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REAL ETHICS by Steve Stazel | June 2008 | Index of all Real Ethics columns
We agree not to waste each other’s time
Standard of Practice 3-6 relates to REALTOR®-to-REALTOR® relationships.
It states that “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”
When you are setting showings, don’t you expect listing brokers to accurately portray the status of their properties? I consider my time (and that of my buyers) to be of value. I’m sure you feel the same way. It would make my buyers (and me) very upset to find out that the property shown in MLS as “Active,” which they have seen twice, is actually subject to a contingent contract. Some MLS’s assess 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 or through your showing secretary that a first right of refusal exists. Second, because of this disclosure the showings will in all likelihood decrease. After explaining these two items to your seller, THE SELLER makes an informed decision to accept, reject, or counter the offer.
In addition, when you have an accepted offer on your listing, two entities should be notified of the change of status as soon as possible. One is the MLS. The second notification should go to your showing secretary. That person can alert other brokers who possibly showed the property yesterday and want to show it again today that the property is under contract.
Do unto others as you would have them do unto you – that little rule 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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