Summary of 2010 Code of Ethics Revisions

The National Association of Realtors has implemented the following revisions to the 2010 Code of Ethics: Article 3: Added Standard of Practice 3-9 to address misuse of lockboxes and other concerns related to unauthorized access to listed property. “Realtors shall not provide access to listed property on terms other than those established by the owners or the listing broker.” Also amended Standard of Practice 3-2 to require any change in the compensation offered to be communicated to a cooperating Realtor before the Realtor submits an offer to purchase or lease. Article 11: Amended Standard of Practice 11-1, which sets forth the requirements for inclusion in a Realtor price opinion, to provide for an exemption should “the party requesting the opinion require a specific type of report or different data set.” Also amended Article 11 to include land brokerage among the specialties that members should refrain from practicing without training. Article 12: Amended Standard of Practice 12-5 to prohibit the advertising of real estate services without disclosing the name of the Realtor’s firm in a reasonable and readily apparent manner. Article 15: Added Standard of Practice 15-3 to expand the obligation to refrain from making false or misleading statements about competitors or their businesses to include the duty to publish a clarification or remove statements made by others on electronic media the Realtor controls (e.g., blog, Facebook etc.) once the Realtor knows the statement is false or misleading. Article 16: Amended Standard of Practice 16-20 to clarify that if a Realtor’s relationship with his or her firm is terminated, the Realtor cannot take any action to induce clients to cancel exclusive contractual agreements with the brokerage, regardless of who terminates the relationship.