buyers and Sellers, unassisted transactions are at all-time lows, with only nine percent of sellers choosing to sell their home without the help of an agent. Nine out of 10 buyers and sellers said they would use the same agent again or recommend that agent to others.
Consumers can read more about the Code of Ethics and can find a summary of the Code that explains how it benefits them at www.REALTOR.org/codeofethics.
Information about NAR is available at www.realtor.org.