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REAL ETHICS by Steve Stazel | Sept
2005 | Index of all Real Ethics columns
REALTORS® agree not to waste each other’s time
The National Association of REALTORS® Code of Ethics Standard of Practice 3-6 relates to REALTOR® to REALTOR® relationships:
“REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.” (The italics indicate additions.)
When you are showing properties, don’t you expect the listing broker to accurately portray the status of the property? I consider my time (and my buyer’s time) to be of value. I’m sure you do, too. It would make my buyers very upset to find out that the property shown in MLS as Active, which my buyers like very much, is actually subject to a contingent contract. Some MLS’s are now assessing fines for misstating the status of a property.
If another REALTOR® brings you a “first right of refusal” offer, you should explain to the seller the ramifications of accepting this offer. First, because of your ethical obligations to accurately portray the status of the listing you will have to indicate in the MLS that a first right of refusal exists. Second, as a result of this disclosure the showings will, in all likelihood, dramatically decrease. After explaining these two items to your seller, THE SELLER makes an informed decision to accept, reject, or counter the offer.
If you have a contingent contract, you should at least let other brokers know that you do have a contract. Wouldn’t you want to know this information before showing a property?
Do unto others as you would have them do unto you seems to be applicable here.
Each month, the Aurora Association of REALTORSŪ Web site features Real Ethics,
a column by Steve Stazel devoted to explaining Code of
Ethics issues for members. A REALTORŪ since 1974, Stazel is a Professional Standards
instructor and senior Ethics
instructor for the Colorado Association of REALTORSŪ.
If you have an ethical concern or an issue you would like
to see addressed, please call Stazel at (303) 773-3333 or e-mail him at
stazels@msn.com. The comments of this article reflect the understanding and
opinions of the author and do not represent an official expression of policy by the National Association
of REALTORSŪ.
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